Impact of Increased Borrowings and Rising Market Interest Rates
First written in FY2016. 18 of 33 entries say "Worsened", first in FY2017. Latest entry: 2026-11-10.
Renaissance moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 34 of 96 companies on the "Worse" side.
40 other companies' latest entry also says "Worsened".
- 2026-11-10WorsenedResults
「当中間連結会計期間末の負債合計は、前連結会計年度末に比べ２億68百万円増加し、476億97百万円となりました。これは主に、短期借入金が増加したこと等により流動負債合計が１億54百万円増加したことによるものです。」
負債合計が増加し、短期借入金は55億円から61億円へ、長期借入金も増加した。借入金・市場金利上昇に関する財務エクスポージャーが拡大した。 - FY2026WorsenedAnnual report
「Total liabilities at the end of the consolidated fiscal year increased by ¥4,037 million from the end of the previous consolidated fiscal year to ¥47,354 million. This was mainly because total current liabilities increased by ¥1,774 million due in part to an increase in short-term borrowings, while non-current liabilities increased by ¥2,262 million due in part to increases in long-term borrowings and asset retirement obligations.」
Total liabilities increased to ¥47,354 million, short-term borrowings exceeded ¥5,500 million, and long-term borrowings exceeded ¥6,700 million. Financial exposure related to borrowings and higher interest rates expanded. - FY2026-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated accounting period increased by ¥741 million from the end of the previous consolidated fiscal year to ¥44,058 million. This was mainly because total non-current liabilities increased by ¥983 million due in part to an increase in long-term borrowings.」
Total liabilities increased to ¥44,058 million, and long-term borrowings also increased. Financial exposure to increased borrowings and higher market interest rates expanded. - FY2025WorsenedAnnual report
「Total liabilities at the end of the consolidated fiscal year increased by ¥1,555 million from the end of the previous consolidated fiscal year to ¥43,317 million. This was mainly because total current liabilities increased by ¥2,078 million due in part to an increase in short-term borrowings, while non-current liabilities decreased by ¥522 million due in part to a decrease in lease liabilities.」
Short-term borrowings increased from ¥2,400 million to ¥4,200 million, and total liabilities also increased. - FY2025-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated accounting period increased by ¥906 million from the end of the previous consolidated fiscal year to ¥42,675 million. This was mainly because total current liabilities increased by ¥1,275 million due in part to an increase in short-term borrowings.」
Total liabilities increased to ¥42,675 million, and short-term borrowings increased from ¥2,400 million to ¥4,500 million. Financial exposure to increased borrowings and higher market interest rates expanded. - FY2024-Q3Update on liabilities and compositionAnnual report
「Total liabilities at the end of the third quarter increased by ¥1,749 million from the end of the previous consolidated fiscal year to ¥33,030 million. This was mainly because total current liabilities decreased by ¥1,020 million due in part to a decrease in short-term borrowings, while non-current liabilities increased by ¥2,770 million due in part to an increase in lease liabilities.」
While total liabilities increased, short-term borrowings decreased and non-current liabilities increased, mainly due to an increase in lease liabilities. - FY2024-Q2Update on changes in liability compositionAnnual report
「Total liabilities at the end of the second quarter increased by ¥658 million from the end of the previous consolidated fiscal year to ¥31,939 million. This was mainly because total current liabilities decreased by ¥141 million due in part to a decrease in short-term borrowings, while non-current liabilities increased by ¥800 million due in part to an increase in lease liabilities.」
While total liabilities increased, short-term borrowings decreased and non-current liabilities increased, mainly due to lease liabilities. - FY2024-Q1Update on changes in liability compositionAnnual report
「Total liabilities at the end of the first quarter increased by ¥156 million from the end of the previous consolidated fiscal year to ¥31,438 million. This was mainly because total current liabilities increased by ¥810 million due in part to an increase in accrued expenses included in other current liabilities, while non-current liabilities decreased by ¥654 million due in part to decreases in long-term borrowings and lease liabilities.」
While total liabilities increased modestly, long-term borrowings and lease liabilities decreased, resulting in a change in the liability composition. - FY2023WorsenedAnnual report
「Total liabilities at the end of the consolidated fiscal year increased by ¥3,414 million from the end of the previous consolidated fiscal year to ¥31,281 million. This was mainly because total current liabilities increased by ¥657 million due in part to an increase in short-term borrowings, while non-current liabilities increased by ¥2,756 million due in part to an increase in lease liabilities associated with new store openings and the issuance of bonds with share acquisition rights that include conversion rights.」
