Risks related to securing properties for new store openings, borrowing for capital investment, and interest-rate fluctuations
First written in FY2016. 15 of 25 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Valor Holdings moved to the "Worse" side of this theme in 2017, 7 years before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 16 of 29 companies on the "Worse" side.
15 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In liabilities, interest-bearing debt increased by ¥1,937.0 million from the end of the previous consolidated fiscal year to ¥14,794.0 million. In net assets, net assets excluding non-controlling interests and stock acquisition rights totaled ¥18,522.8 million, and the equity ratio was 36.0%. As a result, the debt-to-equity ratio was 0.7x.」
Interest-bearing debt increased by ¥1,937.0 million from the end of the previous fiscal year, expanding funding exposure alongside bond issuance and an increase in long-term borrowings. - 2026-05-13WorsenedEarnings
「Non-operating expenses totaled ¥2.432 billion, up 28.4% year on year, owing to higher interest rates and an increase in interest-bearing debt, among other factors.」
Higher interest rates and increased interest-bearing debt materialized as an increase in non-operating expenses. - FY2026-H1Increase in long-term borrowings and bonds; decrease in commercial paperAnnual report
「Liabilities increased by ¥1,404.1 million from the end of the previous consolidated fiscal year to ¥28,656.4 million. This was mainly because commercial paper decreased by ¥999.7 million, while notes and accounts payable, bonds, and long-term borrowings increased by ¥701.6 million, ¥1,000.0 million, and ¥475.7 million, respectively.」
The funding structure changed: commercial paper decreased, while bonds of ¥1,000.0 million and long-term borrowings of ¥475.7 million increased. - FY2025-H1Decrease in long-term borrowings; increase in commercial paperAnnual report
「Liabilities increased by ¥470.6 million from the end of the previous consolidated fiscal year to ¥27,018.6 million. This was mainly because long-term borrowings decreased by ¥262.4 million, while notes and accounts payable and commercial paper increased by ¥690.4 million and ¥299.1 million, respectively.」
Long-term borrowings decreased by ¥262.4 million, while total liabilities and commercial paper increased, resulting in a change in the funding structure. - FY2024-Q3WorsenedAnnual report
「Liabilities increased by ¥3,135.8 million from the end of the previous consolidated fiscal year to ¥28,094.5 million. This was mainly due to increases of ¥1,773.8 million in notes and accounts payable, ¥400.0 million in commercial paper, and ¥363.5 million in accounts payable included in other current liabilities.」
Liabilities increased by ¥3,135.8 million from the end of the previous fiscal year, while commercial paper also increased by ¥400.0 million. The liability exposure underlying funding and interest-rate fluctuation risk expanded. - FY2024-Q2MitigatedAnnual report
「Liabilities increased by ¥937.0 million from the end of the previous consolidated fiscal year to ¥25,895.8 million. This was mainly because interest-bearing debt decreased by ¥22.0 million, while notes and accounts payable, accounts payable included in other current liabilities, and accrued expenses increased by ¥576.7 million, ¥247.7 million, and ¥135.5 million, respectively.」
Total liabilities increased, but interest-bearing debt decreased by ¥22.0 million from the end of the previous fiscal year, resulting in a slight contraction in the interest-bearing debt underlying borrowing and interest-rate fluctuation risk. - FY2024-Q1MitigatedAnnual report
「Liabilities increased by ¥1,008.4 million from the end of the previous consolidated fiscal year to ¥25,967.2 million. This was mainly due to increases of ¥716.4 million in notes and accounts payable and ¥260.7 million in provision for bonuses.」
Total liabilities increased, but long-term borrowings decreased by ¥210.7 million from the end of the previous fiscal year. Within interest-bearing debt, short-term borrowings increased, allowing the change in the financial burden to be identified. - FY2023MitigatedAnnual report
