Borrowings and Lease Liabilities: Higher Funding Costs Due to Rising Interest Rates
First written in FY2016-Q3. 26 of 39 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-10-14.
Axas Holdings moved to the "Worse" side of this theme in 2017, 6 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
40 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Short-term borrowings 8,480,000 8,830,000” Long-term borrowings 2,419,996 2,264,145」
Short-term borrowings increased by ¥350 million, while long-term borrowings decreased by ¥155 million. The increase in short-term borrowings increased exposure to the risk of higher funding costs when interest rates rise. - FY2025MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the balance of bank borrowings, bonds and lease obligations was ¥12,081 million.」
Interest-bearing debt decreased from ¥13,099 million at the end of the previous fiscal year to ¥12,081 million, reducing exposure to the risk of higher funding costs when interest rates rise. - FY2025-H1WorsenedAnnual report
「Total liabilities were ¥15,958 million, up 9.4% year on year, an increase of ¥1,377 million from the end of the previous consolidated fiscal year. This was mainly due to increases including a ¥1,300 million increase in short-term borrowings, partly offset by decreases including a ¥22 million decrease in long-term borrowings, including long-term borrowings due for repayment within one year.」
Short-term borrowings increased by ¥1,300 million, while total liabilities increased by ¥1,377 million. The balance of interest-bearing debt and exposure to the risk of higher funding costs when interest rates rise both increased. - FY2024WorsenedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings, bonds and lease obligations was ¥13,099 million.」
The interest-bearing debt balance increased from ¥12,794 million at the end of the previous fiscal year to ¥13,099 million, increasing exposure to the risk of higher funding costs when interest rates rise. - FY2024-Q3WorsenedAnnual report
「Total liabilities were ¥15,183 million, down 2.1% year on year, a decrease of ¥331 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,102 million in accrued expenses and other items, partly offset by increases of ¥718 million in long-term borrowings including current maturities of long-term borrowings and ¥200 million in bonds including bonds due for redemption within 1 year.」
Although total liabilities decreased, long-term borrowings and bonds increased, expanding interest-bearing debt exposure to the risk of higher funding costs when interest rates rise. - FY2024-Q2WorsenedAnnual report
「Total liabilities were ¥15,696 million, up 1.2% year on year, an increase of ¥181 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥815 million in long-term borrowings including current maturities of long-term borrowings and ¥200 million in bonds and other items, partly offset by a decrease of ¥1,082 million in accrued expenses and other items.」
Increases of ¥815 million in long-term borrowings and ¥200 million in bonds and other items increased total liabilities by ¥181 million, increasing exposure to the risk of higher funding costs when interest rates rise. - FY2024-Q1WorsenedAnnual report
「Total liabilities were ¥17,009 million, up 9.6% year on year, an increase of ¥1,494 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥1,589 million in short-term borrowings, ¥917 million in long-term borrowings including current maturities of long-term borrowings, and ¥200 million in bonds and other items, partly offset by a decrease of ¥1,065 million in accrued expenses and other items.」
Increases in short-term borrowings, long-term borrowings and bonds increased interest-bearing debt exposure, worsening the risk of higher funding costs when interest rates rise. - FY2023MitigatedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings, bonds and lease obligations was ¥12,794 million.」
The interest-bearing debt balance decreased from ¥14,933 million at the end of the previous fiscal year to ¥12,794 million, reducing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2023-Q3MitigatedAnnual report
「Total liabilities were ¥15,388 million, down 8.1% year on year, a decrease of ¥1,347 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,520 million in short-term borrowings, partly offset by an increase of ¥100 million in bonds and other items.」
The decrease in short-term borrowings reduced total liabilities and borrowing exposure. Meanwhile, bonds increased by ¥100 million. - FY2023-Q2Increase in bonds alongside decrease in borrowingsAnnual report
「Total liabilities were ¥16,789 million, up 0.3% year on year, an increase of ¥53 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥300 million in bonds and other items, partly offset by decreases of ¥62 million in accounts payable and ¥144 million in long-term borrowings and other items.」
Bonds increased by ¥300 million, while long-term borrowings decreased by ¥144 million, changing the composition of liabilities exposed to funding costs when interest rates rise. - FY2023-Q1MitigatedAnnual report
「Total liabilities were ¥15,721 million, down 6.1% year on year, a decrease of ¥1,014 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,440 million in short-term borrowings, partly offset by an increase of ¥300 million in bonds and other items.」
