Substantial Borrowings and Variable Interest Rates
First written in FY2018. 14 of 27 entries say "Mitigated", first in FY2019-Q3. Latest entry: 2026-11-11.
Shinwa moved to the "Worse" side of this theme in 2025, 4 years after the typical company in this theme (2021).
The whole theme swung hardest in 2020: 64 of 142 companies on the "Worse" side.
92 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The balance of interest-bearing debt, including borrowings, was ¥11,747 million for the fiscal year.」
Interest-bearing debt increased from ¥11,493 million in the previous fiscal year, while floating-rate borrowings reached ¥10,590.269 million. Exposure to substantial borrowings and interest-rate fluctuations is expanding. - FY2026-H1WorsenedAnnual report
「Current liabilities at the end of the interim consolidated accounting period were ¥7,605 million, an increase of ¥911 million from the end of the previous consolidated fiscal year. The main factor was a ¥1,059 million increase in borrowings.」
Borrowings included in current liabilities increased by ¥1,059 million from the end of the previous fiscal year, expanding borrowing exposure during the interim period. - FY2025WorsenedAnnual report
「The balance of interest-bearing debt, including borrowings, was ¥11,493 million for the fiscal year.」
Interest-bearing debt increased significantly from ¥3,666 million in the previous fiscal year to ¥11,493 million, expanding borrowings and floating-rate exposure associated with M&A and other activities. - FY2025-H1WorsenedAnnual report
「This was mainly because borrowings increased by ¥1,614 million. Non-current liabilities stood at ¥7,195 million, up ¥4,781 million from the end of the previous consolidated fiscal year. This was mainly because borrowings increased by ¥3,857 million and other financial liabilities increased by ¥767 million.」
Borrowings increased substantially in connection with the acquisition of ヤグミグループ and other factors, with total current and non-current borrowings rising from approximately ¥3.45 billion at the previous fiscal year-end to approximately ¥8.93 billion. The new borrowings carry a floating interest rate of Japanese yen TIBOR plus a spread of 0.6%. - FY2024MitigatedAnnual report
「The balance of interest-bearing liabilities, including borrowings, was ¥3,666 million for the current consolidated fiscal year. Cash and cash equivalents stood at ¥1,843 million at the end of the current consolidated fiscal year.」
Interest-bearing liabilities decreased from ¥4,490 million in the previous fiscal year to ¥3,666 million, reducing exposure to substantial borrowings. Meanwhile, cash and cash equivalents stood at ¥1,843 million. - FY2024-Q2MitigatedAnnual report
「Of the long-term borrowings at the end of the previous consolidated fiscal year (including long-term borrowings due for repayment within 1 year), ¥3,242.189 million, and of the long-term borrowings at the end of the second quarter of the current consolidated fiscal year (including long-term borrowings due for repayment within 1 year), ¥2,996.343 million, are subject to the financial covenants described below.」
Long-term borrowings subject to financial covenants decreased from ¥3,242.189 million to ¥2,996.343 million, reducing borrowing exposure. - FY2023MitigatedAnnual report
「The balance of interest-bearing liabilities, including borrowings, was ¥4,490 million for the current consolidated fiscal year. Cash and cash equivalents stood at ¥2,063 million at the end of the current consolidated fiscal year.」
Interest-bearing liabilities decreased from ¥5,220 million in the previous fiscal year to ¥4,490 million, reducing exposure to substantial borrowings. - FY2023-Q3MitigatedAnnual report
「This was mainly because trade and other payables decreased by ¥543 million, current income tax liabilities decreased by ¥361 million, and borrowings decreased by ¥124 million. Non-current liabilities stood at ¥3,532 million, down ¥272 million from the end of the previous consolidated fiscal year. This was mainly because borrowings decreased by ¥243 million.」
Borrowings included in both current and non-current liabilities decreased, reducing borrowing exposure from the end of the previous consolidated fiscal year. - FY2023-Q2WorsenedAnnual report
「This was mainly because trade and other payables decreased by ¥189 million, while borrowings increased by ¥310 million.」
At the end of the second quarter, current borrowings increased by ¥310 million, while non-current borrowings decreased by ¥245 million. Total borrowings increased from the end of the previous consolidated fiscal year, resulting in a slight expansion of exposure. - FY2023-Q1WorsenedAnnual report
「This was mainly because trade and other payables increased by ¥242 million and borrowings increased by ¥262 million.」
Borrowings increased by ¥262 million from the end of the previous consolidated fiscal year, expanding borrowing exposure. - FY2022MitigatedAnnual report
「The balance of interest-bearing liabilities, including borrowings, was ¥5,220 million for the current consolidated fiscal year. Cash and cash equivalents stood at ¥3,460 million at the end of the current consolidated fiscal year.」
Interest-bearing liabilities decreased from ¥5,685 million in the previous fiscal year to ¥5,220 million. Meanwhile, cash and cash equivalents decreased from ¥4,738 million to ¥3,460 million. - FY2022-Q3MitigatedAnnual report
「Of the borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,213.939 million, and borrowings at the end of the third quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year), ¥3,979.651 million, are subject to the financial covenants described below.」
