Dependence on interest-bearing debt and interest rate and financing risks
First written in FY2016. 29 of 35 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-09-25.
Ki-Star Real Estate moved to the "Worse" side of this theme in 2017, 4 years 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
「Interest-bearing debt will represent 62.5% of total assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio was explicitly stated as 62.5%. Borrowings increased by ¥38,046 million from the end of the previous fiscal year, and the company continues to disclose expanding dependence on borrowings and repayment exposure. - FY2026-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated period were ¥239,615 million, an increase of ¥13,864 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥16,171 million increase in borrowings.」
Borrowings increased by ¥16,171 million from the end of the previous consolidated fiscal year, while total liabilities increased by ¥13,864 million. Dependence on borrowings and repayment exposure associated with land acquisitions and other factors continues to expand. - FY2025-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated period were ¥208,556 million, an increase of ¥23,642 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥20,760 million increase in borrowings to finance land acquisitions.」
Borrowings increased by ¥20,760 million to finance land acquisitions, while total liabilities increased by ¥23,642 million. Dependence on borrowings and repayment exposure is expanding. - FY2024-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥41,588.445 million from the end of the previous consolidated fiscal year, including ¥8,498.110 million attributable to the addition of 株式会社エルハウジング to the consolidation, to ¥184,521.404 million. By account, the main factor behind the increase was a ¥42,336.571 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, resulting from the execution of sustainable finance and financing for land acquisitions, including ¥6,913.432 million attributable to the addition of 株式会社エルハウジング to the consolidation, among other factors.」
Borrowings increased by ¥42,336.571 million through the execution of sustainable finance and financing for land acquisitions, further increasing liabilities and repayment exposure. - FY2024-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥38,540.984 million from the end of the previous consolidated fiscal year, including ¥9,083.896 million attributable to the addition of 株式会社エルハウジング to the consolidation, to ¥181,473.943 million. By account, the main factor behind the increase was a ¥37,768.976 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, resulting from the execution of sustainable finance and financing for land acquisitions, among other factors.」
Total borrowings increased by ¥37,768.976 million through the execution of sustainable finance and financing for land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2024-Q1WorsenedAnnual report
「The increase was mainly attributable to a ¥17,673.108 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions, among other factors.」
Total borrowings increased by ¥17,673.108 million to finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2023WorsenedAnnual report
「The company is highly dependent on interest-bearing debt, with borrowings and bonds representing 57.0% of total liabilities and net assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio rose from 52.7% in the previous fiscal year to 57.0%. Borrowings and other debt also increased to finance land acquisitions, and financing risks, including financial covenants, continue. - FY2023-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥35,006.174 million from the end of the previous consolidated fiscal year to ¥149,209.113 million. The main factor behind the increase was a ¥35,770.370 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions, among other factors.」
Total borrowings increased by ¥35,770.370 million to finance land acquisitions, further increasing dependence on borrowings and repayment exposure. - FY2023-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥24,154.236 million from the end of the previous consolidated fiscal year to ¥138,357.175 million. The main factor behind the increase was a ¥24,143.176 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions, among other factors.」
Total borrowings increased by ¥24,143.176 million to finance land acquisitions, increasing liabilities, dependence on borrowings and repayment exposure. - FY2023-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased by ¥9,076.913 million from the end of the previous consolidated fiscal year to ¥123,279.852 million. The main factors behind the increase were an ¥11,506.215 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions, partly offset by a ¥4,357.032 million decrease in income taxes payable due to the payment of corporate taxes, among other factors.」
Total borrowings increased by ¥11,506.215 million to finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2022Borrowings increased, while the ratio declinedAnnual report
