Reliance on Borrowings, the Financial Environment and Interest Rate Fluctuations
First written in FY2016. 34 of 41 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-07.
Agratio urban design moved to the "Worse" side of this theme in 2016, 5 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
「At the end of the consolidated fiscal year, interest-bearing debt, including borrowings and lease liabilities, stood at ¥26,040.187 million.」
The balance of interest-bearing debt increased from ¥22,883.445 million at the end of the previous fiscal year, increasing the company's exposure to reliance on borrowings. Meanwhile, the equity ratio was 22.3%. - FY2026-H1WorsenedAnnual report
「The main factors were decreases of ¥145.202 million in accounts payable and ¥121.613 million in income taxes payable, offset by increases of ¥670.350 million in short-term borrowings and ¥279.520 million in the current portion of long-term borrowings.」
Short-term borrowings and the current portion of long-term borrowings increased against the backdrop of funds invested in land for business use and other purposes. Although the equity ratio rose from 21.7% at the end of the previous consolidated fiscal year to 22.0%, borrowings continued to increase. - FY2025WorsenedAnnual report
「At the end of the consolidated fiscal year, interest-bearing debt, including borrowings and lease liabilities, stood at ¥22,883.445 million. Cash and cash equivalents stood at ¥7,171.310 million.」
The balance of interest-bearing debt increased from ¥15,235.794 million in the previous fiscal year to ¥22,883.445 million, and the equity ratio was 21.7%. Cash flows from operating activities also represented a decrease in funds of ¥4,555.549 million. - FY2025-H1WorsenedAnnual report
「The main factors were increases of ¥730.700 million in short-term borrowings, ¥1,319.600 million in the current portion of long-term borrowings and ¥230.606 million in long-term borrowings.」
Interest-bearing debt increased in connection with the acquisition of land for business use, and total liabilities increased by ¥2,290.821 million. The equity ratio also declined from 23.9% at the end of the previous consolidated fiscal year to 22.7%, indicating greater reliance on borrowings and increased financial risk. - FY2024-Q3WorsenedAnnual report
「The main components were trade payables for construction, ¥1,877.291 million; short-term borrowings, ¥9,215.700 million; current portion of long-term borrowings, ¥6,827.708 million; and long-term borrowings, ¥3,517.691 million.」
Interest-bearing debt, including short-term borrowings, the current portion of long-term borrowings and long-term borrowings, totalled ¥19,741.099 million, while the equity ratio was 18.8%. The figures disclosed indicate greater reliance on borrowings and increased financial risk. - FY2024-Q2WorsenedAnnual report
「As the acquisition of development land progressed steadily, short-term borrowings increased by ¥2,825.150 million and long-term borrowings due within one year increased by ¥1,126.622 million.」
Short-term borrowings and long-term borrowings due within one year increased with the acquisition of development land, while the equity ratio declined from 24.1% to 19.8%, increasing reliance on borrowings and financial risk. - FY2024-Q1WorsenedAnnual report
「This was due to an increase of ¥1,268.000 million in short-term borrowings as the acquisition of development land progressed steadily.」
Short-term borrowings increased by ¥1,268.000 million with the acquisition of development land, and long-term borrowings also increased by ¥715.398 million. The equity ratio declined from 24.1% at the end of the previous fiscal year to 20.6%, increasing reliance on borrowings and financial risk. - FY2023WorsenedAnnual report
「At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥15,235.794 million.」
Interest-bearing debt increased from ¥12,060.026 million at the end of the previous fiscal year to ¥15,235.794 million. The equity ratio was 24.1%, unchanged from the end of the previous fiscal year, while borrowing exposure increased. - FY2023-Q3Increase in short-term borrowings and improvement in equity ratioAnnual report
「Current liabilities were ¥10,699.412 million, an increase of ¥1,230.155 million, or 13.0%, from the end of the previous fiscal year. This was mainly due to increases of ¥2,060.210 million in short-term borrowings and ¥392.335 million in long-term borrowings due within one year as the acquisition of development land progressed steadily, partly offset by decreases of ¥775.489 million in construction payables and ¥477.233 million in income taxes payable.」
Short-term borrowings and other debt increased with the acquisition of development land, expanding borrowing exposure, while the equity ratio improved from 24.1% to 24.8% due to a decrease in long-term borrowings and the recognition of profit. - FY2023-Q2WorsenedAnnual report
