Dependence on Interest-Bearing Debt and Rising Interest Rates
First written in FY2018. 11 of 26 entries say "Worsened", first in FY2021-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Interest-bearing debt ratio (A/B) 38.4% 35.6%」
The interest-bearing debt ratio declined from 38.4% in the previous fiscal year to 35.6%. Meanwhile, the interest-bearing debt balance at period-end increased from ¥5,909.304 million to ¥6,639.324 million. - FY2026-H1WorsenedAnnual report
「This was mainly due to a decrease of ¥445.317 million in other accounts payable, while long-term borrowings increased by ¥356.488 million and other current liabilities increased by ¥295.109 million, respectively, among other factors.」
Long-term borrowings increased by ¥356.488 million, expanding exposure to interest-bearing debt. - FY2025MitigatedAnnual report
「Interest-bearing debt balance at period-end (A) ¥6,098.076 million ¥5,909.304 million Total liabilities and equity at period-end (B) ¥14,211.621 million ¥15,397.261 million Interest-bearing debt ratio (A/B) 42.9% 38.4%」
The interest-bearing debt balance declined from ¥6,098.076 million to ¥5,909.304 million, and the interest-bearing debt ratio decreased from 42.9% to 38.4%. - FY2025-H1WorsenedAnnual report
「This was mainly due to an increase of ¥100.480 million in long-term borrowings, while other accounts payable decreased by ¥379.572 million and other current liabilities decreased by ¥173.195 million, respectively, among other factors.」
Long-term borrowings increased by ¥100.480 million, expanding exposure to interest-bearing debt. - FY2024WorsenedAnnual report
「Interest-bearing debt balance at period-end (A) ¥5,637.724 million ¥6,098.076 million Total liabilities and equity at period-end (B) ¥13,281.603 million ¥14,211.621 million Interest-bearing debt ratio (A/B) 42.4% 42.9%」
The interest-bearing debt balance at period-end increased from ¥5,637.724 million to ¥6,098.076 million, and the interest-bearing debt ratio rose from 42.4% to 42.9%. - FY2024-Q3WorsenedAnnual report
「This was mainly due to an increase of ¥366.164 million in long-term borrowings, while notes and accounts payable decreased by ¥527.307 million, among other factors.」
Long-term borrowings increased by ¥366.164 million from the end of the previous consolidated fiscal year, expanding exposure to interest-bearing debt. - FY2024-Q2WorsenedAnnual report
「This was mainly due to an increase of ¥294.776 million in long-term borrowings, while notes and accounts payable decreased by ¥493.948 million and other accounts payable decreased by ¥465.487 million, respectively, among other factors.」
Long-term borrowings increased by ¥294.776 million, expanding exposure to interest-bearing debt from the end of the previous consolidated fiscal year. - FY2024-Q1MitigatedAnnual report
「Current portion of long-term borrowings 1,816,648 1,840,048 Long-term borrowings 3,821,076 3,730,464」
While the current portion of long-term borrowings increased, long-term borrowings decreased, and total borrowings declined slightly from ¥5,637.724 million at the end of the previous consolidated fiscal year to ¥5,570.512 million. - FY2023MitigatedAnnual report
「Interest-bearing debt balance at period-end (A) ¥5,637.724 million Total liabilities and equity at period-end (B) ¥13,281.603 million Interest-bearing debt ratio (A/B) 42.4%」
The interest-bearing debt ratio declined from 51.6% in the previous consolidated fiscal year to 42.4%, while the interest-bearing debt balance at period-end decreased from ¥6,233.212 million to ¥5,637.724 million. - FY2023-Q3MitigatedAnnual report
「This was mainly due to an increase of ¥266.394 million in notes and accounts payable, while long-term borrowings decreased by ¥983.984 million, among other factors.」
Long-term borrowings decreased by ¥983.984 million, reducing exposure to interest-bearing debt. - FY2023-Q2MitigatedAnnual report
「This was mainly due to an increase of ¥209.885 million in the current portion of long-term borrowings and decreases of ¥655.682 million in long-term borrowings and ¥369.800 million in other accounts payable, respectively, among other factors.」
Although the current portion of long-term borrowings increased, long-term borrowings decreased by ¥655.682 million, reducing the overall balance of long-term borrowings. - FY2023-Q1MitigatedAnnual report
「Current portion of long-term borrowings 1,406,795 1,460,666 Long-term borrowings 4,821,300 4,704,720」
