Komori
Ips (4390) · RiskWorsened

Greater Reliance on Interest-Bearing Debt and Higher Interest Expense

First written in FY2018. 16 of 22 entries say "Worsened", first in FY2021-Q1. Latest entry: FY2026.

22entries
9years
2from disclosures
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How it moved
ProgressHeldSoftenedWorseMitigatedFY2019 – FY2020WorsenedFY2021-Q1 – FY2022-Q2WorsenedFY2023-Q2 – FY2024-Q3WorsenedFY2025 – FY20262018: 120182019: 120192020: 320202021: 320212022: 420222023: 320232024: 220242025: 220252026: 32026
Same theme, other companies
Reliance on Interest-Bearing Debt and Interest Rate and Refinancing RisksA theme 305 companies write about · 306 as a headwind · 0 as a tailwind

Ips moved to the "Worse" side of this theme in 2021, the same year as the typical company in this theme.

The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.

83 other companies' latest entry also says "Worsened".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 200 companies compared. The sentences above are computed from all 200.Comparing 200 of the theme's 306 threads.
Full recordFilings, disclosures and news, newest first
  1. FY2026WorsenedAnnual report

    「The Group primarily relies on borrowings from financial institutions to finance capital expenditures and other needs, and as of 31 March 2026, interest-bearing debt accounted for 24.8% of consolidated total assets. As the Group plans to make capital expenditures for borrowings related to Candle and to expand its telecommunications business in the Philippines, its reliance on interest-bearing debt may increase further.」

    Reliance on interest-bearing debt increased from 24.0% in the previous fiscal year to 24.8%. The possibility that borrowing dependence may increase further due to borrowings related to Candle and telecommunications equipment investment in the Philippines was also reconfirmed.
  3. FY2026-H1WorsenedAnnual report

    「The Group primarily relies on borrowings from financial institutions to finance capital expenditures and other needs, and as of 31 March 2025, interest-bearing debt accounted for 24.0% of consolidated total assets. As the Group plans to make capital expenditures for borrowings related to Candle and to expand its telecommunications business in the Philippines, its reliance on interest-bearing debt may increase further.」

    Assuming reliance on interest-bearing debt of 24.0%, the disclosure specifically indicated that borrowings related to Candle and capital expenditures for the telecommunications business in the Philippines could further increase borrowing dependence.
  4. FY2025WorsenedAnnual report

    「The Group primarily relies on borrowings from financial institutions to finance capital expenditures and other needs, and as of 31 March 2025, interest-bearing debt accounted for 24.0% of consolidated total assets.」

    Reliance on interest-bearing debt increased from 16.6% at 31 March 2022 to 24.0%. Short-term borrowings also stood at ¥4,250 million, and the Group continued to disclose the borrowing-dependence risk associated with capital expenditures.
  5. FY2025-H1Increase in short-term borrowings and decrease in long-term borrowingsAnnual report

    「Current liabilities at the end of the interim consolidated fiscal period were ¥14,492 million, an increase of ¥1,960 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥880 million in short-term borrowings, ¥438 million in other payables, and ¥678 million in deferred installment-sale profit. Non-current liabilities were ¥4,643 million, a decrease of ¥1,171 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥1,183 million in long-term borrowings.」

    Short-term borrowings increased by ¥880 million, while long-term borrowings decreased by ¥1,183 million, changing the borrowing structure. In addition to reliance on interest-bearing debt, interest expense increased from ¥152 million in the same period of the previous year to ¥219 million.
  6. FY2024-Q3WorsenedAnnual report

    「Non-current liabilities were ¥3,306 million, an increase of ¥2,292 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥2,285 million in long-term borrowings.」

    Non-current liabilities increased by ¥2,292 million from the end of the previous fiscal year, while long-term borrowings increased by ¥2,285 million, further increasing exposure to interest-bearing debt.
  7. FY2024-Q2WorsenedAnnual report

