Risks Related to Interest-Bearing Debt, Interest Rates and Financial Covenants
First written in FY2016. 15 of 35 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-10-14.
Daito Pharmaceutical moved to the "Worse" side of this theme in 2022, 1 year before the typical company in this theme (2023).
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
52 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「Liabilities decreased by ¥1,298 million from the end of the previous consolidated fiscal year to ¥24,638 million, mainly due to a decrease of ¥1,449 million in long-term borrowings.」
Total liabilities and long-term borrowings declined from the end of the previous fiscal year, reducing interest-bearing debt and financial exposure. - FY2025WorsenedAnnual report
「Under the medium-term management plan “Daito Transformation Plan 2027,” the group assumes a maximum DE ratio of approximately 0.4 times. If market interest rates rise, the group’s borrowing rates are also expected to rise, which could affect the group’s business results and other aspects of its operations.」
Regarding interest-bearing debt and interest-rate risk, it newly specifies an assumed maximum DE ratio of approximately 0.4 times under DTP2027 and the risk that borrowing rates will rise when interest rates increase. Interest-bearing debt at the end of the fiscal year was ¥11,887 million. - FY2025-H1WorsenedAnnual report
「Liabilities increased by ¥2,169 million from the end of the previous consolidated fiscal year to ¥27,612 million. This was mainly due to increases of ¥3,350 million in long-term borrowings and ¥1,199 million in current maturities of long-term borrowings, despite a decrease of ¥3,356 million in other current liabilities.」
Total liabilities, long-term borrowings and current maturities of long-term borrowings increased from the end of the previous fiscal year, expanding borrowing and financial exposure. - FY2024WorsenedAnnual report
「Cash flow to interest-bearing debt ratio (years) 0.7 0.7 0.8 1.2 1.7」
The cash flow to interest-bearing debt ratio rose from 1.2 years in the previous fiscal year to 1.7 years. Long-term borrowings increased from ¥3,368 million to ¥4,669 million, while long-term borrowings including current maturities increased from ¥4,798 million to ¥6,768 million. - FY2024-Q3WorsenedAnnual report
「Liabilities increased by ¥5,725 million from the end of the previous consolidated fiscal year to ¥25,306 million. This was mainly due to increases of ¥2,119 million in notes and accounts payable-trade, ¥1,825 million in long-term borrowings and ¥680 million in current maturities of long-term borrowings, despite a decrease of ¥358 million in electronically recorded obligations.」
Total liabilities increased by ¥5,725 million from the end of the previous consolidated fiscal year, and both long-term borrowings and current maturities of long-term borrowings increased. - FY2024-Q2WorsenedAnnual report
「Liabilities increased by ¥3,287 million from the end of the previous consolidated fiscal year to ¥22,868 million. This was mainly due to increases of ¥2,064 million in notes and accounts payable-trade, ¥2,350 million in long-term borrowings and ¥700 million in current maturities of long-term borrowings, despite a decrease of ¥2,328 million in other current liabilities.」
Total liabilities increased by ¥3,287 million from the end of the previous consolidated fiscal year, while long-term borrowings increased by ¥2,350 million and current maturities of long-term borrowings increased by ¥700 million. It describes an expansion in financial burden. - FY2024-Q1Liabilities increased while long-term borrowings declinedAnnual report
「Liabilities increased by ¥602 million from the end of the previous consolidated fiscal year to ¥20,183 million. This was mainly due to increases of ¥1,085 million in notes and accounts payable-trade and ¥453 million in electronically recorded obligations, despite decreases of ¥535 million in other current liabilities and ¥324 million in long-term borrowings.」
Total liabilities increased by ¥602 million, while long-term borrowings declined by ¥324 million, indicating mixed changes in financial exposure. - FY2023WorsenedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year decreased by ¥774 million from the end of the previous consolidated fiscal year to ¥3,607 million. Funds provided by financing activities amounted to ¥616 million. This was mainly due to ¥3,000 million in proceeds from long-term borrowings, despite outflows of ¥1,638 million for repayments of long-term borrowings and ¥931 million for dividend payments. The cash flow to interest-bearing debt ratio was 1.2 years.」