Short-term borrowings decreased by ¥1,440 million and total liabilities also declined by ¥1,014 million, reducing exposure to the risk of higher funding costs when interest rates rise. Meanwhile, bonds increased by ¥300 million. - FY2022-Q3MitigatedAnnual report
「Total liabilities were ¥14,719 million, down 10.8% year on year, a decrease of ¥1,780 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥2,030 million in short-term borrowings, partly offset by an increase of ¥290 million in long-term borrowings and other items.」
Short-term borrowings decreased by ¥2,030 million and total liabilities also declined, reducing exposure to the risk of higher funding costs when interest rates rise. Meanwhile, long-term borrowings increased by ¥290 million. - FY2022-Q2WorsenedAnnual report
「Total liabilities were ¥16,923 million, up 2.6% year on year, an increase of ¥424 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥360 million in long-term borrowings and ¥70 million in short-term borrowings and other items.」
Increases in long- and short-term borrowings increased total liabilities by ¥424 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2022-Q1MitigatedAnnual report
「Total liabilities were ¥14,802 million, down 10.3% year on year, a decrease of ¥1,696 million from the end of the previous consolidated fiscal year. This was mainly due to decreases of ¥2,270 million in short-term borrowings and ¥125 million in accrued expenses and other items, partly offset by an increase of ¥462 million in long-term borrowings and other items.」
Short-term borrowings decreased by ¥2,270 million and total liabilities also declined by ¥1,696 million, reducing exposure to the risk of higher funding costs when interest rates rise. Meanwhile, long-term borrowings increased by ¥462 million. - FY2021WorsenedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings, bonds and lease obligations was ¥14,933 million.」
Interest-bearing debt, including borrowings, bonds and lease obligations, increased, resulting in greater exposure to the risk of higher funding costs when interest rates rise. - FY2021-Q3MitigatedAnnual report
「Total liabilities were ¥12,940 million, down 15.8%, a decrease of ¥2,425 million from the end of the previous consolidated fiscal year. This was mainly due to decreases of ¥3,150 million in short-term borrowings and ¥25 million in current maturities of long-term borrowings, partly offset by an ¥856 million increase in long-term borrowings and other items.」
Short-term borrowings decreased by ¥3,150 million, and total liabilities also declined, reducing the borrowings balance and exposure to the risk of higher funding costs when interest rates rise. Meanwhile, long-term borrowings increased by ¥856 million. - FY2021-Q2WorsenedAnnual report
「Total liabilities were ¥16,392 million, up 6.7% year on year, an increase of ¥1,026 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥220 million in short-term borrowings, ¥69 million in current maturities of long-term borrowings and ¥919 million in long-term borrowings and other items, partly offset by decreases of ¥96 million in accounts payable and ¥45 million in accrued expenses and other items.」
Increases in short-term borrowings, current maturities of long-term borrowings and long-term borrowings increased liabilities by ¥1,026 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2021-Q1MitigatedAnnual report
「Total liabilities were ¥13,402 million, down 12.8% year on year, a decrease of ¥1,964 million from the end of the previous consolidated fiscal year. This was mainly due to decreases of ¥1,850 million in short-term borrowings and ¥69 million in long-term borrowings and other items.」
Short-term borrowings decreased by ¥1,850 million and long-term borrowings by ¥69 million, reducing the borrowings balance and exposure to the risk of higher funding costs when interest rates rise. - FY2020-Q3WorsenedAnnual report
「This was mainly due to increases of ¥1,000 million in short-term borrowings, ¥1,342 million in long-term borrowings and ¥500 million in bonds and other items.」
Increases in short- and long-term borrowings and bonds increased exposure to the risk of higher funding costs when interest rates rise. - FY2020-Q2WorsenedAnnual report
「Short-term borrowings 7,550,000 8,400,000 Long-term borrowings 1,310,135 2,723,334」
Short-term borrowings increased by ¥850 million and long-term borrowings by ¥1,413 million from the end of the previous fiscal year, increasing exposure to the borrowings balance and the risk of higher funding costs when interest rates rise. - FY2020-Q1WorsenedAnnual report
「Total liabilities were ¥13,728 million, up 27.8% year on year, an increase of ¥2,986 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥127 million in accounts payable, ¥1,300 million in short-term borrowings and ¥1,487 million in long-term borrowings and other items.」
Short-term and long-term borrowings increased substantially, increasing exposure to the borrowings balance and the risk of higher funding costs when interest rates rise. - FY2019WorsenedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings and lease obligations was ¥9,098 million.」
The balance of bank borrowings and lease obligations increased from approximately ¥7,851 million at the end of the previous consolidated fiscal year to approximately ¥9,099 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2019-Q3WorsenedAnnual report
