Liquidity risk arising from reliance on interest-bearing debt and delays in property sales
First written in FY2018. 22 of 38 entries say "Worsened", first in FY2020-Q2. Latest entry: 2026-10-16.
Azplanning moved to the "Worse" side of this theme in 2022, 1 year 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 "Worsened".
- 2026-09-30Mitigatedwww.nikkei.com
「# アズ企画設計: Notice concerning completion of the sale of property for sale (beneficial interest in trust) and repayment of borrowings」
The repayment of borrowings was disclosed in a timely disclosure, providing a specific indication that reliance on interest-bearing debt and funding risks had been reduced. - FY2026MitigatedAnnual report
「The Group primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2026, its interest-bearing debt-to-equity ratio was 243.08%.」
The interest-bearing debt-to-equity ratio declined from 316.93% in the previous fiscal year to 243.08%, and the borrowing-dependence indicator improved. However, the Group continues to disclose risks to operating results from rising interest rates and an inability to obtain financing. - 2026-05-02MitigatedGeneral Meetings of Shareholders
「純資産は3,986,242千円となりました。」
有利子負債は増加している一方、連結純資産は3,986,242千円となり、直前中間期に低下していた自己資本比率は年次では回復している。リスク自体の解消を示す記載ではない。 - FY2026-H1WorsenedAnnual report
「Current liabilities at the end of the interim consolidated accounting period were ¥4,922.189 million, an increase of ¥1,884.018 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥945.500 million in short-term borrowings and ¥1,063.518 million in current maturities of long-term borrowings. Non-current liabilities were ¥10,037.418 million, an increase of ¥2,793.835 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥2,834.775 million increase in long-term borrowings. / As a result, the equity ratio was 18.5% (22.3% at the end of the previous consolidated fiscal year).」
Short-term and long-term borrowings increased as the Group expanded its real estate inventory and real estate under development, resulting in total liabilities of ¥14,959.607 million. The equity ratio also declined from 22.3% to 18.5%, and the indicators related to borrowing dependence and financial capacity deteriorated. - FY2025WorsenedAnnual report
「The Group primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2025, its interest-bearing debt-to-equity ratio was 316.93%.」
The interest-bearing debt-to-equity ratio rose from 274.54% in the previous fiscal year to 316.93%, and interest-bearing debt at the end of the fiscal year was ¥9,375.389 million. The borrowing-dependence indicator is deteriorating. - FY2025-H1WorsenedAnnual report
「Non-current liabilities were ¥5,692.123 million, an increase of ¥2,688.254 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥2,697.752 million increase in long-term borrowings. As a result, total liabilities were ¥10,151.863 million, an increase of ¥2,715.016 million from the end of the previous consolidated fiscal year. / As a result, the equity ratio was 19.8% (25.1% at the end of the previous consolidated fiscal year).」
Long-term borrowings increased by ¥2,697.752 million and total liabilities by ¥2,715.016 million as the Company expanded its real estate inventory. The equity ratio declined from 25.1% to 19.8%, and the indicators related to borrowing dependence and financial capacity deteriorated. - FY2025-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter consolidated accounting period were ¥4,873.688 million, an increase of ¥440.710 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥391.600 million increase in short-term borrowings. Non-current liabilities were ¥6,292.817 million, an increase of ¥3,288.948 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥3,281.657 million increase in long-term borrowings.」
Short-term borrowings increased by ¥391.600 million and long-term borrowings by ¥3,281.657 million as the Company expanded its real estate inventory, resulting in a ¥3,729.658 million increase in total liabilities. The equity ratio also declined from 25.1% at the end of the previous consolidated fiscal year to 17.1%. - FY2024MitigatedAnnual report
「The Group primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2024, its interest-bearing debt-to-equity ratio was 274.54%.」
The interest-bearing debt-to-equity ratio declined from 443.13% in the previous fiscal year to 274.54%, and the borrowing-dependence indicator improved. However, the Group continues to disclose risks to liquidity arising from borrowing dependence and delays in property sales. - FY2024-Q3WorsenedAnnual report
「As a result, total liabilities were ¥11,639.408 million, an increase of ¥4,040.264 million from the end of the previous fiscal year. This was mainly due to increases of ¥3,003.313 million in short-term borrowings and ¥2,157.565 million in current maturities of long-term borrowings. / As a result, the equity ratio was 14.0% (16.3% at the end of the previous fiscal year).」
Short-term borrowings and other liabilities increased as real estate inventory increased, resulting in a ¥4,040.264 million increase in total liabilities from the end of the previous fiscal year. The equity ratio also declined from 16.3% to 14.0%, and the figures related to borrowing dependence and financial capacity deteriorated. - FY2024-Q2WorsenedAnnual report
「As a result, total liabilities were ¥10,158.454 million, an increase of ¥2,559.310 million from the end of the previous fiscal year. This was mainly due to a ¥2,184.513 million increase in short-term borrowings. Non-current liabilities were ¥4,543.377 million, a decrease of ¥489.404 million from the end of the previous fiscal year. This was mainly due to a ¥479.205 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥2,184.513 million as the Company expanded its real estate inventory, and total liabilities increased by ¥2,559.310 million from the end of the previous fiscal year. The equity ratio also declined from 16.3% to 15.6%. - FY2024-Q1Higher borrowings and improved equity ratioAnnual report