Proceeds from long-term borrowings were recorded, and the cash flow to interest-bearing debt ratio rose from 0.8 years in the previous fiscal year to 1.2 years. The indicator of financial burden deteriorated. - FY2023-Q3WorsenedAnnual report
「Liabilities increased by ¥1,484 million from the end of the previous consolidated fiscal year to ¥18,750 million. This was mainly due to increases of ¥1,237 million in notes and accounts payable-trade, ¥490 million in electronically recorded obligations and ¥1,456 million in long-term borrowings, despite decreases of ¥1,237 million in income taxes payable and ¥1,072 million in other current liabilities.」
Total liabilities increased by ¥1,484 million from the end of the previous consolidated fiscal year, and long-term borrowings also increased by ¥1,456 million. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥4,328 million from the end of the previous consolidated fiscal year to ¥21,593 million. This was mainly due to increases of ¥1,901 million in other current liabilities and ¥1,801 million in long-term borrowings, despite a decrease of ¥447 million in income taxes payable.」
Total liabilities increased by ¥4,328 million from the end of the previous consolidated fiscal year, and long-term borrowings also increased by ¥1,801 million. Financial liabilities expanded from the end of the previous fiscal year. - FY2023-Q1WorsenedAnnual report
「Liabilities increased by ¥3,441 million from the end of the previous consolidated fiscal year to ¥20,707 million. This was mainly due to increases of ¥1,036 million in notes and accounts payable-trade, ¥474 million in current maturities of long-term borrowings, ¥481 million in electronically recorded obligations and ¥2,175 million in long-term borrowings, despite a decrease of ¥1,071 million in income taxes payable.」
Total liabilities increased by ¥3,441 million from the end of the previous consolidated fiscal year, and long-term borrowings also increased by ¥2,175 million. - FY2022WorsenedAnnual report
「Liabilities increased by ¥1,443 million from the end of the previous consolidated fiscal year to ¥17,265 million. This was mainly due to increases of ¥303 million in income taxes payable, ¥451 million in accounts payable-other, ¥482 million in other current liabilities and ¥228 million in long-term borrowings, despite a decrease of ¥173 million in current maturities of long-term borrowings.」
Total liabilities increased by ¥1,443 million from the end of the previous fiscal year, and long-term borrowings also increased by ¥228 million. The cash flow to interest-bearing debt ratio rose from 0.7 years to 0.8 years. - FY2022-Q3WorsenedAnnual report
「Liabilities increased by ¥553,234 thousand from the end of the previous consolidated fiscal year to ¥16,375,237 thousand. This was mainly due to increases of ¥513,222 thousand in electronically recorded obligations and ¥468,827 thousand in long-term borrowings, despite a decrease of ¥265,008 thousand in other current liabilities.」
Total liabilities increased by ¥553,234 thousand from the end of the previous consolidated fiscal year, and long-term borrowings also increased by ¥468,827 thousand. Borrowing burdens deteriorated from the decrease in long-term borrowings reported for FY2022-Q2 immediately prior. - FY2022-Q2Liabilities increased while long-term borrowings declinedAnnual report
「Liabilities increased by ¥493,600 thousand from the end of the previous consolidated fiscal year to ¥16,315,604 thousand. This was mainly due to increases of ¥511,308 thousand in notes and accounts payable-trade and ¥322,308 thousand in other current liabilities, despite a decrease of ¥521,325 thousand in long-term borrowings.」
Total liabilities increased from the end of the previous consolidated fiscal year, while long-term borrowings declined by ¥521,325 thousand, describing opposing changes in financial exposure. - FY2022-Q1MitigatedAnnual report
「Liabilities decreased by ¥435,122 thousand from the end of the previous consolidated fiscal year to ¥15,386,881 thousand. This was mainly due to decreases of ¥406,914 thousand in income taxes payable and ¥741,624 thousand in other current liabilities, despite an increase of ¥633,199 thousand in notes and accounts payable-trade.」
Total liabilities decreased by ¥435,122 thousand from the end of the previous consolidated fiscal year, and both current maturities of long-term borrowings and long-term borrowings declined. - FY2021-Q3WorsenedAnnual report
