High reliance on interest-bearing debt and interest-rate fluctuations
First written in FY2016. 16 of 40 entries say "Mitigated", first in FY2018. Latest entry: 2026-11-09.
Nippon Carbide Industries Company 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: 64 of 142 companies on the "Worse" side.
80 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「As of the end of the current consolidated fiscal year, interest-bearing debt had decreased by ¥2,794 million from the end of the previous consolidated fiscal year to ¥7,107 million.」
Interest-bearing debt decreased from ¥9,902 million to ¥7,107 million, while the equity ratio increased from 56.4% to 61.3%. Financial metrics indicating debt dependence and interest-rate risk moved toward lower risk. - 2026-05-13MitigatedResults
「自己資本比率は前期末比プラス4.9ポイントの61.3％となりました。」
有利子負債残高が7,107百万円まで減少し、自己資本比率も上昇したため、負債依存・金利変動リスクを示す財務指標は低減方向に動いた。 - FY2026-H1MitigatedAnnual report
「As of the end of the interim consolidated accounting period, interest-bearing debt had decreased by ¥1,378 million from the end of the previous fiscal year to ¥8,524 million. The equity ratio was 57.9%, up 1.5 percentage points from the end of the previous fiscal year.」
Interest-bearing debt decreased to ¥8,524 million and the equity ratio increased to 57.9%, causing financial metrics indicating debt dependence and interest-rate risk to move toward lower risk. - FY2025MitigatedAnnual report
「As of the end of the current consolidated fiscal year, interest-bearing debt had decreased by ¥1,589 million from the end of the previous consolidated fiscal year to ¥9,902 million.」
Interest-bearing debt decreased from ¥11,491 million at the end of the previous fiscal year to ¥9,902 million, and financial metrics indicating debt dependence and interest-rate risk declined further. - FY2025-H1MitigatedAnnual report
「As of the end of the interim consolidated accounting period, interest-bearing debt had decreased by ¥1,463 million from the end of the previous fiscal year to ¥10,028 million.」
Interest-bearing debt decreased by ¥1,463 million from the end of the previous fiscal year, falling to around ¥10 billion. - FY2024MitigatedAnnual report
「As of the end of the current consolidated fiscal year, interest-bearing debt had decreased by ¥369 million from the end of the previous consolidated fiscal year to ¥11,491 million. As a result, the equity ratio increased by 3.0 percentage points from 50.5% at the end of the previous consolidated fiscal year to 53.5%.」
Interest-bearing debt decreased from ¥11,861 million to ¥11,491 million, while the equity ratio increased to 53.5%. - FY2024-Q3Decrease in interest-bearing debt; decline in equity ratioAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, interest-bearing debt had increased by ¥63 million from the end of the previous fiscal year to ¥11,925 million. The equity ratio improved by 0.4 percentage point from 50.5% at the end of the previous consolidated fiscal year to 50.9%.」
Interest-bearing debt decreased from ¥12,652 million at the end of the previous quarter, but increased by ¥63 million from the end of the previous fiscal year. The equity ratio declined from 52.1% at the end of the previous quarter to 50.9%, while improving by 0.4 percentage point from the end of the previous fiscal year. - FY2024-Q2Increase in interest-bearing debt; improvement in equity ratioAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, interest-bearing debt had increased by ¥791 million from the end of the previous fiscal year to ¥12,652 million. The equity ratio improved by 1.6 percentage points from 50.5% at the end of the previous consolidated fiscal year to 52.1%.」
Interest-bearing debt increased by ¥791 million from the end of the previous fiscal year, while the equity ratio improved from 50.5% to 52.1%. - FY2024-Q1Increase in interest-bearing debt; slight improvement in equity ratioAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, interest-bearing debt had increased by ¥907 million from the end of the previous fiscal year to ¥12,768 million. The equity ratio improved by 0.2 percentage point from 50.5% at the end of the previous consolidated fiscal year to 50.7%.」
Interest-bearing debt increased by ¥907 million from the end of the previous fiscal year, while the equity ratio improved slightly from 50.5% to 50.7%. Debt dependence and financial strength metrics moved in opposite directions. - FY2023MitigatedAnnual report
「As of the end of the current consolidated fiscal year, interest-bearing debt had decreased by ¥2,575 million from the end of the previous consolidated fiscal year to ¥11,861 million. As a result, the equity ratio increased by 3.5 percentage points from 47.0% at the end of the previous consolidated fiscal year to 50.5%.」
