Reducing Interest-Bearing Debt through Low-Cost Operations, Inventory Management and Risk Management
First written in FY2016. 10 of 36 entries say "Advanced", first in FY2018-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2023: 3 of 15 companies on the "Worse" side.
5 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year totaled ¥1,813 million. Net borrowings, calculated by deducting cash and deposits from long- and short-term borrowings, were ¥2,767 million, and the net debt-to-equity ratio, calculated as net borrowings divided by net assets, was no more than 1.0x (0.39x). The Company considers its financial position sound.」
Net borrowings decreased from ¥4,064 million to ¥2,767 million and the net debt-to-equity ratio decreased from 0.62x to 0.39x due to higher cash balances and repayment of long-term borrowings. - 2026-06-02WorsenedGeneral Meetings of Shareholders
「販売費及び一般管理費に貸倒引当金繰入額を計上したことにより、営業利益は１億66百万円（前年同期営業利益３億２百万円）、経常利益は１億90百万円（前年同期経常利益３億30百万円）となりました。」
貸倒引当金繰入額の計上により営業利益・経常利益が前年同期比で減少しており、債権管理・財務面の負担が顕在化している。 - FY2026-H1WorsenedAnnual report
「Liabilities at the end of the first half of the current consolidated fiscal year totaled ¥12,734 million, an increase of ¥2,669 million from the end of the previous consolidated fiscal year. Current liabilities totaled ¥8,622 million, an increase of ¥2,690 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities totaled ¥4,112 million, a decrease of ¥21 million. This was mainly due to a decrease in long-term borrowings.」
Liabilities and current liabilities increased due to higher short-term borrowings, and the equity ratio declined from 39.4% to 35.6%. - FY2025Net borrowings and net debt-to-equity ratio worsened, while the equity ratio improved.Annual report
「Cash and cash equivalents at the end of the current consolidated fiscal year totaled ¥856 million. Net borrowings, calculated by deducting cash and deposits from long- and short-term borrowings, were ¥4,064 million, and the net debt-to-equity ratio, calculated as net borrowings divided by net assets, was no more than 1.0x (0.62x). The Company considers its financial position sound.」
Net borrowings increased from ¥3,072 million in the previous fiscal year to ¥4,064 million, and the net debt-to-equity ratio increased from 0.48x to 0.62x, while the equity ratio improved to 39.4%. - FY2025-H1Increase in short-term borrowings and decline in equity ratioAnnual report
「Current liabilities totaled ¥6,576 million, an increase of ¥348 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities totaled ¥4,288 million, a decrease of ¥250 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio declined from 37.3% at the end of the previous consolidated fiscal year to 36.8%.」
Long-term borrowings decreased while short-term borrowings increased, causing the equity ratio to decline from 37.3% to 36.8%. - FY2024AdvancedAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year totaled ¥1,387 million. Net borrowings, calculated by deducting cash and deposits from long- and short-term borrowings, were ¥3,072 million, and the net debt-to-equity ratio, calculated as net borrowings divided by net assets, was no more than 1.0x (0.48x). The Company considers its financial position sound.」
The Company reports continued positive operating cash flow, repayment of long-term borrowings, net borrowings of ¥3,072 million and a net debt-to-equity ratio of 0.48x, indicating progress in managing interest-bearing debt. - FY2024-Q3Increase in short-term borrowings and decline in equity ratioAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year totaled ¥12,280 million, an increase of ¥1,589 million from the end of the previous consolidated fiscal year. Current liabilities totaled ¥7,671 million, an increase of ¥1,954 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities totaled ¥4,609 million, a decrease of ¥365 million. This was mainly due to the repayment of long-term borrowings. As a result, the equity ratio declined from 36.6% at the end of the previous consolidated fiscal year to 33.7%.」
Short-term borrowings increased and long-term borrowings decreased due to repayments, but total liabilities increased, causing the equity ratio to decline from 36.6% to 33.7%. - FY2024-Q2Increase in short-term borrowings and decline in equity ratioAnnual report
「Current liabilities totaled ¥6,658 million, an increase of ¥942 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities totaled ¥4,749 million, a decrease of ¥225 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio declined from 36.6% at the end of the previous consolidated fiscal year to 35.1%.」
