Interest-rate exposure arising from increased borrowings
First written in FY2016-Q2. 26 of 37 entries say "Worsened", first in FY2016. Latest entry: 2026-10-09.
First Brothers moved to the "Worse" side of this theme in 2017, 8 years before the typical company in this theme (2025).
The whole theme swung hardest in 2025: 13 of 59 companies on the "Worse" side.
6 other companies' latest entry also says "Worsened".
- 2026-10-09WorsenedFinancial Results Presentation
「Long-term interest rates are trending upward, and the reference rate for floating-rate loans is also rising. For the fiscal year ending November 2026, we have budgeted for a 0.75-point increase in interest expense during the period compared with the end of the previous fiscal year.」
長期金利・変動金利の上昇基調と、当期の金利負担増の想定が具体的に示された。 - FY2026-H1WorsenedAnnual report
「Regarding borrowings, short-term interest rates, which serve as the group’s main borrowing benchmark rates, have been rising, albeit more slowly than long-term interest rates, and the Bank of Japan also announced an interest rate increase in June 2026.」
In addition to the upward trend in short-term interest rates, the announcement of an interest rate increase by the Bank of Japan was reported, making the changes in the environment surrounding interest rate exposure more concrete. The current fiscal year’s business plan incorporates a certain degree of interest rate increases, and the filing states that there is no significant impact on performance at present. - FY2025MitigatedAnnual report
「At the end of the current consolidated fiscal year, the consolidated balance of interest-bearing debt of the group was ¥56,484 million, representing 62.9% of consolidated total assets.」
Interest-bearing debt decreased from approximately ¥58,175 million at the end of the previous fiscal year to ¥56,484 million, and its ratio to total assets was 62.9%. Non-recourse long-term borrowings were fully repaid, while partial fixing of interest rates through interest rate swaps continued. - FY2025-H1Increased borrowings alongside repayment of non-recourse borrowingsAnnual report
「This was due to increases of ¥1,478 million in long-term borrowings, including the portion due for repayment within 1 year, ¥272 million in short-term borrowings and ¥210 million in other non-current liabilities, together with decreases of ¥1,486 million in non-recourse long-term borrowings, ¥285 million in other current liabilities and ¥216 million in income taxes payable.」
While long- and short-term borrowings increased, non-recourse long-term borrowings decreased by ¥1,486 million. The group continues to closely monitor interest rate trends and carefully monitor its investment criteria and financial discipline. - FY2024-Q2WorsenedAnnual report
「Regarding borrowings, short-term interest rates, which serve as the group’s main borrowing benchmark rates, have risen more slowly than long-term interest rates, and there has been no significant impact at this time. The group is closely monitoring interest rate trends and exercising even greater caution in monitoring its investment criteria and financial discipline.」
Although short-term interest rates have risen more slowly than long-term rates and the impact is not significant at present, long-term borrowings increased by ¥920.093 million. The group also indicated that it is closely monitoring interest rate trends and carefully monitoring its investment criteria and financial discipline. - FY2024-Q1MitigatedAnnual report
「This was due to a ¥644 million decrease in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
Long-term borrowings decreased by ¥644 million, reducing interest rate exposure based on the borrowing balance as of the end of the quarter. - FY2023-Q3WorsenedAnnual report
「This was mainly due to increases of ¥3,856 million in long-term borrowings, including the portion due for repayment within 1 year, and ¥1,519 million in income taxes payable, together with decreases of ¥1,122 million in other non-current liabilities and ¥1,065 million in short-term borrowings.」
While short-term borrowings and other items decreased, long-term borrowings increased by ¥3,856 million, expanding interest rate exposure based on the borrowing balance. - FY2023-Q2Increase in long-term borrowings amid a decrease in liabilitiesAnnual report
「As of the end of the second quarter of the current consolidated fiscal period, liabilities decreased by ¥375 million from the end of the previous consolidated fiscal year to ¥65,622 million. This was mainly due to decreases of ¥1,171 million in other non-current liabilities, ¥1,065 million in short-term borrowings and ¥414 million in other current liabilities, partially offset by increases of ¥1,454 million in income taxes payable and ¥821 million in long-term borrowings, including the current portion.」
Although total liabilities and short-term borrowings decreased, long-term borrowings increased by ¥821 million, partially expanding interest rate exposure based on the borrowing balance. - FY2023-Q1WorsenedAnnual report
「This was due to a ¥1,175 million increase in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
Long-term borrowings increased by ¥1,175 million, and although total liabilities decreased slightly, interest rate exposure based on the borrowing balance increased. - FY2022-Q3WorsenedAnnual report
「As of the end of the third quarter of the current consolidated fiscal period, liabilities increased by ¥3,394 million from the end of the previous consolidated fiscal year to ¥65,136 million. This was mainly due to increases of ¥5,614 million in long-term borrowings, including the current portion, and ¥1,639 million in non-recourse long-term borrowings, offset by decreases of ¥2,149 million in short-term borrowings and ¥1,238 million in other current liabilities.」
Increases in long-term borrowings and non-recourse long-term borrowings expanded interest rate exposure based on the borrowing balance. - FY2022-Q2Borrowing repayments exceeding new borrowings alongside a decrease in liabilitiesAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year decreased by ¥742 million from the end of the previous consolidated fiscal year to ¥60,999 million. This was mainly due to a ¥1,339 million decrease in other current liabilities.」