Interest-bearing debt decreased to ¥11,861 million and the equity ratio increased to 50.5%, causing financial metrics to move toward lower debt dependence and interest-rate risk. - FY2023-Q3MitigatedAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, interest-bearing debt had decreased by ¥1,151 million from the end of the previous fiscal year to ¥13,285 million. The equity ratio increased by 3.8 percentage points from 47.0% at the end of the previous consolidated fiscal year to 50.8%.」
Interest-bearing debt decreased to ¥13,285 million, partly due to repayments of long-term borrowings, while the equity ratio increased to 50.8%. Financial metrics indicating high dependence on interest-bearing debt and interest-rate risk moved toward lower risk. - FY2023-Q2MitigatedAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, interest-bearing debt had decreased by ¥1,516 million from the end of the previous fiscal year to ¥12,454 million. The equity ratio increased by 3.9 percentage points from 47.0% at the end of the previous consolidated fiscal year to 50.9%.」
Interest-bearing debt decreased by ¥1,516 million from the end of the previous fiscal year to ¥12,454 million, while the equity ratio increased from 47.0% to 50.9%. Financial metrics moved toward lower debt dependence and interest-rate risk. - FY2023-Q1MitigatedAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, interest-bearing debt had decreased by ¥462 million from the end of the previous fiscal year to ¥13,507 million. The equity ratio improved by 1.0 percentage point from 47.0% at the end of the previous consolidated fiscal year to 48.0%.」
Interest-bearing debt decreased by ¥462 million from the end of the previous fiscal year to ¥13,507 million, while the equity ratio improved from 47.0% to 48.0%. Financial metrics moved toward lower risk. - FY2022MitigatedAnnual report
「Liabilities at the end of the consolidated fiscal year decreased ¥2,909 million from the end of the previous consolidated fiscal year to ¥32,496 million. Current liabilities decreased ¥2,293 million to ¥18,591 million, despite an increase in notes and accounts payable, mainly due to repayments of short-term borrowings.」
Liabilities decreased mainly due to repayments of short-term borrowings, and the equity ratio improved from 42.2% to 47.0%. The financial indicators for interest-bearing debt and interest-rate risk moved in a direction indicating lower risk. - FY2022-Q3WorsenedAnnual report
「Interest-bearing debt, including discounted notes receivable, increased ¥2,071 million from the end of the previous fiscal year to ¥20,266 million at the end of the third quarter of the current consolidated fiscal year.」
Interest-bearing debt increased ¥2,071 million from the end of the previous fiscal year to ¥20,266 million, and the debt-reliance indicators moved in a worsening direction. - FY2022-Q2WorsenedAnnual report
「Interest-bearing debt, including discounted notes receivable, increased ¥2,689 million from the end of the previous fiscal year to ¥20,884 million at the end of the second quarter of the current consolidated fiscal year.」
Interest-bearing debt increased ¥2,689 million from the end of the previous fiscal year to ¥20,884 million, indicating that the debt-reliance indicators moved in a worsening direction. The equity ratio also declined from 42.2% to 41.9%. - FY2022-Q1Increase in interest-bearing debt; improvement in equity ratioAnnual report
「Interest-bearing debt, including discounted notes receivable, increased ¥375 million from the end of the previous fiscal year to ¥18,571 million at the end of the first quarter of the current consolidated fiscal year. The equity ratio improved by 0.5 percentage points from 42.2% at the end of the previous consolidated fiscal year to 42.7%.」
Interest-bearing debt increased ¥375 million from the end of the previous fiscal year, while the equity ratio improved from 42.2% to 42.7%, indicating that the debt-reliance and financial-base indicators moved in different directions. - FY2021WorsenedAnnual report
「Interest-bearing debt, including discounted notes receivable, increased ¥772 million from the end of the previous consolidated fiscal year to ¥18,195 million at the end of the consolidated fiscal year. The equity ratio improved by 2.3 percentage points from 39.9% at the end of the previous consolidated fiscal year to 42.2%.」
Interest-bearing debt increased from ¥17,422 million to ¥18,195 million. Meanwhile, the equity ratio improved to 42.2%, indicating that the debt-reliance and financial-base indicators moved in different directions. - FY2021-Q3WorsenedAnnual report
「Interest-bearing debt, including discounted notes receivable, increased ¥2,288 million from the end of the previous fiscal year to ¥19,711 million at the end of the third quarter of the current consolidated fiscal year.」
