Profit or Loss Impact of Borrowing-Financed Renewable Energy Investment
First written in FY2016. 10 of 20 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2025.
Astmax moved to the "Worse" side of this theme in 2023, 1 year before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 16 of 29 companies on the "Worse" side.
15 other companies' latest entry also says "Worsened".
- FY2025WorsenedAnnual report
「Liabilities amounted to ¥9,919 million, up 19.1% year on year, mainly due to a ¥1,176 million increase in own futures trading settlement balances and a ¥411 million increase in trade payables.」
Total liabilities increased 19.1% from the previous fiscal year. Long-term borrowings also increased, expanding financing and liabilities exposure accompanying the growth of the electricity retail and electricity trading businesses. - FY2025-H1WorsenedAnnual report
「Fixed liabilities increased 9.0% from the end of the previous consolidated fiscal year to ¥4,282 million. This was mainly due to a ¥364 million increase in long-term borrowings.」
Long-term borrowings increased ¥364 million, and fixed liabilities increased 9.0% from the end of the previous fiscal year. Liabilities exposure associated with business investments financed through borrowings has expanded. - FY2024WorsenedAnnual report
「Liabilities amounted to ¥8,325 million, up 16.0% year on year, mainly due to a ¥979 million increase in short-term borrowings related to the retail business.」
Short-term borrowings increased with the expansion of supply volumes in the retail business, expanding liabilities exposure. - FY2024-Q1WorsenedAnnual report
「Current liabilities increased 27.3% from the end of the previous consolidated fiscal year to ¥2,688 million. This was mainly due to increases of ¥363 million in short-term borrowings and ¥182 million in own futures trading settlement balances.」
Short-term borrowings increased ¥363 million, and current liabilities increased 27.3% from the end of the previous fiscal year. Liabilities exposure associated with business investments financed through borrowings and other funding has expanded. - FY2023-Q1MitigatedAnnual report
「Current liabilities decreased 34.8% from the end of the previous consolidated fiscal year to ¥1,355 million. This was mainly due to decreases of ¥309 million in own futures trading settlement balances, ¥96 million in trade payables and ¥96 million in short-term borrowings.」
Current liabilities, including short-term borrowings, decreased, and total liabilities declined 6.4% from the end of the previous fiscal year. Meanwhile, fixed liabilities increased due to an increase in long-term deposits received. - FY2022WorsenedAnnual report
「Liabilities amounted to ¥6,950 million, up 18.8% from the previous fiscal year, mainly due to a ¥980 million increase in bonds payable and a ¥500 million decrease in short-term bonds payable.」
Liabilities increased to ¥6,950 million, up 18.8% from the previous fiscal year due to an increase in bonds payable, expanding liabilities exposure associated with business investment and financing. - FY2022-Q3WorsenedAnnual report
「Fixed liabilities increased 20.7% from the end of the previous consolidated fiscal year to ¥5,044 million. This was mainly due to a ¥990 million increase in bonds payable.」
Fixed liabilities increased 20.7% from the end of the previous fiscal year due to an increase in bonds payable, and total liabilities also increased to ¥7,054 million. Liabilities exposure associated with business investments financed through borrowings and bonds has expanded. - FY2022-Q1MitigatedAnnual report
「Fixed liabilities decreased 1.1% from the end of the previous consolidated fiscal year to ¥4,135 million. This was mainly due to a ¥33 million decrease in long-term borrowings.」
Fixed liabilities and long-term borrowings decreased from the end of the previous fiscal year. Meanwhile, short-term borrowings increased ¥100 million, making continued monitoring of overall borrowing trends necessary. - FY2021-Q3MitigatedAnnual report
「Current liabilities decreased 35.1% from the end of the previous consolidated fiscal year to ¥2,369 million. This was mainly due to a ¥945 million decrease in short-term borrowings.」
Short-term borrowings decreased ¥945 million, and current liabilities decreased 35.1% from the end of the previous fiscal year. Long-term borrowings also decreased from ¥3,024 million at the end of the previous fiscal year to ¥2,720 million. - FY2021-Q2MitigatedAnnual report
「Current liabilities decreased 33.0% from the end of the previous consolidated fiscal year to ¥2,446 million. This was mainly due to a ¥744 million decrease in short-term borrowings.」
