Risk of increased reliance on interest-bearing debt
First written in FY2016. 20 of 33 entries say "Mitigated", first in FY2017-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026MitigatedAnnual report
「Secured debt was as follows: ¥4,350 million at the end of the previous consolidated fiscal year and ¥3,500 million at the end of the current consolidated fiscal year.」
Secured interest-bearing debt decreased from ¥4,350 million to ¥3,500 million. However, dependence on short-term borrowings of ¥3,500 million continues. - 2026-05-18MitigatedEarnings presentation
「Because ¥100 million of convertible bonds with stock acquisition rights was also redeemed, long-term borrowings decreased by ¥950 million.」
The reduction in long-term borrowings and convertible bonds with stock acquisition rights lowered balance-sheet exposure related to reliance on borrowings. - FY2026-H1MitigatedAnnual report
「Non-current liabilities amounted to ¥498 million, a decrease of ¥247 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥150 million decrease in long-term borrowings and a ¥100 million decrease in bonds with stock acquisition rights.」
Fixed liabilities, long-term borrowings and convertible bonds with stock acquisition rights decreased, reducing exposure to borrowing dependence in terms of outstanding balances. - FY2025MitigatedAnnual report
「Secured debt was as follows: ¥4,890 million at the end of the previous consolidated fiscal year and ¥4,350 million at the end of the current consolidated fiscal year.」
Secured interest-bearing debt decreased from ¥4,890 million to ¥4,350 million, reducing exposure to borrowing dependence in terms of outstanding balances. However, dependence on short-term borrowings of ¥3,500 million continues. - FY2025-H1MitigatedAnnual report
「Current liabilities at the end of the current interim consolidated fiscal year were ¥4,549 million, a decrease of ¥293 million from the end of the previous consolidated fiscal year. Non-current liabilities were ¥795 million, a decrease of ¥244 million from the end of the previous consolidated fiscal year.」
Both current and non-current liabilities declined, reducing the balance-sheet exposure associated with reliance on debt from the end of the previous consolidated fiscal year. - FY2024WorsenedAnnual report
「Current liabilities for the current consolidated fiscal year were ¥4,842 million, a decrease of ¥732 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥1,050 million decrease in the current portion of long-term borrowings. Non-current liabilities were ¥1,039 million, an increase of ¥943 million from the end of the previous consolidated fiscal year, mainly due to an ¥850 million increase in long-term borrowings and a ¥100 million increase in bonds with stock acquisition rights.」
Although refinancing reduced short-term liabilities, long-term borrowings and bonds with stock acquisition rights increased, resulting in a ¥211 million increase in total liabilities. - FY2024-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year totaled ¥4,772 million, a decrease of ¥802 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥1,050 million decrease in long-term borrowings due within one year. Non-current liabilities totaled ¥1,038 million, an increase of ¥942 million, mainly due to increases of ¥850 million in long-term borrowings and ¥100 million in bonds with stock acquisition rights.」
Although refinancing reduced short-term liabilities, long-term borrowings and bonds with stock acquisition rights increased, and the liability-dependent funding structure continued. - FY2024-Q2WorsenedAnnual report
「Net cash provided by financing activities was ¥301 million, compared with ¥200 million used in the same quarter of the previous year. This was mainly due to ¥500 million in proceeds from short-term borrowings.」
The Company raised ¥500 million through short-term borrowings, expanding exposure associated with reliance on debt. The balance of short-term borrowings increased from ¥3,500 million to ¥4,000 million. - FY2024-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter of the current consolidated fiscal year were ¥5,628 million, an increase of ¥243 million from the end of the previous consolidated fiscal year.」
Short-term borrowings increased from ¥3,500 million to ¥4,000 million, exceeding the decrease in the current portion of long-term borrowings and expanding exposure associated with reliance on debt. - FY2023-Q3MitigatedAnnual report
「As a result, total liabilities were ¥5,438 million, a decrease of ¥449 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥449 million, reducing exposure to reliance on interest-bearing debt from the end of the previous consolidated fiscal year. - FY2023-Q2MitigatedAnnual report
「As a result, total liabilities were ¥5,638 million, a decrease of ¥249 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥249 million, reducing exposure to reliance on interest-bearing debt from the end of the previous consolidated fiscal year. - FY2023-Q1MitigatedAnnual report
