Komori
A&D HOLON Holdings (7745) · RiskMitigated

Dependence on Borrowings and Interest-Bearing Debt and the Challenge of Reducing It

First written in FY2016. 18 of 39 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2026.

39entries
11years
3from disclosures
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How it moved
ProgressHeldSoftenedWorseWorsenedFY2023-Q1 – FY2024-Q2MitigatedFY2025-H1 – FY20262016: 320162017: 420172018: 420182019: 420192020: 420202021: 420212022: 420222023: 320232024: 320242025: 220252026: 42026
Same theme, other companies
Reliance on Interest-Bearing Debt and Interest Rate and Refinancing RisksA theme 305 companies write about · 306 as a headwind · 0 as a tailwind

The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 200 companies compared. The sentences above are computed from all 200.Comparing 200 of the theme's 306 threads.
Full recordFilings, disclosures and news, newest first
  1. FY2026MitigatedAnnual report

    「At the end of the fiscal year, the Group had ¥1,369 million in long-term borrowings, including the portion due for repayment within 1 year, and ¥10,447 million in short-term borrowings, for total borrowings of ¥11,817 million. The ratio of borrowings to net sales was 17.0% at the end of the fiscal year, compared with 19.1% at the end of the previous fiscal year.」

    The balance of borrowings decreased from ¥12,810 million in the previous fiscal year to ¥11,817 million, while the ratio to net sales declined from 19.1% to 17.0%. Meanwhile, borrowings subject to financial covenants totaled ¥5,800 million.
  3. FY2026-H1MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥5,500 million, and of those outstanding at the end of the interim consolidated fiscal period, ¥5,200 million, were subject to financial covenants.」

    The balance of borrowings subject to financial covenants decreased from ¥5,500 million at the end of the previous fiscal year to ¥5,200 million. Repayments of short- and long-term borrowings also progressed, reducing total liabilities by ¥1,105 million.
  4. FY2025MitigatedAnnual report

    「At the end of the consolidated fiscal year, the composition was ¥1,998 million in long-term borrowings, including the portion due within 1 year, and ¥10,811 million in short-term borrowings, for a total of ¥12,810 million. Borrowings at the end of the consolidated fiscal year represented 19.1% of sales, compared with 27.1% at the end of the previous consolidated fiscal year.」

    Borrowings decreased to ¥12,810 million and the borrowings-to-sales ratio decreased to 19.1%, reducing dependence on interest-bearing debt from 27.1% in the previous fiscal year. The Company repaid ¥2,499 million in short-term borrowings and ¥2,302 million in long-term borrowings.
  5. FY2025-H1MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥6,831 million, and of those outstanding at the end of the interim consolidated fiscal period, ¥6,200 million, were subject to financial covenants.」

    Borrowings subject to financial covenants decreased from ¥6,831 million at the end of the previous fiscal year to ¥6,200 million. Total short-term and long-term borrowings also decreased from ¥16,789 million at the end of the previous fiscal year to ¥14,714 million.
  6. FY2024Borrowing reduction alongside an increase in borrowings subject to financial covenantsAnnual report

    「At the end of the consolidated fiscal year, the composition was ¥3,356 million in long-term borrowings, including the portion due within 1 year, and ¥13,433 million in short-term borrowings, for a total of ¥16,789 million. Borrowings at the end of the consolidated fiscal year represented 27.1% of sales, compared with 35.0% at the end of the previous consolidated fiscal year.」

    Although borrowings and the borrowings-to-sales ratio decreased to ¥16,789 million and 27.1%, respectively, borrowings subject to financial covenants increased to ¥6,831 million, indicating that borrowing reduction and an increase in debt subject to covenants occurred concurrently.
  7. FY2024-Q3MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,831 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥8,281 million, were subject to financial covenants.」

    Borrowings subject to financial covenants decreased slightly from ¥8,331 million in the previous quarter to ¥8,281 million. However, they remained substantially above the level at the end of the previous fiscal year.
  8. FY2024-Q2WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,831 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥8,331 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased sharply from ¥3,831 million to ¥8,331 million. Exposure to interest-bearing debt and financial covenants has increased.
  9. FY2024-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,831 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥4,381 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,831 million to ¥4,381 million. No breach of the covenants was reported.
  10. FY2023-Q3WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,232 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥3,931 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,232 million at the end of the previous fiscal year to ¥3,931 million. No breach of the covenants was reported.
  11. FY2023-Q2WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,232 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥3,682 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,232 million at the end of the previous fiscal year to ¥3,682 million. No breach of the covenants was reported.
  12. FY2023-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,232 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,882 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,232 million to ¥3,882 million. No breach of the covenants was reported.
  13. FY2022MitigatedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥18,386 million, and the interest-bearing debt dependence ratio, including bonds, was 31.9%. The Group will work to reduce its interest-bearing debt going forward.」