「The company is highly dependent on interest-bearing debt, with borrowings and bonds representing 52.7% of total liabilities and net assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio declined from 61.7% in the previous fiscal year to 52.7%, while borrowings increased by ¥23,238.759 million and bonds by ¥2,207.000 million to secure growth funding and finance land acquisitions. - FY2022-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥23,458.920 million from the end of the previous consolidated fiscal year to ¥104,367.165 million. The main factors behind the increase were a ¥17,219.595 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, and a ¥2,026.400 million increase in total bonds, comprising bonds due for redemption within one year and bonds, to secure growth funding and finance land acquisitions, among other factors.」
Borrowings increased by ¥17,219.595 million and bonds by ¥2,026.400 million to secure growth funding and finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2022-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥14,526.134 million from the end of the previous consolidated fiscal year to ¥95,434.378 million. The main factor behind the increase was a ¥13,400.255 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to secure growth funding and finance land acquisitions, among other factors.」
Borrowings increased by ¥13,400.255 million to secure growth funding and finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2022-Q1WorsenedAnnual report
「The increase was mainly attributable to a ¥4,635.146 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions, among other factors.」
Total borrowings increased by ¥4,635.146 million to finance land acquisitions, and dependence on borrowings and repayment exposure continued to expand. - FY2021-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥12,762.402 million from the end of the previous consolidated fiscal year to ¥82,850.026 million. The main factor behind the increase was an ¥8,642.387 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions.」
Total borrowings increased by ¥8,642.387 million to finance land acquisitions, and dependence on borrowings and repayment exposure continued to expand. - FY2021-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥5,555.889 million from the end of the previous consolidated fiscal year to ¥75,643.513 million. The main factor behind the increase was a ¥5,915.015 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions.」
Total borrowings increased by ¥5,915.015 million to finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2021-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased by ¥6,426.586 million from the end of the previous consolidated fiscal year to ¥76,514.211 million. The main factor behind the increase was a ¥7,150.588 million increase in total borrowings, comprising short-term borrowings, long-term borrowings due for repayment within one year and long-term borrowings, to finance land acquisitions.」
Total borrowings increased by ¥7,150.588 million to finance land acquisitions, increasing dependence on borrowings and repayment exposure. - FY2020Borrowings increased, while the ratio declined slightlyAnnual report
「Our group is highly dependent on interest-bearing debt because it finances the acquisition of business-use land and part of its working capital mainly through borrowings from financial institutions. Borrowings and bonds represented 61.7% of total liabilities and net assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio declined slightly from 62.2% in the previous fiscal year to 61.7%, while borrowings increased by ¥4,823.284 million, mainly for land acquisition financing. - FY2020-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥2,869.805 million from the end of the previous consolidated fiscal year to ¥67,206.793 million. The main factor behind the increase was a ¥3,163.647 million increase in short-term borrowings to finance land acquisitions, among other factors.」
Short-term borrowings increased by ¥3,163.647 million to finance land acquisitions, increasing exposure to short-term borrowings again. - FY2020-Q2MitigatedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year decreased by ¥2,147.978 million from the end of the previous consolidated fiscal year to ¥62,189.009 million. The main factors behind the decrease were reductions of ¥1,389.450 million in construction-related accounts payable and ¥1,283.811 million in short-term borrowings resulting from improvements to the financial position, among other factors.」
Short-term borrowings decreased by ¥1,283.811 million as a result of improvements to the financial position, partially reducing exposure to short-term borrowings. The risk arising from dependence on interest-bearing debt itself is not stated to have disappeared. - FY2020-Q1MitigatedAnnual report
「The main factor behind the decrease was a ¥1,663.854 million reduction in short-term borrowings resulting from improvements to the financial position, among other factors.」
It is stated that short-term borrowings decreased by ¥1,663.854 million, indicating a partial reduction in dependence on short-term borrowings and repayment exposure. However, the risk arising from dependence on interest-bearing debt itself is not stated to have disappeared. - FY2019WorsenedAnnual report
「The company is highly dependent on interest-bearing debt, with borrowings and bonds representing 62.2% of total liabilities and net assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio rose from 60.0% in the previous fiscal year to 62.2%, further demonstrating dependence on borrowings. - FY2019-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥9,647.922 million from the end of the previous consolidated fiscal year to ¥55,850.112 million. The main factors behind the increase were a ¥5,218.544 million increase in short-term borrowings, mainly due to financing obtained from financial institutions for the acquisition of subdivision land and construction, a ¥3,547.573 million increase in long-term borrowings, including the portion due for repayment within one year, mainly due to the addition of a newly consolidated entity, and a ¥1,017.217 million increase in construction-related accounts payable accompanying the increase in subdivision housing starts, among other factors.」
