Fluctuations in Funding Conditions and Liquidity Risk
First written in FY2019. 24 of 29 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-11-06.
JFE Holdings moved to the "Worse" side of this theme in 2019, 6 years before the typical company in this theme (2025).
3 other companies' latest entry also says "Worsened".
- 2026-11-06WorsenedFinancial results presentation
「2026年度のDebt/EBITDA倍率は、4.5倍を見込む D/Eレシオ 66.0% 千葉豪雨・台風影響による収支悪化に対し、投資計画の見直し、運転収支の改善、さらなる資産売却等を通じ、2027年度の財務目標達成に向けた取り組みを着実に進める。」
2026年度見通しのDebt/EBITDA倍率4.5倍、D/Eレシオ66.0％が示され、財務目標との差が拡大した。 - FY2027-H1WorsenedAnnual report
「Cash flow from financing activities was an inflow of ¥240.4 billion, mainly from long-term borrowings, an increase in inflows of ¥185.0 billion from the previous interim consolidated accounting period. As a result, interest-bearing debt at the end of the current interim consolidated accounting period increased by ¥289.3 billion from the end of the previous fiscal year to ¥2,248.6 billion, while cash and cash equivalents increased by ¥13.9 billion from the end of the previous fiscal year to ¥181.7 billion.」
While free cash flow was an outflow of ¥225.9 billion, ¥240.4 billion was raised through long-term borrowings and other financing, increasing interest-bearing debt to ¥2,248.6 billion. Exposure to funding conditions and liquidity increased. - 2026-08-05WorsenedRevisions to earnings forecasts
「有利子負債残高 19,593億円 22,000億円 2,407億円」
2026年度上期見通しで有利子負債残高が2兆2,000億円とされ、資金調達環境および流動性へのエクスポージャーが拡大する見通しが示された。 - FY2026WorsenedAnnual report
「Because capital investments have exceeded depreciation expenses in recent years, interest-bearing debt has remained at a high level.」
Free cash flow outflows of ¥73.7 billion and long-term borrowings and other sources resulted in interest-bearing debt of ¥1.9593 trillion and a Debt/EBITDA ratio of 4.8x. - 2026-05-08WorsenedResults
「フリー・キャッシュ・フローは737億円の支出となりました。」
営業キャッシュ・フローが379億円の収入であった一方、投資支出が大きく、フリー・キャッシュ・フローは赤字となった。 - FY2026-H1WorsenedAnnual report
「At the end of the interim consolidated accounting period, the balance of interest-bearing debt increased by ¥106 billion from the end of the previous consolidated fiscal year to ¥1.8724 trillion, while cash and cash equivalents increased by ¥10.3 billion to ¥183.1 billion.」
Amid free cash flow outflows of ¥41.1 billion, financing activities generated ¥55.4 billion, mainly through long-term borrowings and other sources. Interest-bearing debt increased to ¥1.8724 trillion, expanding exposure to the financing environment and liquidity. - FY2025Decline in Interest-Bearing Debt Amid Mixed Financial MetricsAnnual report
「As a result, interest-bearing debt stood at ¥1,766.4 billion at the end of the fiscal year, a decrease of ¥63.8 billion from the end of the previous fiscal year, and」
Although interest-bearing debt declined, the Debt/EBITDA ratio was 4.5x, exceeding the Eighth Medium-Term Management Plan target of approximately 3x. The D/E ratio was 54.3%, below the target of approximately 60%. - FY2025-H1WorsenedAnnual report
「Cash flows from financing activities were an outflow of ¥49.6 billion, mainly due to repayments of long-term borrowings, an increase of ¥148.6 billion in outflows from the previous interim consolidated accounting period. As a result, at the end of the interim consolidated accounting period, the balance of interest-bearing debt increased by ¥1.2 billion from the end of the previous consolidated fiscal year to ¥1.8314 trillion, while cash and cash equivalents declined by ¥109.3 billion to ¥133.7 billion.」
Free cash flow outflows of ¥56.6 billion, financing activity outflows of ¥49.6 billion and a ¥109.3 billion decline in cash combined to expand exposure to liquidity. - FY2024MitigatedAnnual report
「In addition, cash and deposits increased through the capital increase, reducing net interest-bearing debt by ¥156.4 billion from the previous fiscal year to ¥1.5871 trillion.」
Financing through new share issuance, the disposal of treasury shares and convertible bond issuance, together with positive free cash flow, increased cash and deposits and improved indicators of the burden related to the financing environment and liquidity. - FY2024-Q3WorsenedAnnual report
「Cash flows from financing activities totaled ¥54.2 billion in inflows, comprising proceeds of ¥52 billion from the issuance of shares through an international offering, ¥62.4 billion from the disposal of treasury shares and ¥90 billion from the issuance of convertible bond-type bonds with stock acquisition rights, among other items, partly offset by ¥104.7 billion in outflows from the repayment of long-term borrowings and other items.」
Although the company raised funds through share issuance, the disposal of treasury shares and convertible bond issuance, free cash flow for the first 3 quarters was an outflow of ¥64.7 billion, and the balance of interest-bearing debt increased by ¥43.7 billion from the end of the previous fiscal year to ¥1.9066 trillion. - FY2024-Q2MitigatedAnnual report
「Cash flows from financing activities totaled ¥99 billion in inflows, comprising proceeds of ¥52 billion from the issuance of shares through an international offering, ¥62.4 billion from the disposal of treasury shares and ¥90 billion from the issuance of convertible bond-type bonds with stock acquisition rights, among other items, partly offset by ¥47.9 billion in outflows from the repayment of long-term borrowings and other items.」
