Interest-Bearing Debt Reduction and Financial Position Improvement
First written in FY2016. 20 of 37 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-08-07.
Idemitsu Kosan moved to the "Worse" side of this theme in 2020, 3 years before the typical company in this theme (2023).
21 other companies' latest entry also says "Worsened".
- FY2026Interest-bearing debt increased; leverage was flatAnnual report
「The net D/E ratio at the end of the current fiscal year was 0.6 (0.6 at the end of the previous fiscal year). Total liabilities at the end of the current fiscal year amounted to ¥3.3777 trillion, up ¥339.8 billion from the end of the previous fiscal year, due mainly to the inclusion of Fuji Oil Co., Ltd. in the scope of consolidation and an increase in interest-bearing debt.」
Although the net D/E ratio remained flat at 0.6, total liabilities increased due to the consolidation of Fuji Oil as a subsidiary and higher interest-bearing debt. - 2026-05-12WorsenedEarnings presentation
「ネットD/Eレシオ 1.10」
2027年3月末の見通しとして、ネットD/Eレシオが現状の0.62から1.10へ上昇する数値を示した。なお、IFRS任意適用に伴う影響を含む見通しである。 - FY2026-H1WorsenedAnnual report
「The net D/E ratio at the end of the interim consolidated accounting period was 0.7 (0.6 at the end of the previous fiscal year).」
Although the equity ratio improved, the net D/E ratio rose from 0.6 to 0.7, so the financial position indicators moved in the opposite direction. - FY2025AdvancedAnnual report
「As a result, the equity ratio was 36.0% at the end of the current fiscal year, up 0.1 percentage points from 35.9% at the end of the previous fiscal year. The net D/E ratio at the end of the current fiscal year was 0.6 (0.7 at the end of the previous fiscal year).」
The net D/E ratio improved from 0.7 to 0.6, and the equity ratio also rose to 36.0%. The target of 0.5x or lower for fiscal 2021 remained unmet. - FY2025-H1AdvancedAnnual report
「Total liabilities amounted to ¥2.8028 trillion, down ¥397.0 billion from the end of the previous fiscal year, due mainly to a decrease in interest-bearing debt and a decrease in accounts payable resulting from the impact of holidays at the end of the previous fiscal year. The net D/E ratio at the end of the interim consolidated accounting period was 0.6 (0.7 at the end of the previous fiscal year).」
Total liabilities decreased by ¥397.0 billion from the end of the previous fiscal year due to lower interest-bearing debt, and the net D/E ratio also improved from 0.7 to 0.6. The figures indicate progress toward improving the financial position. - FY2024AdvancedAnnual report
「As a result, the equity ratio was 35.9% at the end of the current fiscal year, up 2.7 percentage points from 33.2% at the end of the previous fiscal year. The net D/E ratio at the end of the current fiscal year was 0.7 (0.9 at the end of the previous fiscal year).」
Both the equity ratio and net D/E ratio improved, indicating progress in the full-year results toward improving the financial position. - FY2024-Q2AdvancedAnnual report
「As a result, the equity ratio improved by 1.1 percentage points, from 33.2% at the end of the previous fiscal year to 34.3%. The net D/E ratio at the end of the quarter was 0.7 (0.9 at the end of the previous fiscal year).」
The net D/E ratio improved from 0.9 to 0.7, and the equity ratio also improved by 1.1 percentage points. Numerical progress toward improving the financial position was reported. - FY2024-Q1AdvancedAnnual report
「As a result, the equity ratio improved by 1.5 percentage points, from 33.2% at the end of the previous fiscal year to 34.7%. The net D/E ratio at the end of the quarter was 0.8 (0.9 at the end of the previous fiscal year).」
The net D/E ratio improved from 0.9 at the end of the previous fiscal year to 0.8, and the equity ratio also improved by 1.5 percentage points. The figures indicate progress toward improving the financial position. - FY2023WorsenedAnnual report
「Total liabilities at the end of the current fiscal year amounted to ¥3.2361 trillion, up ¥71.4 billion from the end of the previous fiscal year, as the increase in interest-bearing debt and other factors more than offset the decrease in accounts payable resulting from lower crude oil prices.」