Short-term borrowings increased from ¥1,739 million to ¥2,639 million, while long-term borrowings decreased, causing the equity ratio to decline from 36.6% to 35.1%. - FY2024-Q1Increase in short-term borrowings and decline in equity ratioAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, liabilities were ¥10.891 billion, an increase of ¥200 million from the end of the previous consolidated fiscal year. Current liabilities were ¥6.066 billion, an increase of ¥350 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥4.824 billion, a decrease of ¥150 million. This was mainly due to a decrease in long-term borrowings. Net assets as of the end of the first quarter of the current consolidated fiscal year were ¥6.158 billion, a decrease of ¥22 million from the end of the previous consolidated fiscal year. As a result, the equity ratio was 36.1%, down from 36.6% at the end of the previous consolidated fiscal year.」
Short-term borrowings increased from ¥1,739 million to ¥2,701 million, while long-term borrowings decreased from ¥3,459 million to ¥3,337 million. The equity ratio declined from 36.6% to 36.1% as liabilities increased and net assets decreased. - FY2023Increase in short-term borrowings and slight rise in the net debt-to-equity ratioAnnual report
「Cash and cash equivalents at the end of the current consolidated fiscal year were ¥1.022 billion. Net borrowings, calculated by deducting cash and deposits from short-term and long-term borrowings, were ¥4.176 billion, and the net debt-to-equity ratio, calculated as net borrowings divided by net assets, was 0.68 times, or less than 1 time. We believe that the company’s financial condition is sound.」
Net borrowings increased from ¥3.864 billion in the previous fiscal year to ¥4.176 billion, and the net debt-to-equity ratio rose from 0.66 times to 0.68 times. Short-term borrowings increased, while long-term borrowings declined due to repayments. - FY2023-Q3Increase in liabilities and decline in equity ratioAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥12.600 billion, an increase of ¥2.599 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥7.489 billion, an increase of ¥2.839 billion. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥5.110 billion, a decrease of ¥239 million. This was mainly due to the repayment of long-term borrowings. As a result, the equity ratio was 33.3%, down from 36.8% at the end of the previous consolidated fiscal year.」
Increases in short-term borrowings caused current liabilities and total liabilities to rise, while long-term borrowings declined due to repayments. The equity ratio fell from 36.8% to 33.3%. - FY2023-Q2Increase in short-term borrowings and decline in equity ratioAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, liabilities were ¥11.007 billion, an increase of ¥1.005 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥5.836 billion, an increase of ¥1.186 billion. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥5.170 billion, a decrease of ¥180 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 35.3%, down from 36.8% at the end of the previous consolidated fiscal year.」
Short-term borrowings increased from ¥1.216 billion to ¥1.839 billion, while long-term borrowings declined. As liabilities increased, the equity ratio fell from 36.8% to 35.3%. - FY2023-Q1Increase in short-term borrowings and modest decline in the equity ratioAnnual report
「Current liabilities were ¥4.923 billion, an increase of ¥272 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥5.238 billion, a decrease of ¥112 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 36.5%, down from 36.8% at the end of the previous consolidated fiscal year.」
Short-term borrowings increased from ¥1.216 billion to ¥1.639 billion, while long-term borrowings declined. The equity ratio fell modestly from 36.8% to 36.5%. - FY2022AdvancedAnnual report
「Net borrowings, calculated by deducting cash and deposits from short-term and long-term borrowings, were ¥3.864 billion, and the net debt-to-equity ratio, calculated as net borrowings divided by net assets, was 0.66 times, or less than 1 time. We believe that the company’s financial condition is sound.」
Net borrowings declined from ¥3.945 billion in the previous fiscal year to ¥3.864 billion, while the net debt-to-equity ratio declined from 0.69 times to 0.66 times, indicating progress in managing interest-bearing debt. - FY2022-Q3Increase in accounts payable and short-term borrowings, and decline in the equity ratioAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥12.504 billion, an increase of ¥2.647 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥7.001 billion, an increase of ¥2.930 billion. This was mainly due to an increase in accounts payable. Non-current liabilities were ¥5.502 billion, a decrease of ¥283 million. This was mainly due to the repayment of long-term borrowings.」
Increases in accounts payable caused current liabilities and total liabilities to rise, while long-term borrowings declined due to repayments. The equity ratio fell from 36.6% at the end of the previous consolidated fiscal year to 31.8%. - FY2022-Q2Increase in short-term borrowings and accounts payable, and decline in the equity ratioAnnual report
