Risks Related to Interest-Bearing Debt, Interest Rate Fluctuations and Financial Covenants
First written in FY2016. 16 of 34 entries say "Mitigated", first in FY2017. Latest entry: 2026-11-06.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026Cash flow to interest-bearing debt ratio rises as borrowings declineAnnual report
「The cash flow to interest-bearing debt ratio increased from 2.0 years in the fiscal year ending March 2025 to 3.4 years in the fiscal year ending March 2026.」
While total borrowings decreased by ¥391 million from the end of the previous fiscal year, operating cash flow declined from ¥1,235 million to ¥617 million, and the cash flow to interest-bearing debt ratio increased from 2.0 years to 3.4 years. - 2026-05-19OtherResults
「負債は、前事業年度末に比べ675百万円減少し、5,456百万円（前事業年度比11.0％減）となりました。主な要因は、借入金総額391百万円、退職給付引当金276百万円、未払消費税等262百万円の減少」
借入金総額と負債は減少した一方、キャッシュ・フロー対有利子負債比率は2.0年から3.4年へ上昇しており、財務指標には異なる動きがある。 - FY2026-H1MitigatedAnnual report
「The main factors were increases of ¥209 million in the provision for store closure losses and ¥186 million in the net increase in asset retirement obligations included in current and non-current liabilities, while total borrowings from financial institutions decreased by ¥270 million and other current liabilities decreased by ¥435 million, among other items.」
Total borrowings decreased by ¥270 million from the end of the previous fiscal year, and liabilities also decreased by ¥356 million. Asset retirement obligations and the provision for store closure losses increased. - FY2025MitigatedAnnual report
「The main factors were increases of ¥105 million in income taxes payable and other liabilities, ¥147 million in consumption taxes payable and other liabilities, and ¥219 million in asset retirement obligations, while total borrowings from financial institutions decreased by ¥479 million.」
Total borrowings decreased by ¥479 million, and the cash flow to interest-bearing debt ratio also declined from 2.5 years to 2.0 years. Financial exposure continues to contract. - FY2025-H1MitigatedAnnual report
「Liabilities at the end of the current interim accounting period decreased by ¥344 million from the end of the previous fiscal year to ¥5,716 million, down 5.7% year on year. The main factor was a decrease of ¥358 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥358 million and liabilities by ¥344 million from the end of the previous fiscal year, and the financial exposure that had expanded in response to the infectious disease outbreak and other factors continues to contract. - FY2024MitigatedAnnual report
「Liabilities at the end of the current fiscal year decreased by ¥1,295 million from the end of the previous fiscal year to ¥6,060 million, down 17.6% year on year. The main factor was a decrease of ¥1,287 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥1,287 million and liabilities by ¥1,295 million, reducing the financial exposure that had expanded in response to the infectious disease outbreak and other factors. The cash flow to interest-bearing debt ratio was also 2.5 years. - FY2024-Q3MitigatedAnnual report
「Liabilities at the end of the third quarter accounting period decreased by ¥1,251 million from the end of the previous fiscal year to ¥6,105 million, down 17.0% year on year. The main factor was a decrease of ¥1,216 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥1,216 million and liabilities by ¥1,251 million from the end of the previous fiscal year, and the financial exposure that had expanded in response to the infectious disease outbreak and other factors continues to contract. - FY2024-Q2MitigatedAnnual report
「Liabilities at the end of the second quarter accounting period decreased by ¥1,239 million from the end of the previous fiscal year to ¥6,117 million, down 16.8% year on year. The main factor was a decrease of ¥1,130 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥1,130 million and liabilities by ¥1,239 million from the end of the previous fiscal year, and the contraction in financial exposure has continued. - FY2024-Q1MitigatedAnnual report
「Liabilities at the end of the first quarter accounting period decreased by ¥1,081 million from the end of the previous fiscal year to ¥6,275 million, down 14.7% year on year. The main factor was a decrease of ¥1,043 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥1,043 million and liabilities by ¥1,081 million from the end of the previous fiscal year. Financial exposure, which had expanded in response to the infectious disease outbreak and other factors, has contracted further. - FY2023MitigatedAnnual report
「Liabilities at the end of the current fiscal year decreased by ¥640 million from the end of the previous fiscal year to ¥7,356 million, down 8.0% year on year. The main factors were an increase of ¥125 million in consumption taxes payable and other liabilities and a decrease of ¥870 million in total borrowings from financial institutions, among other items.」
Total borrowings decreased by ¥870 million and liabilities by ¥640 million. Operating cash flow was ¥1,472 million, and the cash flow to interest-bearing debt ratio was 2.9 years. - FY2023-Q3MitigatedAnnual report
「Liabilities at the end of the third quarter accounting period decreased by ¥627 million from the end of the previous fiscal year to ¥7,369 million, down 7.8% year on year. The main factors were increases of ¥103 million in accounts payable and ¥205 million in other current liabilities, while total borrowings from financial institutions decreased by ¥821 million, income taxes payable and other liabilities decreased by ¥50 million, and the provision for bonuses decreased by ¥85 million, among other items.」