Short- and long-term borrowings increased from the end of the previous consolidated fiscal year due to financing for subdivision land and construction and the addition of a newly consolidated entity, increasing dependence on borrowings and repayment exposure. - FY2019-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥11,377.771 million from the end of the previous consolidated fiscal year to ¥57,579.961 million. The main factors behind the increase were a ¥6,087.177 million increase in short-term borrowings, mainly due to financing obtained from financial institutions for the acquisition of subdivision land and construction, a ¥3,766.200 million increase in long-term borrowings, including the portion due for repayment within one year, mainly due to the addition of a newly consolidated entity, and a ¥701.657 million increase in construction-related accounts payable accompanying the increase in subdivision housing starts, among other factors.」
Financing for subdivision land and construction, together with the addition of a newly consolidated entity, increased short- and long-term borrowings and further increased dependence on borrowings and repayment exposure. - FY2019-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased by ¥4,031.866 million from the end of the previous consolidated fiscal year to ¥50,234.056 million. The main factors behind the increase were a ¥3,180.004 million increase in short-term borrowings, mainly due to financing obtained from financial institutions for the acquisition of subdivision land and construction, and a ¥711.760 million increase in construction-related accounts payable accompanying the increase in subdivision housing starts, among other factors.」
Short-term borrowings increased by ¥3,180.004 million to finance subdivision land and construction, further increasing dependence on borrowings and exposure to short-term repayments. - FY2018WorsenedAnnual report
「Our group is highly dependent on interest-bearing debt because it finances the acquisition of business-use land and part of its working capital mainly through borrowings from financial institutions. Borrowings and bonds represented 60.0% of total liabilities and net assets at the end of the consolidated fiscal year.」
The interest-bearing debt ratio was explicitly stated as 60.0%, and dependence on borrowings for land acquisitions and working capital increased on an annual basis. - FY2018-Q3WorsenedAnnual report
「The main factors behind the increase were a ¥789.982 million decrease in long-term borrowings, including the portion due for repayment within one year, mainly because borrowings were shifted from long term to short term to reduce finance costs, more than offset by a ¥15,257.396 million increase in short-term borrowings, mainly because financing for the acquisition of subdivision land was obtained from financial institutions, among other factors.」
Short-term borrowings increased by ¥15,257.396 million, mainly to finance the acquisition of subdivision land, further increasing dependence on short-term borrowings and repayment exposure. - FY2018-Q2WorsenedAnnual report
「The main factors behind the increase were a ¥1,431.377 million decrease in long-term borrowings, including the portion due for repayment within one year, mainly because borrowings were shifted from long term to short term to reduce finance costs, more than offset by a ¥10,066.923 million increase in short-term borrowings, mainly because financing for the acquisition of subdivision land was obtained from financial institutions, among other factors.」
Short-term borrowings increased by ¥10,066.923 million, mainly to finance the acquisition of subdivision land, increasing dependence on short-term borrowings and repayment exposure. - FY2018-Q1WorsenedAnnual report
「The main factors behind the increase were a ¥957.017 million decrease in long-term borrowings, including the portion due for repayment within one year, mainly because borrowings were shifted from long term to short term, more than offset by a ¥4,623.652 million increase in short-term borrowings, mainly because financing was obtained from financial institutions to strengthen land acquisitions, among other factors.」
Short-term borrowings increased by ¥4,623.652 million, mainly to finance the expansion of land acquisitions, increasing exposure to interest-bearing debt and short-term repayments. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material change was identified in the dependence on interest-bearing debt or in interest rate and financing risks. - FY2016First statedAnnual report
「The company is highly dependent on interest-bearing debt, with borrowings, bonds and lease obligations representing 51.8% of total liabilities and net assets at the end of the fiscal year.」
It states that the acquisition of land and working capital depend on borrowings from financial institutions, creating procurement and repayment risks arising from delays in property handovers and changes in financial conditions.