Interest-rate risk associated with floating-rate borrowings
First written in FY2017. 2 of 4 entries say "Restated". Latest entry: FY2025.
Nippon Thompson moved to the "Worse" side of this theme in 2025, 1 year after the typical company in this theme (2024).
The whole theme swung hardest in 2025: 12 of 58 companies on the "Worse" side.
4 other companies' latest entry also says "Reframed".
- FY2025ReframedAnnual report
「Borrowings and bonds are used for working capital and capital investment, and interest-rate fluctuation risk is hedged through financing at fixed interest rates.」
The wording has changed from describing the fixing of interest rates through conventional interest-rate swaps to hedging interest-rate fluctuation risk through financing at fixed interest rates. - FY2020RestatedAnnual report
「Borrowings at variable interest rates are exposed to interest-rate fluctuation risk, but the company enters into interest-rate swap transactions to fix interest expense.」
The company continues its policy of recognizing the interest-rate risk associated with variable-rate borrowings and fixing interest expense through interest-rate swaps. - FY2019RestatedAnnual report
「Borrowings at variable interest rates are exposed to interest-rate fluctuation risk, but the company enters into interest-rate swap transactions to fix interest expense.」
The company continues its policy of recognizing the interest-rate risk associated with variable-rate borrowings and fixing interest expense through interest-rate swaps. - FY2017First statedAnnual report
「Borrowings at variable interest rates are exposed to interest-rate fluctuation risk, but the company enters into interest-rate swap transactions to fix interest expense.」
The company recognizes the interest-rate fluctuation risk associated with variable-rate borrowings and seeks to fix interest expense through interest-rate swaps.