Financing for capital expenditures and interest rate fluctuation risk
First written in FY2016. 15 of 32 entries say "Worsened", first in FY2021. Latest entry: 2026-11-13.
Tensho Electric Industries moved to the "Worse" side of this theme in 2021, 2 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 17 of 35 companies on the "Worse" side.
18 other companies' latest entry also says "Worsened".
- FY2026MitigatedAnnual report
「Interest-bearing debt, including borrowings and lease liabilities, totaled ¥3.774 billion at the end of the current consolidated fiscal year, compared with ¥4.488 billion at the end of the previous consolidated fiscal year.」
Interest-bearing debt decreased from ¥4.488 billion at the end of the previous fiscal year to ¥3.774 billion, reducing exposure to financing capital expenditures and interest-rate risk. - FY2026-H1WorsenedAnnual report
「Fixed liabilities totaled ¥3.623 billion, mainly comprising long-term borrowings of ¥2.742 billion, up ¥240 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥240 million from the end of the previous consolidated fiscal year, expanding borrowing exposure related to financing capital expenditures and interest-rate risk. No loss attributable to higher interest rates is stated. - FY2025MitigatedAnnual report
「Interest-bearing debt, including borrowings and lease liabilities, totaled ¥4.488 billion at the end of the current consolidated fiscal year, compared with ¥8.121 billion at the end of the previous consolidated fiscal year.」
Interest-bearing debt declined sharply from ¥8.121 billion at the end of the previous fiscal year to ¥4.488 billion, reducing exposure to financing capital expenditures and interest-rate risk. - FY2025-H1WorsenedAnnual report
「Fixed liabilities totaled ¥8.459 billion, mainly comprising long-term borrowings of ¥7.386 billion, up ¥1.701 billion from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥1.701 billion from the end of the previous consolidated fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. - FY2024Interest-bearing debt increased; long-term borrowings decreasedAnnual report
「Interest-bearing debt, including borrowings and lease liabilities, totaled ¥8.121 billion at the end of the current consolidated fiscal year, compared with ¥7.845 billion at the end of the previous consolidated fiscal year.」
Total interest-bearing debt increased by ¥276 million from the end of the previous fiscal year, while long-term borrowings decreased due to repayments. Exposure to financing capital expenditures and interest-rate risk remains. - FY2024-Q3WorsenedAnnual report
「Fixed liabilities totaled ¥7.574 billion, mainly comprising long-term borrowings of ¥6.422 billion, up ¥381 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥381 million from the end of the previous consolidated fiscal year, expanding year-end exposure to financing capital expenditures and interest-rate risk. No loss attributable to higher interest rates is stated. - FY2024-Q2WorsenedAnnual report
「Fixed liabilities totaled ¥7.807 billion, mainly comprising long-term borrowings of ¥6.680 billion, up ¥639 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥639 million from the end of the previous fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. - FY2024-Q1WorsenedAnnual report
「Fixed liabilities totaled ¥7.768 billion, mainly comprising long-term borrowings of ¥6.760 billion, up ¥719 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥719 million from the end of the previous consolidated fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. No loss attributable to higher interest rates is stated. - FY2023WorsenedAnnual report
「In the current fiscal year, interest-bearing debt increased due to borrowings by 三甲アメリカコーポレーション to finance construction of a plant in Mexico, resulting in a decline in the equity ratio.」
Borrowings associated with construction of the Mexico plant and other factors increased interest-bearing debt from ¥5.274 billion in the previous fiscal year to ¥7.845 billion, expanding exposure to capital expenditure financing and interest-rate risk. - FY2023-Q3WorsenedAnnual report
「Fixed liabilities totaled ¥6.453 billion, mainly comprising long-term borrowings of ¥5.549 billion, up ¥2.326 billion from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥2.326 billion from the end of the previous consolidated fiscal year, further expanding exposure to financing capital expenditures and interest-rate risk. - FY2023-Q2WorsenedAnnual report
「Fixed liabilities totaled ¥4.509 billion, mainly comprising long-term borrowings of ¥3.577 billion, up ¥355 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥355 million from the end of the previous consolidated fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. No loss attributable to higher interest rates is stated. - FY2023-Q1WorsenedAnnual report
「Fixed liabilities totaled ¥4.646 billion, mainly comprising long-term borrowings of ¥3.673 billion, up ¥450 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥450 million from the end of the previous consolidated fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. - FY2022WorsenedAnnual report
「Interest-bearing debt, including borrowings and lease liabilities, totaled ¥5.274 billion at the end of the current consolidated fiscal year, compared with ¥4.293 billion at the end of the previous consolidated fiscal year.」
Interest-bearing debt increased by ¥981 million from the end of the previous fiscal year, expanding exposure to financing capital expenditures and interest-rate risk. - FY2022-Q3Long-term borrowings increased from the fiscal year-end but decreased from the previous quarter-endAnnual report
「Fixed liabilities totaled ¥4.164 billion, mainly comprising long-term borrowings of ¥3.177 billion, up ¥841 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥841 million from the end of the previous consolidated fiscal year, expanding year-end exposure to borrowing and interest-rate risk related to capital expenditures and other purposes. However, they decreased from ¥3.535 billion at the end of the previous quarter. - FY2022-Q2WorsenedAnnual report
「Fixed liabilities totaled ¥4.592 billion, mainly comprising long-term borrowings of ¥3.535 billion, up ¥1.199 billion from the end of the previous consolidated fiscal year.」
