High reliance on interest-bearing debt and refinancing, interest-rate and financial-covenant risks
First written in FY2022. 10 of 12 entries say "Worsened", first in FY2023. Latest entry: 2026-08-12.
Premium Water Holdings moved to the "Worse" side of this theme in 2024, 3 years after the typical company in this theme (2021).
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Worsened".
- 2026-08-12WorsenedEarnings
「Interest-bearing debt 25,410 24,365 Interest-bearing debt 52,376 54,844」
Total current and non-current interest-bearing debt increased from ¥77,786 million at the end of the previous consolidated fiscal year to ¥79,209 million at the end of the first quarter. - FY2026WorsenedAnnual report
「The Group's interest-bearing debt, including lease liabilities, totaled ¥77,786 million as of the end of the fiscal year ended March 2026, and its interest-bearing debt reliance ratio was 57.5%.」
Interest-bearing debt increased from ¥67,770 million in the previous fiscal year to ¥77,786 million. Although the reliance ratio declined from 60.5% to 57.5%, absolute debt exposure relating to refinancing, rising interest rates and financial covenants increased. - FY2026-H1WorsenedAnnual report
「(Liabilities) Liabilities increased by ¥7,906 million from the end of the previous consolidated fiscal year to ¥94,910 million. This was mainly due to an increase in interest-bearing debt.」
Total current and non-current interest-bearing debt increased from ¥67,770 million at the end of the previous fiscal year to ¥74,701 million, increasing debt exposure relating to refinancing and rising interest rates. - FY2025WorsenedAnnual report
「The Group's interest-bearing debt, including lease liabilities, totaled ¥67,770 million as of the end of the fiscal year ended March 2025, and its interest-bearing debt reliance ratio was 60.5%.」
Interest-bearing debt increased from ¥59,494 million in the previous fiscal year to ¥67,770 million. The reliance ratio rose from 59.8% to 60.5%, and exposure relating to refinancing, rising interest rates and financial covenants increased. - FY2025-H1WorsenedAnnual report
「Interest-bearing debt 11,458 12,026 48,036 48,211」
Total current and non-current interest-bearing debt increased from ¥59,494 million at 31 March 2024 to ¥60,237 million at 30 September 2024. Absolute debt exposure relating to refinancing and rising interest rates increased. - FY2024WorsenedAnnual report
「The Group's interest-bearing debt, including lease liabilities, totaled ¥59,494 million as of the end of the fiscal year ended March 2024, and its interest-bearing debt reliance ratio was 59.8%. Accordingly, if refinancing becomes difficult due to turmoil in financial markets, an economic downturn or changes in financial institutions' lending policies, or if interest expense rises sharply due to a rapid increase in market interest rates or other factors, the Group's business results and financial position could be affected.」
Interest-bearing debt increased from ¥53,573 million in the previous fiscal year to ¥59,494 million. Although the reliance ratio declined from 61.7% to 59.8%, absolute debt exposure relating to refinancing, rising interest rates and financial covenants increased. - FY2024-Q3WorsenedAnnual report
「Liabilities increased by ¥5,072 million from the end of the previous consolidated fiscal year to ¥72,305 million. This was mainly due to increases in operating liabilities and other liabilities and in non-current interest-bearing debt.」
Total current and non-current interest-bearing debt increased by ¥2,087 million from ¥53,572 million at the end of the previous fiscal year to ¥55,659 million. Following the previously observed decline in the balance, the absolute amount of interest-bearing debt increased again in the third quarter of the current fiscal year. - FY2024-Q2MitigatedAnnual report
「Interest-bearing debt 14,296 10,356 39,276 40,662」
Total current and non-current interest-bearing debt declined from ¥53,572 million at the end of the previous fiscal year to ¥51,018 million. Following the high reliance on interest-bearing debt disclosed through the previous year, the balance has contracted due in part to bond redemptions. - FY2023WorsenedAnnual report
「The Group's interest-bearing debt, including lease liabilities, totaled ¥53,573 million as of the end of the fiscal year ended March 2023, and its interest-bearing debt reliance ratio was 61.7%. Accordingly, if refinancing becomes difficult due to turmoil in financial markets, an economic downturn or changes in financial institutions' lending policies, or if interest expense rises sharply due to a rapid increase in market interest rates or other factors, the Group's business results and financial position could be affected.」
Interest-bearing debt increased from ¥46,231 million in the previous fiscal year to ¥53,573 million. While the reliance ratio declined from 63.3% to 61.7%, absolute debt exposure relating to refinancing, rising interest rates and financial covenants increased. - FY2022First statedAnnual report
「The Group’s interest-bearing debt, including lease obligations, totaled ¥46,231 million at the end of the fiscal year ended March 2022, and its interest-bearing debt ratio was 63.3%. Accordingly, if refinancing becomes difficult because of turmoil in financial markets, an economic downturn or changes in the lending stance of financial institutions, or if interest expense rises sharply because of a rapid increase in market interest rates, the Group’s results and financial condition could be affected. Some borrowings are also subject to financial covenants.」
Against the backdrop of ¥46,231 million of interest-bearing debt and a 63.3% interest-bearing debt ratio, the Company disclosed refinancing, rising-interest-rate and financial-covenant risks, including potential loss of the benefit of time and cash-flow effects.