    「Non-current liabilities were ¥3,703 million, an increase of ¥2,689 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥2,667 million in long-term borrowings.」

    Non-current liabilities increased by ¥2,689 million from the end of the previous fiscal year, while long-term borrowings increased by ¥2,667 million, further increasing exposure to interest-bearing debt.
  8. FY2024-Q1WorsenedAnnual report

    「This was due to an increase of ¥1,457 million in short-term borrowings, partly offset by decreases of ¥706 million in accounts payable, ¥369 million in income taxes payable, ¥57 million in other payables, ¥42 million in the current portion of long-term borrowings, ¥61 million in deferred installment-sale profit, and ¥8 million in provision for bonuses.」

    Short-term borrowings at the end of the first quarter increased by ¥1,457 million from the end of the previous fiscal year to ¥7,184 million. Interest expense also increased from ¥1 million in the same period of the previous year to ¥61 million, increasing exposure to interest-bearing debt and financial expenses.
  9. FY2023-Q3WorsenedAnnual report

    「Current liabilities at the end of the third quarter of the current consolidated fiscal year were ¥10,365 million, an increase of ¥2,500 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥2,462 million in short-term borrowings. Non-current liabilities were ¥1,137 million, a decrease of ¥281 million from the end of the previous consolidated fiscal year.」

    Short-term borrowings increased by ¥2,462 million from the end of the previous fiscal year to ¥3,806 million, shifting the borrowing structure toward short-term debt. Exposure to interest-bearing debt increased further.
  10. FY2023-Q2WorsenedAnnual report

    「Current liabilities at the end of the second quarter of the current consolidated fiscal year were ¥9,468 million, an increase of ¥1,603 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,348 million in short-term borrowings. Non-current liabilities were ¥1,194 million, a decrease of ¥224 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥226 million in long-term borrowings.」

    Short-term borrowings increased by ¥1,348 million to ¥2,692 million, while long-term borrowings decreased by ¥226 million. The borrowing structure shifted toward short-term debt, and total borrowings also increased from the end of the previous fiscal year.
  11. FY2023-Q1Increase in short-term borrowings and decrease in non-current liabilitiesAnnual report

    「Current liabilities at the end of the first quarter of the current consolidated fiscal year were ¥6,710 million, a decrease of ¥1,154 million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥242 million in short-term borrowings, ¥46 million in accounts payable, and ¥131 million in income taxes payable, partly offset by decreases of ¥1,368 million in other payables, ¥19 million in the current portion of long-term borrowings, and ¥509 million in deferred installment-sale profit. Non-current liabilities were ¥1,308 million, a decrease of ¥110 million from the end of the previous consolidated fiscal year. This was mainly due to a decrease of ¥113 million in long-term borrowings.」

    Short-term borrowings increased by ¥242 million, while long-term borrowings decreased by ¥113 million and non-current liabilities by ¥110 million. Although the borrowing structure changed, total liabilities declined.
  12. FY2022WorsenedAnnual report

    「The Group primarily relies on borrowings from financial institutions to finance capital expenditures and other needs, and as of 31 March 2022, interest-bearing debt accounted for 16.6% of consolidated total assets. As the Group plans to make capital expenditures to expand its overseas telecommunications business in the Philippines, its reliance on interest-bearing debt may increase further.」

    The Group disclosed reliance on interest-bearing debt of 16.6% and indicated the possibility of a further increase as capital expenditures continue. Interest-bearing debt at the fiscal year-end was ¥3,050 million, including ¥1,344 million in short-term borrowings.
  13. FY2022-Q3New short-term borrowings recordedAnnual report

    「Current liabilities were ¥4,372 million, an increase of ¥1,010 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥675 million in short-term borrowings. Non-current liabilities were ¥1,665 million, an increase of ¥19 million from the end of the previous consolidated fiscal year.」

