Financial Impact of Interest-Bearing Debt and Interest-Rate Movements
First written in FY2016. 22 of 34 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-07-13.
Merf moved to the "Worse" side of this theme in 2017, 6 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
40 other companies' latest entry also says "Worsened".
- 2026-07-13WorsenedRevision of earnings forecasts
「This was mainly due to increases of ¥981 million in trade payables, ¥4.458 billion in interest-bearing debt and ¥1.197 billion in income taxes payable, partly offset by a decrease of ¥235 million in other current liabilities.」
Interest-bearing debt increased by ¥4.458 billion from the end of the previous consolidated fiscal year, further expanding debt exposure. - FY2026-H1WorsenedAnnual report
「Current liabilities at the end of the interim consolidated accounting period were ¥13,920 million, up ¥1,591 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥119 million in trade payables, ¥461 million in short-term borrowings and ¥875 million in current income taxes payable. Non-current liabilities were ¥5,081 million, up ¥922 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥692 million in long-term borrowings and ¥234 million in deferred tax liabilities.」
Short-term borrowings increased by ¥461 million and long-term borrowings by ¥692 million, increasing both current and non-current liabilities. Interest-bearing debt exposure expanded during the interim period. - FY2025WorsenedAnnual report
「At the end of the fiscal year ended August 2025, the Group's interest-bearing debt was ¥13,176 million, equivalent to 51.3% of total assets.」
Interest-bearing debt increased from ¥12,788 million at the end of the previous fiscal year to ¥13,176 million, while the ratio to total assets rose from 47.6% to 51.3%. - FY2025-H1WorsenedAnnual report
「This was mainly because trade payables decreased by ¥1,377 million, current income taxes payable by ¥405 million and the current portion of long-term borrowings by ¥268 million, while short-term borrowings increased by ¥2,900 million.」
Short-term borrowings increased by ¥2,900 million, increasing current liabilities and total liabilities. Interest-bearing debt exposure expanded during the interim period. - FY2024Liabilities balance up, but ratio to total assets downAnnual report
「At the end of the fiscal year ended August 2024, the Group's interest-bearing debt was ¥12,788 million, equivalent to 47.6% of total assets.」
Interest-bearing debt increased from ¥12,678 million in the previous fiscal year to ¥12,788 million, while its ratio to total assets decreased from 50.6% to 47.6%. - FY2024-Q3WorsenedAnnual report
「This was mainly because trade payables increased by ¥1,765 million, short-term borrowings by ¥2,200 million and current income taxes payable by ¥584 million.」
Short-term borrowings increased by ¥2,200 million from the end of the previous consolidated fiscal year, and current liabilities also increased by ¥4,481 million, with interest-bearing debt exposure expanding again. - FY2024-Q2MitigatedAnnual report
「Current liabilities at the end of the second quarter were ¥11,760 million, down ¥2,013 million from the end of the previous consolidated fiscal year. This was mainly because short-term borrowings decreased by ¥1,909 million and trade payables by ¥234 million, while current income taxes payable increased by ¥166 million. Non-current liabilities were ¥1,848 million, down ¥348 million from the end of the previous consolidated fiscal year.」
Short-term borrowings decreased by ¥1,909 million and non-current liabilities by ¥348 million, reducing interest-bearing debt exposure from the end of the previous consolidated fiscal year. - FY2024-Q1Short-term borrowings flat; long-term borrowings upAnnual report
「Short-term borrowings 9,500,000 9,500,000 Long-term borrowings 2,070,636 2,102,418」
Short-term borrowings were unchanged from the end of the previous consolidated fiscal year, while long-term borrowings increased from ¥2,070.636 million to ¥2,102.418 million. - FY2023MitigatedAnnual report
「At the end of the fiscal year ended August 2023, the Group's interest-bearing debt was ¥12,678 million, equivalent to 50.6% of total assets.」
Interest-bearing debt decreased from ¥13,627 million at the end of the previous fiscal year to ¥12,678 million, while the ratio to total assets fell from 53.0% to 50.6%. - FY2023-Q3MitigatedAnnual report
「Current liabilities at the end of the third quarter were ¥13,814 million, down ¥147 million from the end of the previous consolidated fiscal year. This was mainly because trade payables increased by ¥759 million, while short-term borrowings decreased by ¥729 million and other current liabilities by ¥146 million. Non-current liabilities were ¥2,392 million, down ¥151 million from the end of the previous consolidated fiscal year.」
Short-term borrowings decreased by ¥729 million and non-current liabilities by ¥151 million, reducing interest-bearing debt exposure from the end of the previous consolidated fiscal year. - FY2023-Q2MitigatedAnnual report
