Borrowing Burden and Financing Risks from Interest Rate Fluctuations
First written in FY2017. 5 of 9 entries say "Worsened", first in FY2020. Latest entry: 2026-10-15.
Retail Partners moved to the "Worse" side of this theme in 2020, 3 years before the typical company in this theme (2023).
The whole theme swung hardest in 2023: 9 of 38 companies on the "Worse" side.
12 other companies' latest entry also says "Mitigated".
- 2026-10-15MitigatedInvestor presentation
「Interest-bearing debt balance 13,618 14,407 13,389 -1,017」
The interest-bearing debt balance at the end of the interim period of the fiscal year ending February 2027 was ¥13,389 million, down ¥1,017 million from ¥14,407 million at the end of the fiscal year ending February 2026. - FY2027-H1WorsenedAnnual report
「In addition to interest-rate trends and foreign-exchange fluctuations associated with the Bank of Japan's shift in monetary policy, concerns over a slowdown in overseas economies and continuing geopolitical risks mean that the outlook remains uncertain.」
Regarding interest-rate fluctuation risk, the company explicitly identifies interest-rate trends associated with the Bank of Japan's shift in monetary policy as a new source of uncertainty. - FY2026WorsenedAnnual report
「As of 28 February 2026, the Group had ¥1,440.7 million in interest-bearing debt, representing 10.6% of consolidated total assets. These balances are exposed to risks arising from fluctuations in interest rates and other factors.」
Interest-bearing debt increased from ¥1,361.8 million in the previous fiscal year to ¥1,440.7 million. Although the debt dependency ratio declined from 10.7% to 10.6%, the risk of higher borrowing costs continues to be identified. - 2026-05-04RestatedGeneral Meetings of Shareholders
「Short-term borrowings are primarily used to procure funds required for short-term working capital. As they carry variable interest rates, they are exposed to interest rate fluctuation risk.」
The Company reaffirms the interest rate fluctuation risk associated with variable-rate borrowings. - FY2025MitigatedAnnual report
「As of 28 February 2025, the group’s interest-bearing liabilities totalled ¥13.618 billion, and its dependence on interest-bearing liabilities as a percentage of consolidated total assets was 10.7%.」
Interest-bearing debt declined from ¥1,569 million in the previous fiscal year to ¥1,361.8 million, while the debt dependency ratio fell from 13.4% to 10.7%, reducing the quantitative indicators of interest-rate and financing risk. - FY2023WorsenedAnnual report
「As of 28 February 2023, the group’s interest-bearing liabilities totalled ¥15.690 billion, and its dependence on interest-bearing liabilities as a percentage of consolidated total assets was 13.4%. These liabilities are exposed to fluctuations in interest rates and other factors.」
Interest-bearing liabilities increased from ¥14.912 billion in the previous fiscal year to ¥15.690 billion, while the dependence ratio rose from 13.0% to 13.4%, again quantifying interest rate and funding risks. - FY2022WorsenedAnnual report
「As of 28 February 2022, the group’s interest-bearing liabilities totalled ¥14.912 billion, and its dependence on interest-bearing liabilities as a percentage of consolidated total assets was 13.0%. These liabilities are exposed to fluctuations in interest rates and other factors.」
The company quantified interest-bearing liabilities at ¥14.912 billion and their proportion of total assets at 13.0%, again highlighting interest rate and funding risks. - FY2020WorsenedAnnual report
「Short-term borrowings are primarily used to fund short-term working capital and are exposed to interest rate fluctuation risk because they carry variable interest rates. … As of the end of the fiscal year under review, interest-bearing liabilities, including borrowings and lease obligations, totalled ¥13.973 billion.」
The company described the interest rate risk associated with variable-rate short-term borrowings, and stated that interest-bearing liabilities had increased from ¥10.811 billion at the end of the previous fiscal year to ¥13.973 billion. - FY2017First statedAnnual report
「Although the group is undertaking various initiatives to reduce bank borrowings and other debt, future interest rate movements and financial market conditions could affect the group’s interest expenses, funding and other matters, as well as its operating results and financial condition.」
While describing initiatives to reduce borrowings, the company identified the impact of interest rate movements and financial market trends on interest expenses and funding as risks.