Short-term borrowings decreased ¥744 million, and current liabilities decreased 33.0% from the end of the previous fiscal year. Long-term borrowings also decreased from ¥3,024 million to ¥2,885 million. - FY2021-Q1MitigatedAnnual report
「Current liabilities decreased 37.7% from the end of the previous consolidated fiscal year to ¥2,274 million. This was mainly due to a ¥950 million decrease in short-term borrowings.」
Short-term borrowings decreased ¥950 million, and current liabilities decreased 37.7% from the end of the previous fiscal year. Long-term borrowings also decreased from ¥3,024 million to ¥2,970 million. - FY2020-Q3WorsenedAnnual report
「Fixed liabilities increased 7.8% from the end of the previous consolidated fiscal year to ¥4,240 million. This was mainly due to a ¥158 million increase in long-term borrowings.」
Long-term borrowings increased ¥158 million, and fixed liabilities increased 7.8% from the end of the previous fiscal year. The disclosure indicates an increase in liabilities exposure associated with business investments financed with borrowings. - FY2020-Q2MitigatedAnnual report
「Fixed liabilities decreased 1.4% from the end of the previous consolidated fiscal year to ¥3,878 million. This was mainly due to a ¥94 million decrease in long-term borrowings.」
Long-term borrowings decreased ¥94 million, reducing the long-term borrowing burden related to renewable energy investments. Meanwhile, short-term borrowings increased, making continued monitoring of overall borrowing trends necessary. - FY2019WorsenedAnnual report
「Liabilities amounted to ¥7,173 million, up 16.9% year on year, mainly due to a ¥662 million increase in short-term borrowings accompanying the expansion of the solar power generation business and a ¥590 million increase in trade payables, primarily in the electricity trading-related business.」
Short-term borrowings increased ¥662 million with the expansion of the solar power generation business, and total liabilities increased 16.9% year on year. Exposure associated with business investments financed with borrowings has expanded. - FY2019-Q2RestatedAnnual report
「Segment profit was secured partly because borrowing costs declined following the refinancing of loans carried out in March 2018 and costs were reduced through a review of maintenance arrangements for power plants under contract to us.」
The reduction in borrowing costs following the refinancing of loans continues to be cited, indicating a factor that helped limit the borrowing burden in the renewable energy business. - FY2019-Q1MitigatedAnnual report
「Segment profit was secured partly because borrowing costs declined following the refinancing of loans carried out in March 2018.」
The refinancing of loans reduced borrowing costs, a factor that helped limit the earnings impact of borrowing burdens in the renewable energy business. - FY2018-Q3MitigatedAnnual report
「This was mainly due to increases of ¥180 million in long-term deposits included in other fixed liabilities, ¥67 million in guarantee deposits received and ¥39 million in asset retirement obligations, as well as a ¥247 million decrease in long-term borrowings.」
Long-term borrowings decreased ¥247 million from the end of the previous consolidated fiscal year, reducing renewable energy investment exposure measured on the basis of outstanding borrowings. - FY2017WorsenedAnnual report
「Liabilities amounted to ¥6,130 million, up 29.2% year on year, mainly due to a ¥608 million increase in long-term borrowings accompanying the expansion of the solar power generation business.」
Long-term borrowings increased ¥608 million with the expansion of the solar power generation business, and total liabilities increased 29.2% year on year. - FY2017-Q3WorsenedAnnual report
「Fixed liabilities increased 22.8% from the end of the previous consolidated fiscal year to ¥4,401 million. This was mainly due to a ¥511 million increase in long-term borrowings.」
Long-term borrowings increased ¥511 million from the end of the previous consolidated fiscal year, expanding exposure associated with renewable energy investments financed with borrowings. - FY2016First statedAnnual report
「In some cases, we invest using bank borrowings and other financing in addition to the Group's own funds, thereby employing leverage. In such cases, the scale of the business exceeds the amount invested by the Group, and even a slight deterioration in business profitability could have a relatively significant impact on the Group's earnings.」
With the expansion of the solar power generation business, long-term borrowings increased from approximately ¥950 million in the previous fiscal year to approximately ¥3.40 billion.