「Liabilities increased by ¥372,171 thousand from the end of the previous consolidated fiscal year to ¥17,753,543 thousand. This was mainly due to increases of ¥452,702 thousand in notes and accounts payable-trade and ¥722,502 thousand in long-term borrowings, despite a decrease of ¥1,111,158 thousand in other current liabilities.」
Total liabilities increased by ¥372,171 thousand from the end of the previous consolidated fiscal year, and long-term borrowings also increased by ¥722,502 thousand. This describes a deterioration this quarter from the declining trend in liabilities and borrowing burdens through the previous quarter. - FY2021-Q2MitigatedAnnual report
「Liabilities decreased by ¥962,717 thousand from the end of the previous consolidated fiscal year to ¥16,418,654 thousand. This was mainly due to decreases of ¥274,595 thousand in current maturities of long-term borrowings, ¥1,009,059 thousand in electronically recorded obligations and ¥554,713 thousand in long-term borrowings, despite an increase of ¥700,173 thousand in notes and accounts payable-trade.」
Total liabilities decreased by ¥962,717 thousand from the end of the previous consolidated fiscal year, and both current maturities of long-term borrowings and long-term borrowings declined. - FY2021-Q1MitigatedAnnual report
「Liabilities decreased by ¥2,172,315 thousand from the end of the previous consolidated fiscal year to ¥15,209,057 thousand. This was mainly due to decreases of ¥508,424 thousand in electronically recorded obligations, ¥814,337 thousand in income taxes payable and ¥1,658,894 thousand in other current liabilities, despite an increase of ¥968,055 thousand in notes and accounts payable-trade.」
Total liabilities declined by ¥2,172,315 thousand from the end of the previous consolidated fiscal year. Financial liabilities, including borrowings, were lower than at the end of the previous fiscal year. - FY2020-Q3Liabilities increased while long-term borrowings declinedAnnual report
「Liabilities increased by ¥1,873,569 thousand from the end of the previous consolidated fiscal year to ¥17,273,274 thousand. This was mainly due to increases of ¥720,141 thousand in notes and accounts payable-trade, ¥1,027,282 thousand in electronically recorded obligations, ¥630,826 thousand in income taxes payable and ¥642,413 thousand in other current liabilities, despite a decrease of ¥1,218,589 thousand in long-term borrowings.」
Total liabilities increased while long-term borrowings declined by ¥1,218,589 thousand, describing a change in composition in which liabilities increased while long-term borrowings declined. - FY2020-Q2Liabilities increased while long-term borrowings declinedAnnual report
「Liabilities increased by ¥886,074 thousand from the end of the previous consolidated fiscal year to ¥16,285,778 thousand. This was mainly due to increases of ¥1,054,909 thousand in electronically recorded obligations and ¥651,229 thousand in income taxes payable, despite a decrease of ¥829,308 thousand in long-term borrowings.」
Total liabilities increased from the end of the previous consolidated fiscal year, while long-term borrowings declined by ¥829,308 thousand, describing opposing changes in financial exposure. - FY2020-Q1Total liabilities increased while long-term borrowings declinedAnnual report
「Liabilities increased by ¥1,040,083 thousand from the end of the previous consolidated fiscal year to ¥16,439,787 thousand. This was mainly due to increases of ¥1,021,333 thousand in notes and accounts payable-trade and ¥1,246,516 thousand in electronically recorded obligations, despite decreases of ¥968,474 thousand in other current liabilities and ¥414,654 thousand in long-term borrowings.」
Total liabilities increased while long-term borrowings declined, describing opposing changes in borrowings and financial exposure. - FY2019MitigatedAnnual report
「Liabilities decreased by ¥3,003 million from the end of the previous consolidated fiscal year to ¥15,399 million. This was mainly due to decreases of ¥1,400 million in short-term borrowings, ¥792 million in accounts payable-other and ¥925 million in long-term borrowings, despite an increase of ¥465 million in notes and accounts payable-trade.」
Short-term borrowings fell to zero, and long-term borrowings also declined. The cash flow to interest-bearing debt ratio decreased from 1.4 years to 0.7 years, reducing the burden of borrowings and financial exposure. - FY2019-Q3Increase in short-term borrowings and decline in long-term borrowingsAnnual report