Long-term borrowings related to capital expenditures and other purposes increased by ¥1.199 billion from the end of the previous fiscal year, further expanding exposure to interest-rate and financing risks. No loss attributable to higher interest rates is stated. - FY2022-Q1WorsenedAnnual report
「Fixed liabilities were ¥4,350 million, mainly due to long-term borrowings of ¥3,712 million, an increase of ¥1,376 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥1.376 billion from the end of the previous consolidated fiscal year, expanding exposure to borrowing and interest-rate risk associated with financing capital expenditures. No loss attributable to higher interest rates is stated. - FY2021WorsenedAnnual report
「However, higher interest rates may affect the Group's results and worsen its financial condition.」
While continuing to disclose the risk of higher interest rates, the Company reports that long-term borrowings increased by ¥477 million from the end of the previous fiscal year to ¥2,336 million, and interest-bearing debt, including amounts due for repayment within 1 year, increased from ¥3,327 million to ¥4,293 million. - FY2021-Q3Continued increase in long-term borrowingsAnnual report
「Fixed liabilities were ¥3,437 million, mainly due to long-term borrowings of ¥2,634 million, an increase of ¥775 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥775 million from the end of the previous consolidated fiscal year, and financing for capital expenditures and outstanding borrowings continue to increase. No loss arising from interest rate fluctuations was disclosed. - FY2021-Q2Continued increase in long-term borrowingsAnnual report
「Fixed liabilities were ¥3,822 million, mainly due to long-term borrowings of ¥2,921 million, an increase of ¥1,062 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥1,062 million from the end of the previous fiscal year, and borrowings related to financing for capital expenditures continue to increase. No loss arising from interest rate fluctuations was disclosed. - FY2021-Q1Sharp increase in long-term borrowingsAnnual report
「Fixed liabilities were ¥3,878 million, mainly due to long-term borrowings of ¥3,213 million, an increase of ¥1,354 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥1,354 million from the end of the previous consolidated fiscal year. Borrowings related to financing for capital expenditures and interest rate fluctuation risk increased substantially, but there is no disclosure that interest rate risk actually resulted in a loss. - FY2020Decrease in total interest-bearing debt, with an increase in some borrowingsAnnual report
「The balance of interest-bearing debt, including borrowings and lease obligations, was ¥3,327 million at the end of the consolidated fiscal year, compared with ¥3,527 million at the end of the previous consolidated fiscal year.」
Total interest-bearing debt decreased from ¥3,527 million in the previous year to ¥3,327 million. Meanwhile, borrowings included in fixed liabilities increased by ¥71 million, indicating changes in financing and the borrowing mix. - FY2020-Q3Continued increase in long-term borrowingsAnnual report
「Fixed liabilities were ¥2,679 million, mainly due to long-term borrowings of ¥2,061 million, an increase of ¥274 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥274 million from the end of the previous consolidated fiscal year, and the upward trend in financing for capital expenditures and outstanding borrowings continues. There is no disclosure that interest rate risk has actually materialized. - FY2020-Q2Continued slight increases in long-term borrowingsAnnual report
「Fixed liabilities were ¥2,513 million, mainly due to long-term borrowings of ¥1,840 million, an increase of ¥52 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥52 million from the end of the previous consolidated fiscal year, and the upward trend in financing for capital expenditures and outstanding borrowings continues. - FY2020-Q1Continued increase in long-term borrowingsAnnual report
「Fixed liabilities were ¥2,774 million, mainly due to long-term borrowings of ¥2,044 million, an increase of ¥257 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥257 million from the end of the previous consolidated fiscal year, and the upward trend in long-term borrowings continues. - FY2019-Q2Higher long-term borrowings and lower short-term borrowingsAnnual report
「Fixed liabilities were ¥3,129 million, mainly due to long-term borrowings of ¥2,208 million, an increase of ¥289 million from the end of the previous consolidated fiscal year.」
Long-term borrowings increased by ¥289 million from the end of the previous fiscal year, while short-term borrowings decreased by ¥400 million. Financing for capital expenditures and the borrowing mix have changed. - FY2018RestatedAnnual report
「As a manufacturing group, we need to invest in new or replacement equipment required over the long term. At present, our relationships with financial institutions are good and we have been able to obtain the necessary funds without difficulty. However, interest rate trends may affect the Group's results and may consequently affect future financing.」
The Company similarly describes the potential impact of financing for capital expenditures and interest rate trends on results and financing. - FY2017RestatedAnnual report
「As a manufacturing group, we need to invest in new or replacement equipment required over the long term. At present, our relationships with financial institutions are good and we have been able to obtain the necessary funds without difficulty. However, interest rate trends may affect the Group's results and may consequently affect future financing.」
The Company similarly describes the need to continue financing capital expenditures and the potential impact of interest rate trends on results and financing. - FY2016First statedAnnual report
「As a manufacturing group, we need to invest in new or replacement equipment required over the long term. At present, our relationships with financial institutions are good and we have been able to obtain the necessary funds without difficulty. However, interest rate trends may affect the Group's results and may consequently affect future financing.」
The Company discloses the need for continued financing of capital expenditures and the potential impact of interest rate trends on results and financing. The syndicated loan includes financial covenants requiring maintenance of net assets at 75% or more and avoidance of operating losses for 2 consecutive fiscal years.