Dependence on interest-bearing debt and interest rate and financing risks
First written in FY2016. 14 of 39 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2026.
&Do Holdings moved to the "Worse" side of this theme in 2016, 5 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥44,270 million as of the end of June 2026, a decrease of ¥3,678 million from the end of the same month of the previous year, while interest-bearing debt accounted for 65.3% of total assets.」
Interest-bearing debt decreased from ¥47,948 million to ¥44,270 million, and the debt dependency ratio declined from 66.6% to 65.3%. Exposure to reliance on borrowings declined, but interest rate and funding risks remain. - FY2026-H1MitigatedAnnual report
「The main factor behind the decrease was a ¥2,247 million decrease in long-term borrowings.」
Liabilities decreased by ¥2,214 million from the end of the previous fiscal year, and long-term borrowings decreased by ¥2,247 million. Exposure to funding through the balance of borrowings is declining. - FY2025MitigatedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥47,948 million as of the end of June 2025, a decrease of ¥6,978 million from the end of the same month of the previous year, while interest-bearing debt accounted for 66.6% of total assets.」
Interest-bearing debt decreased by ¥6,978 million year on year, reducing exposure to reliance on borrowings. However, the debt dependency ratio remained at 66.6%, and interest rate and funding risks persist. - FY2025-H1Short-term borrowings increased while long-term borrowings declinedAnnual report
「The main factor behind the increase was a ¥1,253 million increase in short-term borrowings. The main factors behind the decrease were decreases of ¥1,005 million in the current portion of long-term borrowings, ¥3,878 million in long-term borrowings and ¥530 million in income taxes payable.」
Short-term borrowings increased by ¥1,253 million, while the current portion of long-term borrowings decreased by ¥1,005 million and long-term borrowings by ¥3,878 million, changing the funding structure. - FY2024-Q3Short- and long-term borrowings decreased while the current portion increasedAnnual report
「The main factors behind the increase were increases of ¥1,823 million in the current portion of long-term borrowings and ¥160 million in consumption taxes payable. The main factors behind the decrease were decreases of ¥4,690 million in short-term borrowings and ¥1,851 million in long-term borrowings.」
The current portion of long-term borrowings increased by ¥1,823 million, while short-term borrowings decreased by ¥4,690 million and long-term borrowings by ¥1,851 million, changing the funding structure. - FY2024-Q2Short- and long-term borrowings decreased while the current portion increasedAnnual report
「The main factors behind the increase were increases of ¥1,035 million in the current portion of long-term borrowings and ¥227 million in income taxes payable. The main factors behind the decrease were decreases of ¥575 million in short-term borrowings and ¥2,948 million in long-term borrowings.」
The current portion of long-term borrowings increased, while short-term borrowings and long-term borrowings declined, changing the funding structure. - FY2024-Q1Short-term borrowings and other debt increased while long-term borrowings declinedAnnual report
「The main factors behind the increase were increases of ¥636 million in short-term borrowings and ¥337 million in the current portion of long-term borrowings. The main factors behind the decrease were decreases of ¥2,187 million in long-term borrowings and ¥230 million in income taxes payable.」
Short-term borrowings and the current portion of long-term borrowings increased, while long-term borrowings decreased by ¥2,187 million. The funding structure is changing. - FY2023WorsenedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥60,666 million as of the end of June 2023, an increase of ¥15,707 million from the end of the same month of the previous year. Interest-bearing debt accounted for 73.1% of total assets.」
Interest-bearing debt increased by ¥15,707 million from the previous year's level, bringing the debt dependency ratio to 73.1%. Exposure to funding property acquisitions and operating loans in the financial business through borrowings has expanded. - FY2023-Q3WorsenedAnnual report
「The main factors behind the increase were increases of ¥413 million in accounts payable for construction, ¥4,849 million in short-term borrowings and ¥1,354 million in the current portion of long-term borrowings.」
