Dependence on Interest-Bearing Debt and Rising Interest Rates
First written in FY2016. 24 of 30 entries say "Worsened", first in FY2020. Latest entry: 2026-08-06.
2nd RETAILING moved to the "Worse" side of this theme in 2020, 1 year before 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".
- FY2026WorsenedAnnual report
「In addition, at the end of the current consolidated fiscal year, current maturities of long-term borrowings were ¥13,421 million, long-term borrowings were ¥93,053 million and bonds were ¥12,175 million, for a total of ¥118,650 million.」
Interest-bearing debt and other obligations increased from ¥94,500 million at the end of the previous fiscal year to ¥118,650 million, expanding exposure associated with reliance on borrowings and bonds. - FY2026-H1WorsenedAnnual report
「Non-current liabilities were ¥133,722 million, an increase of ¥17,987 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥15,706 million in long-term borrowings and ¥2,203 million in lease liabilities.」
Long-term borrowings increased by ¥15,706 million from the end of the previous consolidated fiscal year, while current maturities also increased from ¥10,849 million to ¥12,143 million. Exposure associated with reliance on interest-bearing debt is expanding. - FY2025WorsenedAnnual report
「In addition, at the end of the current consolidated fiscal year, current maturities of long-term borrowings were ¥10,849 million, long-term borrowings were ¥71,475 million and bonds were ¥12,175 million, for a total of ¥94,500 million.」
Interest-bearing debt and other obligations totaled ¥94,500 million, up from ¥81,662 million at the end of the previous fiscal year. Exposure associated with reliance on borrowings and bonds is expanding. - FY2025-H1WorsenedAnnual report
「Non-current liabilities were ¥114,840 million, an increase of ¥18,553 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥11,000 million in long-term borrowings and ¥5,500 million in bonds.」
Long-term borrowings and bonds increased by ¥11,000 million and ¥5,500 million, respectively, expanding non-current liabilities and exposure to interest-bearing debt. - FY2024WorsenedAnnual report
「At the end of the current consolidated fiscal year, short-term borrowings were ¥2,000 million, current maturities of long-term borrowings were ¥8,737 million, long-term borrowings were ¥64,325 million and bonds were ¥6,600 million, for a total of ¥81,662 million.」
Total funding, including short- and long-term borrowings and bonds, was ¥81,662 million, expanding exposure to interest-bearing debt. The disclosure also describes diversification of funding methods, including bond issuance. - FY2024-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter of the current consolidated fiscal year were ¥51,564 million, an increase of ¥2,338 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥1,416 million in short-term borrowings and ¥956 million in current maturities of long-term borrowings. Non-current liabilities were ¥88,861 million, an increase of ¥13,495 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥11,668 million in long-term borrowings.」
Short-term borrowings, current maturities of long-term borrowings and long-term borrowings all increased from the end of the previous consolidated fiscal year, further expanding exposure to interest-bearing debt. - FY2024-Q2WorsenedAnnual report
「Fixed liabilities totaled ¥86,500 million, an increase of ¥11,134 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥9,075 million in long-term borrowings and ¥1,933 million in long-term lease liabilities included in other fixed liabilities.」
While short-term borrowings decreased by ¥6,000 million, long-term borrowings increased by ¥9,075 million, and borrowings including the current portion increased from the end of the previous fiscal year. Exposure associated with dependence on interest-bearing debt has increased. - FY2024-Q1WorsenedAnnual report
「Although trade accounts payable increased by ¥3,519 million, this was mainly due to a decrease of ¥6,000 million in short-term borrowings. Fixed liabilities totaled ¥83,932 million, an increase of ¥8,566 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥7,737 million in long-term borrowings.」
Short-term borrowings decreased by ¥6,000 million to zero, while long-term borrowings increased by ¥7,737 million. Total borrowings, including the current portion, increased from the end of the previous fiscal year. Exposure to interest-bearing debt has increased. - FY2023-Q3WorsenedAnnual report
「At the end of the third quarter of the consolidated fiscal year, current liabilities totaled ¥54,375 million, an increase of ¥18,318 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥5,383 million in trade accounts payable, ¥8,000 million in short-term borrowings, ¥1,537 million in the current portion of long-term borrowings and ¥1,136 million in accrued income taxes. Fixed liabilities totaled ¥65,265 million, an increase of ¥4,141 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥3,931 million in long-term borrowings.」
Short-term borrowings were ¥8,000 million, the current portion of long-term borrowings was ¥7,431 million and long-term borrowings were ¥55,981 million, further increasing exposure to interest-bearing debt from the end of the previous consolidated fiscal year. - FY2023-Q2WorsenedAnnual report
「At the end of the second quarter of the consolidated fiscal year, current liabilities totaled ¥39,723 million, an increase of ¥3,666 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥3,049 million in trade accounts payable and ¥500 million in the current portion of long-term borrowings. Fixed liabilities totaled ¥67,752 million, an increase of ¥6,628 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥6,462 million in long-term borrowings.」
The current portion of long-term borrowings increased by ¥500 million and long-term borrowings increased by ¥6,462 million, increasing exposure to interest-bearing debt from the end of the previous consolidated fiscal year. - FY2023-Q1WorsenedAnnual report
「This was mainly due to an increase of ¥6,000 million in short-term borrowings, while trade accounts payable decreased by ¥1,673 million and other current liabilities decreased by ¥2,772 million. Fixed liabilities totaled ¥59,703 million, a decrease of ¥1,421 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,478 million in long-term borrowings.」
Short-term borrowings newly arose in the amount of ¥6,000 million, while long-term borrowings decreased. Total interest-bearing debt increased from ¥57,943 million at the end of the previous fiscal year to ¥62,474 million, increasing borrowing exposure. - FY2022WorsenedAnnual report