Total liabilities increased due to increases in short-term borrowings, bonds with share acquisition rights that include conversion rights, lease liabilities and other items, expanding financial exposure. - FY2023-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter increased by ¥3,104 million from the end of the previous consolidated fiscal year to ¥30,971 million. This was mainly because total current liabilities increased by ¥1,016 million due in part to an increase in short-term borrowings, while total non-current liabilities increased by ¥2,087 million due in part to an increase in lease liabilities.」
Total liabilities increased by ¥3,104 million from the end of the previous fiscal year, and financial exposure to increased borrowings and higher market interest rates expanded due to increases in short-term borrowings and lease liabilities. - FY2023-Q2Changes in liabilities and borrowing compositionAnnual report
「Total liabilities at the end of the second quarter increased by ¥1,305 million from the end of the previous consolidated fiscal year to ¥29,173 million. This was mainly because total current liabilities increased by ¥29 million as the increase in short-term borrowings more than offset the decrease in other current liabilities, while total non-current liabilities increased by ¥1,276 million due in part to an increase in lease liabilities.」
Total liabilities increased by ¥1,305 million from the end of the previous fiscal year to ¥29,173 million. The increase in short-term borrowings and lease liabilities changed the composition of financial exposure related to borrowings and higher interest rates. - FY2023-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter increased by ¥1,756 million from the end of the previous consolidated fiscal year to ¥29,623 million. This was mainly because total current liabilities increased by ¥851 million due in part to an increase in short-term borrowings, while total non-current liabilities increased by ¥905 million due in part to an increase in lease liabilities.」
Short-term borrowings increased from ¥1,850 million to ¥3,400 million, and total liabilities increased by ¥1,756 million from the end of the previous fiscal year due in part to an increase in lease liabilities. - FY2022MitigatedAnnual report
「Total liabilities at the end of the consolidated fiscal year decreased by ¥3,896 million from the end of the previous consolidated fiscal year to ¥27,867 million. This was mainly because total current liabilities decreased by ¥2,977 million due in part to a decrease in short-term borrowings, while non-current liabilities decreased by ¥919 million due in part to decreases in long-term borrowings and lease liabilities.」
Total liabilities decreased by ¥3,896 million from the end of the previous fiscal year due to decreases in short-term borrowings, long-term borrowings and lease liabilities. - FY2022-Q3MitigatedAnnual report
「Total liabilities at the end of the third quarter decreased by ¥1,782 million from the end of the previous consolidated fiscal year to ¥29,981 million. This was mainly because total current liabilities decreased by ¥1,029 million due in part to a decrease in short-term borrowings, while total non-current liabilities decreased by ¥752 million due in part to a decrease in lease liabilities.」
Total liabilities decreased by ¥1,782 million from the end of the previous fiscal year due to decreases in short-term borrowings, lease liabilities and other items. - FY2022-Q2Changes in borrowing composition and liabilitiesAnnual report
「Total liabilities at the end of the second quarter decreased by ¥867 million from the end of the previous consolidated fiscal year to ¥30,896 million. This was mainly because total current liabilities decreased by ¥854 million due in part to a ¥545 million decrease in short-term borrowings, while long-term borrowings increased by ¥421 million and lease liabilities decreased by ¥299 million, among other factors.」
While total liabilities decreased, short-term borrowings decreased alongside an increase in long-term borrowings, resulting in a change in the borrowing composition. - FY2022-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter increased by ¥737 million from the end of the previous consolidated fiscal year to ¥32,501 million. This was mainly because total current liabilities increased by ¥1,410 million due in part to an increase in short-term borrowings, while total non-current liabilities decreased by ¥672 million due in part to a decrease in long-term borrowings.」
Total liabilities increased by ¥737 million from the end of the previous fiscal year, mainly due to an increase in short-term borrowings, and financial exposure to increased borrowings and higher market interest rates expanded. - FY2021WorsenedAnnual report