「Liabilities increased by ¥306,864 thousand from the end of the previous consolidated fiscal year to ¥18,709,872 thousand. This was mainly due to increases of ¥877,893 thousand in notes and accounts payable-trade and ¥960,000 thousand in short-term borrowings, despite decreases of ¥304,127 thousand in electronically recorded obligations, ¥236,418 thousand in other current liabilities and ¥832,894 thousand in long-term borrowings.」
Total liabilities increased by ¥306,864 thousand, and short-term borrowings increased by ¥960,000 thousand, while long-term borrowings declined by ¥832,894 thousand, indicating a change in borrowing composition. - FY2019-Q2Borrowing composition changedAnnual report
「Liabilities increased by ¥209,356 thousand from the end of the previous consolidated fiscal year to ¥18,612,364 thousand. This was mainly due to an increase of ¥480,000 thousand in short-term borrowings, despite a decrease of ¥371,178 thousand in long-term borrowings.」
Total liabilities increased by ¥209,356 thousand, and short-term borrowings increased by ¥480,000 thousand, while long-term borrowings declined by ¥371,178 thousand. It describes a change in the composition of financial exposure. - FY2019-Q1WorsenedAnnual report
「Liabilities decreased by ¥29,027 thousand from the end of the previous consolidated fiscal year to ¥18,373,980 thousand. This was mainly due to decreases of ¥506,352 thousand in income taxes payable, ¥1,784,676 thousand in other current liabilities and ¥421,422 thousand in long-term borrowings, despite an increase of ¥2,600,000 thousand in short-term borrowings.」
Total liabilities declined slightly, but short-term borrowings increased by ¥2.6 billion, indicating deterioration in the composition of interest-bearing debt and financial exposure. - FY2018MitigatedAnnual report
「Cash flow to interest-bearing debt ratio (years) 3.9 2.5 3.4 1.7 1.4」
The cash flow to interest-bearing debt ratio declined from 1.7 years in the previous fiscal year to 1.4 years, while interest-bearing debt also declined from ¥8,531,794 thousand to ¥7,401,602 thousand. - FY2018-Q3Total liabilities declined, but short-term borrowings increasedAnnual report
「Liabilities decreased by ¥639,332 thousand from the end of the previous consolidated fiscal year to ¥19,254,672 thousand. This was mainly due to increases of ¥216,718 thousand in notes and accounts payable-trade, ¥640,000 thousand in short-term borrowings and ¥279,284 thousand in provisions, despite decreases of ¥832,744 thousand in income taxes payable and ¥1,104,963 thousand in other current liabilities.」
Total liabilities declined from the end of the previous consolidated fiscal year, while short-term borrowings increased by ¥640,000 thousand, indicating mixed improvement and deterioration in financial exposure. - FY2018-Q2WorsenedAnnual report
「Liabilities increased by ¥470,350 thousand from the end of the previous consolidated fiscal year to ¥20,364,355 thousand. This was mainly due to increases of ¥241,688 thousand in notes and accounts payable-trade and ¥740,000 thousand in short-term borrowings, despite a decrease of ¥460,582 thousand in other current liabilities.」
Total liabilities increased by ¥470,350 thousand from the end of the previous consolidated fiscal year, while short-term borrowings also increased by ¥740,000 thousand. It describes a deterioration in the balance-sheet exposure to borrowings and financial risk. - FY2018-Q1WorsenedAnnual report
「Liabilities increased by ¥349,998 thousand from the end of the previous consolidated fiscal year to ¥20,244,003 thousand. This was mainly due to increases of ¥702,665 thousand in notes and accounts payable-trade and ¥2,240,000 thousand in short-term borrowings, despite decreases of ¥860,527 thousand in income taxes payable and ¥1,660,827 thousand in other current liabilities.」
Total liabilities increased from the end of the previous consolidated fiscal year, while short-term borrowings also increased by ¥2,240,000 thousand. It describes a deterioration in the balance-sheet exposure to borrowings and interest rates at the quarter-end. - FY2017MitigatedAnnual report
「Cash flow to interest-bearing debt ratio (years) 3.4 1.7」
Interest-bearing debt declined from ¥10,019,942 thousand at the end of the previous fiscal year to ¥8,531,794 thousand, while the operating cash flow to interest-bearing debt ratio also declined from 3.4 years to 1.7 years. - FY2016First statedAnnual report
「The company raises most of the funds required to expand its business through borrowings from financial institutions.」
It anticipates an impact on liquidity from higher interest rates and breaches of financial covenants.