「In liabilities, interest-bearing debt decreased by ¥667.5 million from the end of the previous consolidated fiscal year to ¥11,878.0 million. … The debt-to-equity ratio declined to 0.7x. Under the financial policy of the three-year medium-term management plan ending in the fiscal year ending March 2024, the Company’s financial discipline is to reduce interest-bearing debt, targeting a debt-to-equity ratio of 0.6x.」
Interest-bearing debt and the D/E ratio declined, and debt reduction toward the financial discipline target of 0.6x continues. - FY2023-Q3MitigatedAnnual report
「Liabilities increased by ¥1,893.3 million from the end of the previous consolidated fiscal year to ¥26,677.8 million. This was mainly because interest-bearing debt decreased by ¥288.8 million, while notes and accounts payable, accounts payable included in other current liabilities, and deposits received increased by ¥1,662.2 million, ¥221.7 million, and ¥213.8 million, respectively.」
Total liabilities increased, but interest-bearing debt decreased by ¥288.8 million year on year, reducing the interest-bearing debt exposure underlying borrowing and interest-rate fluctuation risk. - FY2023-Q2MitigatedAnnual report
「Liabilities decreased by ¥134.2 million from the end of the previous consolidated fiscal year to ¥24,650.2 million. This was mainly because notes and accounts payable increased by ¥284.8 million and income taxes payable and other liabilities by ¥60.3 million, while interest-bearing debt decreased by ¥479.2 million.」
Total liabilities decreased by ¥134.2 million, and interest-bearing debt also decreased by ¥479.2 million, reducing the interest-bearing debt exposure underlying borrowing and interest-rate fluctuation risk. - FY2023-Q1MitigatedAnnual report
「Liabilities increased by ¥481.4 million from the end of the previous consolidated fiscal year to ¥25,265.8 million. This was mainly because long-term borrowings decreased by ¥220.6 million, while notes and accounts payable, provision for bonuses, and accrued expenses increased by ¥415.3 million, ¥239.0 million, and ¥75.4 million, respectively.」
Total liabilities increased, but long-term borrowings decreased by ¥220.6 million. Within borrowing and interest-rate fluctuation risk, the exposure represented by long-term borrowings contracted. - FY2022-Q3WorsenedAnnual report
「Liabilities increased by ¥1,156.7 million from the end of the previous consolidated fiscal year to ¥26,083.5 million. This was mainly due to increases of ¥904.8 million in notes and accounts payable and ¥115.8 million in accrued expenses included in other current liabilities.」
Liabilities increased by ¥1,156.7 million year on year. On the balance sheet, commercial paper also increased from ¥1,000.0 million to ¥2,000.0 million, expanding funding exposure. - FY2021MitigatedAnnual report
「At the end of the fiscal year, consolidated borrowings and bonds totaled ¥10,698.8 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Borrowings and bonds decreased from ¥11,085.9 million in the previous fiscal year to ¥10,698.8 million. Interest-bearing debt also decreased by ¥398.7 million year on year, and the debt-to-equity ratio declined from 0.9x to 0.8x. - FY2021-Q3WorsenedAnnual report
「Liabilities increased by ¥2,123.2 million from the end of the previous consolidated fiscal year to ¥26,456.0 million. This was mainly due to increases of ¥677.0 million in accounts payable, ¥1,000.0 million in commercial paper, and ¥216.8 million in income taxes payable and other liabilities.」
Liabilities increased by ¥2,123.2 million year on year, and ¥1,000.0 million in commercial paper was also recorded. The disclosure describes an expansion in borrowing and funding exposure. - FY2021-Q1WorsenedAnnual report
「Liabilities increased by ¥1,621.1 million from the end of the previous consolidated fiscal year to ¥25,948.5 million. This was mainly due to increases of ¥568.1 million in notes and accounts payable, ¥790.8 million in borrowings, and ¥220.5 million in provision for bonuses.」
At the end of the first quarter, liabilities had increased by ¥1,621.1 million and borrowings by ¥790.8 million, expanding the liability exposure underlying interest-rate fluctuation risk. - FY2020WorsenedAnnual report
「At the end of the fiscal year, consolidated borrowings and bonds totaled ¥11,085.9 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Borrowings and bonds increased from ¥8,487.8 million in the previous fiscal year to ¥11,085.9 million, expanding the exposure underlying interest-rate fluctuation risk. - FY2020-Q3WorsenedAnnual report