Borrowings subject to financial covenants decreased from ¥5,213.939 million at the end of the previous fiscal year to ¥3,979.651 million, reducing exposure to the risk associated with substantial borrowings. - FY2022-Q2MitigatedAnnual report
「Of the borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,213.939 million, and borrowings at the end of the second quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year), ¥4,971.175 million, are subject to the financial covenants described below.」
Borrowings subject to financial covenants decreased from ¥5,213.939 million at the end of the previous fiscal year to ¥4,971.175 million, reducing the risk associated with substantial borrowings. - FY2022-Q1RestatedAnnual report
「Of the borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,213.939 million, and borrowings at the end of the first quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,217.533 million, are subject to the financial covenants described below.」
Recognition of risks relating to borrowings, floating interest rates and repayment terms continues, while borrowings have remained broadly flat from the end of the previous fiscal year. - FY2021MitigatedAnnual report
「The balance of interest-bearing liabilities, including borrowings, was ¥5,685 million for the current consolidated fiscal year. Cash and cash equivalents stood at ¥4,738 million at the end of the current consolidated fiscal year.」
Interest-bearing liabilities decreased from ¥6,022 million in the previous fiscal year to ¥5,685 million, while cash and cash equivalents increased to ¥4,738 million. - FY2021-Q2MitigatedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥5,698.068 million; borrowings at the end of the second quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥5,456.264 million」
Borrowings decreased by ¥241.804 million from the end of the previous consolidated fiscal year, further reducing the risk associated with substantial borrowings. - FY2021-Q1RestatedAnnual report
「Of the borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,698.068 million, and borrowings at the end of the first quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year), ¥5,702.139 million, are subject to the financial covenants described below.」
Borrowings increased slightly from the end of the previous consolidated fiscal year, but the recognized risks relating to substantial borrowings, floating interest rates, repayment and refinancing continue. - FY2020MitigatedAnnual report
「This was mainly because other financial liabilities increased by ¥197 million due to the application of IFRS 16, Leases, among other factors, while borrowings decreased by ¥483 million.」
Borrowings decreased from ¥6,180 million at the end of the previous fiscal year to ¥5,698 million, reducing the risk associated with substantial borrowings. Floating-rate risk and financial covenants continue to be disclosed. - FY2020-Q3MitigatedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,180.249 million; borrowings at the end of the third quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥5,943.751 million」
Borrowings decreased from ¥6,180.249 million at the end of the previous fiscal year to ¥5,943.751 million, reducing the risk associated with substantial borrowings. - FY2020-Q2MitigatedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,180.249 million; borrowings at the end of the second quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥5,939.396 million」
Borrowings decreased by ¥240.853 million from the end of the previous fiscal year, reducing the risk associated with substantial borrowings from the previous year-end. - FY2019MitigatedAnnual report
「As of the end of the current consolidated fiscal year, substantial borrowings remained recognized, comprising borrowings of ¥6,180.249 million and borrowings equivalent to 29.2% of total assets.」
Borrowings decreased from ¥6,586.804 million at the end of the previous fiscal year to ¥6,180.249 million, and borrowings as a percentage of total assets stood at 29.2%. Floating-rate, repayment and refinancing risks continue to be disclosed. - FY2019-Q3MitigatedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,586.804 million; borrowings at the end of the third quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,356.140 million」
Borrowings decreased from ¥6,586.804 million at the end of the previous consolidated fiscal year to ¥6,356.140 million. No resolution of the floating-rate, repayment or refinancing risks themselves is disclosed. - FY2019-Q2WorsenedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,586.804 million; borrowings at the end of the second quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥7,234.795 million」
Borrowings increased from ¥6,586.804 million at the end of the previous consolidated fiscal year to ¥7,234.795 million. - FY2019-Q1WorsenedAnnual report
「Borrowings at the end of the previous consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,586.804 million; borrowings at the end of the first quarter of the current consolidated fiscal year (including borrowings due for repayment within 1 year): ¥6,878.299 million」
Borrowings increased from ¥6,586.804 million at the end of the previous consolidated fiscal year to ¥6,878.299 million. - FY2018First statedAnnual report
「As of the end of the current consolidated fiscal year, substantial borrowings remained recognized, comprising borrowings of ¥6,586.804 million and borrowings equivalent to 31.2% of total assets.」
The disclosure states that higher floating interest rates, changes to the repayment plan and increasing difficulty refinancing could affect the financial position.