Changes in interest-bearing debt and the financing environment
First written in FY2016. 9 of 23 entries say "Worsened", first in FY2017. Latest entry: FY2027-H1.
Punch Industry moved to the "Worse" side of this theme in 2018, 6 years before the typical company in this theme (2024).
The whole theme swung hardest in 2018: 5 of 38 companies on the "Worse" side.
13 other companies' latest entry also says "Mitigated".
- FY2027-H1MitigatedAnnual report
「Syndicated commitment line agreement (yen-denominated) Total lending commitments ¥2,400 million Amount drawn ¥1,200 million Undrawn amount ¥1,200 million」
Outstanding borrowings under the commitment line decreased from ¥1,800 million at the end of the previous fiscal year to ¥1,200 million, while the undrawn amount increased from ¥600 million to ¥1,200 million. - FY2026WorsenedAnnual report
「Syndicated commitment line agreement (yen-denominated portion) Total lending commitments ¥2,400 million Outstanding borrowings ¥1,800 million Undrawn amount ¥600 million」
Outstanding borrowings under the commitment line increased from ¥900 million at the end of the previous fiscal year to ¥1,800 million, while the undrawn amount decreased to ¥600 million. The company states that it is not in breach of any financial covenants. - FY2026-H1WorsenedAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥1,200 million Undrawn amount ¥1,200 million」
Outstanding yen-denominated borrowings under the commitment line increased from ¥900 million at the end of the previous fiscal year to ¥1,200 million, while the undrawn amount was ¥1,200 million. - FY2025-H1WorsenedAnnual report
「Syndicated commitment line agreement (yen-denominated) Total lending commitments ¥2,400 million Amount drawn ¥300 million Undrawn amount ¥2,100 million」
From zero outstanding borrowings at the end of the previous fiscal year, ¥300 million was drawn under the yen-denominated commitment line. - FY2024-Q2Zero commitment line borrowings; increase in long-term borrowingsAnnual report
「Syndicated commitment line agreement (yen-denominated portion) Total lending commitments ¥2,400 million Outstanding borrowings ¥0 million Undrawn amount ¥2,400 million」
Outstanding yen-denominated borrowings under the commitment line decreased from ¥900 million at the end of the previous fiscal year to zero, while long-term borrowings on the balance sheet increased from ¥675 million to ¥2,826 million, changing the composition of financing. - FY2024-Q1Increase in outstanding yen-denominated borrowingsAnnual report
「Syndicated commitment line agreement (yen-denominated) Total lending commitments ¥2,400 million Amount drawn ¥1,200 million Undrawn amount ¥1,200 million Syndicated commitment line agreement (US dollar-denominated) Total lending commitments US$7 million Amount drawn — Undrawn amount US$7 million」
Outstanding yen-denominated borrowings increased from ¥900 million at the end of the previous fiscal year to ¥1,200 million, while US dollar-denominated borrowings remained zero. - FY2023Yen-denominated borrowings drawn; US dollar-denominated borrowings eliminatedAnnual report
「Syndicated commitment line agreement (yen-denominated) Total lending commitments ¥2,400 million Amount drawn ¥900 million Undrawn amount ¥1,500 million Syndicated commitment line agreement (US dollar-denominated) Total lending commitments US$7,000 thousand Amount drawn — Undrawn amount US$7,000 thousand」
The currency composition changed from zero yen-denominated borrowings and the full $7 million in US dollar-denominated borrowings drawn at the end of the previous fiscal year to ¥900 million in yen-denominated borrowings and zero US dollar-denominated borrowings. - FY2023-Q3Changes in outstanding yen- and US dollar-denominated borrowingsAnnual report
「Syndicated commitment line agreement (yen-denominated) Total lending commitments ¥2,400 million Amount drawn ¥1,320 million Undrawn amount ¥1,080 million Syndicated commitment line agreement (US dollar-denominated) Total lending commitments US$7,000 thousand Amount drawn US$3,500 thousand Undrawn amount US$3,500 thousand」
Outstanding yen-denominated borrowings increased to ¥1,320 million, while outstanding US dollar-denominated borrowings were $3.5 million. The currency composition changed from the previous position of ¥450 million in yen-denominated borrowings and the full $7 million in US dollar-denominated borrowings drawn. - FY2022-Q3WorsenedAnnual report
「Syndicated commitment line agreement (yen-denominated portion) Total lending commitments ¥2,400 million Outstanding borrowings ¥450 million Undrawn amount ¥1,950 million Syndicated commitment line agreement (US dollar-denominated portion) Total lending commitments $7 million Outstanding borrowings $7 million Undrawn amount $0 million」
From the previous quarter's position of zero yen-denominated borrowings and $3.5 million in US dollar-denominated borrowings, ¥450 million in yen-denominated borrowings was drawn, and the full $7 million US dollar-denominated commitment was drawn. Outstanding borrowings increased. - FY2022-Q1Zero yen-denominated borrowings; US dollar-denominated borrowings drawnAnnual report
「Syndicated commitment line agreement (yen-denominated portion) Total lending commitments ¥2,400 million Outstanding borrowings ¥0 million Undrawn amount ¥2,400 million Syndicated commitment line agreement (US dollar-denominated portion) Total lending commitments $7 million Outstanding borrowings $3.5 million Undrawn amount $3.5 million」