「Current liabilities were ¥4.870 billion, an increase of ¥799 million. This was mainly due to increases in short-term borrowings and accounts payable. Non-current liabilities were ¥5.600 billion, a decrease of ¥184 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 35.3%, down from 36.6% at the end of the previous consolidated fiscal year.」
Increases in short-term borrowings and accounts payable caused current liabilities to rise, while long-term borrowings declined. The equity ratio fell from 36.6% to 35.3%. - FY2021AdvancedAnnual report
「Net borrowings at the end of the current consolidated fiscal year, calculated by deducting cash and cash equivalents from short-term and long-term borrowings, were ¥3.945 billion. Operating cash flow over the 7-year period of the medium-term management plan CHALLENGE-2020, which began in 2014, totaled approximately ¥4.294 billion. The net debt-to-equity ratio at the end of the current consolidated fiscal year, calculated as net borrowings divided by net assets, was 0.69 times, or less than 1 time, and we believe that the company’s financial condition remains sound.」
The company updated its cumulative operating cash flow, net borrowings and net debt-to-equity ratio, specifying progress in managing interest-bearing debt alongside the repayment of long-term borrowings. - FY2021-Q3Increase in accounts payable, repayment of long-term borrowings and decline in the equity ratioAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥12.051 billion, an increase of ¥2.012 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥6.130 billion, an increase of ¥2.310 billion. This was mainly due to an increase in accounts payable. Non-current liabilities were ¥5.920 billion, a decrease of ¥298 million. This was mainly due to the repayment of long-term borrowings. As a result, the equity ratio was 31.8%, down from 33.9% at the end of the previous consolidated fiscal year.」
Increases in accounts payable caused current liabilities and total liabilities to rise, while long-term borrowings declined due to repayments. The equity ratio fell from 33.9% to 31.8%. - FY2021-Q2Increase in short-term borrowings and accounts payable, and decline in the equity ratioAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, liabilities were ¥10.814 billion, an increase of ¥775 million from the end of the previous consolidated fiscal year. Current liabilities were ¥4.776 billion, an increase of ¥956 million. This was mainly due to increases in short-term borrowings and accounts payable. Non-current liabilities were ¥6.037 billion, a decrease of ¥181 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 31.8%, down from 33.9% at the end of the previous consolidated fiscal year.」
Increases in short-term borrowings and accounts payable caused current liabilities and total liabilities to rise, while long-term borrowings declined. Together with the decrease in net assets, this caused the equity ratio to fall from 33.9% to 31.8%. - FY2021-Q1Increase in short-term borrowings and decline in equity ratioAnnual report
「Current liabilities were ¥4.071 billion, an increase of ¥251 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥6.172 billion, a decrease of ¥46 million. This was mainly due to a decrease in long-term borrowings. Net assets as of the end of the first quarter of the current consolidated fiscal year were ¥5.099 billion, a decrease of ¥43 million from the end of the previous consolidated fiscal year. As a result, the equity ratio was 33.2%, down from 33.9% at the end of the previous consolidated fiscal year.」
The increase in short-term borrowings and decrease in net assets caused the equity ratio to decline from 33.9% to 33.2%. This indicates a change in financial conditions contrary to the progress in interest-bearing debt management. - FY2020AdvancedAnnual report
「Net borrowings at the end of the current consolidated fiscal year, calculated by deducting cash and cash equivalents from short-term and long-term borrowings, were ¥4.908 billion. Operating cash flow over the 6-year period of the medium-term management plan CHALLENGE-2020, which began in 2014, totaled approximately ¥3.915 billion. The net debt-to-equity ratio at the end of the current consolidated fiscal year, calculated as net borrowings divided by net assets, was 0.95 times, or less than 1 time, and we believe that the company’s financial condition remains sound.」
The company reported operating cash flow, net borrowings and the net debt-to-equity ratio for the past 6 years, specifying its efforts to secure operating cash flow and progress in managing borrowings. - FY2020-Q3Short-term borrowings increased and the equity ratio declinedAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥13.236 billion, an increase of ¥1.663 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥6.878 billion, an increase of ¥1.968 billion. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥6.358 billion, a decrease of ¥305 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 29.4%, down from 33.8% at the end of the previous consolidated fiscal year.」