Interest-bearing debt increased ¥2,288 million from the end of the previous fiscal year to ¥19,711 million, and the debt-reliance indicators increased further from FY2021-Q2. The risk has been quantified, but the impact of higher interest rates on earnings itself is not stated. - FY2021-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased ¥1,971 million from the end of the previous fiscal year to ¥37,252 million. Current liabilities decreased ¥732 million to ¥20,638 million due mainly to decreases in notes and accounts payable, while non-current liabilities increased ¥2,703 million to ¥16,613 million, mainly due to financing through long-term borrowings. Interest-bearing debt, including discounted notes receivable, increased ¥2,757 million from the end of the previous fiscal year to ¥20,180 million. The equity ratio deteriorated by 1.4 percentage points from 39.9% at the end of the previous consolidated fiscal year to 38.5%.」
Financing through long-term borrowings increased non-current liabilities and interest-bearing debt, and the equity ratio declined from 39.9% to 38.5%. Risks associated with high reliance on interest-bearing debt and the financial base are moving in a worsening direction. - FY2021-Q1Slight decline in interest-bearing debt; slight decline in equity ratioAnnual report
「Interest-bearing debt, including discounted notes receivable, decreased ¥21 million from the end of the previous fiscal year to ¥17,400 million at the end of the first quarter of the current consolidated fiscal year. (Excerpt) The equity ratio deteriorated by 0.1 percentage points from 39.9% at the end of the previous consolidated fiscal year to 39.8%.」
Interest-bearing debt decreased ¥21 million from the end of the previous fiscal year, while the equity ratio declined by 0.1 percentage points from 39.9% to 39.8%. - FY2020MitigatedAnnual report
「Interest-bearing debt, including discounted notes receivable, decreased ¥58 million from the end of the previous consolidated fiscal year to ¥17,422 million at the end of the consolidated fiscal year. The equity ratio improved by 0.9 percentage points from 39.0% at the end of the previous consolidated fiscal year to 39.9%.」
Interest-bearing debt decreased ¥58 million to ¥17,422 million, and the equity ratio also improved to 39.9%. However, financing through interest-bearing debt continues. - FY2020-Q3Increase in liabilities; improvement in equity ratio (long-term borrowings increased)Annual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased ¥219 million from the end of the previous fiscal year to ¥35,863 million. Current liabilities decreased ¥992 million to ¥20,608 million due mainly to decreases in notes and accounts payable and short-term borrowings. Non-current liabilities increased ¥1,211 million to ¥15,255 million, mainly due to an increase in long-term borrowings. As a result, the equity ratio improved by 0.2 percentage points from 39.0% at the end of the previous consolidated fiscal year to 39.2%.」
Total liabilities increased ¥219 million from the end of the previous fiscal year, and non-current liabilities and long-term borrowings also increased, while the equity ratio improved from 39.0% to 39.2%. - FY2020-Q2Increase in liabilities; decline in equity ratio (long-term borrowings increased)Annual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased ¥257 million from the end of the previous fiscal year to ¥35,900 million. Current liabilities decreased ¥1,173 million to ¥20,426 million due mainly to decreases in notes and accounts payable and short-term borrowings. Non-current liabilities increased ¥1,430 million to ¥15,473 million, mainly due to an increase in long-term borrowings.」
Total liabilities increased ¥257 million from the end of the previous fiscal year, and non-current liabilities and long-term borrowings increased. The equity ratio also declined by 0.3 percentage points from 39.0% to 38.7%. - FY2020-Q1Increase in liabilities; slight decrease in equity ratioAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased ¥234 million from the end of the previous fiscal year to ¥35,878 million. Current liabilities increased ¥339 million to ¥21,940 million, mainly due to increases in notes and accounts payable. Non-current liabilities decreased ¥105 million to ¥13,938 million, mainly due to a decrease in long-term borrowings. As a result, the equity ratio deteriorated by 0.2 percentage points from 39.0% at the end of the previous consolidated fiscal year to 38.8%.」
Liabilities increased and long-term borrowings decreased, while the equity ratio declined slightly from 39.0% to 38.8%. - FY2019MitigatedAnnual report