「This was mainly due to an increase of ¥1,254.500 million in short-term borrowings as the acquisition of development land progressed steadily, partly offset by decreases of ¥261.884 million in construction payables and ¥247.904 million in income taxes payable.」
Short-term borrowings increased by ¥1,254.500 million with the acquisition of development land. While interest-bearing debt continued to increase, the decrease in long-term borrowings and improvement in the equity ratio from 24.1% to 24.5% were also noted. - FY2023-Q1WorsenedAnnual report
「Current liabilities were ¥10,007.709 million, an increase of ¥538.452 million, or 5.7%, from the end of the previous fiscal year. This was mainly due to an increase of ¥810.100 million in short-term borrowings as the acquisition of development land progressed steadily.」
Short-term borrowings increased by ¥810.100 million with the acquisition of development land, while the equity ratio declined from 24.1% at the end of the previous fiscal year to 22.5%. - FY2022WorsenedAnnual report
「At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥12,060.026 million.」
Interest-bearing debt increased from ¥8,724.304 million at the end of the previous fiscal year, while the equity ratio declined from 25.2% to 24.1%. Reliance on borrowings for the acquisition of development land increased. - FY2022-Q3WorsenedAnnual report
「Current liabilities were ¥11,287.015 million, an increase of ¥6,179.095 million, or 121.0%, from the end of the previous fiscal year. This was mainly due to increases of ¥2,021.590 million in short-term borrowings and ¥4,061.576 million in long-term borrowings due within one year as the acquisition of development land progressed steadily. Non-current liabilities were ¥6,801.151 million, an increase of ¥1,470.682 million, or 27.6%, from the end of the previous fiscal year. This was mainly due to an increase of ¥1,559.901 million in long-term borrowings as the acquisition of development land progressed steadily.」
Short-term borrowings, long-term borrowings due within one year and long-term borrowings increased with the acquisition of development land, while the equity ratio declined from 25.2% to 17.7%. Reliance on borrowings and financial risk increased. - FY2022-Q2WorsenedAnnual report
「Current liabilities were ¥8,480.309 million, an increase of ¥3,372.388 million, or 66.0%, from the end of the previous fiscal year. This was mainly due to increases of ¥1,059.900 million in short-term borrowings and ¥2,307.524 million in long-term borrowings due within one year as the acquisition of development land progressed steadily. Non-current liabilities were ¥7,064.915 million, an increase of ¥1,734.445 million, or 32.5%, from the end of the previous fiscal year. This was mainly due to an increase of ¥1,794.105 million in long-term borrowings as the acquisition of development land progressed steadily.」
Short-term borrowings, long-term borrowings due within one year and long-term borrowings increased with the acquisition of development land, while the equity ratio declined from 25.2% at the end of the previous fiscal year to 18.9%. - FY2022-Q1WorsenedAnnual report
「Current liabilities were ¥6,720.144 million, an increase of ¥1,612.223 million, or 31.6%, from the end of the previous fiscal year. This was mainly due to increases of ¥1,080.800 million in short-term borrowings and ¥879.195 million in long-term borrowings due within one year as the acquisition of land for detached houses progressed steadily.」
Short-term borrowings and long-term borrowings due within one year increased with land acquisition, while the equity ratio declined from 25.2% at the end of the previous fiscal year to 22.7%. - FY2021Increase in interest-bearing debt and improvement in equity ratioAnnual report
「At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥8,724.304 million.」
Interest-bearing debt increased from ¥8,434.615 million at the end of the previous fiscal year, while the equity ratio rose from 22.6% to 25.2% and average borrowings and interest expense declined. - FY2021-Q3WorsenedAnnual report
「This was mainly due to increases of ¥638.530 million in long-term borrowings and ¥70.000 million in bonds as the Company raised long-term working capital in preparation for a prolonged impact from the COVID-19 pandemic.」
Funding in preparation for a prolonged impact from the pandemic increased long-term borrowings and bonds, and reliance on borrowings continued. Meanwhile, the equity ratio rose to 22.9%. - FY2021-Q2WorsenedAnnual report
「This was due to increases of ¥340.081 million in long-term borrowings due within one year and ¥174.262 million in construction payables as the Company raised long-term working capital in preparation for a prolonged impact from the COVID-19 pandemic.」
