Interest-bearing debt, rising interest rates and funding risk
First written in FY2022. 13 of 17 entries say "Worsened", first in FY2023-Q1. Latest entry: FY2026.
Yamaichi Real Estate moved to the "Worse" side of this theme in 2023, 2 years after the typical company in this theme (2021).
The whole theme swung hardest in 2017: 26 of 105 companies on the "Worse" side.
81 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Total liabilities at the end of the current consolidated fiscal year increased by ¥11,259,277 thousand from the previous consolidated fiscal year-end to ¥48,312,328 thousand. The main factor was a ¥10,093,018 thousand increase in borrowings.」
Borrowings increased by more than ¥10 billion, and total borrowings and similar liabilities expanded from ¥30,882,486 thousand at the previous fiscal year-end to ¥40,972,004 thousand, increasing exposure to interest-rate and funding risks. - FY2026-H1WorsenedAnnual report
「Total liabilities at the end of the current interim consolidated accounting period increased by ¥6,220,421 thousand from the previous consolidated fiscal year-end to ¥43,273,472 thousand. The main factor was a ¥5,894,660 thousand increase in short-term borrowings, partly offset by a ¥280,717 thousand decrease in income taxes payable.」
Total liabilities increased, and the approximately ¥5.89 billion increase in short-term borrowings expanded funding exposure. After the period-end, the Company also entered into a ¥4.224 billion committed syndicated loan agreement to fund acquisitions of development real estate for sale and other purposes. - FY2025WorsenedAnnual report
「Interest-bearing debt represented 63.3% of the Group’s consolidated total assets at the end of the current consolidated fiscal year, compared with 59.9% in the previous fiscal year.」
The interest-bearing debt ratio rose from 59.9% to 63.3%, indicating greater reliance on borrowings. - FY2025-H1WorsenedAnnual report
「At a meeting of the Board of Directors held on 11 October 2024, the Company resolved to borrow funds arranged and agented by Sumitomo Mitsui Banking Corporation and implemented the borrowing as follows.」
Long-term borrowings at the interim period-end increased by ¥1,839,221 thousand and short-term borrowings by ¥545,179 thousand from the previous year-end. The Company also borrowed a total of ¥6.19 billion with a 28-month repayment period to fund acquisitions of real estate for sale in Asaka and other purposes, increasing funding exposure. - FY2024-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter increased by ¥5,887,098 thousand from the previous consolidated fiscal year-end to ¥36,332,389 thousand. The main factors were a ¥1,897,909 thousand decrease in long-term borrowings, offset by increases of ¥4,288,772 thousand in short-term borrowings and ¥3,197,337 thousand in current portions of long-term borrowings.」
Total liabilities increased by ¥5,887,098 thousand, with short-term borrowings and current portions of long-term borrowings rising further and expanding funding exposure. - FY2024-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter increased by ¥4,744,944 thousand from the previous consolidated fiscal year-end to ¥35,190,234 thousand. The main factors were a ¥556,478 thousand decrease in notes and accounts payable and a ¥2,530,544 thousand decrease in long-term borrowings, offset by increases of ¥4,835,306 thousand in short-term borrowings and ¥2,891,039 thousand in current portions of long-term borrowings.」
Total liabilities increased by ¥4,744,944 thousand, and higher short-term borrowings and current portions of long-term borrowings expanded funding exposure. - FY2024-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter increased by ¥248,953 thousand from the previous consolidated fiscal year-end to ¥30,801,069 thousand. The main factors were a ¥488,852 thousand increase in borrowings and a ¥326,025 thousand decrease in notes and accounts payable.」
Borrowings at June 2023 increased by ¥488,852 thousand from the previous fiscal year-end, indicating greater funding exposure through borrowings. - FY2023WorsenedAnnual report
「Interest-bearing debt represented 61.0% of the Group’s consolidated total assets at the end of the current consolidated fiscal year, compared with 58.4% in the previous fiscal year.」
The interest-bearing debt ratio rose from 58.4% to 61.0%, indicating greater reliance on borrowings. - FY2023-Q3MitigatedAnnual report
「Total liabilities at the end of the third quarter decreased by ¥2,882,537 thousand from the end of the previous consolidated fiscal year to ¥26,912,408 thousand. The main factors were decreases of ¥436,648 thousand in borrowings, ¥1,678,250 thousand in notes and accounts payable, and ¥667,330 thousand in income taxes payable.」
Borrowings declined by ¥436,648 thousand from the previous fiscal year-end, reducing total borrowing exposure, although long-term borrowings increased and the debt composition changed. - FY2023-Q2Shift toward long-term borrowingsAnnual report
「Short-term borrowings and current portions of long-term borrowings decreased by ¥2,247,434 thousand, and income taxes payable decreased by ¥551,658 thousand, while long-term borrowings increased by ¥2,624,615 thousand.」
Long-term borrowings increased while short-term borrowings and related items declined, changing the composition of debt. - FY2023-Q1WorsenedAnnual report
「This resulted from borrowings increasing by ¥1,551,019 thousand while notes and accounts payable decreased by ¥1,433,774 thousand.」
Borrowings increased by ¥1,551,019 thousand from the end of the previous consolidated fiscal year, indicating greater funding exposure through interest-bearing debt. - FY2022First statedAnnual report
「Interest-bearing debt represented 58.4% of the Group’s consolidated total assets at the end of the current consolidated accounting period.」
The Group mainly funds real estate acquisitions through borrowings from financial institutions and identifies sharp interest-rate increases and difficulty obtaining financing as risks.