Total borrowings decreased by ¥821 million and liabilities by ¥627 million from the end of the previous fiscal year. Financial exposure, which had expanded in response to the infectious disease outbreak, is contracting. - FY2023-Q2MitigatedAnnual report
「Liabilities at the end of the second quarter accounting period decreased by ¥757 million from the end of the previous fiscal year to ¥7,239 million, down 9.5% year on year. The main factor was a decrease of ¥772 million in total borrowings from financial institutions.」
Total borrowings decreased by ¥772 million and liabilities by ¥757 million from the end of the previous fiscal year, reducing the financial exposure that had expanded in response to the infectious disease outbreak and other factors. - FY2023-Q1MitigatedAnnual report
「Liabilities at the end of the first quarter accounting period decreased by ¥582 million from the end of the previous fiscal year to ¥7,413 million, down 7.3% year on year. The main factors were a decrease of ¥718 million in total borrowings from financial institutions and an increase of ¥191 million in accrued expenses, among other items.」
Total borrowings decreased by ¥718 million and liabilities by ¥582 million from the end of the previous fiscal year. Financial exposure, which had expanded in response to the infectious disease outbreak, contracted in the first quarter. - FY2022WorsenedAnnual report
「Liabilities at the end of the current fiscal year increased by ¥618 million from the end of the previous fiscal year to ¥7,996 million, up 8.4% year on year. The main factor was an increase of ¥595 million in total borrowings from financial institutions.」
Total borrowings increased by ¥595 million from the end of the previous fiscal year, and liabilities also increased by ¥618 million. Cash and net assets increased through a third-party allotment, but the company also disclosed an expansion in interest-bearing debt exposure. - FY2022-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter accounting period increased by ¥731 million from the end of the previous fiscal year to ¥8,109 million, up 9.9% year on year. The main factors were increases of ¥109 million in accounts payable and ¥649 million in total borrowings from financial institutions, among other items.」
Total borrowings increased by ¥649 million and liabilities by ¥731 million from the end of the previous fiscal year, and financial exposure related to the infectious disease outbreak and other factors continued to expand. - FY2022-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter accounting period increased by ¥1,056 million from the end of the previous fiscal year to ¥8,434 million, up 14.3% year on year. The main factor was an increase of ¥1,153 million in total borrowings from financial institutions.」
Funding to address the infectious disease outbreak and other factors increased total borrowings by ¥1,153 million and liabilities by ¥1,056 million from the end of the previous fiscal year, further expanding financial exposure. - FY2022-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter accounting period increased by ¥144 million from the end of the previous fiscal year to ¥7,522 million, up 2.0% year on year. The main factor was an increase of ¥157 million in total borrowings from financial institutions.」
Total borrowings increased by ¥157 million and liabilities by ¥144 million from the end of the previous fiscal year, indicating an expansion of financial exposure. - FY2021-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter accounting period increased by ¥975 million from the end of the previous fiscal year to ¥7,353 million, up 15.3% year on year. The main factors were an increase of ¥1,290 million in total borrowings from financial institutions and a decrease of ¥325 million in other non-current liabilities, among other items.」
Funding in response to the infectious disease outbreak and other factors increased total borrowings by ¥1,290 million and liabilities by ¥975 million from the end of the previous fiscal year, further expanding financial exposure. - FY2021-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter accounting period increased by ¥811 million from the end of the previous fiscal year to ¥7,189 million, up 12.7% year on year. The main factor was an increase of ¥1,079 million in total borrowings from financial institutions.」
Funding, including preparation for a prolonged infectious disease outbreak, increased total borrowings by ¥1,079 million and liabilities by ¥811 million from the end of the previous fiscal year, expanding financial exposure. - FY2021-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter accounting period increased by ¥1,230 million from the end of the previous fiscal year to ¥7,609 million, up 19.3% year on year. The main factor was an increase of ¥1,593 million in total borrowings from financial institutions.」
As a result of increased funding to address COVID-19, total borrowings increased by ¥1,593 million and liabilities increased by ¥1,230 million, expanding financial exposure. - FY2020WorsenedAnnual report
「Liabilities at the end of the current fiscal year increased by ¥467 million from the end of the previous fiscal year to ¥6,378 million, up 7.9% year on year. The main factors were increases of ¥462 million in total borrowings and ¥202 million in accounts payable.」
Total borrowings increased by ¥462 million from the end of the previous fiscal year, and liabilities also increased by ¥467 million. While the company strengthened its funding position in preparation for COVID-19, its financial exposure expanded. - FY2020-Q3Increase in BorrowingsAnnual report