    Short-term borrowings of ¥675 million were recorded, and current liabilities increased by ¥1,010 million. Meanwhile, non-current liabilities increased by only ¥19 million, indicating a change in the borrowing structure.
  14. FY2022-Q2WorsenedAnnual report

    「Non-current liabilities were ¥1,722 million, an increase of ¥77 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥54 million in long-term borrowings.」

    Non-current liabilities increased by ¥77 million and long-term borrowings by ¥54 million, further increasing exposure to interest-bearing debt.
  15. FY2022-Q1WorsenedAnnual report

    「Non-current liabilities were ¥1,816 million, an increase of ¥170 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥113 million in long-term borrowings.」

    Non-current liabilities increased by ¥170 million from the end of the previous consolidated fiscal year, while long-term borrowings increased by ¥113 million, increasing exposure to interest-bearing debt.
  16. FY2021-Q3WorsenedAnnual report

    「Non-current liabilities were ¥1,785 million, an increase of ¥1,156 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,109 million in long-term borrowings.」

    Long-term borrowings increased by ¥1,109 million from the end of the previous consolidated fiscal year, while non-current liabilities increased by ¥1,156 million. The situation regarding reliance on interest-bearing debt and higher interest expense was further quantified.
  17. FY2021-Q2WorsenedAnnual report

    「Non-current liabilities were ¥1,869 million, an increase of ¥1,239 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,227 million in long-term borrowings.」

    Long-term borrowings increased by ¥1,227 million from the end of the previous consolidated fiscal year, while non-current liabilities increased by ¥1,239 million. The risks associated with reliance on interest-bearing debt and higher interest expense continued to be quantified.
  18. FY2021-Q1WorsenedAnnual report

    「Non-current liabilities were ¥2,025 million, an increase of ¥1,395 million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,388 million in long-term borrowings.」

    Long-term borrowings increased by ¥1,388 million, while non-current liabilities increased by ¥1,395 million. Interest expense also increased from ¥2 million in the same period of the previous year to ¥8 million, indicating greater reliance on interest-bearing debt and increased interest expense risk.
  19. FY2020MitigatedAnnual report

    「As of 31 March 2020, interest-bearing debt accounted for 12.0% of consolidated total assets.」

    Reliance on interest-bearing debt declined from 13.5% in the previous fiscal year to 12.0%. At the same time, the possibility of an increase due to future telecommunications equipment investment in the Philippines continues to be disclosed.
  20. FY2019MitigatedAnnual report

    「The Group primarily relies on borrowings from financial institutions to finance capital expenditures and other needs, and as of 31 March 2019, interest-bearing debt accounted for 13.5% of consolidated total assets.」

    Reliance on interest-bearing debt declined from 30.5% in the previous disclosure to 13.5%. However, it could rise in the future as a result of capital expenditures by InfiniVAN.
  21. FY2018First statedAnnual report

    「As of the end of March 2018, interest-bearing debt accounted for 30.5% of consolidated total assets.」

    The disclosure indicates that capital investment by InfiniVAN may further increase dependence on interest-bearing debt.
Moved together

"Dilution of Share Value from Exercise of Stock Options" moved the same way as this thread, in the same document, in 9 of its 22 moves.

944332★123456
  1. ★This thread
  2. 1Dilution of Share Value from Exercise of Stock Options9×
  3. 2Legal, Regulatory, Political, Economic and Social-Environment Risks in Overseas Operations4×
  4. 3Stalled Business Activity and Weaker Demand Due to COVID-194×
  5. 4Recovery and Growth Outlook for the Philippine Economy3×
  6. 5Oligopoly and Intensifying Competition Risks in the Philippine Telecommunications Market3×
  7. 6Expansion of the corporate internet connectivity business in the Philippines2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
No upcoming earnings preview for Ips yet. It last moved in the Investor presentation of 2026-05-12: "Worsened".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Greater Reliance on Interest-Bearing Debt and Higher Interest Expense | IPS,Inc. (4390) | Komori