「Liabilities increased by ¥6,436.5 million from the end of the previous consolidated fiscal year to ¥25,078.3 million. This was mainly due to increases of ¥1,608.2 million in accounts payable and ¥2,940.4 million in borrowings.」
Liabilities increased by ¥6,436.5 million and borrowings by ¥2,940.4 million as a result of the consolidation of Alenza and other factors, expanding the exposure underlying borrowing and interest-rate fluctuation risk. - FY2020-Q2WorsenedAnnual report
「Liabilities increased by ¥4,958.5 million from the end of the previous consolidated fiscal year to ¥23,600.3 million. This was mainly due to increases of ¥1,021.7 million in notes and accounts payable, ¥478.5 million in electronically recorded obligations, and ¥2,279.1 million in borrowings.」
Liabilities increased by ¥4,958.5 million and borrowings by ¥2,279.1 million as a result of the consolidation of Alenza and other factors, expanding the exposure underlying borrowing and interest-rate fluctuation risk. - FY2020-Q1WorsenedAnnual report
「Liabilities increased by ¥4,783.8 million from the end of the previous consolidated fiscal year to ¥23,425.6 million. This was mainly due to increases of ¥628.1 million in notes and accounts payable, ¥607.1 million in electronically recorded obligations, and ¥2,482.0 million in borrowings.」
Liabilities increased by ¥4,783.8 million and borrowings by ¥2,482.0 million as a result of the consolidation of Alenza and other factors, expanding the exposure underlying borrowing and interest-rate fluctuation risk. - FY2019WorsenedAnnual report
「Our Group also raises funds through borrowings and other means for capital investment associated with new store openings and other activities. At the end of the fiscal year, consolidated borrowings and bonds totaled ¥8,487.8 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Borrowings and bonds increased from ¥7,724.5 million in the previous fiscal year to ¥8,487.8 million, expanding the balance underlying interest-rate fluctuation risk. - FY2019-Q3WorsenedAnnual report
「Liabilities increased by ¥1,520.5 million from the end of the previous consolidated fiscal year to ¥18,794.3 million. This was mainly due to increases of ¥814.8 million in accounts payable and ¥482.3 million in borrowings.」
Liabilities increased by ¥1,520.5 million and borrowings by ¥482.3 million from the end of the previous consolidated fiscal year, expanding the liability exposure underlying borrowing and interest-rate fluctuation risk. - FY2019-Q2WorsenedAnnual report
「However, as securing sites for the large-format stores that had served as the cornerstone of our store-opening strategy became increasingly difficult, we recognized that strengthening product and cost competitiveness through alliances with leading industry peers was essential to achieving further growth in the home improvement business.」
Identifies the difficulty of securing sites, particularly for large-format stores, as a constraint on growth in the home improvement business. - FY2018WorsenedAnnual report
「At the end of the fiscal year, consolidated borrowings and bonds totaled ¥7,724.5 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Borrowings and bonds increased from ¥7,624.4 million in the previous fiscal year to ¥7,724.5 million, expanding the balance underlying interest-rate fluctuation risk. - FY2017WorsenedAnnual report
「Our Group also raises funds through borrowings and other means for capital investment associated with new store openings and other activities. At the end of the fiscal year, consolidated borrowings and bonds totaled ¥7,624.4 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Borrowings and bonds increased from ¥7,534.6 million in the previous fiscal year to ¥7,624.4 million, expanding the balance underlying interest-rate risk. - FY2016First statedAnnual report
「Our Group also raises funds through borrowings and other means for capital investment associated with new store openings and other activities. At the end of the fiscal year, consolidated borrowings and bonds totaled ¥7,534.6 million. Accordingly, future interest-rate trends may affect our Group’s operating results and financial position.」
Describes the securing of store sites and regulatory requirements, as well as interest-rate risk associated with ¥7,534.6 million in borrowings and bonds.