Short-term borrowings increased by ¥4,849 million and the current portion of long-term borrowings by ¥1,354 million from the end of the previous consolidated fiscal year, expanding exposure to funding through reliance on borrowings. - FY2023-Q2WorsenedAnnual report
「The main factors behind the increase were increases of ¥431 million in accounts payable for construction, ¥348 million in short-term borrowings, ¥700 million in the current portion of long-term borrowings and ¥1,101 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased from the end of the previous consolidated fiscal year, expanding exposure to funding through reliance on borrowings. - FY2023-Q1WorsenedAnnual report
「The main factors behind the increase were increases of ¥857 million in short-term borrowings, ¥392 million in the current portion of long-term borrowings and ¥1,136 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased, expanding exposure to funding through reliance on borrowings from the end of the previous consolidated fiscal year. - FY2022-Q3Long-term borrowings and bonds increased while short-term borrowings declinedAnnual report
「The main factors behind the increase were increases of ¥730 million in the current portion of long-term borrowings, ¥888 million in long-term borrowings and ¥538 million in bonds. The main factor behind the decrease was a ¥3,827 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥3,827 million, while the current portion of long-term borrowings increased by ¥730 million, long-term borrowings by ¥888 million and bonds by ¥538 million, continuing the change in the funding structure. - FY2022-Q2Long-term borrowings and bonds increased while short-term borrowings declinedAnnual report
「The main factors behind the increase were increases of ¥637 million in accounts payable for construction, ¥802 million in the current portion of long-term borrowings, ¥360 million in bonds and ¥1,534 million in long-term borrowings. The main factor behind the decrease was a ¥1,928 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥1,928 million, while the current portion of long-term borrowings increased by ¥802 million, bonds by ¥360 million and long-term borrowings by ¥1,534 million, changing the funding structure. - FY2022-Q1Long-term borrowings increased while short-term borrowings declinedAnnual report
「The main factors behind the increase were increases of ¥866 million in the current portion of long-term borrowings and ¥3,958 million in long-term borrowings. The main factor behind the decrease was a ¥1,928 million decrease in short-term borrowings.」
Short-term borrowings declined, while the current portion of long-term borrowings and long-term borrowings increased, changing the funding structure. - FY2021Slight increase in interest-bearing debt, lower debt dependency ratioAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥38,268 million as of the end of June 2021, an increase of ¥476 million from the end of the same month of the previous year. Interest-bearing debt accounted for 66.8% of total assets.」
Interest-bearing debt increased from ¥37,791 million in the previous year to ¥38,268 million, while the debt dependency ratio declined from 69.7% to 66.8%. - FY2021-Q3Short-term borrowings decreased while long-term borrowings and bonds increasedAnnual report
「The main factors behind the increase were increases of ¥308 million in bonds due within one year, ¥391 million in accounts payable, ¥2,136 million in long-term borrowings, ¥840 million in bonds and ¥425 million in long-term deposits received as guarantees. The main factor behind the decrease was a ¥4,768 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥4,768 million, while long-term borrowings increased by ¥2,136 million, bonds by ¥840 million and bonds due within one year by ¥308 million. The funding structure is shifting from one centered on short-term borrowings to one that includes long-term borrowings and bonds. - FY2021-Q2Short- and long-term borrowings decreased while bonds and the current portion of long-term borrowings increasedAnnual report
「The main factors behind the increase were increases of ¥248 million in bonds due within one year, ¥199 million in the current portion of long-term borrowings, ¥278 million in income taxes payable and ¥660 million in bonds. The main factors behind the decrease were decreases of ¥2,731 million in short-term borrowings and ¥182 million in long-term borrowings.」
Short-term borrowings decreased by ¥2,731 million and long-term borrowings by ¥182 million, while bonds due within one year increased by ¥248 million, the current portion of long-term borrowings by ¥199 million and bonds by ¥660 million. The composition of funding is changing. - FY2021-Q1Concurrent decline in short-term borrowings and increase in long-term borrowingsAnnual report