「As a result, total liabilities were ¥5,604 million, a decrease of ¥282 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥282 million, reducing exposure associated with reliance on interest-bearing debt from the end of the previous consolidated fiscal year. - FY2022MitigatedAnnual report
「As a result, total liabilities were ¥5,887 million, a decrease of ¥450 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥450 million, reducing exposure to interest-bearing debt from the end of the previous fiscal year. However, 大黒屋 continued to rely on borrowings from financial institutions for funding. - FY2022-Q3MitigatedAnnual report
「As a result, total liabilities were ¥5,879 million, a decrease of ¥458 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥458 million, reducing exposure associated with reliance on debt from the end of the previous consolidated fiscal year. - FY2022-Q2MitigatedAnnual report
「As a result, total liabilities were ¥6,055 million, a decrease of ¥281 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥200 million decrease in long-term borrowings.」
Total liabilities decreased by ¥281 million and long-term borrowings decreased by ¥200 million, reducing exposure associated with reliance on debt from the end of the previous consolidated fiscal year. - FY2022-Q1MitigatedAnnual report
「As a result, total liabilities were ¥6,099 million, a decrease of ¥238 million from the end of the previous consolidated fiscal year.」
Total liabilities decreased by ¥238 million and long-term borrowings decreased by ¥200 million, reducing exposure associated with reliance on debt from the end of the previous fiscal year. - FY2021Reliance on bank borrowings continued after refinancingAnnual report
「As of the end of March 2021, 株式会社大黒屋 financed its operations through borrowings from financial institutions. Because all purchases of merchandise for resale by 大黒屋 are settled in cash, its business model consistently requires working capital.」
Even after refinancing, 大黒屋 continued to rely on borrowings from financial institutions for funding, with its working-capital-intensive business structure and high reliance on interest-bearing debt continuing. - FY2021-Q3Change in the composition of borrowings after refinancingAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year were ¥4,654 million, a decrease of ¥2,034 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥2,500 million decrease in the current portion of long-term borrowings, despite a ¥500 million increase in short-term borrowings. Non-current liabilities were ¥1,690 million, an increase of ¥1,604 million from the end of the previous consolidated fiscal year, mainly due to a ¥1,600 million increase in long-term borrowings.」
Although current liabilities and the current portion of long-term borrowings declined, long-term borrowings and non-current liabilities increased, changing the composition of interest-bearing debt. - FY2021-Q2MitigatedAnnual report
「Current liabilities at the end of the second quarter of the current consolidated fiscal year were ¥6,452 million, a decrease of ¥235 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥150 million decrease in the current portion of long-term borrowings.」
Current liabilities and the current portion of long-term borrowings declined from the end of the previous consolidated fiscal year, slightly reducing exposure to reliance on interest-bearing debt. - FY2021-Q1MitigatedAnnual report
「Current liabilities at the end of the first quarter of the current consolidated fiscal year were ¥6,485 million, a decrease of ¥202 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥150 million decrease in the current portion of long-term borrowings. Non-current liabilities were ¥88 million, an increase of ¥2 million from the end of the previous consolidated fiscal year.」
The current portion of long-term borrowings decreased by ¥150 million and current liabilities decreased by ¥202 million, slightly reducing exposure associated with reliance on debt from the end of the immediately preceding fiscal year. - FY2020-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year totaled ¥7,515 million, an increase of ¥3,640 million from the end of the previous consolidated fiscal year. This was due to long-term borrowings becoming due within one year, as well as increases in short-term borrowings and provisions for business restructuring losses. Non-current liabilities totaled ¥88 million, a decrease of ¥4,271 million from the end of the previous consolidated fiscal year.」
The current portion of long-term borrowings and the increase in short-term borrowings substantially increased current liabilities, expanding short-term exposure associated with reliance on debt. - FY2020-Q2Change in borrowing mix due to an increase in short-term borrowingsAnnual report
「This was due to a ¥600 million increase in short-term borrowings and ¥795 million in repayments of long-term borrowings.」