Short-term borrowings increased and long-term borrowings declined. Due to the increase in total liabilities and decrease in net assets, the equity ratio fell from 33.8% to 29.4%. - FY2020-Q2Increase in short-term borrowings and decline in equity ratioAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, liabilities were ¥11.395 billion, a decrease of ¥177 million from the end of the previous consolidated fiscal year. Current liabilities were ¥4.963 billion, an increase of ¥53 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥6.432 billion, a decrease of ¥230 million. This was mainly due to a decrease in long-term borrowings. Net assets as of the end of the second quarter of the current consolidated fiscal year were ¥5.683 billion, a decrease of ¥222 million from the end of the previous consolidated fiscal year. As a result, the equity ratio was 33.3%, down from 33.8% at the end of the previous consolidated fiscal year.」
Short-term borrowings increased and long-term borrowings declined. Due to the decrease in net assets, the equity ratio fell from 33.8% to 33.3%. - FY2020-Q1Increase in short-term borrowings and decline in equity ratioAnnual report
「Current liabilities were ¥4.949 billion, an increase of ¥39 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥6.557 billion, a decrease of ¥106 million. This was mainly due to a decrease in long-term borrowings. As a result, the equity ratio was 33.2%, down from 33.8% at the end of the previous consolidated fiscal year.」
While short-term borrowings increased, long-term borrowings declined, and the equity ratio fell from 33.8% to 33.2%. This indicates a change in the company’s financial condition with respect to interest-bearing debt management. - FY2019AdvancedAnnual report
「Net borrowings at the end of the current consolidated fiscal year, calculated by deducting cash and cash equivalents from short-term and long-term borrowings, were ¥5.167 billion. Operating cash flow over the 5-year period of CHALLENGE-2020, which began in 2014, totaled approximately ¥3.292 billion. The net debt-to-equity ratio at the end of the current consolidated fiscal year, calculated as net borrowings divided by net assets, was 0.9 times, or less than 1 time, and we believe that the company’s financial condition remains sound.」
In addition to the repayment of short-term borrowings, the company reported operating cash flow of approximately ¥3.292 billion over the past 5 years and a net debt-to-equity ratio of 0.9 times, explaining progress in managing interest-bearing debt. Repayment of borrowings for the new refrigerated warehouse was scheduled to begin in 2020. - FY2019-Q3Decrease in borrowings alongside a decline in the equity ratioAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥14.090 billion, an increase of ¥1.202 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥7.359 billion, an increase of ¥1.095 billion. This was mainly due to an increase in accounts payable. As a result, the equity ratio was 29.6%, down from 32.2% at the end of the previous consolidated fiscal year.」
While short-term and long-term borrowings decreased in total from the end of the previous consolidated fiscal year, total liabilities increased due to higher accounts payable, and the equity ratio declined from 32.2% to 29.6%. - FY2019-Q2AdvancedAnnual report
「Current liabilities were ¥4.623 billion, a decrease of ¥1.640 billion. This was mainly due to the repayment of short-term borrowings. As a result, the equity ratio was 34.2%, up from 32.2% at the end of the previous consolidated fiscal year.」
Repayment of short-term borrowings reduced current liabilities by ¥1.640 billion, and the equity ratio improved from 32.2% to 34.2%. This demonstrates concrete progress in controlling interest-bearing debt. - FY2019-Q1AdvancedAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, liabilities were ¥11.084 billion, a decrease of ¥1.802 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥4.458 billion, a decrease of ¥1.806 billion. This was mainly due to the repayment of short-term borrowings. As a result, the equity ratio was 35.3%, up from 32.2% at the end of the previous consolidated fiscal year.」
Repayment of short-term borrowings reduced current liabilities by ¥1.806 billion, and the equity ratio improved from 32.2% to 35.3%. This demonstrates concrete progress in controlling interest-bearing debt. - FY2018-Q3Decrease in short-term borrowings and modest improvement in the equity ratioAnnual report