「As a result, total liabilities were ¥8,243.112 million, an increase of ¥643.968 million from the end of the previous fiscal year. This was mainly due to a ¥1,287.013 million increase in short-term borrowings. / As a result, the equity ratio was 17.2% (16.3% at the end of the previous fiscal year).」
Although short-term borrowings and total liabilities increased as the Company expanded its real estate inventory, the equity ratio rose from 16.3% to 17.2% due to the exercise of stock acquisition rights and quarterly net income. - FY2023WorsenedAnnual report
「The Company primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2023, its interest-bearing debt-to-equity ratio was 443.13%.」
The interest-bearing debt-to-equity ratio rose from 252.52% in the previous fiscal year to 443.13%. The Company also stated its policy of advancing property-specific financing, transactions with new financial institutions and diversification of financing methods. - FY2023-Q3WorsenedAnnual report
「As a result, total liabilities were ¥8,472.512 million, an increase of ¥5,465.682 million from the end of the previous fiscal year. This was mainly due to increases of ¥2,888.022 million in short-term borrowings and ¥2,146.873 million in long-term borrowings. As a result, the equity ratio was 9.9% (24.6% at the end of the previous fiscal year).」
Short-term and long-term borrowings increased as the Company acquired real estate inventory, resulting in a ¥5,465.682 million increase in total liabilities from the end of the previous fiscal year. The equity ratio also declined from 24.6% to 9.9%, further worsening the figures related to borrowing dependence and financial capacity. - FY2023-Q2WorsenedAnnual report
「Purchases of real estate inventory proceeded smoothly, and borrowings increased accordingly. As a result, total assets increased by ¥4,462.146 million, and the equity ratio was 9.0% (24.6% at the end of the previous fiscal year).」
Borrowings increased as the Company purchased real estate inventory, and the equity ratio declined from 24.6% at the end of the previous fiscal year to 9.0%. - FY2023-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter accounting period were ¥2,261.692 million, an increase of ¥1,079.029 million from the end of the previous fiscal year. This was mainly due to a ¥1,233.430 million increase in short-term borrowings. Non-current liabilities were ¥3,058.213 million, an increase of ¥1,234.045 million from the end of the previous fiscal year. This was mainly due to a ¥1,287.913 million increase in long-term borrowings. As a result, total liabilities were ¥5,319.905 million, an increase of ¥2,313.075 million from the end of the previous fiscal year. As a result, the equity ratio was 13.6% (24.6% at the end of the previous fiscal year).」
Short-term and long-term borrowings increased as the Company acquired real estate inventory, resulting in a ¥2,313.075 million increase in total liabilities from the end of the previous fiscal year. The equity ratio also declined from 24.6% to 13.6%. - FY2022WorsenedAnnual report
「The Company primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2022, its interest-bearing debt-to-equity ratio was 252.52%. In addition, the Company is in breach of financial covenants in certain borrowing agreements because net assets at the end of the fiscal year fell below a specified level, among other reasons.」
The interest-bearing debt-to-equity ratio rose from 233.62% in the previous fiscal year to 252.52%. In addition, a breach of financial covenants concerning the level of net assets actually occurred, although the Company states that it obtained an agreement from the financial institutions not to exercise their rights. - FY2022-Q3WorsenedAnnual report
「As a result, total liabilities were ¥7,552.909 million, an increase of ¥3,588.427 million from the end of the previous fiscal year. This was mainly due to increases of ¥1,890.550 million in short-term borrowings and ¥1,714.744 million in long-term borrowings. As a result, the equity ratio was 15.2% (27.5% at the end of the previous fiscal year).」
Short-term and long-term borrowings increased as the Company purchased real estate inventory, resulting in a ¥3,588.427 million increase in total liabilities. The equity ratio also declined from 27.5% to 15.2%. - FY2022-Q2WorsenedAnnual report
「Current liabilities at the end of the second quarter accounting period were ¥1,466.366 million, an increase of ¥436.759 million from the end of the previous fiscal year. This was mainly due to a ¥433.620 million increase in short-term borrowings. Non-current liabilities were ¥3,222.239 million, an increase of ¥287.364 million from the end of the previous fiscal year. This was mainly due to increases of ¥76 million in bonds and ¥219.184 million in long-term borrowings. As a result, total liabilities were ¥4,688.606 million, an increase of ¥724.123 million from the end of the previous fiscal year.」
Total liabilities increased by ¥724.123 million as a result of increases in short-term borrowings, long-term borrowings and bonds, and the equity ratio declined from 27.5% to 24.2%. - FY2022-Q1WorsenedAnnual report