While repayments of long-term borrowings progressed, short-term borrowings increased by ¥600 million, changing the composition of reliance on interest-bearing debt. - FY2020-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter of the current consolidated fiscal year totaled ¥4,673 million, an increase of ¥799 million from the end of the previous consolidated fiscal year, due to increases in short-term borrowings and long-term borrowings due within one year. Non-current liabilities totaled ¥3,610 million, a decrease of ¥749 million, mainly due to a ¥750 million decrease in long-term borrowings.」
Although long-term borrowings declined, increases in short-term borrowings and the current portion of long-term borrowings raised the balance of interest-bearing debt from approximately ¥7,055 million at the end of the previous fiscal year to approximately ¥7,305 million, expanding exposure associated with reliance on debt. - FY2019MitigatedAnnual report
「Total 8,889,200 7,054,998」
The balance of interest-bearing debt declined from ¥8,889 million at the end of the previous consolidated fiscal year to ¥7,055 million. - FY2019-Q3MitigatedAnnual report
「This was mainly due to a ¥1,399 million decrease in long-term borrowings due within one year and a ¥499 million decrease in short-term borrowings, while long-term borrowings increased by ¥510 million.」
The decrease in short-term borrowings and the current portion of long-term borrowings exceeded the increase in long-term borrowings, resulting in a decline in total borrowings from the end of the previous fiscal year. - FY2019-Q2WorsenedAnnual report
「Non-current liabilities were ¥4,557 million, an increase of ¥647 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥499 million decrease in short-term borrowings and a ¥660 million increase in long-term borrowings.」
Although short-term borrowings declined, long-term borrowings increased by ¥660 million and non-current liabilities increased by ¥647 million, expanding exposure associated with reliance on debt. - FY2019-Q1MitigatedAnnual report
「Current liabilities were ¥5,958 million, an increase of ¥10 million from the end of the previous consolidated fiscal year. Non-current liabilities were ¥3,746 million, a decrease of ¥163 million, mainly due to a ¥150 million decrease in long-term borrowings.」
Short-term borrowings remained unchanged from the end of the previous fiscal year, while long-term borrowings and non-current liabilities declined, partially reducing exposure to reliance on debt from the previous period of increase. - FY2018-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year were ¥5,222 million, an increase of ¥1,072 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥1,419 million increase in short-term borrowings, partly offset by a ¥173 million decrease in the current portion of long-term borrowings. Non-current liabilities were ¥3,911 million, a decrease of ¥151 million from the end of the previous consolidated fiscal year, mainly due to a ¥150 million decrease in long-term borrowings.」
Although long-term borrowings declined, short-term borrowings increased by ¥1,419 million, expanding exposure associated with reliance on debt. - FY2017MitigatedAnnual report
「Total 9,000,000 7,146,000」
Interest-bearing debt declined from ¥9,000 million at the end of the previous consolidated fiscal year to ¥7,146 million. Short-term borrowings and the current portion of long-term borrowings increased, however. - FY2017-Q3MitigatedAnnual report
「Non-current liabilities were ¥5,947 million, a decrease of ¥2,836 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥2,650 million decrease in long-term borrowings and a ¥160 million decrease in bonds with stock acquisition rights.」
Non-current liabilities and long-term borrowings declined from the end of the previous consolidated fiscal year, and exposure to interest-bearing debt continued to decrease. Short-term borrowings and other items, however, increased. - FY2017-Q2MitigatedAnnual report
「Non-current liabilities were ¥7,559 million, a decrease of ¥1,224 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥1,035 million decrease in long-term borrowings and a ¥160 million decrease in bonds with stock acquisition rights.」
Long-term borrowings and non-current liabilities declined from the end of the previous consolidated fiscal year, temporarily reducing exposure to interest-bearing debt. - FY2017-Q1WorsenedAnnual report
「Non-current liabilities were ¥9,587 million, an increase of ¥804 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥975 million increase in long-term borrowings and a ¥160 million decrease in bonds with stock acquisition rights.」
Long-term borrowings increased by ¥975 million, expanding the exposure associated with reliance on debt from the end of the previous fiscal year. - FY2016First statedAnnual report
「As 大黒屋 primarily finances the costs of opening and refurbishing stores associated with business expansion through borrowings from financial institutions, its reliance on interest-bearing debt may remain relatively high depending on future store openings and merchandise procurement.」
The disclosure describes the Company's reliance on borrowings to fund working capital, store openings, and merchandise procurement, as well as the impact of changes in interest rates and lenders' attitudes toward extending credit.