「At the end of the consolidated fiscal year, the current portion of long-term borrowings was ¥5,893 million, long-term borrowings were ¥52,050 million, and the total was ¥57,943 million.」
Interest-bearing debt increased from the previous consolidated fiscal year's total of ¥50,956 million to ¥57,943 million, increasing exposure associated with dependence on borrowings. - FY2022-Q3WorsenedAnnual report
「Although other current liabilities decreased by ¥6,249 million, this was due to increases of ¥7,000 million in short-term borrowings and ¥1,525 million in the current portion of long-term borrowings. Fixed liabilities totaled ¥56,974 million, an increase of ¥1,256 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,612 million in long-term borrowings.」
Short-term borrowings were ¥7,000 million, the current portion of long-term borrowings was ¥6,537 million and long-term borrowings were ¥47,556 million, increasing borrowing exposure from the end of the previous consolidated fiscal year. - FY2022-Q2WorsenedAnnual report
「Current portion of long-term borrowings 5,012 5,637 Long-term borrowings 45,943 49,806」
Compared with the end of the previous consolidated fiscal year, the current portion of long-term borrowings increased from ¥5,012 million to ¥5,637 million and long-term borrowings increased from ¥45,943 million to ¥49,806 million, increasing exposure to interest-bearing debt. - FY2022-Q1WorsenedAnnual report
「Short-term borrowings － 4,000 Current portion of long-term borrowings 5,012 5,325 Long-term borrowings 45,943 44,475」
Short-term borrowings newly arose in the amount of ¥4,000 million, and the current portion of long-term borrowings also increased. Although long-term borrowings decreased, total borrowings increased from the end of the previous fiscal year. - FY2021WorsenedAnnual report
「At the end of the consolidated fiscal year, current portion of long-term borrowings was ¥5,012 million, long-term borrowings were ¥45,943 million, and the total was ¥50,956 million.」
Total interest-bearing debt increased from ¥29,693 million in the previous consolidated fiscal year to ¥50,956 million, increasing exposure associated with dependence on borrowings. - FY2021-Q3WorsenedAnnual report
「This was due mainly to an increase of ¥7,000 million in short-term borrowings, while trade accounts payable decreased by ¥3,479 million, accrued income taxes decreased by ¥1,155 million and the current portion of long-term borrowings increased by ¥950 million. Fixed liabilities totaled ¥54,036 million, an increase of ¥18,583 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥18,337 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings increased, with long-term borrowings up ¥18,337 million from the end of the previous consolidated fiscal year. Exposure to interest-bearing debt has increased further. - FY2021-Q2WorsenedAnnual report
「This was mainly due to increases of ¥6,000 million in short-term borrowings, ¥779 million in accrued income taxes and ¥612 million in the current portion of long-term borrowings. Fixed liabilities totaled ¥44,015 million, an increase of ¥8,562 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥8,700 million in long-term borrowings.」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings increased compared with the end of the previous consolidated fiscal year, and total liabilities increased by ¥17,890 million. Exposure to interest-bearing debt has increased. - FY2021-Q1WorsenedAnnual report
「Short-term borrowings 5,000 11,000 Current portion of long-term borrowings 3,737 4,050 Long-term borrowings 25,956 28,800」
Compared with the end of the previous consolidated fiscal year, short-term borrowings increased from ¥5,000 million to ¥11,000 million and long-term borrowings increased from ¥25,956 million to ¥28,800 million. Exposure to interest-bearing debt has increased further. - FY2020WorsenedAnnual report
「At the end of the consolidated fiscal year, current portion of long-term borrowings was ¥3,737 million, long-term borrowings were ¥25,956 million, and the total was ¥29,693 million.」
Total long-term borrowings and related debt was ¥29,693 million, up from ¥25,396 million at the end of the previous consolidated fiscal year. - FY2020-Q1RestatedAnnual report
「No new business or other risks arose during the first quarter of the current consolidated cumulative period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company discloses that there have been no material changes to the risks related to dependence on interest-bearing debt and rising interest rates. - FY2019RestatedAnnual report
「Although the group is continuously working to reduce its interest-bearing debt, if market interest rates rise more than expected due to changes in financial conditions or other factors, the group's operating results and financial position could be affected.」
The company continues to disclose its policy of reducing interest-bearing debt and the potential impact of rising market interest rates. - FY2019-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter under review. In addition, there have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company discloses that there have been no material changes to the risks related to dependence on interest-bearing debt and rising interest rates. - FY2019-Q2RestatedAnnual report
「There have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company discloses that there have been no material changes to the risks related to interest-bearing debt and rising interest rates. - FY2017RestatedAnnual report
「Although the group is continuously working to reduce its interest-bearing debt, if market interest rates rise more than expected due to changes in financial conditions or other factors, the group's operating results and financial position could be affected.」
The company continues to disclose its dependence on borrowings and the risk of rising interest rates. The financial statement notes also specify the use of interest-rate swaps to manage the risk of interest-rate fluctuations on borrowings. - FY2016First statedAnnual report
「The group has primarily raised most of its funds through borrowings from financial institutions and therefore has a high ratio of interest-bearing debt to total assets. Although the group is continuously working to reduce its interest-bearing debt, if market interest rates rise more than expected due to changes in financial conditions or other factors, the group's operating results and financial position could be affected.」
The company describes its high dependence on borrowings and the potential impact of rising market interest rates on operating results and financial position.