Total liabilities decreased by ¥742 million from the end of the previous fiscal year. In financing activities, repayments of long-term borrowings exceeded new borrowings, while individual borrowing categories showed both increases and decreases. - FY2022-Q1MitigatedAnnual report
「As of the end of the first quarter of the current consolidated fiscal period, liabilities decreased by ¥2,411 million from the end of the previous consolidated fiscal year to ¥59,329 million.」
Liabilities decreased by ¥2,411 million from the end of the previous consolidated fiscal year. Short- and long-term borrowings also decreased, reducing interest rate exposure based on the borrowing balance as of the end of the quarter. - FY2021-Q3WorsenedAnnual report
「As of the end of the third quarter of the current consolidated fiscal period, liabilities increased by ¥10,465 million from the end of the previous consolidated fiscal year to ¥65,897 million. This was mainly due to increases of ¥1,453 million in short-term borrowings, ¥5,808 million in long-term borrowings, including the current portion, and ¥3,055 million in non-recourse long-term borrowings, including the current portion.」
Increases in short-term, long-term and non-recourse long-term borrowings further expanded interest rate exposure based on the borrowing balance. - FY2021-Q2WorsenedAnnual report
「As of the end of the second quarter of the current consolidated fiscal period, liabilities increased by ¥1,433 million from the end of the previous consolidated fiscal year to ¥56,865 million. This was mainly due to a ¥3,055 million increase in non-recourse long-term borrowings, including the current portion, and a ¥2,000 million decrease in short-term borrowings.」
The increase in non-recourse long-term borrowings expanded interest rate exposure based on the borrowing balance. - FY2021-Q1WorsenedAnnual report
「As of the end of the first quarter of the current consolidated fiscal period, liabilities increased by ¥852 million from the end of the previous consolidated fiscal year to ¥56,284 million. This was mainly due to a ¥1,134 million increase in long-term borrowings, including the current portion.」
The increase in long-term borrowings expanded interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2020Increase in interest-bearing debt and continued interest rate hedgingAnnual report
「At the end of the current consolidated fiscal year, the consolidated balance of interest-bearing debt of the group was ¥47,657 million, representing 64.6% of consolidated total assets. The group plans to continue actively acquiring investment properties, including rental real estate, for its own account, and the balance of interest-bearing debt is therefore expected to increase.」
Interest-bearing debt stood at ¥47.657 billion, representing 64.6% of total assets. Borrowing is expected to expand as investment for the group’s own account continues, while fixing interest payments through interest rate swaps is also continuing. - FY2020-Q3WorsenedAnnual report
「This was mainly due to a ¥762 million increase in income taxes payable and an ¥8,726 million increase in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
The increase in long-term borrowings further expanded interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2020-Q2WorsenedAnnual report
「This was mainly due to a ¥1,128.449 million increase in short-term borrowings and a ¥7,627.679 million increase in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
The increase in short- and long-term borrowings expanded interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2020-Q1WorsenedAnnual report
「This was due to a ¥534.800 million increase in short-term borrowings and a ¥3,021.452 million increase in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
The increase in short- and long-term borrowings expanded interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2019WorsenedAnnual report
「At the end of the current consolidated fiscal year, the consolidated balance of interest-bearing debt of the group was ¥41,957 million, representing 65.7% of consolidated total assets. The group plans to continue actively acquiring investment properties, including rental real estate, for its own account, and the balance of interest-bearing debt is therefore expected to increase.」
Interest-bearing debt stood at ¥41.957 billion, representing 65.7% of total assets, and the expansion of interest rate exposure from continued investment for the group’s own account was quantified for the full fiscal year. - FY2019-Q3WorsenedAnnual report
「As of the end of the third quarter of the current consolidated fiscal period, liabilities increased by ¥16,871 million from the end of the previous consolidated fiscal year to ¥50,632 million. This was mainly due to increases of ¥1,163 million in short-term borrowings, ¥13,660 million in long-term borrowings, including the current portion, and ¥2,793 million in other non-current liabilities, including deferred tax liabilities and deposits received.」
Interest rate exposure expanded substantially in terms of the balance outstanding due to increases in short- and long-term borrowings. Deferred hedge accounting using interest rate swaps is also applied to borrowings. - FY2019-Q2WorsenedAnnual report
「As of the end of the second quarter of the current consolidated fiscal period, liabilities increased by ¥16,621 million from the end of the previous consolidated fiscal year to ¥50,382 million. This was mainly due to increases of ¥7,705 million in short-term borrowings, ¥7,030 million in long-term borrowings, including the current portion, and ¥2,696 million in other non-current liabilities, including deferred tax liabilities and deposits received.」
Interest rate exposure expanded in terms of the balance outstanding due to increases in short- and long-term borrowings. The filing also states that deferred hedge accounting using interest rate swaps is applied to interest rate risk. - FY2019-Q1WorsenedAnnual report
「This was due to a ¥1,651.012 million increase in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year.」
