Interest-Bearing Debt and Rising Interest Rate Risk
First written in FY2016. 13 of 32 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Ichikura moved to the "Worse" side of this theme in 2017, 6 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
6 other companies' latest entry also says "Other".
- FY2026Concurrent debt reduction and increase in interest expenseAnnual report
「At the end of the 36th consolidated fiscal year, interest-bearing debt totaled ¥4,537.547 million, the interest-bearing debt dependence ratio was 25.8%, and interest expense was ¥51.101 million.」
Interest-bearing debt and the debt dependence ratio declined, while interest expense increased from ¥39.405 million in the previous fiscal year to ¥51.101 million. Exposure to interest-bearing debt and rising interest rates reflects the coexistence of debt reduction and higher interest payments. - 2026-05-13MitigatedEarnings
「Net cash used in financing activities was ¥1,548,920 thousand. This was mainly because, while there were proceeds of ¥100,000 thousand from long-term borrowings, short-term borrowings declined by ¥860,000 thousand on a net basis, repayments of long-term borrowings resulted in an outflow of ¥692,735 thousand, and dividend payments amounted to ¥77,187 thousand.」
The disclosure records a net decline in borrowings and repayment of long-term borrowings, indicating reduced exposure to borrowing and interest-rate risk from the end of the previous fiscal year. - FY2026-H1MitigatedAnnual report
「This was due to a ¥660.000 million decrease in short-term borrowings, ¥343.867 million in repayments of long-term borrowings, and ¥77.171 million in dividend payments.」
Repayments of short-term and long-term borrowings progressed, reducing exposure to interest-bearing debt and rising interest rates from the end of the previous fiscal year. Proceeds of ¥100.000 million from long-term borrowings are also reported. - FY2025WorsenedAnnual report
「At the end of the 35th consolidated fiscal year, interest-bearing debt totaled ¥6,009,271 thousand and reliance on interest-bearing debt was 30.0%.」
Interest-bearing debt and the debt dependence ratio increased from ¥5,765.943 million and 28.7%, respectively, in the previous fiscal year, while interest expense was ¥39.405 million. Exposure to interest-bearing debt and rising interest rates is increasing. - FY2025-H1Change in Borrowing MixAnnual report
「The balance of current liabilities was ¥13,469,102 thousand, up 9.3% year on year. This was mainly due to increases of ¥670,000 thousand in short-term borrowings and ¥858,803 thousand in advances received, despite decreases of ¥143,193 thousand in trade payables, ¥70,027 thousand in accrued expenses and ¥73,351 thousand in other accrued expenses. The balance of non-current liabilities was ¥3,010,417 thousand, down 7.4% year on year. This was mainly due to a decrease of ¥247,066 thousand in long-term borrowings.」
Short-term borrowings increased by ¥670.000 million while long-term borrowings decreased by ¥247.066 million, changing the composition of borrowings in relation to interest-bearing debt and rising interest rates. - FY2024Change in Borrowing MixAnnual report
「The policy is to improve the interest-bearing debt dependence ratio and strengthen the financial position using surplus funds generated by higher cash flow from operating activities and other sources. However, an increase in borrowings from financial institutions to fund new capital investment or a substantial rise in interest rates due to changes in financial conditions could affect the financial position and operating results of the Group. At the end of the 34th consolidated fiscal year, interest-bearing debt totaled ¥5,765.943 million and the interest-bearing debt dependence ratio was 28.7%.」
The interest-bearing debt dependence ratio declined, but interest-bearing debt increased. Short-term borrowings decreased while long-term borrowings increased, and exposure to rising interest rates reflects a change in the composition of borrowings. - FY2024-Q3Change in Borrowing MixAnnual report
「The balance of current liabilities was ¥12,162,846 thousand, down 3.3% year on year. This was mainly due to decreases of ¥510,000 thousand in short-term borrowings and ¥164,779 thousand in advances received, despite increases of ¥65,799 thousand in current portions of long-term borrowings and ¥248,870 thousand in accrued expenses. The balance of non-current liabilities was ¥2,769,897 thousand, up 8.2% year on year. This was mainly due to an increase of ¥196,244 thousand in long-term borrowings.」