While outstanding borrowings under the yen-denominated commitment line fell to zero, $3.5 million was drawn under the US dollar-denominated line, changing the currency composition of borrowings. - FY2021-Q3MitigatedAnnual report
「Outstanding borrowings ¥0 million Undrawn amount ¥2,400 million」
Outstanding borrowings under the commitment line decreased from ¥300 million at the end of the previous consolidated fiscal year to zero, while the undrawn amount was ¥2,400 million. - FY2021-Q1MitigatedAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥0 million Undrawn amount ¥2,400 million」
Outstanding borrowings under the commitment line decreased from ¥300 million at the end of the previous consolidated fiscal year to zero, while the undrawn amount was ¥2,400 million. - FY2020-Q3MitigatedAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥200 million Undrawn amount ¥2,200 million」
Outstanding borrowings under the commitment line decreased from ¥420 million at the end of the previous quarter to ¥200 million, while the undrawn amount was ¥2,200 million. - FY2020-Q2Slight increase in outstanding borrowings under the commitment lineAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥420 million Undrawn amount ¥1,980 million」
Outstanding borrowings under the commitment line increased from ¥400 million at the end of the previous quarter to ¥420 million, while the undrawn amount was ¥1,980 million. - FY2020-Q1MitigatedAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥400 million Undrawn amount ¥2,000 million」
Outstanding borrowings under the commitment line decreased from ¥850 million at the end of the previous period to ¥400 million, while the undrawn amount was ¥2,000 million. The financial covenant requiring that the Group not report ordinary losses for 2 consecutive periods continues to be disclosed. - FY2019WorsenedAnnual report
「The balance of interest-bearing debt had been trending downward as the Group worked to secure profits through business profitability reforms and generate internal funds by reducing working capital. In recent years, however, interest-bearing debt has been increasing as a result of active investment.」
The risk assessment has been revised to reflect that interest-bearing debt is increasing due to aggressive investment, and outstanding borrowings under the commitment line were also ¥850 million at the end of the period. - FY2019-Q3WorsenedAnnual report
「Syndicated commitment line agreement Total lending commitments ¥2,400 million Amount drawn ¥900 million Undrawn amount ¥1,500 million」
The total commitment line remained ¥2,400 million, but outstanding borrowings increased from zero at the end of the previous consolidated fiscal year and ¥470 million at the end of the previous first quarter to ¥900 million, while the undrawn amount was ¥1,500 million. - FY2019-Q1WorsenedAnnual report
「Syndicated commitment line agreement Total lending commitments ¥2,400 million Amount drawn ¥470 million Undrawn amount ¥1,930 million」
The total commitment line remained ¥2,400 million, but outstanding borrowings increased from zero at the end of the previous consolidated fiscal year to ¥470 million, while the undrawn amount was ¥1,930 million. - FY2018Expansion and full undrawn status of the commitment lineAnnual report
「Total lending commitments ¥2,400 million Outstanding borrowings ¥0 million Undrawn amount ¥2,400 million」
The total commitment line increased from ¥2,000 million to ¥2,400 million, and outstanding borrowings were zero at the end of the current consolidated fiscal year. Since the risk of an increase in interest-bearing debt associated with future aggressive investment continues to be disclosed, this is treated as a change that is not unidirectional. - FY2018-Q2WorsenedAnnual report
「Syndicated commitment line agreement Total overdraft limit and lending commitments ¥2,000 million Outstanding borrowings ¥250 million Undrawn amount ¥1,750 million」
Outstanding borrowings under the commitment line increased from ¥200 million in the previous filing to ¥250 million. However, they decreased compared with ¥400 million at the end of the previous consolidated fiscal year. - FY2018-Q1MitigatedAnnual report
「Outstanding borrowings ¥200 million Undrawn amount ¥1,800 million」
Under the syndicated commitment line, outstanding borrowings decreased from ¥400 million at the end of the previous consolidated fiscal year to ¥200 million, while the undrawn amount was ¥1,800 million. - FY2017WorsenedAnnual report
「Syndicated commitment line agreement Total overdraft limit and lending commitments ¥2,000 million Outstanding borrowings ¥400 million Undrawn amount ¥1,600 million」
The commitment line, which previously had no outstanding borrowings, now reports ¥400 million in outstanding borrowings. - FY2016First statedAnnual report
「If financing becomes unavailable due to changes in financial conditions or other factors, making it difficult to execute investment plans, or if financing costs increase due to rising market interest rates or other factors, this may affect the performance and financial condition of the Group.」
Assuming continued aggressive investment, the risk is identified as the impact of financing constraints and rising market interest rates on investment execution and financial condition.