「The main factors were increases of ¥209 million in total borrowings, ¥54 million in accounts payable, ¥44 million in the provision for retirement benefits, ¥40 million in other current liabilities and ¥171 million in other non-current liabilities, while income taxes payable and other liabilities decreased by ¥119 million and the provision for bonuses decreased by ¥96 million.」
The company states that total borrowings increased by ¥209 million among the liabilities at the end of the third quarter accounting period. - FY2020-Q2MitigatedAnnual report
「The main factors were decreases of ¥44 million in accounts payable, ¥57 million in total interest-bearing debt, ¥48 million in income taxes payable and other liabilities, and ¥37 million in consumption taxes payable and other liabilities, among other items.」
The company states that total interest-bearing debt at the end of the second quarter accounting period decreased by ¥57 million from the end of the previous fiscal year. - FY2020-Q1MitigatedAnnual report
「The main factors were a ¥209 million increase in accrued expenses, while total borrowings decreased by ¥96 million, income taxes payable and other liabilities decreased by ¥60 million, and the provision for bonuses decreased by ¥97 million, among other items.」
The company states that total borrowings at the end of the first quarter accounting period decreased by ¥96 million from the end of the previous fiscal year. The risk associated with variable-rate borrowings remains. - FY2019Decline in total interest-bearing debt and increase in short-term borrowingsAnnual report
「As of the end of the fiscal year ended March 2019, our interest-bearing debt stood at ¥2,689 million, representing 24.4% of total assets. Most of this interest-bearing debt consisted of borrowings with variable interest rates, and a sharp rise in interest rates could increase interest expense and affect our business performance. Total interest-bearing debt over the past 3 years was ¥2,657 million in the fiscal year ended March 2017, ¥2,753 million in the fiscal year ended March 2018 and ¥2,689 million in the fiscal year ended March 2019.」
Total interest-bearing debt declined from ¥2,753 million in the previous fiscal year to ¥2,689 million, while short-term borrowings increased from ¥200 million to ¥600 million. The risks associated with variable-rate borrowings and financial covenants remain. - FY2019-Q3Continued increase in borrowingsAnnual report
「The main factors were increases of ¥104 million in total borrowings and ¥57 million in the provision for retirement benefits, while other current liabilities decreased by ¥352 million, among other items.」
The company states that total borrowings increased by ¥104 million among the liabilities at the end of the third quarter accounting period. - FY2019-Q2Increase in BorrowingsAnnual report
「The main factors were increases of ¥236 million in total borrowings and ¥43 million in the provision for retirement benefits, while accounts payable decreased by ¥64 million and other current liabilities decreased by ¥257 million, among other items.」
The company states that total borrowings increased by ¥236 million among the liabilities at the end of the second quarter accounting period. - FY2019-Q1MitigatedAnnual report
「The main factors were a ¥66 million increase in property, plant and equipment, while cash and deposits decreased by ¥407 million, among other items.」
The company states that total borrowings decreased by ¥81 million as a factor in the decline in liabilities at the end of the first quarter accounting period. - FY2018Increase in interest-bearing debt balance, decrease in its ratio to total assetsAnnual report
「As of the end of the fiscal year ended March 2018, our interest-bearing debt stood at ¥2,753 million, representing 24.4% of total assets.」
The interest-bearing debt balance increased from ¥2,657 million in the previous fiscal year to ¥2,753 million, while the ratio to total assets declined from 25.1% to 24.4%. The risks associated with variable-rate borrowings and financial covenants remain. - FY2018-Q2MitigatedAnnual report
「The main factors were net cash outflows of ¥136 million for repayment of borrowings and ¥92 million for dividend payments.」
During the cumulative second-quarter period, borrowings were repaid on a net basis by ¥136 million, reducing the interest-bearing debt balance from the end of the previous fiscal year. - FY2017MitigatedAnnual report
「As of the end of the fiscal year ended March 2017, our interest-bearing debt stood at ¥2,657 million, representing 25.1% of total assets. Most of this interest-bearing debt consisted of borrowings with variable interest rates, and a sharp rise in interest rates could increase interest expense and affect our business performance.」
The interest-bearing debt balance declined from ¥3,207 million in the previous fiscal year to ¥2,657 million, and the ratio to total assets fell from 30.2% to 25.1%. Meanwhile, the risks associated with variable-rate borrowings and financial covenants remain. - FY2016First statedAnnual report
「As of the end of the fiscal year ended March 2016, our interest-bearing debt stood at ¥3,207 million, representing 30.2% of total assets. Most of this interest-bearing debt consisted of borrowings with variable interest rates, and a sharp rise in interest rates could increase interest expense and affect our business performance. In addition, borrowings under syndicated loans are subject to financial covenants concerning the maintenance of net assets and profit.」
The company discloses its interest-bearing debt balance and ratio to total assets, indicating the possibility of higher interest rates and breaches of financial covenants.