「The balance of our borrowings at the end of the consolidated fiscal year totaled ¥12,970 million, comprising long-term and short-term borrowings. We expect to incur new borrowings due to funding needs arising from requests to suspend operations as the infectious disease continues to spread, facility upgrades at existing clubs and other factors. However, a significant increase in market interest rates due to changes in the economic environment or other factors could affect our performance.」
The balance of borrowings increased from ¥7,400 million at the end of the previous fiscal year to ¥12,970 million, and exposure to borrowing and higher interest rate risk associated with requests to suspend operations and facility upgrades expanded. - FY2021-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter increased by ¥8,812 million from the end of the previous consolidated fiscal year to ¥32,484 million. This was mainly because total current liabilities increased by ¥3,092 million due in part to an increase in short-term borrowings, while total non-current liabilities increased by ¥5,719 million due in part to increases in long-term borrowings and lease liabilities.」
Short-term borrowings, long-term borrowings and lease liabilities increased, and total liabilities increased by ¥8,812 million from the end of the previous fiscal year. Exposure to increased borrowings and higher market interest rates expanded. - FY2021-Q1WorsenedAnnual report
「Short-term borrowings 3,840,000 10,600,000; current portion of long-term borrowings 1,310,000 2,270,000; long-term borrowings 2,250,000 6,050,000」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased, expanding exposure to borrowing and higher market interest rate risk from the end of the previous fiscal year. - FY2020WorsenedAnnual report
「The balance of our borrowings at the end of the consolidated fiscal year totaled ¥7,400 million, comprising long-term and short-term borrowings. We expect to incur new borrowings to meet funding needs for future new store openings and facility upgrades at existing clubs, among other purposes. However, a significant increase in market interest rates due to changes in the economic environment or other factors could affect our performance.」
The balance of borrowings increased from ¥5,390 million at the end of the previous fiscal year to ¥7,400 million, and exposure expanded against a backdrop of funding needs for new store openings, facility upgrades and infectious disease measures. - FY2020-Q3MitigatedAnnual report
「Total liabilities at the end of the third quarter decreased by ¥66 million from the end of the previous consolidated fiscal year to ¥21,354 million. This was mainly because total current liabilities increased by ¥263 million as the increase in short-term borrowings more than offset the decrease in current maturities of long-term borrowings, while total non-current liabilities decreased by ¥330 million due to a decrease in lease liabilities.」
Short-term borrowings decreased from ¥2,200 million to ¥1,700 million from the previous quarterly report, and total liabilities also decreased. Although short-term borrowings continued to be higher than at the end of the previous fiscal year, borrowing and liability exposure during the quarter decreased from the previous quarter. - FY2020-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter increased by ¥440 million from the end of the previous consolidated fiscal year to ¥21,861 million. This was mainly because total current liabilities increased by ¥970 million as the increase in short-term borrowings more than offset the decrease in current maturities of long-term borrowings, while total non-current liabilities decreased by ¥529 million due to decreases in long-term borrowings and lease liabilities.」
Short-term borrowings increased from ¥600 million to ¥2,200 million, and total liabilities increased by ¥440 million even after taking into account the decrease in long-term borrowings and other items. Exposure to increased borrowings and higher interest rates expanded again. - FY2020-Q1WorsenedAnnual report
「Short-term borrowings 600,000 1,300,000」
Short-term borrowings increased from ¥600 million at the end of the previous fiscal year to ¥1,300 million. Long-term borrowings were unchanged, while total borrowings increased from ¥5,390 million to ¥6,090 million. - FY2019MitigatedAnnual report
「The balance of our borrowings at the end of the consolidated fiscal year totaled ¥5,390 million, comprising long-term and short-term borrowings.」