「This was mainly because repayments of long-term borrowings exceeded new borrowings by ¥228 million on a net basis, and ¥142 million in dividends was paid.」
Repayments of long-term borrowings exceeded new borrowings, resulting in net cash outflows of ¥228 million. Interest-bearing debt exposure contracted slightly from the end of the previous fiscal year. - FY2023-Q1WorsenedAnnual report
「This was mainly due to a ¥990 million increase in short-term borrowings.」
Short-term borrowings increased by ¥990 million from the end of the previous consolidated fiscal year, expanding interest-bearing debt exposure. - FY2022WorsenedAnnual report
「At the end of the fiscal year ended August 2022, the Group's interest-bearing debt was ¥13,627 million, equivalent to 53.0% of total assets.」
Interest-bearing debt increased from ¥11,482 million at the end of the previous fiscal year to ¥13,627 million, while the ratio to total assets rose from 48.6% to 53.0%, increasing the financial burden. - FY2022-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter were ¥16,954 million, up ¥4,504 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥4,546 million increase in short-term borrowings.」
Short-term borrowings increased by ¥4,546 million from the end of the previous consolidated fiscal year, and current liabilities also increased by ¥4,504 million, further expanding interest-bearing debt exposure. - FY2022-Q2WorsenedAnnual report
「Current liabilities at the end of the second quarter were ¥12,976 million, up ¥525 million from the end of the previous consolidated fiscal year. This was mainly because trade payables increased by ¥235 million and short-term borrowings by ¥945 million, while current income taxes payable decreased by ¥556 million.」
Short-term borrowings increased by ¥945 million, and current liabilities also increased by ¥525 million from the end of the previous consolidated fiscal year, expanding interest-bearing debt exposure. - FY2022-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter were ¥13,566 million, up ¥1,115 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥576 million in trade payables and ¥1,030 million in short-term borrowings, partly offset by a ¥605 million decrease in current income taxes payable. Non-current liabilities were ¥2,622 million, up ¥113 million from the end of the previous consolidated fiscal year.」
Short-term borrowings increased by ¥1,030 million and non-current liabilities by ¥113 million, expanding interest-bearing debt exposure from the end of the previous fiscal year. - FY2021WorsenedAnnual report
「At the end of the fiscal year ended August 2021, the Group's interest-bearing debt was ¥11,482 million, equivalent to 48.6% of total assets.」
Interest-bearing debt increased from ¥7,403 million at the end of the previous fiscal year to ¥11,482 million, while the ratio to total assets rose from 44.2% to 48.6%. - FY2021-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter were ¥12,084 million, up ¥4,941 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥1,077 million in trade payables and ¥3,035 million in short-term borrowings.」
Short-term borrowings increased by ¥3,035 million, and current liabilities also increased by ¥4,941 million from the end of the previous consolidated fiscal year, further expanding interest-bearing debt exposure. - FY2021-Q2WorsenedAnnual report
「Current liabilities at the end of the second quarter were ¥10,004 million, up ¥2,860 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥1,359 million in trade payables and ¥907 million in short-term borrowings.」
Short-term borrowings increased by ¥907 million, and current liabilities also increased by ¥2,860 million from the end of the previous fiscal year, with interest-bearing debt exposure expanding again. - FY2021-Q1WorsenedAnnual report
「Non-current liabilities were ¥2,393 million, up ¥347 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥350 million increase in long-term borrowings.」
Non-current liabilities increased by ¥347 million from the end of the previous fiscal year due to an increase in long-term borrowings, with interest-bearing debt exposure expanding again. - FY2020MitigatedAnnual report
「At the end of the fiscal year ended August 2020, the Group's interest-bearing debt was ¥7,403 million, equivalent to 44.2% of total assets.」
Interest-bearing debt decreased from approximately ¥8,519 million at the end of the previous fiscal year to ¥7,403 million, reducing the financial burden. - FY2020-Q3MitigatedAnnual report
「Current liabilities at the end of the third quarter were ¥6,898 million, down ¥1,590 million from the end of the previous consolidated fiscal year. This was mainly due to an ¥1,840 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥1,840 million, and current liabilities also decreased by ¥1,590 million. Interest-bearing debt exposure contracted from the end of the previous consolidated fiscal year. - FY2020-Q2MitigatedAnnual report