    The interest-bearing debt dependence ratio decreased from 34.3% in the previous fiscal year to 31.9%. Meanwhile, borrowings subject to financial covenants amounted to ¥3,232 million.
  14. FY2022-Q3WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,032 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥3,282 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,032 million at the end of the previous fiscal year to ¥3,282 million.
  15. FY2022-Q2MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,032 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥2,532 million, were subject to financial covenants.」

    Borrowings subject to financial covenants decreased from ¥3,032 million at the end of the previous fiscal year to ¥2,532 million. Total liabilities also decreased by ¥687 million.
  16. FY2022-Q1MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,032 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥2,982 million, were subject to financial covenants.」

    Borrowings subject to financial covenants decreased from ¥3,032 million at the end of the previous fiscal year to ¥2,982 million. Long-term borrowings also decreased.
  17. FY2021MitigatedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥18,067 million, and the interest-bearing debt dependence ratio, including bonds, was 34.3%. The Group will work to reduce its interest-bearing debt going forward.」

    Total borrowings decreased from ¥18,421 million in the previous fiscal year to ¥18,067 million, and the interest-bearing debt dependence ratio decreased from 38.4% to 34.3%. Borrowings subject to financial covenants also decreased slightly, from ¥3,033 million to ¥3,032 million.
  18. FY2021-Q3WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,033 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥3,782 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,033 million at the end of the previous consolidated fiscal year to ¥3,782 million. No breach of the covenants was reported.
  19. FY2021-Q2WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,033 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥3,338 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,033 million at the end of the previous consolidated fiscal year to ¥3,338 million.
  20. FY2021-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥3,033 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,482 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥3,033 million at the end of the previous consolidated fiscal year to ¥3,482 million.
  21. FY2020MitigatedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥18,421 million, and the interest-bearing debt dependence ratio, including bonds, was 38.4%.」

    Total borrowings and the interest-bearing debt dependence ratio decreased from ¥19,179 million and 38.6%, respectively, in the previous fiscal year. Meanwhile, borrowings subject to financial covenants amounted to ¥3,033 million, up from ¥2,542 million at the end of the previous fiscal year.
  22. FY2020-Q3WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,542 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥3,583 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased to ¥3,583 million from ¥2,542 million at the end of the previous consolidated fiscal year and ¥2,933 million at the end of the previous quarter.
  23. FY2020-Q2Quarter-on-quarter decrease in borrowings subject to financial covenantsAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,542 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥2,933 million, were subject to financial covenants.」

    Although borrowings subject to financial covenants increased from the end of the previous consolidated fiscal year, they decreased from ¥3,655 million at the end of the previous quarter to ¥2,933 million.
  24. FY2020-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,542 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,655 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥2,542 million at the end of the previous fiscal year to ¥3,655 million. No breach of the covenants was reported.
  25. FY2019MitigatedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥19,179 million, and the interest-bearing debt dependence ratio, including bonds, was 38.6%.」

    Total borrowings decreased from ¥19,233 million in the previous fiscal year to ¥19,179 million, and the interest-bearing debt dependence ratio decreased from 40.9% to 38.6%, as stated in the risk disclosure.
  26. FY2019-Q3WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,472 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥3,349 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥2,472 million at the end of the previous fiscal year to ¥3,349 million. No breach of the covenants was reported.
  27. FY2019-Q2WorsenedAnnual report

    「This was mainly because the funds for the tender offer for 株式会社ホロン, which had newly become a consolidated subsidiary, were raised through borrowings from financial institutions, resulting in a ¥682 million increase in non-current liabilities due mainly to an increase in long-term borrowings, and a further ¥584 million increase in current liabilities due mainly to an increase in short-term borrowings.」

    Borrowings to fund the tender offer for ホロン increased both long-term and short-term borrowings, resulting in a ¥1,267 million increase in liabilities from the end of the previous consolidated fiscal year. Borrowings subject to financial covenants also increased from ¥2,472 million to ¥3,012 million.
  28. FY2019-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,472 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,549 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥2,472 million at the end of the previous fiscal year to ¥3,549 million. No breach of the covenants was reported.
  29. FY2018MitigatedAnnual report