Financing through share issuance, the disposal of treasury shares and convertible bond issuance resulted in ¥99 billion of inflows from financing activities, increasing cash and cash equivalents to ¥288.6 billion. - FY2024-Q1WorsenedAnnual report
「Cash flows from financing activities amounted to ¥180.3 billion, mainly from an increase in commercial paper. As a result, at the end of the first quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥227.1 billion from the end of the previous consolidated fiscal year to ¥2.09 trillion, while cash and cash equivalents increased by ¥10.9 billion to ¥130.2 billion.」
Amid free cash flow outflows of ¥179.7 billion, the company raised ¥180.3 billion, mainly through an increase in commercial paper, and the balance of interest-bearing debt increased to ¥2.09 trillion. Exposure to the financing environment and liquidity is expanding. - FY2023WorsenedAnnual report
「As a result, the Debt/EBITDA ratio, identified as a financial target under the Seventh Medium-Term Management Plan, was 3.7x and the D/E ratio was 67.8%.」
The increase in interest-bearing debt and the Debt/EBITDA ratio of 3.7x expanded the burden related to the financing environment and liquidity compared with the previous fiscal year. Meanwhile, the D/E ratio improved to 67.8%. - FY2023-Q3WorsenedAnnual report
「Cash flows from financing activities amounted to ¥245 billion, mainly from an increase in commercial paper. As a result, at the end of the third quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥374.3 billion from the end of the previous consolidated fiscal year to ¥2.2237 trillion, while cash and cash equivalents increased by ¥19.4 billion to ¥121.1 billion.」
Amid free cash flow outflows of ¥224.9 billion, the company raised ¥245 billion, mainly through an increase in commercial paper, and the balance of interest-bearing debt increased to ¥2.2237 trillion. Exposure to the financing environment and liquidity is expanding. - FY2023-Q2WorsenedAnnual report
「Cash flows from financing activities amounted to ¥121 billion, mainly from an increase in commercial paper. As a result, at the end of the second quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥234.4 billion from the end of the previous consolidated fiscal year to ¥2.0838 trillion, while cash and cash equivalents increased by ¥15.3 billion to ¥117 billion.」
Amid free cash flow outflows of ¥119.7 billion, the company raised ¥121 billion, mainly through an increase in commercial paper, and the balance of interest-bearing debt increased to ¥2.0838 trillion. - FY2023-Q1WorsenedAnnual report
「In addition to cash flow from operating activities being a ¥171.1 billion outflow, cash flow from investing activities was a ¥60.1 billion outflow, mainly due to the acquisition of property, plant and equipment, intangible assets and investment property. As a result, free cash flow, the total of these two, was a ¥231.2 billion outflow.」
Cash flows from operating and investing activities totaled ¥231.2 billion in outflows, while ¥247.8 billion was raised through financing activities, mainly through an increase in commercial paper. Interest-bearing debt also increased to ¥2.1893 trillion, expanding exposure to the financing environment and liquidity. - FY2022MitigatedAnnual report
「The balance of interest-bearing debt at the end of the fiscal year increased by ¥43.3 billion from the previous fiscal year to ¥1.8494 trillion, primarily reflecting an increase in working capital due to higher prices for major raw materials and other items. Meanwhile, the Debt/EBITDA ratio was 2.8x and the D/E ratio was 80.8%, representing significant improvement from the previous fiscal year.」
Interest-bearing debt increased because working capital rose, but the Debt/EBITDA and D/E ratios improved as earnings recovered, reducing the burden indicated by the metrics for financing and liquidity risk. - FY2022-Q3WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the third quarter of the current consolidated fiscal year increased by ¥203.3 billion from the end of the previous consolidated fiscal year to ¥2,009.4 billion, while cash and cash equivalents decreased by ¥32.7 billion to ¥109.7 billion.」
Financing activities generated ¥127.4 billion, mainly through an increase in commercial paper. Interest-bearing debt increased to ¥2.0094 trillion and cash declined, expanding exposure to the financing environment and liquidity. - FY2022-Q2WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the second quarter of the current consolidated fiscal year increased by ¥2.0 billion from the end of the previous consolidated fiscal year to ¥1,808.1 billion, while cash and cash equivalents decreased by ¥41.3 billion to ¥101.1 billion.」
Interest-bearing debt increased by ¥2 billion from the end of the previous fiscal year, while cash and cash equivalents declined by ¥41.3 billion, expanding exposure to the financing environment and liquidity compared with the fiscal year-end. - FY2022-Q1WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the first quarter of the current consolidated fiscal year increased by ¥18.3 billion from the end of the previous consolidated fiscal year to ¥1,824.4 billion, while cash and cash equivalents decreased by ¥39.6 billion to ¥102.8 billion.」