「The main factors behind the increase were increases of ¥171 million in the current portion of long-term borrowings and ¥409 million in long-term borrowings. The main factor behind the decrease was a ¥2,110 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥2,110 million, while the current portion of long-term borrowings increased by ¥171 million and long-term borrowings by ¥409 million. The composition of borrowings is changing. - FY2020WorsenedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥37,791 million as of the end of June 2020, an increase of ¥14,507 million from the end of the same month of the previous year. Interest-bearing debt accounted for 69.7% of total assets.」
Interest-bearing debt increased from ¥23,284 million to ¥37,791 million, and the debt dependency ratio rose from 57.7% to 69.7%, expanding exposure to funding through reliance on borrowings. - FY2020-Q3WorsenedAnnual report
「The main factors behind the increase were increases of ¥199 million in short-term borrowings, ¥2,142 million in the current portion of long-term borrowings and ¥6,072 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased from the end of the previous consolidated fiscal year, further expanding exposure to funding through reliance on borrowings. - FY2020-Q2WorsenedAnnual report
「The main factors behind the increase were increases of ¥932 million in short-term borrowings, ¥1,863 million in the current portion of long-term borrowings and ¥5,434 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased from the end of the previous fiscal year. Long-term borrowings totaled ¥19,950 million including the current portion, expanding exposure to reliance on borrowings. - FY2020-Q1WorsenedAnnual report
「The main factors behind the increase were increases of ¥1,966 million in short-term borrowings, ¥851 million in the current portion of long-term borrowings and ¥3,275 million in long-term borrowings.」
The acquisition of the Koyama Construction Group and other factors increased short-term borrowings, the current portion of long-term borrowings and long-term borrowings, expanding exposure to reliance on borrowings. - FY2019WorsenedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥23,284 million as of the end of June 2019, an increase of ¥7,667 million from the end of the same month of the previous year. Interest-bearing debt accounted for 57.7% of total assets.」
Interest-bearing debt increased from ¥15,607 million to ¥23,284 million, and the debt dependency ratio rose from 51.0% to 57.7%. Short-term borrowings and the current portion of long-term borrowings increased particularly significantly. - FY2019-Q3Continued increase in short-term borrowings alongside a decrease in long-term borrowingsAnnual report
「The main factors behind the increase were increases of ¥6,327 million in short-term borrowings and ¥202 million in the current portion of long-term borrowings. The main factor behind the decrease was a ¥1,381 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥6,327 million and the current portion of long-term borrowings by ¥202 million, while long-term borrowings decreased by ¥1,381 million. - FY2019-Q2Sharp increase in short-term borrowings alongside a decrease in long-term borrowingsAnnual report
「The main factors behind the increase were increases of ¥5,512 million in short-term borrowings and ¥145 million in the current portion of long-term borrowings. The main factor behind the decrease was a ¥1,475 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥5,512 million, expanding exposure to funding through short-term borrowings, while long-term borrowings decreased by ¥1,475 million. - FY2019-Q1Short-term borrowings increased while long-term borrowings declinedAnnual report
「The main factor behind the increase was a ¥2,515 million increase in short-term borrowings. The main factors behind the decrease were decreases of ¥884 million in long-term borrowings, ¥110 million in accrued expenses and ¥261 million in income taxes payable.」
Short-term borrowings increased by ¥2,515 million from the end of the previous fiscal year, while long-term borrowings decreased by ¥884 million. Exposure to funding through short-term borrowings expanded, while long-term borrowings declined. - FY2018Interest-bearing debt increased while the debt dependency ratio declinedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥15,607 million as of the end of June 2018, an increase of ¥1,339 million from the end of the same month of the previous year. Interest-bearing debt accounted for 51.0% of total assets.」