「As of the end of the consolidated fiscal year, our group had approximately ¥17.5 billion in interest-bearing debt, comprising long- and short-term borrowings and discounted notes receivable. Group companies are working to fix some interest rates and obtain financing at the lowest possible rates, but the group remains highly reliant on interest-bearing debt overall, and future developments in the interest-rate environment and other factors may affect the group’s performance.」
Interest-bearing debt decreased from approximately ¥18.9 billion in the previous fiscal year to approximately ¥17.5 billion, and the equity ratio improved to 39.0%. Meanwhile, the high reliance on interest-bearing debt continues to be identified as a risk. - FY2019-Q3Slight decline in liabilities; improvement in equity ratio (short-term borrowings decreased; long-term borrowings increased)Annual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year decreased ¥34 million from the end of the previous fiscal year to ¥37,627 million. Current liabilities decreased ¥1,109 million to ¥22,473 million due to a decrease in short-term borrowings and the reversal of provisions for business losses. Non-current liabilities increased ¥1,075 million to ¥15,154 million, mainly due to an increase in long-term borrowings. As a result, the equity ratio improved by 0.9 percentage points from 37.2% at the end of the previous consolidated fiscal year to 38.1%.」
Total liabilities decreased ¥34 million from the end of the previous fiscal year, and the equity ratio improved from 37.2% to 38.1%. Meanwhile, short-term borrowings decreased while long-term borrowings increased, and the disclosure does not state that concerns about reliance on interest-bearing debt have been resolved. - FY2019-Q2Increase in liabilities; improvement in equity ratio (long-term borrowings increased)Annual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased ¥736 million from the end of the previous fiscal year to ¥38,398 million. Current liabilities decreased ¥982 million to ¥22,600 million due to a decrease in short-term borrowings and the reversal of provisions for business losses. Non-current liabilities increased ¥1,719 million to ¥15,798 million, mainly due to an increase in long-term borrowings. As a result, the equity ratio improved by 0.6 percentage points from 37.2% at the end of the previous consolidated fiscal year to 37.8%.」
Total liabilities increased, but the equity ratio improved from 37.2% to 37.8%. Meanwhile, long-term borrowings increased ¥1,719 million. - FY2019-Q1Increase in liabilities; slight decrease in equity ratioAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased ¥591 million from the end of the previous fiscal year to ¥38,253 million. Current liabilities increased ¥716 million to ¥24,299 million, mainly due to an increase in short-term borrowings, despite a decrease resulting from the reversal of provisions for business losses. Non-current liabilities decreased ¥125 million to ¥13,953 million, mainly due to a decrease in long-term borrowings. As a result, the equity ratio deteriorated by 0.1 percentage points from 37.2% at the end of the previous consolidated fiscal year to 37.1%.」
Liabilities increased ¥591 million from the end of the previous fiscal year and short-term borrowings also increased, while long-term borrowings decreased. The equity ratio declined slightly from 37.2% to 37.1%, indicating movement in the financial risk indicators. - FY2018MitigatedAnnual report
「As of the end of the consolidated fiscal year, our group had approximately ¥18.9 billion in interest-bearing debt, comprising long- and short-term borrowings and discounted notes receivable. Group companies are working to fix some interest rates and obtain financing at the lowest possible rates, but the group remains highly reliant on interest-bearing debt overall, and future developments in the interest-rate environment and other factors may affect the group’s performance.」
Interest-bearing debt decreased from approximately ¥19.6 billion in the previous fiscal year to approximately ¥18.9 billion. Total liabilities also decreased from ¥40,436 million to ¥37,828 million, and the equity ratio improved from 31.9% to 37.0%, although the disclosure continues to state that reliance remains high. - FY2018-Q3Decline in liabilities; improvement in equity ratio (borrowings increased)Annual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year decreased ¥394 million from the end of the previous fiscal year to ¥40,041 million. Current liabilities decreased ¥1,054 million to ¥24,875 million, despite an increase in short-term borrowings, due mainly to the reversal of provisions for business losses and a decrease in payables related to capital expenditures. Non-current liabilities increased ¥659 million to ¥15,166 million, mainly due to an increase in long-term borrowings. As a result, the equity ratio improved by 3.5 percentage points from 31.9% at the end of the previous consolidated fiscal year to 35.4%.」