Although the equity ratio improved, total liabilities increased by ¥71.4 billion due to higher interest-bearing debt, representing a change in the opposite direction to the theme of improving the financial position. - FY2023-Q3WorsenedAnnual report
「Total liabilities amounted to ¥3.5474 trillion, up ¥382.7 billion from the end of the previous fiscal year, due mainly to increases in short-term borrowings associated with working capital needs and income taxes payable. The net D/E ratio was 1.0 (0.9 at the end of the previous fiscal year).」
The net D/E ratio rose from 0.9 to 1.0, and total liabilities also increased by ¥382.7 billion. The figures moved in the opposite direction to the targets of reducing interest-bearing debt and improving the financial position. - FY2023-Q2WorsenedAnnual report
「Total liabilities amounted to ¥3.6771 trillion, up ¥512.4 billion from the end of the previous fiscal year, due mainly to increases in short-term borrowings, trade payables resulting from higher crude oil prices and the weaker yen, and income taxes payable. As a result, the equity ratio improved by 0.7 percentage points, from 30.7% at the end of the previous fiscal year to 31.4%. The net D/E ratio at the end of the quarter was 0.9 (0.9 at the end of the previous fiscal year).」
Although the equity ratio improved, total liabilities increased by ¥512.4 billion due mainly to higher short-term borrowings, and the net D/E ratio remained flat at 0.9. Improvement against the targets of reducing interest-bearing debt and improving the financial position was limited. - FY2023-Q1WorsenedAnnual report
「Total liabilities amounted to ¥3.5582 trillion, up ¥393.6 billion from the end of the previous fiscal year, due mainly to increases in income taxes payable and short-term and long-term borrowings. The net D/E ratio at the end of the quarter was 0.9 (0.9 at the end of the previous fiscal year).」
Total liabilities increased due to higher short-term and long-term borrowings, while the net D/E ratio was 0.9, unchanged from the end of the previous fiscal year. No numerical improvement was confirmed against the themes of reducing interest-bearing debt and improving the financial position. - FY2022AdvancedAnnual report
「The net D/E ratio at the end of the current fiscal year was 0.9 (1.0 at the end of the previous fiscal year).」
The net D/E ratio improved from 1.0 to 0.9, indicating numerical progress toward improving the financial position. - FY2022-Q3AdvancedAnnual report
「As a result, the equity ratio improved by 0.2 percentage points, from 29.1% at the end of the previous fiscal year to 29.3%, while the net D/E ratio also improved by 0.04 points, from 1.02 to 0.98.」
The net D/E ratio improved from 1.02 at the end of the previous fiscal year to 0.98, indicating numerical progress toward improving the financial position. However, the previously stated target of 0.5x or lower for fiscal 2021 had not been reached. - FY2022-Q2AdvancedAnnual report
「As a result, the equity ratio improved by 1.9 percentage points, from 29.1% at the end of the previous fiscal year to 31.0%, while the net D/E ratio also improved by 0.1 point, from 1.0 to 0.9.」
The net D/E ratio improved from 1.0 to 0.9, indicating numerical progress toward the target of improving the financial position. Cash flows from financing activities amounted to an outflow of ¥69.3 billion due to repayments of short-term borrowings and redemptions of bonds. - FY2022-Q1WorsenedAnnual report
「In liabilities, total liabilities amounted to ¥2.7651 trillion, up ¥25.8 billion from the end of the previous fiscal year, due mainly to an increase in short-term and long-term borrowings, despite a decrease in accounts payable resulting from the timing of gasoline tax payments.」
Short-term and long-term borrowings increased, and total liabilities also rose by ¥25.8 billion from the end of the previous fiscal year. This was a change in the opposite direction to the target of reducing interest-bearing debt. The net D/E ratio was 1.0, unchanged from the end of the previous fiscal year. - FY2021WorsenedAnnual report