The balance of borrowings decreased from ¥6,110 million at the end of the previous fiscal year to ¥5,390 million. At the same time, the possibility of increased borrowings for new store openings and facility upgrades, as well as the risk of higher market interest rates, continues to be disclosed. - FY2019-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter increased by ¥684 million from the end of the previous consolidated fiscal year to ¥21,519 million. This was mainly because total current liabilities decreased by ¥387 million as decreases in income taxes payable and provision for bonuses more than offset the increase in short-term borrowings, while total non-current liabilities increased by ¥1,071 million due to an increase in lease liabilities associated with new store openings.」
Short-term borrowings increased from ¥600 million to ¥1,700 million, and lease liabilities increased from approximately ¥6,557 million to approximately ¥7,918 million, resulting in an increase in total liabilities. - FY2019-Q2MitigatedAnnual report
「Total liabilities at the end of the second quarter decreased by ¥855 million from the end of the previous consolidated fiscal year to ¥19,980 million. This was mainly because total current liabilities decreased by ¥93 million as decreases in income taxes payable and provision for bonuses more than offset the increase in short-term borrowings, while total non-current liabilities decreased by ¥761 million due to decreases in long-term borrowings and lease liabilities.」
While short-term borrowings increased, total liabilities decreased by ¥855 million due to decreases in long-term borrowings and lease liabilities. Overall exposure to increased borrowings and higher interest rates decreased. - FY2019-Q1WorsenedAnnual report
「Short-term borrowings 600,000 800,000」
Short-term borrowings increased from ¥600 million at the end of the previous fiscal year to ¥800 million. Long-term borrowings were unchanged from the end of the previous fiscal year. - FY2018MitigatedAnnual report
「The Company’s total borrowings, comprising long-term and short-term borrowings, amounted to ¥6,110 million at the end of the fiscal year.」
The balance of borrowings decreased from ¥9,280 million at the end of the previous fiscal year to ¥6,110 million, reducing exposure associated with higher borrowings and interest rates. - FY2018-Q3MitigatedAnnual report
「Total liabilities at the end of the third quarter of the current consolidated fiscal year decreased by ¥3,578 million from the end of the previous consolidated fiscal year to ¥20,700 million. This was mainly because total current liabilities decreased by ¥2,244 million due to decreases in short-term borrowings and income taxes payable, while total non-current liabilities decreased by ¥1,333 million due to a decrease in long-term borrowings.」
Total liabilities decreased by ¥3,578 million from the end of the previous fiscal year due to decreases in short-term and long-term borrowings, reducing exposure associated with increases in borrowings. - FY2018-Q2MitigatedAnnual report
「Total liabilities at the end of the second quarter of the current consolidated fiscal year decreased by ¥3,377 million from the end of the previous consolidated fiscal year to ¥20,900 million. This was mainly because total current liabilities decreased by ¥2,125 million due to decreases in short-term borrowings and income taxes payable, while total non-current liabilities decreased by ¥1,252 million due to a decrease in long-term borrowings.」
Short-term borrowings decreased from ¥1,800 million to ¥600 million, while total long-term borrowings decreased from ¥7,480 million to ¥6,270 million, reducing total liabilities. - FY2018-Q1MitigatedAnnual report
「This was mainly because total current liabilities decreased by ¥287 million as a result of decreases in income taxes payable, short-term borrowings and provision for bonuses, despite an increase in accrued expenses, while total non-current liabilities decreased by ¥78 million due to a decrease in lease liabilities.」
Short-term borrowings and lease liabilities decreased, reducing the liabilities exposure associated with borrowing and higher interest rates from the end of the previous fiscal year. - FY2017WorsenedAnnual report
「The Company’s total borrowings, comprising long-term and short-term borrowings, amounted to ¥9,280 million at the end of the fiscal year. Borrowings may increase to meet funding needs for opening new clubs and upgrading facilities at existing clubs.」
Borrowings increased from ¥9,075 million in the previous fiscal year to ¥9,280 million, and the possibility of additional borrowing for new openings and facility upgrades was reiterated. - FY2016First statedAnnual report
「The Company’s total borrowings, comprising long-term and short-term borrowings, amounted to ¥9,075 million at the end of the fiscal year. Borrowings may increase to meet funding needs for opening new clubs and upgrading facilities at existing clubs. In that event, a substantial rise in market interest rates due to changes in the economic environment affecting financial markets could affect the Company’s results of operations.」
The disclosure describes the Company’s reliance on borrowings to fund new openings and facility upgrades, as well as the impact of higher interest rates on results of operations.