「Total liabilities were ¥10,105 million, up 7.8% year on year, an increase of ¥727 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥860 million in short-term borrowings and ¥81 million in accounts payable and other items, partly offset by decreases of ¥75 million in long-term borrowings, ¥66 million in other current liabilities and ¥32 million in accrued expenses and other items.」
Short-term borrowings increased by ¥860 million from the end of the previous consolidated fiscal year, increasing exposure to the borrowings balance and the risk of higher funding costs when interest rates rise. - FY2019-Q2WorsenedAnnual report
「Total liabilities were ¥9,676 million, up 3.2% year on year, an increase of ¥298 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥160 million in accounts payable and ¥390 million in short-term borrowings and other items, partly offset by decreases of ¥48 million in accrued expenses, ¥52 million in other current liabilities and ¥115 million in long-term borrowings and other items.」
Total liabilities increased by ¥298 million from the end of the previous fiscal year, while short-term borrowings also increased by ¥390 million. Exposure to the borrowings balance and funding costs when interest rates rise increased. - FY2019-Q1WorsenedAnnual report
「Total liabilities were ¥10,082 million, up 7.5% year on year, an increase of ¥704 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥118 million in accounts payable and ¥620 million in short-term borrowings and other items, partly offset by a decrease of ¥55 million in long-term borrowings and other items.」
Short-term borrowings increased by ¥620 million from the end of the previous fiscal year, increasing the balance of borrowings and lease obligations and the balance exposed to the risk of higher funding costs when interest rates rise. - FY2018-Q3WorsenedAnnual report
「Short-term borrowings 5,840,000 6,500,000」
Short-term borrowings increased by ¥660 million from ¥5,840 million at the end of the previous fiscal year to ¥6,500 million. The borrowings balance exposed to the risk of higher funding costs when interest rates rise increased. - FY2018-Q2WorsenedAnnual report
「Total liabilities were ¥9,998 million, up 2.7% year on year, an increase of ¥262 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥390 million in short-term borrowings and other items, partly offset by decreases of ¥77 million in accounts payable and ¥36 million in guarantee deposits received and other items.」
Total liabilities increased by ¥262 million from the end of the previous fiscal year, while short-term borrowings also increased by ¥390 million. The balances exposed to borrowings, lease obligations and funding costs increased. - FY2018-Q1WorsenedAnnual report
「Short-term borrowings 5,840,000 6,460,000」
Short-term borrowings increased from ¥5,840 million at the end of the previous fiscal year to ¥6,460 million. The combined balance of bank borrowings and lease obligations also increased from approximately ¥7,952 million to approximately ¥8,497 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2017WorsenedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings and lease obligations was ¥7,951 million.」
The balance of bank borrowings and lease obligations increased from ¥7,801 million at the end of the previous fiscal year to ¥7,951 million. The risk of higher funding costs when long- and short-term interest rates rise continues to be disclosed. - FY2017-Q3WorsenedAnnual report
「As of the end of the cumulative third-quarter period, the balance of bank borrowings and lease obligations was ¥8,158 million.」
The balance of bank borrowings and lease obligations increased from ¥8,015 million at the end of the second quarter to ¥8,158 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2017-Q2WorsenedAnnual report
「As of the end of the cumulative second-quarter period, the balance of bank borrowings and lease obligations was ¥8,015 million.」
The balance of bank borrowings and lease obligations increased by ¥299 million from ¥7,716 million at the end of the first quarter to ¥8,015 million, increasing the balance exposed to the risk of higher funding costs when interest rates rise. - FY2017-Q1MitigatedAnnual report
「As of the end of the cumulative first-quarter period, the balance of bank borrowings and lease obligations was ¥7,716 million.」
The balance of bank borrowings and lease obligations declined by ¥85 million from ¥7,801 million at the end of the previous fiscal year to ¥7,716 million. The balance and the risk of higher interest rates remain. - FY2016MitigatedAnnual report
「As of the end of the consolidated fiscal year, the balance of bank borrowings and lease obligations was ¥7,801 million.」
Borrowings and lease obligations remain outstanding, but the balance declined from the previously reported ¥8,648 million to ¥7,801 million at fiscal year-end due to repayments of long-term borrowings and other debt. - FY2016-Q3First statedAnnual report
「As of the end of the consolidated accounting period, the balance of bank borrowings and lease obligations was ¥8,648 million.」
While the Group is working to reduce borrowings and other debt, it identifies the possibility that balances may increase under its growth strategy, as well as the risk of rising interest rates.