Although some borrowing exposure declined due to the decrease in short-term borrowings, long-term borrowings increased by ¥196.244 million and non-current liabilities also increased. Exposure to interest-bearing debt and rising interest rates did not decline in a simple one-way trend; the composition of borrowings changed. - FY2024-Q2Change in Borrowing MixAnnual report
「The balance of current liabilities was ¥12,855,212 thousand, up 2.2% year on year. This was mainly due to increases of ¥115,421 thousand in current portions of long-term borrowings and ¥594,466 thousand in advances received, despite decreases of ¥85,332 thousand in trade payables and ¥360,000 thousand in short-term borrowings. The balance of non-current liabilities was ¥2,871,843 thousand, up 12.2% year on year. This was mainly due to an increase of ¥303,941 thousand in long-term borrowings.」
Although some borrowing exposure declined due to the decrease in short-term borrowings, long-term borrowings increased by ¥303.941 million and non-current liabilities rose 12.2% from the previous consolidated fiscal year. The composition of borrowings underlying exposure to interest-bearing debt and rising interest rates is changing. - FY2024-Q1Change in Borrowing MixAnnual report
「The balance of current liabilities was ¥12,455,704 thousand, down 1.0% year on year. This was mainly due to an increase of ¥323,951 thousand in advances received, despite decreases of ¥380,000 thousand in short-term borrowings and ¥44,038 thousand in accrued expenses. The balance of non-current liabilities was ¥2,785,404 thousand, up 8.8% year on year. This was mainly due to an increase of ¥220,978 thousand in long-term borrowings.」
Short-term borrowings decreased, while long-term borrowings increased by ¥220.978 million and non-current liabilities rose 8.8% from the previous consolidated fiscal year. The composition of borrowings underlying exposure to interest-bearing debt and rising interest rates is changing. - FY2023Change in Borrowing MixAnnual report
「To date, the Group has financed capital investment for new store openings and other expenditures through borrowings from financial institutions and other sources.」
Interest-bearing debt totaled ¥5,599.869 million and the debt dependence ratio was 29.3%. The composition of borrowings exposed to rising interest rates is changing, with short-term borrowings declining while long-term borrowings increase. - FY2023-Q3Change in Borrowing MixAnnual report
「This was mainly due to increases of ¥181.693 million in other accounts payable and ¥176.627 million in advances received, despite a ¥780.000 million decrease in short-term borrowings. Non-current liabilities totaled ¥2,468.146 million, up 19.8% from the previous consolidated fiscal year. This was mainly due to a ¥343.426 million increase in long-term borrowings.」
Although some borrowing exposure declined due to the decrease in short-term borrowings, long-term borrowings increased by ¥343.426 million and non-current liabilities rose 19.8% year on year. Exposure to rising interest rates did not decline in a simple one-way trend; the composition of borrowings changed. - FY2023-Q2Change in Borrowing MixAnnual report
「This was mainly due to decreases of ¥550.000 million in short-term borrowings and ¥228.204 million in other liabilities, despite a ¥945.104 million increase in advances received. Non-current liabilities totaled ¥2,567.888 million, up 24.6% from the previous consolidated fiscal year. This was mainly due to a ¥450.411 million increase in long-term borrowings.」
Short-term borrowings decreased while long-term borrowings increased, changing the composition of borrowings. Exposure to interest-bearing debt and rising interest rates did not decline in a simple one-way trend. - FY2023-Q1MitigatedAnnual report
「Non-current liabilities totaled ¥1,959.727 million, down 4.9% from the previous consolidated fiscal year. This was mainly due to a ¥109.191 million decrease in long-term borrowings.」
Long-term borrowings decreased by ¥109.191 million and non-current liabilities declined 4.9% year on year, reducing exposure to interest-bearing debt and rising interest rates from the end of the previous consolidated fiscal year. - FY2022MitigatedAnnual report
「The policy is to improve the interest-bearing debt dependence ratio and strengthen the financial position using surplus funds generated by higher cash flow from operating activities and other sources. However, an increase in borrowings from financial institutions to fund new capital investment or a substantial rise in interest rates due to changes in financial conditions could affect the financial position and operating results of the Group.」