「Current liabilities at the end of the second quarter were ¥7,716 million, down ¥772 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥723 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥723 million, and current liabilities also decreased by ¥772 million. Interest-bearing debt exposure contracted from the end of the previous consolidated fiscal year. - FY2020-Q1MitigatedAnnual report
「Current liabilities at the end of the first quarter were ¥6,593 million, down ¥1,895 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥1,722 million decrease in short-term borrowings. Non-current liabilities were ¥2,139 million, up ¥136 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥135 million increase in long-term borrowings.」
Short-term borrowings decreased by ¥1,722 million and long-term borrowings increased by ¥135 million, but current liabilities and total liabilities both decreased from the end of the previous consolidated fiscal year, reducing interest-bearing debt exposure. - FY2019-Q3WorsenedAnnual report
「Current liabilities at the end of the third quarter were ¥8,420 million, up ¥703 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥684 million increase in short-term borrowings.」
Current liabilities increased from the end of the previous consolidated fiscal year, primarily due to a ¥684 million increase in short-term borrowings. - FY2019-Q2WorsenedAnnual report
「This was mainly due to increases of ¥698 million in short-term borrowings and ¥76 million in trade payables.」
The ¥698 million increase in short-term borrowings was identified as the primary factor behind the increase in current liabilities at the end of the second quarter, with interest-bearing debt exposure expanding again. - FY2019-Q1MitigatedAnnual report
「Current liabilities were ¥7,252 million, down ¥465 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥478 million decrease in short-term borrowings. Non-current liabilities were ¥2,514 million, up ¥142 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥147 million increase in long-term borrowings.」
The decrease in short-term borrowings exceeded the increase in long-term borrowings, reducing total liabilities from the end of the previous consolidated fiscal year. - FY2018WorsenedAnnual report
「At the end of the fiscal year ended August 2018, the Group's interest-bearing debt was ¥7,968 million, equivalent to 44.1% of total assets.」
Interest-bearing debt was ¥7,968 million, or 44.1% of total assets, up in both balance and ratio from ¥6,296 million and 43.8%, respectively, in FY2016. - FY2018-Q3WorsenedAnnual report
「Short-term borrowings 3,819,830 4,578,300 Current portion of long-term borrowings 1,103,701 1,058,576 Long-term borrowings 1,978,952 1,980,274」
From the end of the previous consolidated fiscal year through the end of the third quarter, short-term borrowings increased from ¥3,819.830 million to ¥4,578.300 million, expanding total borrowing exposure. - FY2018-Q2WorsenedAnnual report
「Short-term borrowings 3,819,830 4,066,330 Current portion of long-term borrowings 1,103,701 1,053,503 Long-term borrowings 1,978,952 1,909,860」
Short-term borrowings increased from the end of the previous consolidated fiscal year, as did total borrowings. The expansion of interest-bearing debt exposure continues. - FY2018-Q1WorsenedAnnual report
「Short-term borrowings 3,819,830 5,238,575 Current portion of long-term borrowings 1,103,701 1,128,402 Long-term borrowings 1,978,952 2,139,456」
From the end of the previous consolidated fiscal year through the end of the first quarter, short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased, further expanding interest-bearing debt exposure. - FY2017-Q3WorsenedAnnual report
「Short-term borrowings 3,840,685 4,222,263 Current portion of long-term borrowings 888,680 1,033,600 Long-term borrowings 1,567,253 1,748,548」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased from the end of the previous consolidated fiscal year, further expanding interest-bearing debt exposure. - FY2017-Q2WorsenedAnnual report
「Cash provided by financing activities during the six-month period ended the second quarter was ¥1,214 million. This was mainly attributable to a net increase of ¥1,250 million in short-term borrowings and ¥500 million in proceeds from long-term borrowings, partially offset by ¥499 million in repayments of long-term borrowings and ¥36 million in dividend payments.」
The company raised funds through financing activities, including a net increase of ¥1,250 million in short-term borrowings, indicating increased interest-bearing debt exposure. - FY2016First statedAnnual report
「At the end of the fiscal year ended August 2016, the Group had interest-bearing debt of ¥6,296 million, equivalent to 43.8% of total assets. Although the Group is working to improve its financial position, future interest-rate trends may affect its results and financial position.」
The disclosure presents the balance of interest-bearing debt and its ratio to total assets, and notes the potential impact of future interest-rate trends.