Exposure to the financing environment and liquidity expanded because interest-bearing debt increased and cash and cash equivalents declined during the quarter. - FY2021WorsenedAnnual report
「As a result, the Debt/EBITDA ratio at the end of the current fiscal year was 8.1x and the D/E ratio was 93.2%.」
Although the balance of interest-bearing debt declined slightly, the Debt/EBITDA ratio rose from 6.7x to 8.1x, indicating continued high exposure to financial soundness and the financing environment. - FY2021-Q3WorsenedAnnual report
「Cash flows from financing activities amounted to ¥100.7 billion, mainly from proceeds from long-term borrowings. As a result, at the end of the third quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥87.7 billion from the end of the previous consolidated fiscal year to ¥1.902 trillion, while cash and cash equivalents increased by ¥89.3 billion to ¥176 billion.」
The company raised ¥100.7 billion, mainly through long-term borrowings, and the balance of interest-bearing debt increased by ¥87.7 billion from the end of the previous fiscal year to ¥1.902 trillion, expanding exposure to the financing environment and liquidity. - FY2021-Q2WorsenedAnnual report
「Cash flows from financing activities amounted to ¥140.4 billion, mainly from proceeds from long-term borrowings. As a result, at the end of the second quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥122 billion from the end of the previous consolidated fiscal year to ¥1.9363 trillion, while cash and cash equivalents increased by ¥90.7 billion to ¥177.4 billion.」
The company raised ¥140.4 billion, mainly through long-term borrowings, and the balance of interest-bearing debt increased to ¥1.9363 trillion. Exposure to the financing environment and liquidity is expanding further. - FY2021-Q1WorsenedAnnual report
「Cash flows from financing activities amounted to ¥61.9 billion, mainly from proceeds from long-term borrowings. As a result, at the end of the first quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥70.5 billion from the end of the previous consolidated fiscal year to ¥1.8848 trillion, while cash and cash equivalents increased by ¥6.9 billion to ¥93.6 billion.」
The company raised ¥61.9 billion, mainly through long-term borrowings, and the balance of interest-bearing debt increased to ¥1.8848 trillion. Exposure to the financing environment and liquidity is expanding. - FY2020WorsenedAnnual report
「As a result, the Debt/EBITDA ratio at the end of the fiscal year was 6.7x and the D/E ratio was 96.4%. Maintaining financial soundness is regarded as one of the highest-priority issues, and the company will work to reduce interest-bearing debt by improving the cash conversion cycle through inventory reductions and other measures, further reducing its holdings of shares and other assets, and reviewing the priorities of capital investments and investments and loans.」
As interest-bearing debt increased, the Debt/EBITDA ratio reached 6.7x and the D/E ratio reached 96.4%, making the maintenance of financial soundness the highest-priority issue in relation to financing and liquidity risk. - FY2020-Q3WorsenedAnnual report
「Cash flows from financing activities amounted to ¥141.4 billion, mainly from proceeds from long-term borrowings. As a result, at the end of the third quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥319 billion from the end of the previous consolidated fiscal year to ¥1.8428 trillion, while cash and cash equivalents increased by ¥4 billion to ¥86.2 billion.」
The company raised ¥141.4 billion, mainly through long-term borrowings, and the balance of interest-bearing debt increased to ¥1.8428 trillion, further expanding exposure to the financing environment and liquidity. - FY2020-Q2WorsenedAnnual report
「Cash flows from financing activities amounted to ¥70 billion, mainly from proceeds from the issuance of bonds. As a result, at the end of the second quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥218.7 billion from the end of the previous consolidated fiscal year to ¥1.7425 trillion, while cash and cash equivalents increased by ¥3.1 billion to ¥85.3 billion.」
The company raised ¥70 billion through financing activities, including bond issuance, and interest-bearing debt increased to ¥1.7425 trillion, expanding exposure to the financing environment and liquidity. - FY2020-Q1WorsenedAnnual report
「As a result, at the end of the first quarter of the current fiscal year, the balance of interest-bearing debt increased by ¥184.1 billion from the end of the previous consolidated fiscal year to ¥1.7079 trillion, while cash and cash equivalents increased by ¥7.4 billion to ¥89.6 billion.」
Interest-bearing debt increased to ¥1.7079 trillion, expanding exposure to the financing environment and liquidity. A total of ¥60 billion in unsecured corporate bonds was also issued during the first quarter. - FY2019First statedAnnual report
「Our group is affected by changes in interest rates and the financing environment, primarily because it has a large balance of interest-bearing debt.」
In addition to conventional interest rate risk, changes in the financing environment are explicitly identified, and liquidity is managed through bank borrowings, commercial paper, bond issuances and commitment lines.