Interest-bearing debt totaled ¥5,441.788 million and the debt dependence ratio was 29.9%, with exposure down from ¥6,712.098 million and 37.6%, respectively, in the previous fiscal year. - FY2022-Q3MitigatedAnnual report
「This was mainly due to increases of ¥123.930 million in other accounts payable and ¥1,583.665 million in advances received, despite a ¥810.000 million decrease in short-term borrowings. Non-current liabilities totaled ¥2,183.852 million, down 6.6% from the previous consolidated fiscal year. This was mainly due to a ¥156.734 million decrease in long-term borrowings.」
Short-term and long-term borrowings decreased from the end of the previous consolidated fiscal year, reducing exposure to interest-bearing debt and rising interest rates. However, total liabilities increased 6.1% year on year. - FY2022-Q2MitigatedAnnual report
「This was mainly due to an increase of ¥1,883,463 thousand in advances received, despite a decrease of ¥840,000 thousand in short-term borrowings. The balance of non-current liabilities was ¥2,313,163 thousand, down 1.1% year on year. This was mainly due to a decrease of ¥72,274 thousand in long-term borrowings, despite increases of ¥14,405 thousand in asset retirement obligations and ¥16,289 thousand in liabilities related to retirement benefits.」
Short-term and long-term borrowings decreased, reducing exposure to interest-bearing debt and rising interest rates from the end of the previous consolidated fiscal year. - FY2022-Q1MitigatedAnnual report
「This was mainly due to an ¥1,082.808 million increase in advances received, despite decreases of ¥390.000 million in short-term borrowings and ¥59.777 million in accounts payable. Non-current liabilities totaled ¥2,250.174 million, down 3.8% from the previous consolidated fiscal year. This was mainly due to a ¥107.523 million decrease in long-term borrowings.」
Short-term and long-term borrowings decreased, reducing exposure to interest-bearing debt and rising interest rates from the end of the previous consolidated fiscal year. - FY2021WorsenedAnnual report
「Interest-bearing debt (¥ thousand) (Note 1) 6,712,098 Reliance on interest-bearing debt (%) (Note 2) 37.6 Interest expense (¥ thousand) 23,340」
Interest-bearing debt and the debt dependence ratio increased from ¥5,426.932 million and 29.2% in the previous fiscal year, respectively, expanding exposure to interest-bearing debt and rising interest rates. - FY2021-Q3WorsenedAnnual report
「This was mainly due to increases of ¥1,370 million in short-term borrowings and ¥130.506 million in provisions for refunds.」
Short-term borrowings increased by ¥1,370 million, expanding exposure to interest-bearing debt and higher interest rates. Long-term borrowings decreased by ¥364.374 million. - FY2021-Q2WorsenedAnnual report
「This was mainly due to increases of ¥1,640 million in short-term borrowings and ¥1,064.493 million in advances received, partly offset by a decrease of ¥139.861 million in accounts payable.」
Short-term borrowings increased by ¥1,640 million from the end of the previous consolidated fiscal year, expanding exposure to interest-bearing debt and higher interest rates. Long-term borrowings decreased by ¥225.966 million. - FY2021-Q1WorsenedAnnual report
「Liabilities totaled ¥14,119,736 thousand, up 11.5% year on year. The balance of current liabilities was ¥11,475,332 thousand, up 15.6% year on year. This was mainly due to an increase of ¥2,780,000 thousand in short-term borrowings, despite decreases of ¥462,686 thousand in trade payables and ¥423,800 thousand in advances received.」
The increase in short-term borrowings caused current liabilities to rise 15.6% from the end of the previous fiscal year, expanding exposure to interest-bearing debt and higher interest rates. - FY2020WorsenedAnnual report
「Interest-bearing debt (¥ thousand) (Note 1) 5,426,932 Reliance on interest-bearing debt (%) (Note 2) 29.2 Interest expense (¥ thousand) 19,412」
Short-term borrowings increased from ¥2,720 million to ¥3,410 million, and interest-bearing debt and the interest-bearing debt dependence ratio also increased, expanding exposure to interest-bearing debt and higher interest rates. - FY2020-Q3Changes in borrowing composition and decrease in liabilitiesAnnual report
「Liabilities totaled ¥12,327,339 thousand, down 3.1% year on year. The balance of current liabilities was ¥9,521,542 thousand, down 1.1% year on year. The balance of non-current liabilities was ¥2,805,796 thousand, down 9.2% year on year. This was mainly due to a decrease of ¥310,194 thousand in long-term borrowings.」
While long-term borrowings and non-current liabilities decreased, short-term borrowings increased by ¥250 million. Exposure to interest-bearing debt and higher interest rates has changed as a result of the shift in borrowing composition. - FY2020-Q2Decrease in borrowings and increase in liabilitiesAnnual report
