Reliance on Interest-Bearing Debt and Fluctuations in Funding Costs
First written in FY2017. 7 of 18 entries say "Worsened", first in FY2022. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Current liabilities at the end of the current consolidated fiscal year were ¥16,083 million, an increase of ¥1,475 million from the end of the previous consolidated fiscal year. This was primarily because short-term borrowings increased by ¥2,112 million due to project financing, while the current portion of long-term borrowings decreased by ¥1,085 million due to repayment of project financing following the completion and handover of properties. Non-current liabilities were ¥3,899 million, an increase of ¥163 million from the end of the previous consolidated fiscal year. This was primarily because long-term borrowings increased by ¥259 million due to project financing.」
Short-term and long-term borrowings increased due to project financing, resulting in increases in both current and non-current liabilities. The current portion of long-term borrowings decreased due to repayment following the completion and handover of properties. - FY2026-H1Changes in the composition of borrowingsAnnual report
「Current liabilities at the end of the current interim consolidated accounting period were ¥13,685 million, a decrease of ¥921 million from the end of the previous consolidated fiscal year. This was primarily because short-term borrowings increased by ¥654 million due to project financing, while notes and accounts payable decreased by ¥766 million due to payments for project construction and other costs, and the current portion of long-term borrowings decreased by ¥689 million due to repayment of project financing. Non-current liabilities were ¥4,003 million, an increase of ¥267 million from the end of the previous consolidated fiscal year. This was primarily because long-term borrowings increased by ¥349 million due to borrowings for project financing.」
Although short-term and long-term borrowings increased due to project financing, current liabilities decreased because the current portion of long-term borrowings and accounts payable declined. Non-current liabilities increased. - FY2025MitigatedAnnual report
「Repayment of project financing following the completion and handover of properties reduced short-term borrowings by ¥3,384 million, while payments for construction and other costs reduced notes and accounts payable by ¥823 million. Non-current liabilities were ¥3,735 million, a decrease of ¥1,490 million from the end of the previous consolidated fiscal year. This was primarily because repayment of project financing following the completion and handover of properties reduced long-term borrowings by ¥1,281 million.」
Repayment of project financing following the completion and handover of properties reduced short-term and long-term borrowings and non-current liabilities, narrowing exposure to reliance on borrowings from the end of the previous fiscal year. - FY2025-H1MitigatedAnnual report
「Current liabilities at the end of the current interim consolidated accounting period were ¥15,970 million, a decrease of ¥1,556 million from the end of the previous consolidated fiscal year. This was primarily because notes and accounts payable decreased by ¥803 million due to payments for project construction and other costs, and short-term borrowings decreased by ¥1,680 million due to repayment of project financing. Non-current liabilities were ¥4,880 million, a decrease of ¥344 million from the end of the previous consolidated fiscal year. This was primarily because bonds decreased by ¥102 million due to bond redemptions, and long-term borrowings decreased by ¥191 million due to repayment of project financing.」
Repayment of project financing reduced short-term borrowings by ¥1,680 million and long-term borrowings by ¥191 million, resulting in decreases in both current and non-current liabilities from the end of the previous fiscal year. - FY2024WorsenedAnnual report
「Current liabilities at the end of the current consolidated fiscal year were ¥17,527 million, an increase of ¥2,828 million from the end of the previous consolidated fiscal year. This was primarily because short-term borrowings increased by ¥1,359 million due to borrowings for project financing. Non-current liabilities were ¥5,225 million, and long-term borrowings increased by ¥668 million.」
Short-term and long-term borrowings increased due to project financing, resulting in increases in both current and non-current liabilities from the end of the previous fiscal year. - FY2024-Q3Continued increase in liabilities due to project financing borrowingsAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year were ¥16,331 million, an increase of ¥1,632 million from the end of the previous consolidated fiscal year. This was primarily because short-term borrowings increased by ¥1,597 million due to borrowings for project financing, while notes and accounts payable decreased by ¥404 million due to payments for construction and other costs. Non-current liabilities were ¥6,004 million, an increase of ¥1,254 million from the end of the previous consolidated fiscal year. This was primarily because long-term borrowings increased by ¥1,387 million due to borrowings for project financing.」
Short-term borrowings increased by ¥1,597 million and long-term borrowings by ¥1,387 million due to project financing, resulting in increases in both current and non-current liabilities. - FY2024-Q2WorsenedAnnual report
「Current liabilities at the end of the second quarter of the current consolidated fiscal year were ¥15,518 million, an increase of ¥819 million from the end of the previous consolidated fiscal year. This was primarily because short-term borrowings increased by ¥1,673 million due to borrowings for project financing, while notes and accounts payable decreased by ¥731 million due to payments for construction and other costs. Non-current liabilities were ¥6,533 million, an increase of ¥1,782 million from the end of the previous consolidated fiscal year. This was primarily because long-term borrowings increased by ¥1,872 million due to borrowings for project financing.」
Short-term borrowings increased by ¥1,673 million and long-term borrowings by ¥1,872 million due to project financing, resulting in increases in both current and non-current liabilities from the end of the previous fiscal year. - FY2024-Q1WorsenedAnnual report