    「The Group primarily finances capital expenditures and working capital through borrowings. At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥19,233 million, and the interest-bearing debt dependence ratio, including bonds, was 40.9%. The Group will work to reduce its interest-bearing debt, but trends in financial markets, including interest rates, may affect the Group's operating performance and financial position.」

    Total borrowings decreased from ¥20,361 million in the previous fiscal year to ¥19,233 million, and the interest-bearing debt dependence ratio decreased from 45.1% to 40.9%. Borrowings subject to financial covenants also decreased from ¥2,975 million to ¥2,472 million.
  30. FY2018-Q3RestatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,975 million, and of those outstanding at the end of the third quarter of the current consolidated fiscal year, ¥2,700 million, were subject to financial covenants.」

    Borrowings subject to financial covenants amounted to ¥2,700 million, unchanged from the previous quarterly report.
  31. FY2018-Q2MitigatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,975 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥2,700 million, were subject to financial covenants.」

    Borrowings subject to financial covenants decreased from ¥2,975 million to ¥2,700 million. Total liabilities also decreased by ¥421 million, due mainly to a decrease in long-term borrowings and other factors.
  32. FY2018-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,975 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,000 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥2,975 million to ¥3,000 million.
  33. FY2017WorsenedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥20,361 million, and the interest-bearing debt dependence ratio, including bonds, was 45.1%. The Group will work to reduce its interest-bearing debt, but trends in financial markets, including interest rates, may affect the Group's operating performance and financial position.」

    Total borrowings amounted to ¥20,361 million and the interest-bearing debt dependence ratio was 45.1%, up from ¥19,346 million and 44.6%, respectively, in the previous fiscal year.
  34. FY2017-Q3WorsenedAnnual report

    「Liabilities at the end of the third quarter of the current consolidated fiscal year totaled ¥30,617 million, an increase of ¥928 million from the end of the previous consolidated fiscal year. This was mainly because current liabilities increased by ¥1,140 million due to an increase in short-term borrowings and other factors, despite a ¥212 million decrease in non-current liabilities due mainly to a decrease in long-term borrowings.」

    Although long-term borrowings decreased, current liabilities increased by ¥1,140 million due mainly to an increase in short-term borrowings, resulting in a ¥928 million increase in total liabilities.
  35. FY2017-Q2RestatedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,700 million, and of those outstanding at the end of the second quarter of the current consolidated fiscal year, ¥3,200 million, were subject to financial covenants.」

    The ¥3,200 million in borrowings subject to financial covenants is reiterated, with no material change from the previous quarter.
  36. FY2017-Q1WorsenedAnnual report

    「Of the borrowings outstanding at the end of the previous consolidated fiscal year, ¥2,700 million, and of those outstanding at the end of the first quarter of the current consolidated fiscal year, ¥3,200 million, were subject to financial covenants.」

    Borrowings subject to financial covenants increased from ¥2,700 million to ¥3,200 million. The principal covenants require net assets to be maintained at no less than 75% of the amount at the end of the previous fiscal year and ordinary profit or loss not to be a loss.
  37. FY2016First statedAnnual report

    「At the end of the consolidated fiscal year, total long-term and short-term borrowings amounted to ¥19,346 million, and the interest-bearing debt dependence ratio, including bonds, was 44.6%. The Group will work to reduce its interest-bearing debt, but trends in financial markets, including interest rates, may affect the Group's operating performance and financial position.」

    Dependence on borrowings was quantified as a risk, alongside the policy of reducing interest-bearing debt going forward.
Moved together

"Reducing Development Costs and Inventories and Improving Profitability" moved the same way as this thread, in the same document, in 15 of its 39 moves.

1512111099★123456
  1. ★This thread
  2. 1Reducing Development Costs and Inventories and Improving Profitability15×
  3. 2Stabilizing Earnings by Reviewing the Sales Structure for Measurement Instruments in the Americas12×
  4. 3Legal, Regulatory, Disaster, and Political and Economic Risks Associated with Overseas Business Activities11×
  5. 4Lower Revenue, Operating Deficit, and Widening Net Loss10×
  6. 5Research and development investment based on measurement technology9×
  7. 6Improving resilience to exchange-rate fluctuations9×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

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A&D HOLON Holdings's next results are scheduled for 2026-11-06. Read the earnings preview It last moved in the Financial results presentation of 2026-06-05: "Mitigated".
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Dependence on Borrowings and Interest-Bearing Debt and the Challenge of Reducing It | A&D HOLON Holdings Company,Limited (7745) | Komori