Funding for working capital in preparation for a prolonged impact from the pandemic increased long-term borrowings due within one year, long-term borrowings and bonds, while the equity ratio declined from 22.6% to 21.0%. - FY2021-Q1WorsenedAnnual report
「Current liabilities were ¥8,067.534 million, an increase of ¥1,660.871 million, or 25.9%, from the end of the previous fiscal year. This was mainly due to increases of ¥1,095.498 million in long-term borrowings due within one year and ¥894.400 million in short-term borrowings as the acquisition of land for detached houses progressed steadily.」
Long-term borrowings due within one year and short-term borrowings increased with land acquisition, while the equity ratio declined from 22.6% at the end of the previous fiscal year to 19.2%, increasing reliance on borrowings and financial risk. - FY2020MitigatedAnnual report
「At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥8,434.615 million.」
Interest-bearing debt declined from ¥9,647.610 million at the end of the previous fiscal year to ¥8,434.615 million, while the equity ratio rose from 18.1% to 22.6%. - FY2020-Q3MitigatedAnnual report
「Current liabilities were ¥8,703.190 million, a decrease of ¥423.621 million, or 4.6%, from the end of the previous fiscal year. The main factors were a decrease of ¥1,103.200 million in short-term borrowings and ¥765.944 million in construction payables, partly offset by an increase of ¥1,452.230 million in long-term borrowings due within one year. Non-current liabilities were ¥1,900.688 million, a decrease of ¥751.961 million, or 28.3%, from the end of the previous fiscal year. This was mainly due to a decrease of ¥657.142 million in long-term borrowings.」
Decreases in short-term borrowings, long-term borrowings and non-current liabilities indicate a partial reduction in reliance on borrowings and financial risk. - FY2020-Q2MitigatedAnnual report
「Non-current liabilities were ¥1,050.244 million, a decrease of ¥1,602.405 million, or 60.4%, from the end of the previous fiscal year. This was mainly due to a decrease of ¥1,537.138 million in long-term borrowings.」
Non-current liabilities declined 60.4% due mainly to a decrease in long-term borrowings, while the equity ratio rose from 18.1% at the end of the previous fiscal year to 20.1%. A partial reduction in borrowing-reliance risk is noted. - FY2020-Q1WorsenedAnnual report
「Current liabilities were ¥9,519.899 million, an increase of ¥393.087 million, or 4.3%, from the end of the previous fiscal year. This was mainly due to an increase of ¥493.406 million in long-term borrowings due within one year as the acquisition of land for detached houses progressed steadily.」
Long-term borrowings due within one year increased with land acquisition, and the equity ratio declined from 18.1% at the end of the previous fiscal year to 15.9%. This indicates increased reliance on borrowings and financial risk. - FY2019WorsenedAnnual report
「At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥9,647.610 million.」
Interest-bearing debt stood at ¥9,647.61 million, while the equity ratio declined from 21.2% at the end of the previous fiscal year to 18.1%. Reliance on borrowings and financial risk increased. - FY2019-Q3WorsenedAnnual report
「Current liabilities were ¥10,005.604 million, an increase of ¥3,757.626 million, or 60.1%, from the end of the previous fiscal year. The main factors were increases of ¥2,093.096 million in long-term borrowings due within one year and ¥1,772.100 million in short-term borrowings as the acquisition of land for detached houses progressed.」
As the acquisition of land for detached houses progressed, long-term borrowings due within one year and short-term borrowings increased substantially. The equity ratio also declined from 21.2% at the end of the previous fiscal year to 16.1%, increasing reliance on borrowings and financial risk. - FY2019-Q2WorsenedAnnual report
「Current liabilities were ¥8,134.318 million, an increase of ¥1,886.340 million, or 30.2%, from the end of the previous fiscal year. The main factors were increases of ¥1,412.398 million in long-term borrowings due within one year and ¥388.350 million in short-term borrowings as the acquisition of land for detached houses progressed.」
As land acquisition progressed, long-term borrowings due within one year and short-term borrowings increased. Long-term borrowings also increased by ¥765.354 million, expanding borrowing exposure. - FY2019-Q1WorsenedAnnual report
「Current liabilities were ¥7,174.077 million, an increase of ¥926.099 million, or 14.8%, from the end of the previous fiscal year. The main factors were a decrease of ¥132.436 million in income taxes payable, more than offset by increases of ¥941.700 million in short-term borrowings as the acquisition of land for detached houses progressed and ¥241.854 million in construction payables accompanying an increase in the number of homes supplied. Non-current liabilities were ¥4,247.205 million, an increase of ¥1,177.076 million, or 38.3%, from the end of the previous fiscal year. This was mainly due to an increase of ¥1,175.660 million in long-term borrowings.」