「Current liabilities at the end of the first quarter accounting period were ¥1,459.410 million, an increase of ¥429.803 million from the end of the previous fiscal year. This was mainly due to a ¥431.130 million increase in short-term borrowings. Non-current liabilities were ¥4,289.304 million, an increase of ¥1,354.429 million from the end of the previous fiscal year. This was mainly due to increases of ¥1,303.408 million in long-term borrowings and ¥36 million in bonds. As a result, the equity ratio was 19.4% (27.5% at the end of the previous fiscal year).」
Short-term borrowings, long-term borrowings and bonds increased as the Company purchased real estate inventory ahead of sales, and the equity ratio declined from 27.5% at the end of the previous fiscal year to 19.4%. - FY2021MitigatedAnnual report
「The Company primarily finances the funds required to acquire real estate for its real estate sales business through borrowings from financial institutions. As of the end of February 2021, its interest-bearing debt-to-equity ratio was 233.62%. Accordingly, if the Company’s financial position deteriorates significantly, its creditworthiness declines and it becomes unable to obtain financing from financial institutions, its business plan may change, potentially affecting its operating results and other matters.」
The interest-bearing debt-to-equity ratio declined from 324.21% to 233.62%, indicating an improvement in the borrowing-dependence figures. The Company also continues to avoid dependence on specific financial institutions and diversify its financing methods. - FY2021-Q3MitigatedAnnual report
「As a result, total liabilities were ¥4,372.913 million, a decrease of ¥912.112 million from the end of the previous fiscal year. This was mainly due to decreases of ¥89.448 million in short-term borrowings, ¥154.077 million in current maturities of long-term borrowings, ¥479.006 million in long-term borrowings and ¥182.5 million in bonds. As a result, the equity ratio was 25.9% (22.1% at the end of the previous fiscal year).」
Total liabilities decreased by ¥912.112 million as a result of declines in short-term borrowings, long-term borrowings and bonds, and the equity ratio rose from 22.1% to 25.9%. - FY2021-Q2MitigatedAnnual report
「Non-current liabilities were ¥3,734.823 million, a decrease of ¥282.501 million from the end of the previous fiscal year. This was mainly due to decreases of ¥98.5 million in bonds and ¥132.034 million in long-term borrowings. As a result, the equity ratio was 23.8% (22.1% at the end of the previous fiscal year).」
Non-current liabilities decreased as a result of declines in bonds and long-term borrowings, and the equity ratio rose from 22.1% to 23.8%. After deteriorating borrowing-dependence figures through the previous quarter, the figures at the end of the second quarter showed an improvement. - FY2021-Q1WorsenedAnnual report
「Current liabilities were ¥1,640.843 million, an increase of ¥373.141 million from the end of the previous fiscal year. This was mainly due to a ¥437.672 million increase in short-term borrowings. Non-current liabilities were ¥4,443.001 million, an increase of ¥425.676 million from the end of the previous fiscal year. This was mainly due to a ¥536.914 million increase in long-term borrowings, despite an ¥84 million decrease in bonds. As a result, the equity ratio was 19.0% (22.1% at the end of the previous fiscal year).」
Short-term and long-term borrowings increased, and the equity ratio declined from 22.1% at the end of the previous fiscal year to 19.0%. - FY2020WorsenedAnnual report
「Accordingly, as of the end of February 2020, the interest-bearing debt-to-equity ratio was 324.21%.」
The interest-bearing debt-to-equity ratio rose from 308.66% in the previous fiscal year to 324.21%, indicating deterioration in the disclosed borrowing-dependence figures. - FY2020-Q3WorsenedAnnual report
「Fixed liabilities were ¥4,514.772 million, an increase of ¥1,053.436 million from the end of the previous fiscal year. This was mainly due to increases of ¥940.469 million in long-term borrowings and ¥41.500 million in bonds. As a result, the equity ratio was 17.5%, compared with 23.1% at the end of the previous fiscal year.」
Fixed liabilities increased ¥1,053.436 million from the end of the previous fiscal year due to increases of ¥940.469 million in long-term borrowings and ¥41.500 million in bonds, while the equity ratio declined from 23.1% to 17.5%. - FY2020-Q2WorsenedAnnual report
「Fixed liabilities were ¥3,787.774 million, an increase of ¥326.438 million from the end of the previous fiscal year. This was mainly due to increases of ¥125.500 million in bonds and ¥181.993 million in long-term borrowings. As a result, the equity ratio was 20.0%, compared with 23.1% at the end of the previous fiscal year.」
Bonds and long-term borrowings increased from the end of the previous fiscal year, and the equity ratio declined from 23.1% to 20.0%. The figures indicate a deterioration in the Company's reliance on borrowings for financing. - FY2019MitigatedAnnual report
「Accordingly, the interest-bearing debt ratio was 308.66% as of the end of February 2019. The Company is pursuing new transactions with financial institutions and diversifying its financing methods without relying on any specific financial institution.」
The interest-bearing debt ratio declined from 476.6% in the previous period to 308.66%, while the Company also expanded transactions with new financial institutions and diversified its financing methods. - FY2018First statedAnnual report
「Accordingly, as of the end of the fiscal year ended February 2018, the interest-bearing debt ratio was 476.6%.」
The Company primarily finances property acquisitions through borrowings from financial institutions and has disclosed an interest-bearing debt ratio of 476.6%. It also states that delays in selling properties held for sale or difficulty continuing to obtain financing could affect its cash flow.