The increase in long-term borrowings expanded interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2018-Q3WorsenedAnnual report
「At the end of the third quarter, consolidated liabilities had increased ¥1,624.418 million from the end of the previous fiscal year to ¥29,167.264 million. This was mainly due to an increase of ¥1,721.526 million in long-term borrowings, including the portion due for repayment within one year.」
Liabilities increased by ¥1,624.418 million from the end of the previous fiscal year due to an increase in long-term borrowings, expanding interest rate exposure from increased borrowings in terms of the balance outstanding. - FY2018-Q2MitigatedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year decreased by ¥999.632 million from the end of the previous consolidated fiscal year to ¥26,543.213 million. This was mainly due to a ¥1,583.097 million decrease in long-term borrowings, including the portion due for repayment within 1 year, following repayment of borrowings, and a ¥640.150 million increase in income taxes payable resulting from the recognition of income taxes.」
Liabilities decreased by ¥999.632 million from the end of the previous fiscal year due to repayment of long-term borrowings, reducing interest rate exposure from increased borrowings in terms of the balance outstanding at the end of the quarter. - FY2018-Q1WorsenedAnnual report
「Borrowing amount: ¥1,800 million Borrowing amount: ¥3,600 million Borrowing amount: ¥500 million Borrowing amount: ¥810 million」
Multiple borrowings for the purpose of acquiring real estate were executed after the end of the quarter, adding total borrowing exposure of ¥6,710 million. Each borrowing bears interest at a rate consisting of a benchmark rate plus a spread, confirming the expansion of interest rate exposure in the disclosure. - FY2017WorsenedAnnual report
「At the end of the current consolidated fiscal year, the consolidated balance of interest-bearing debt of the group was ¥25,237 million, representing 64.5% of consolidated total assets. The group plans to continue actively acquiring investment properties, including rental real estate, for its own account, and the balance of interest-bearing debt is therefore expected to increase.」
Interest-bearing debt stood at ¥25,237 million, representing 64.5% of total assets, and borrowing is expected to continue expanding as investment for the group’s own account continues. - FY2017-Q3WorsenedAnnual report
「At the end of the third quarter, consolidated liabilities had increased ¥2,929.346 million from the end of the previous fiscal year to ¥29,116.179 million. This was mainly due to increases of ¥2,812.467 million in long-term borrowings, including the portion due for repayment within one year, and ¥750 million in non-recourse long-term borrowings, including the portion due for repayment within one year, partly offset by a ¥655.105 million decrease in accrued corporate taxes and other taxes.」
Long-term borrowings and non-recourse long-term borrowings increased, and total liabilities also rose by ¥2,929.346 million from the end of the previous fiscal year. Interest rate exposure from increased borrowings expanded further in terms of the outstanding balance. - FY2017-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥819.444 million from the end of the previous consolidated fiscal year to ¥27,006.276 million. This was mainly due to an increase of ¥1,048.699 million in long-term borrowings, including the portion of long-term borrowings due for repayment within 1 year, while income taxes payable decreased by ¥299.197 million.」
Long-term borrowings increased by ¥1,048.699 million from the end of the previous fiscal year, further expanding interest rate exposure from increased borrowings on a quantitative basis. Disclosure of derivatives transactions was omitted because there were no significant changes. - FY2017-Q1WorsenedAnnual report
「At the end of the first quarter, consolidated liabilities had increased ¥2,871.675 million from the end of the previous fiscal year to ¥29,058.507 million. This was mainly due to an increase of ¥3,789.526 million in long-term borrowings, including the portion due for repayment within one year, partly offset by a ¥782.552 million decrease in accrued corporate taxes and other taxes.」
Although no material changes to the business and other risks were reported, liabilities including long-term borrowings increased in actual terms, and interest rate exposure from increased borrowings expanded on a quantitative basis. - FY2016WorsenedAnnual report
「At the end of the current consolidated fiscal year, the consolidated balance of interest-bearing debt of the group was ¥23,437 million, representing 65.0% of consolidated total assets. The group plans to continue actively acquiring investment properties, including rental real estate, for its own account, and the balance of interest-bearing debt is therefore expected to increase.」
The borrowing balance and its ratio to total assets were quantified, and borrowing is expected to expand as investment for the group’s own account continues. The group is also proceeding with fixing interest payments through interest rate swaps to hedge against rising market interest rates. - FY2016-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated fiscal year, there were no occurrences of matters relating to the business or financial position described in this quarterly securities report that could materially affect investors’ decisions, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The filing states that there were no material changes to the business and other risks, and that the existing interest rate exposure remained unchanged. - FY2016-Q2First statedAnnual report
「Derivatives transactions whose underlying is an interest rate have become material to the operation of the corporate group’s business, and significant changes have been identified compared with the end of the previous consolidated fiscal year.」
Interest rate derivatives have become material, and the contract amount and other details of interest rate swaps are reported as ¥2,500 million.