As land acquisition progressed, short-term borrowings increased by ¥941.700 million and long-term borrowings by ¥1,175.660 million, while the equity ratio declined from 21.2% to 16.9%. - FY2018WorsenedAnnual report
「Because funds to acquire subdivision land for detached houses are financed mainly through borrowings from financial institutions, the Company has a high level of reliance on interest-bearing debt. At the end of the fiscal year, interest-bearing debt, including borrowings and lease obligations, stood at ¥7,692.524 million.」
Interest-bearing debt stood at ¥7,692.524 million, while the equity ratio declined from 22.0% at the end of the previous fiscal year to 21.2%. High reliance on borrowings has continued. - FY2018-Q3WorsenedAnnual report
「The main factors were decreases of ¥136.559 million in income taxes payable and ¥89.530 million in construction payables, more than offset by increases of ¥1,113.100 million in short-term borrowings and ¥226.200 million in long-term borrowings due within one year as the acquisition of land for detached houses progressed.」
As the acquisition of land for detached houses progressed, short-term borrowings and long-term borrowings due within one year increased, expanding borrowing exposure. - FY2018-Q2Change in Borrowing MixAnnual report
「Current liabilities were ¥5,916.629 million, an increase of ¥769.917 million, or 15.0%, from the end of the previous fiscal year. The main factors were increases of ¥508.500 million in short-term borrowings and ¥382.500 million in long-term borrowings due within one year. Non-current liabilities were ¥1,591.049 million, a decrease of ¥933.136 million, or 37.0%, from the end of the previous fiscal year. This was mainly due to a decrease of ¥896.178 million in long-term borrowings.」
Short-term borrowings and long-term borrowings due within one year increased, while long-term borrowings declined, changing the composition of borrowings. - FY2018-Q1WorsenedAnnual report
「This was due to increases of ¥759.700 million in short-term borrowings and ¥147.100 million in long-term borrowings due within one year.」
Short-term borrowings and long-term borrowings due within one year increased, expanding borrowing exposure. Long-term borrowings, meanwhile, decreased by ¥571.506 million. - FY2017WorsenedAnnual report
「Because funds to acquire subdivision land for detached houses are financed mainly through borrowings from financial institutions, the Company has a high level of reliance on interest-bearing debt. Interest-bearing debt accounted for approximately 64.8% of total assets at the end of the fiscal year ended March 2017.」
The interest-bearing debt ratio rose from approximately 57% in the previous fiscal year to approximately 64.8%, further increasing reliance on borrowings. - FY2017-Q3WorsenedAnnual report
「Current liabilities were ¥5,024.469 million, an increase of ¥1,537.538 million, or 44.1%, from the end of the previous fiscal year. The main factors were increases of ¥1,416.706 million in long-term borrowings due within one year and ¥161.685 million in construction payables, partly offset by decreases of ¥73.230 million in income taxes payable and ¥67.268 million in accounts payable. Non-current liabilities were ¥1,212.442 million, an increase of ¥155.309 million, or 14.7%, from the end of the previous fiscal year. This was mainly due to increases of ¥118.417 million in long-term borrowings and ¥23.250 million in bonds.」
Long-term borrowings due within one year, long-term borrowings and bonds increased, further expanding interest-bearing debt exposure. - FY2017-Q2WorsenedAnnual report
「This was due to an increase of ¥538.748 million in long-term borrowings due within one year. This was mainly attributable to increases of ¥454.097 million in long-term borrowings and ¥31.750 million in bonds.」
Long-term borrowings due within one year, long-term borrowings and bonds increased, expanding borrowing and interest-bearing debt exposure. - FY2017-Q1WorsenedAnnual report
「This was mainly due to an increase of ¥869.873 million in long-term borrowings.」
Long-term borrowings increased by ¥869.873 million from the end of the previous fiscal year, increasing its borrowing exposure. - FY2016First statedAnnual report
「Because funds to acquire subdivision land for detached houses are financed mainly through borrowings from financial institutions, the Company has a high level of reliance on interest-bearing debt. Interest-bearing debt accounted for approximately 57% of total assets at the end of the fiscal year ended March 2016.」
Also states that the policy is to focus on reducing interest-bearing debt and strengthening shareholders' equity.