「Liabilities totaled ¥12,935,654 thousand, up 1.7% year on year. The balance of current liabilities was ¥10,059,069 thousand, up 4.5% year on year. This was mainly due to an increase of ¥495,381 thousand in advances received. The balance of non-current liabilities was ¥2,876,585 thousand, down 6.9% year on year. This was mainly due to a decrease of ¥226,846 thousand in long-term borrowings.」
Long-term borrowings decreased by ¥226.846 million, while short-term borrowings increased from ¥2,720 million to ¥2,760 million. Total liabilities also increased 1.7% year on year, and exposure to interest-bearing debt and higher interest rates changed with the composition of borrowings rather than moving in one direction. - FY2020-Q1WorsenedAnnual report
「Liabilities amounted to ¥12,966.954 million, up 2.0% from the previous consolidated fiscal year.」
Total liabilities increased 2.0% from the previous consolidated fiscal year. Although long-term borrowings decreased, short-term borrowings increased by ¥150 million, leaving exposure to interest-bearing debt and higher interest rates. - FY2019-Q3WorsenedAnnual report
「The balance of non-current liabilities was ¥3,205,668 thousand, up 5.0% year on year. This was mainly due to an increase of ¥136,431 thousand in long-term borrowings.」
Long-term borrowings increased by ¥136.431 million, and non-current liabilities also increased by 5.0% from the end of the previous fiscal year, expanding the exposure to interest-bearing debt and higher interest rates. - FY2019-Q2WorsenedAnnual report
「The balance of current liabilities was ¥9,116,490 thousand, up 6.2% year on year. This was mainly due to an increase of ¥450,000 thousand in short-term borrowings. The balance of non-current liabilities was ¥2,872,725 thousand, down 5.9% year on year. This was mainly due to a decrease of ¥196,821 thousand in long-term borrowings.」
Short-term borrowings increased by ¥450 million, while long-term borrowings decreased by ¥196.821 million. Although the composition of borrowings changed, total borrowings increased from the end of the previous consolidated fiscal year, and exposure to interest-bearing debt and higher interest rates remains. - FY2018-Q3WorsenedAnnual report
「The balance of non-current liabilities was ¥3,138,354 thousand, up 57.5% year on year. This was mainly due to an increase of ¥1,093,430 thousand in long-term borrowings.」
The increase in long-term borrowings has expanded the exposure to interest-bearing debt and higher interest rates from the end of the previous fiscal year. - FY2018-Q2WorsenedAnnual report
「Proceeds from short-term borrowings amounted to ¥760 million, while proceeds from long-term borrowings amounted to ¥426.860 million and repayments of long-term borrowings amounted to ¥202.267 million.」
The company raised funds through short-term and long-term borrowings. Short-term borrowings increased by ¥760 million and long-term borrowings by ¥140.120 million from the end of the previous consolidated fiscal year, expanding the exposure to interest-bearing debt and higher interest rates. - FY2018-Q1WorsenedAnnual report
「Liabilities amounted to ¥10,526.021 million, up 6.4% from the previous consolidated fiscal year. This was mainly due to an increase of ¥400 million in short-term borrowings. Non-current liabilities amounted to ¥2,270.152 million, up 13.9% from the previous consolidated fiscal year. This was mainly due to an increase of ¥265.640 million in long-term borrowings.」
Borrowings and liabilities increased from the end of the previous fiscal year due to increases of ¥400 million in short-term borrowings and ¥265.640 million in long-term borrowings, expanding the exposure to interest-bearing debt and higher interest rates. - FY2017WorsenedAnnual report
「Interest-bearing debt (thousand yen) 3,605,187 Interest-bearing debt dependence (%) 23.3 Interest expense (thousand yen) 25,947」
Interest-bearing debt and the interest-bearing debt dependence ratio increased from the previous fiscal year, and the company has updated the quantified exposure to the risks of capital investment, increased borrowings, and higher interest rates. - FY2016First statedAnnual report
「If borrowings from financial institutions increase in connection with new capital investments or other factors, or if interest rates rise substantially due to changes in financial conditions, this could affect the company's financial position and operating results.」
The company states that interest-bearing debt was ¥3,234.468 million at the end of the 26th fiscal year and interest expense was ¥33.676 million.