While the current portion of long-term borrowings increased, long-term borrowings declined from ¥4,821.300 million to ¥4,704.720 million, and total borrowings decreased slightly from the end of the previous consolidated fiscal year. - FY2022WorsenedAnnual report
「Interest-bearing debt balance at period-end (A) ¥6,233.212 million Total liabilities and equity at period-end (B) ¥12,089.142 million Interest-bearing debt ratio (A/B) 51.6%」
The interest-bearing debt ratio increased from 50.6% in the fiscal year ended March 2021 to 51.6%, and the interest-bearing debt balance at period-end was ¥6,233.212 million. - FY2022-Q2MitigatedAnnual report
「This was mainly due to decreases of ¥334.231 million in notes and accounts payable and ¥561.195 million in long-term borrowings, among others.」
Long-term borrowings decreased by ¥561.195 million, and total liabilities also declined by ¥915.012 million from the end of the previous fiscal year. Exposure to interest-bearing debt decreased. - FY2022-Q1MitigatedAnnual report
「The main factors were an increase of ¥185.009 million in notes payable for equipment purchases and a decrease of ¥282.909 million in long-term borrowings, among others.」
Long-term borrowings decreased by ¥282.909 million, and the balance of borrowings, including short-term borrowings, also declined from the end of the previous fiscal year, reducing exposure to interest-bearing debt. - FY2021WorsenedAnnual report
「Interest-bearing debt ratio (A/B) 44.0% 50.6%」
The interest-bearing debt ratio increased from 44.0% in the fiscal year ended March 2020 to 50.6% in the fiscal year ended March 2021. The balance of interest-bearing debt at the end of the fiscal year also increased from ¥4,539.139 million to ¥5,573.168 million. - FY2021-Q2WorsenedAnnual report
「This was mainly due to increases of ¥181.714 million in the current portion of long-term borrowings and ¥1,560.758 million in long-term borrowings, and decreases of ¥329.191 million in notes and accounts payable and ¥340.486 million in other accounts payable, respectively.」
Compared with the end of the previous fiscal year, the current portion of long-term borrowings and long-term borrowings increased by a combined ¥1,742.472 million, expanding exposure to interest-bearing debt. - FY2021-Q1WorsenedAnnual report
「The main factors were an increase of ¥1,899.379 million in long-term borrowings and a decrease of ¥388.288 million in accounts payable, among others.」
Long-term borrowings at the end of the first quarter increased by ¥1,899.379 million from the end of the previous fiscal year, expanding exposure to interest-bearing debt. - FY2020Lower dependence and additional borrowingAnnual report
「In light of the decline in sales due to the spread of COVID-19, our company obtained additional long-term borrowings after the end of the fiscal year to secure liquidity for the time being.」
While the interest-bearing debt ratio declined from 45.1% to 44.0%, additional borrowings were obtained after the end of the fiscal year to secure liquidity in response to the decline in sales caused by the infectious disease. - FY2019MitigatedAnnual report
「Interest-bearing debt ratio (A/B) 47.5% 44.4%」
The interest-bearing debt ratio declined from 47.5% in the fiscal year ended March 2018 to 44.4% in the fiscal year ended March 2019. However, the former is on a consolidated basis, while the latter is on a non-consolidated basis. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
States that there have been no material changes in the risks associated with dependence on interest-bearing debt and rising interest rates. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
States that there have been no material changes in the risks associated with dependence on interest-bearing debt and rising interest rates. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The Company states that there have been no material changes in the business and other risks. - FY2018First statedAnnual report
「The ratio of interest-bearing debt to total liabilities and equity of our group in the most recent 2 consolidated fiscal years was 50.8% in the fiscal year ended March 2017 and 47.5% in the fiscal year ended March 2018.」
Store openings and equipment purchases are financed through borrowings and corporate bonds, with the increased interest burden resulting from higher interest rates identified as a risk.