Total liabilities decreased ¥394 million from the end of the previous fiscal year, and the equity ratio improved from 31.9% to 35.4%. Meanwhile, both short- and long-term borrowings increased, and the disclosure does not state that concerns about reliance on interest-bearing debt have been resolved in one direction. - FY2018-Q2Slight decline in liabilities; improvement in equity ratio (borrowings increased)Annual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year decreased ¥153 million from the end of the previous fiscal year to ¥40,283 million. Current liabilities decreased ¥968 million to ¥24,962 million, despite an increase in short-term borrowings, due mainly to the reversal of provisions for business losses and a decrease in payables related to capital expenditures. Non-current liabilities increased ¥814 million to ¥15,321 million, mainly due to an increase in long-term borrowings. As a result, the equity ratio improved by 1.7 percentage points from 31.9% at the end of the previous consolidated fiscal year to 33.6%.」
Total liabilities decreased ¥153 million from the end of the previous fiscal year, and the equity ratio improved from 31.9% to 33.6%. Meanwhile, both short- and long-term borrowings increased, and the disclosure does not state that the risk associated with reliance on interest-bearing debt has been resolved in one direction. - FY2018-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased ¥2,400 million from the end of the previous fiscal year to ¥42,837 million. Current liabilities increased ¥2,721 million to ¥28,651 million, mainly due to financing through short-term borrowings. As a result, the equity ratio deteriorated by 0.8 percentage points from 31.9% at the end of the previous consolidated fiscal year to 31.1%.」
Liabilities increased ¥2,400 million from the end of the previous fiscal year, mainly due to financing through short-term borrowings, and the equity ratio declined from 31.9% to 31.1%, indicating that reliance on liabilities and deterioration of the financial base are continuing. - FY2017WorsenedAnnual report
「As of the end of the consolidated fiscal year, our group had approximately ¥19.6 billion in interest-bearing debt, comprising long- and short-term borrowings and discounted notes receivable. Group companies are working to fix some interest rates and obtain financing at the lowest possible rates, but the group remains highly reliant on interest-bearing debt overall, and future developments in the interest-rate environment and other factors may affect the group’s performance.」
Interest-bearing debt was approximately ¥19.6 billion, and the equity ratio declined from 32.8% in the previous fiscal year to 31.9%. - FY2017-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year increased ¥2,957 million from the end of the previous fiscal year to ¥41,897 million. As a result, the equity ratio deteriorated by 3.9 percentage points from 32.8% at the end of the previous consolidated fiscal year to 28.9%.」
Liabilities increased ¥2,957 million from the end of the previous fiscal year, while the equity ratio also declined, indicating that high reliance on liabilities and deterioration of the financial base are continuing. - FY2017-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year increased ¥2,204 million from the end of the previous fiscal year to ¥41,145 million. As a result, the equity ratio deteriorated by 4.8 percentage points from 32.8% at the end of the previous consolidated fiscal year to 28.0%.」
Liabilities increased ¥2,204 million from the end of the previous fiscal year, and the equity ratio declined from 32.8% to 28.0%, indicating growing concerns about reliance on interest-bearing debt and the financial base. - FY2017-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year increased ¥1,126 million from the end of the previous fiscal year to ¥39,979 million, mainly due to an increase in borrowings.」
Both short- and long-term borrowings increased, while the equity ratio declined from 34.5% at the end of the previous fiscal year to 32.6%. - FY2016First statedAnnual report
「As of the end of the consolidated fiscal year, the group had approximately ¥19.7 billion in interest-bearing debt, comprising long- and short-term borrowings and discounted notes receivable. The group remains highly reliant on interest-bearing debt overall, and future developments in the interest-rate environment and other factors may affect the group’s performance.」
While the company is working to fix some interest rates and obtain financing at low rates, it explicitly states that reliance on interest-bearing debt remains high.