「Short-term borrowings ¥2.108 billion ¥1.643 billion. As a result, the equity ratio was 32.0%, up from 31.8% at the end of the previous consolidated fiscal year.」
Short-term borrowings declined from ¥2.108 billion at the end of the previous consolidated fiscal year to ¥1.643 billion, and the equity ratio improved modestly from 31.8% to 32.0%. Meanwhile, total liabilities increased due to increases in accounts payable and asset retirement obligations. - FY2018-Q2AdvancedAnnual report
「Current liabilities were ¥4.650 billion, a decrease of ¥1.308 billion. This was mainly due to the repayment of short-term borrowings. As a result, the equity ratio was 34.9%, up from 31.8% at the end of the previous consolidated fiscal year.」
Repayment of short-term borrowings reduced current liabilities by ¥1.308 billion, and the equity ratio improved from 31.8% to 34.9%. This demonstrates concrete progress in controlling interest-bearing debt. - FY2018-Q1AdvancedAnnual report
「Current liabilities were ¥3.757 billion, a decrease of ¥2.202 billion. This was mainly due to the repayment of short-term borrowings. As a result, the equity ratio was 37.2%, up from 31.8% at the end of the previous consolidated fiscal year.」
Repayment of short-term borrowings reduced current liabilities by ¥2.202 billion, and the equity ratio improved from 31.8% to 37.2%. This represents a concrete improvement in financial conditions following the increases in borrowings and decline in the ratio through the previous fiscal year. - FY2017Increase in borrowings and decline in equity ratioAnnual report
「The management plan CHALLENGE-2020 also identifies appropriate control of interest-bearing debt as a key initiative, thereby reducing funding-related risks. Liabilities at the end of the current consolidated fiscal year were ¥12.328 billion, an increase of ¥4.846 billion from the end of the previous consolidated fiscal year. As a result, the equity ratio was 31.8%, down from 43.1% at the end of the previous consolidated fiscal year.」
While control of interest-bearing debt is identified as a key initiative, liabilities increased in connection with capital investment in the Toyosu refrigerated warehouse and other facilities, and the equity ratio declined from 43.1% to 31.8%. - FY2017-Q3Borrowings increased and the equity ratio declined furtherAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, liabilities were ¥12.697 billion, an increase of ¥5.215 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥11.490 billion, an increase of ¥4.985 billion. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥1.206 billion, an increase of ¥230 million. This was mainly due to an increase in long-term borrowings. As a result, the equity ratio was 31.0%, down from 43.1% at the end of the previous consolidated fiscal year.」
While efforts to reduce interest payments are noted, short-term and long-term borrowings related to construction of the new refrigerated warehouse continued to increase, and the equity ratio declined further from 38.1% at the end of the second quarter to 31.0%. - FY2017-Q2Borrowings increased and the equity ratio declinedAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, liabilities were ¥8.962 billion, an increase of ¥1.480 billion from the end of the previous consolidated fiscal year. Current liabilities were ¥7.784 billion, an increase of ¥1.278 billion. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥1.178 billion, an increase of ¥201 million. This was mainly due to an increase in long-term borrowings.」
While efforts to reduce logistics expenses and interest payments continued, borrowings increased in connection with construction of the new refrigerated warehouse, and the equity ratio declined from 43.1% to 38.1%. - FY2017-Q1Continued cost reductions alongside increased borrowingsAnnual report
「Current liabilities were ¥6.903 billion, an increase of ¥398 million. This was mainly due to an increase in short-term borrowings. Non-current liabilities were ¥1.147 billion, an increase of ¥170 million. This was mainly due to an increase in long-term borrowings. The equity ratio was 41.1%, down from 43.1% at the end of the previous consolidated fiscal year.」
While efforts to reduce logistics expenses and interest payments are noted, both short-term and long-term borrowings increased, and the equity ratio declined from the end of the previous fiscal year. - FY2016First statedAnnual report
「Financially, we are pursuing low-cost operations, accurate inventory management and risk management. On a consolidated basis, operating cash flow generated over the 2-year period totaled approximately ¥2.2 billion, net interest-bearing debt was reduced by approximately ¥2.4 billion to ¥833 million, and the equity ratio improved significantly from 28.5% to 43.1%.」
The results of 2 years of operating cash flow, net interest-bearing debt and the equity ratio are presented as outcomes of the financial measures.