Interest-bearing debt increased from ¥14,267 million to ¥15,607 million, while the debt dependency ratio declined from 70.4% to 51.0% as equity strengthened. Interest rate and funding risks remain. - FY2018-Q3WorsenedAnnual report
「This was mainly attributable to a ¥407 million increase in short-term borrowings and increases of ¥333 million in the current portion of long-term borrowings and ¥2,797 million in long-term borrowings in connection with the acquisition of all shares of 株式会社京葉ビルド and its consolidation as a subsidiary, among other factors」
The consolidation of 京葉ビルド as a subsidiary and business expansion increased short-term borrowings, the current portion of long-term borrowings and long-term borrowings, again increasing exposure to reliance on borrowings. - FY2018-Q2MitigatedAnnual report
「This was mainly attributable to decreases of ¥447 million in short-term borrowings, ¥212 million in the current portion of long-term borrowings, and ¥1,000 million in long-term borrowings」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings decreased from the end of the previous fiscal year, reducing exposure arising from the balance of borrowings. - FY2018-Q1MitigatedAnnual report
「This was mainly attributable to decreases of ¥319 million in short-term borrowings and ¥440 million in long-term borrowings, a ¥167 million increase in long-term deposits received as guarantees accompanying the increase in franchisees and house leaseback transactions, and a ¥122 million increase in advances received on construction contracts in progress accompanying the increase in remodeling contracts.」
Short-term borrowings decreased by ¥319 million and long-term borrowings by ¥440 million from the end of the previous fiscal year, temporarily reducing exposure arising from the balance of borrowings. Meanwhile, the expansion of assets and business scale associated with house leaseback transactions and other activities has continued. - FY2017WorsenedAnnual report
「The consolidated balance of interest-bearing debt of the Group was ¥14,267 million as of the end of June 2017, an increase of ¥6,273 million from the end of the same month of the previous year. Interest-bearing debt accounted for 70.4% of total assets.」
Interest-bearing debt increased from ¥7,994 million in the previous year to ¥14,267 million, while the debt dependency ratio rose from 62.0% to 70.4%. The structure of funding property acquisitions, real estate finance loans and other operating loans through borrowings has expanded. - FY2017-Q3WorsenedAnnual report
「This was mainly attributable to a ¥1,623 million increase in short-term borrowings for lending transactions and other purposes in the real estate finance business, and increases of ¥641 million in the current portion of long-term borrowings and ¥2,058 million in long-term borrowings for property acquisitions in the house leaseback business.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings increased further to fund real estate finance lending transactions and the acquisition of house leaseback properties, increasing exposure arising from reliance on borrowings. - FY2017-Q2WorsenedAnnual report
「This was mainly attributable to a ¥275 million increase in short-term borrowings for lending transactions and other purposes in the real estate finance business, and increases of ¥280 million in the current portion of long-term borrowings and ¥1,771 million in long-term borrowings, primarily for property acquisitions and other purposes in the house leaseback business.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased to fund real estate finance lending transactions and the acquisition of house leaseback properties, further increasing exposure to reliance on borrowings to fund property acquisitions. - FY2017-Q1WorsenedAnnual report
「This was mainly attributable to increases of ¥232 million in short-term borrowings and ¥835 million in long-term borrowings, primarily to fund the acquisition of properties for sale and properties for the house leaseback business.」
Short- and long-term borrowings increased to fund property acquisitions, increasing exposure to reliance on interest-bearing debt. - FY2016First statedAnnual report
「The group's consolidated interest-bearing debt balance was ¥7,994 million as of the end of June 2016, an increase of ¥3,372 million from the end of the same month a year earlier. Interest-bearing debt accounted for 62.0% of total assets.」
The company describes a financial structure dependent on borrowings from financial institutions to fund real estate acquisitions and other activities. While it currently believes that there are no particular obstacles to repaying its borrowings, it identifies the cancellation of projects and other measures necessitated by difficulty in raising funds as risks.