「Non-current liabilities were ¥5,201 million, an increase of ¥450 million from the end of the previous consolidated fiscal year. This was primarily because long-term borrowings increased by ¥494 million due to borrowings for project financing.」
Long-term borrowings increased by ¥494 million due to project financing, and non-current liabilities increased by ¥450 million from the end of the previous fiscal year. Exposure to reliance on borrowings increased. - FY2023WorsenedAnnual report
「Current liabilities at the end of the current consolidated fiscal year were ¥14,698 million, an increase of ¥5,145 million from the end of the previous consolidated fiscal year. This was primarily because accounts payable of ¥442 million, short-term borrowings of ¥3,364 million, the current portion of long-term borrowings of ¥244 million and bonds due within one year of ¥332 million of 株式会社川﨑ハウジング and 株式会社ハウメンテ were recognized following their conversion into subsidiaries. Non-current liabilities were ¥4,750 million, an increase of ¥2,835 million from the end of the previous consolidated fiscal year.」
Current and non-current liabilities both increased due to the conversion of 川﨑ハウジング and ハウメンテ into subsidiaries and borrowings for project financing. Full-year exposure to reliance on interest-bearing debt increased. - FY2023-Q3WorsenedAnnual report
「This was primarily because the accounts payable of ¥442 million, short-term borrowings of ¥3,364 million, current portion of long-term borrowings of ¥244 million and bonds due within one year of ¥332 million of 株式会社川﨑ハウジング and 株式会社ハウメンテ were recognized following their conversion into subsidiaries.」
Following the conversion of 川﨑ハウジング and ハウメンテ into subsidiaries, short-term borrowings of ¥3,364 million and the current portion of long-term borrowings of ¥244 million, among other items, were recognized. Exposure to reliance on borrowings increased as a result of the acquisitions. - FY2022WorsenedAnnual report
「The condominium development and detached-house development businesses rely primarily on borrowings to fund the purchase of land and other assets. Accordingly, if funding becomes difficult for any reason, such as changes in financial conditions, or if funding costs fluctuate because of changes in market interest rates or other factors, this could affect our operating results and financial condition.」
It explicitly expands the scope of the risk arising from reliance on borrowings to include the detached-house development business in addition to the condominium development business. - FY2022-Q2RestatedAnnual report
「During the cumulative second-quarter consolidated period, there were no significant changes in the matters described in the quarterly report concerning business conditions and financial information that could materially affect investors’ decisions, or in the business risks described in the securities report for the previous fiscal year.」
States that there have been no material changes in the risks associated with dependence on interest-bearing debt and fluctuations in funding costs. - FY2021-Q1RestatedAnnual report
「During the cumulative first-quarter consolidated period, there were no material changes in matters described in this quarterly report concerning the status of the business, financial information and other matters that could materially affect investors' decisions, or in the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes in the risks associated with dependence on interest-bearing debt and fluctuations in funding costs. - FY2020MitigatedAnnual report
「To avoid these risks, we obtain project financing from numerous financial institutions rather than relying on a particular institution, and maintain overdraft agreements. In addition to maintaining smooth relationships with each financial institution, we participate in the CMS (cash management service) operated by our parent company, thereby establishing a framework that enables us to obtain financing as needed.」
As measures to address the risks of reliance on borrowings and fluctuations in funding costs, it describes a financing framework using numerous financial institutions, overdraft agreements and the parent company's CMS. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter consolidated period, there were no material changes in matters described in this quarterly report concerning the status of the business, financial information and other matters that could materially affect investors' decisions, or in the business and other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes in the risks associated with dependence on interest-bearing debt and fluctuations in funding costs. - FY2019RestatedAnnual report
「The condominium development business relies primarily on borrowings to fund the purchase of land and other assets. Accordingly, if funding becomes difficult for any reason, such as changes in financial conditions, or if funding costs fluctuate because of changes in market interest rates or other factors, this could affect our operating results and financial condition.」
It continues to describe the risks arising from reliance on borrowings to fund land acquisitions, difficulties in obtaining financing and fluctuations in funding costs due to changes in market interest rates. - FY2018RestatedAnnual report
「The condominium development business relies primarily on borrowings to fund the purchase of land and other assets. Accordingly, if funding becomes difficult for any reason, such as changes in financial conditions, or if funding costs fluctuate because of changes in market interest rates or other factors, this could affect our operating results and financial condition.」
It continues to describe the risks arising from reliance on borrowings to fund land acquisitions, difficulties in obtaining financing and fluctuations in funding costs due to changes in market interest rates. - FY2017First statedAnnual report
「The condominium development business relies primarily on borrowings to fund the purchase of land and other assets. Accordingly, if funding becomes difficult for any reason, such as changes in financial conditions, or if funding costs fluctuate because of changes in market interest rates or other factors, this could affect our operating results and financial condition.」
It explicitly identifies as risks the reliance on borrowings to fund land acquisitions, potential difficulties in obtaining financing, and the possibility of higher funding costs due to changes in market interest rates.