High Reliance on Borrowings and Rising Borrowing Rates
First written in FY2016. 11 of 24 entries say "Worsened", first in FY2023-Q3. Latest entry: 2026-08-06.
J-Max 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 2020: 63 of 142 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- 2026-08-06MitigatedEarnings
「Total liabilities were ¥39,257 million, a decrease of ¥1,900 million from the end of the previous consolidated fiscal year. This was mainly attributable to a decrease of ¥1,402 million in notes and accounts payable, an increase of ¥210 million in income taxes payable, and a decrease of ¥624 million in long-term borrowings, among other factors.」
Total liabilities and long-term borrowings declined from the end of the previous consolidated fiscal year, temporarily reducing borrowing and liability exposure. - FY2026WorsenedAnnual report
「Total liabilities were ¥41,158 million, an increase of ¥5,043 million from the end of the previous consolidated fiscal year. This was mainly attributable to an increase of ¥4,589 million in notes and accounts payable, a decrease of ¥1,237 million in short-term borrowings, an increase of ¥489 million in current maturities of long-term borrowings, and an increase of ¥684 million in lease liabilities, among other factors.」
Short-term borrowings decreased, while total liabilities, accounts payable, the current portion of long-term borrowings and lease obligations increased. Borrowing and liability exposure has expanded from the end of the previous fiscal year. - FY2026-H1WorsenedAnnual report
「Total liabilities were ¥37,830 million, an increase of ¥1,715 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥1,903 million in notes and accounts payable, ¥195 million in current portion of long-term borrowings, ¥958 million in lease obligations and ¥597 million in long-term borrowings, partly offset by a ¥2,022 million decrease in short-term borrowings.」
Short-term borrowings decreased by ¥2,022 million, while long-term borrowings, lease obligations and other liabilities increased, resulting in a ¥1,715 million increase in total liabilities. - FY2025-H1WorsenedAnnual report
「Total liabilities were ¥30,237 million, an increase of ¥254 million from the end of the previous consolidated fiscal year. This was mainly due to decreases of ¥1,446 million in notes and accounts payable and ¥795 million in short-term borrowings, and increases of ¥62 million in long-term borrowings due within one year and ¥2,422 million in long-term borrowings, among other factors.」
Short-term borrowings declined by ¥795 million, while long-term borrowings increased by ¥2,422 million, and total liabilities also increased. The disclosure describes increased liability exposure related to borrowing and the risk of higher borrowing costs. - FY2024WorsenedAnnual report
「Total liabilities were ¥29,982 million, an increase of ¥3,406 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥927 million in notes and accounts payable, a decrease of ¥632 million in long-term borrowings due within one year, an increase of ¥2,406 million in long-term borrowings and an increase of ¥1,475 million in lease liabilities, among other factors.」
Total liabilities increased by ¥3,406 million, with long-term borrowings and lease liabilities also increasing. Risks related to higher borrowing costs and liability exposure have expanded. - FY2024-Q3WorsenedAnnual report
「Total liabilities were ¥32,020 million, an increase of ¥5,443 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥2,596 million in notes and accounts payable, a decrease of ¥868 million in short-term borrowings, an increase of ¥2,495 million in long-term borrowings and an increase of ¥1,270 million in lease liabilities, among other factors.」
Short-term borrowings declined, while long-term borrowings and lease liabilities increased, resulting in a ¥5,443 million increase in total liabilities. The disclosure describes increased borrowing and liability exposure. - FY2024-Q2WorsenedAnnual report
「Total liabilities were ¥28,000 million, an increase of ¥1,424 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,087 million in short-term borrowings and an increase of ¥2,397 million in long-term borrowings, among other factors.」
Short-term borrowings declined, while long-term borrowings increased by ¥2,397 million, and total liabilities increased by ¥1,424 million. The disclosure describes increased liability exposure related to borrowing dependence and the risk of higher borrowing costs. - FY2024-Q1WorsenedAnnual report
「Total liabilities were ¥27,727 million, an increase of ¥1,151 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥747 million in notes and accounts payable, a decrease of ¥996 million in short-term borrowings and an increase of ¥1,345 million in long-term borrowings, among other factors.」
Total liabilities increased by ¥1,151 million. Short-term borrowings declined, while long-term borrowings increased by ¥1,345 million. The disclosure describes changes in liability exposure related to borrowing dependence and the risk of higher borrowing costs. - FY2023-Q3WorsenedAnnual report
「Total liabilities were ¥27,321 million, an increase of ¥1,665 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,998 million in short-term borrowings and a decrease of ¥688 million in long-term borrowings, among other factors.」
Total liabilities increased, with short-term borrowings rising by ¥1,998 million. Although long-term borrowings declined by ¥688 million, total borrowings increased from the end of the previous fiscal year, expanding exposure related to borrowing dependence. - FY2022MitigatedAnnual report
「Borrowings accounted for 28.4% of our group’s total assets at the end of the consolidated fiscal year under review, while interest expense for the consolidated fiscal year under review was ¥237 million.」
The borrowing-to-assets ratio declined from 45.6% in the previous fiscal year to 28.4%, while interest expense declined from ¥492 million to ¥237 million. Exposure to the risk of higher borrowing costs has decreased. - FY2021-Q3RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2021-Q2RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2021-Q1RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2020MitigatedAnnual report
「Borrowings accounted for 45.6% of our group’s total assets at the end of the consolidated fiscal year under review, while interest expense for the consolidated fiscal year under review was ¥492 million.」
The borrowing-to-assets ratio declined from 61.3% in the previous fiscal year to 45.6%, while interest expense declined from ¥704 million to ¥492 million, indicating lower borrowing dependence and interest burden. However, refinancing negotiations continue. - FY2020-Q2RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2020-Q1RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2019-Q3RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2019-Q2RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2018-Q1RestatedAnnual report
「In addition, our group has a high ratio of interest-bearing debt to total assets, and higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The relative size of interest-bearing debt and the risk of higher borrowing costs continue to be disclosed. - FY2017RestatedAnnual report
「Borrowings accounted for 61.3% of our group’s total assets at the end of the consolidated fiscal year under review, while interest expense for the consolidated fiscal year under review was ¥704 million. Higher borrowing costs may affect our group’s financial position, operating performance and cash flows.」
The borrowing-to-assets ratio increased from 61.0% to 61.3%, while interest expense declined from ¥856 million to ¥704 million. The risk of higher borrowing costs continues. - FY2016First statedAnnual report
「Borrowings accounted for 61.0% of our group’s total assets at the end of the consolidated fiscal year under review, while interest expense for the consolidated fiscal year under review was ¥856 million.」
The company stated that higher borrowing costs could affect its financial position, operating performance and cash flows.