「The net D/E ratio at the end of the current fiscal year was 1.0 (1.0 at the end of the previous fiscal year).」
Against the previously stated target of a net D/E ratio of 0.5x or lower for fiscal 2021, the actual ratio was 1.0x, with no achievement of the target level confirmed. - FY2021-Q3Change in interest-bearing debt compositionAnnual report
「Short-term borrowings 374,114／Commercial paper 215,003／Bonds due within one year 20,000／Bonds 100,000／Long-term borrowings 588,558」
Short-term borrowings, long-term borrowings and bonds increased from the end of the previous fiscal year, while commercial paper declined. The composition of interest-bearing debt has changed. - FY2021-Q2WorsenedAnnual report
「Cash inflows amounted to ¥21.9 billion, mainly due to increased funding through short-term borrowings to meet working capital needs.」
Funding through short-term borrowings increased to meet working capital needs. Short-term borrowings on the balance sheet also increased from ¥339.6 billion to ¥438.3 billion. - FY2021-Q1WorsenedAnnual report
「In liabilities, short-term borrowings increased due to the buildup of cash and deposits, but total liabilities amounted to ¥2.563 trillion, down ¥123.4 billion from the end of the previous fiscal year, mainly due to a decrease in accounts payable resulting from lower crude oil prices and other factors.」
The increase in short-term borrowings associated with the buildup of cash and deposits was reported against the targets of improving the financial position and reducing interest-bearing debt. Although total liabilities declined, borrowings directly related to the targets moved in the opposite direction. - FY2020WorsenedAnnual report
「Net D/E ratio (x) 1.6 1.6 0.9 1.0 1.0」
The net D/E ratio was 1.0x in the fiscal year ended March 2020, above the target level of 0.5x or lower for fiscal 2021. The company also reported an increase in short-term borrowings and commercial paper due to higher crude oil import prices and other factors. - FY2020-Q2WorsenedAnnual report
「Cash inflows amounted to ¥108.4 billion, mainly due to increased funding through short-term borrowings and commercial paper to meet temporary working capital needs.」
Funding through short-term borrowings and commercial paper increased to meet working capital needs. The balance of funds raised is moving in the opposite direction to the target of reducing interest-bearing debt and improving the financial position. - FY2019WorsenedAnnual report
「Interest-bearing debt at the end of the consolidated fiscal year was ¥951.4 billion, and interest expense for the fiscal year was ¥8.6 billion. Net debt-to-equity ratio: 0.5x or below (fiscal 2021)」
Interest-bearing debt increased from ¥893.6 billion at the end of the previous fiscal year to ¥951.4 billion, moving in the opposite direction to the debt-reduction policy. Meanwhile, the new post-integration entity's target of a net debt-to-equity ratio of 0.5x or below for fiscal 2021 was stated. - FY2019-Q3RaisedAnnual report
「Net debt-to-equity ratio: 0.5x or below (fiscal 2021)」
Compared with the previous target of 0.7x or below at the end of fiscal 2020, the new post-integration entity set a new financial target of 0.5x or below for fiscal 2021. Although the deadline was extended, the target level was set lower. - FY2019-Q2WorsenedAnnual report
「In liabilities, total consolidated liabilities were ¥2.0116 trillion, down ¥2.7 billion from the end of the previous fiscal year. This was mainly due to a seasonal decrease in accounts payable and the reversal of oil premium liabilities following the termination of the oil premium agreement entered into when the Snohvit field was acquired, despite an increase in interest-bearing debt to ¥974.8 billion due to temporary working capital needs, including those arising from higher crude oil import prices.」
Interest-bearing debt increased from ¥893.6 billion at the end of the previous fiscal year to ¥974.8 billion, moving in the opposite direction to the debt-reduction policy. - FY2019-Q1WorsenedAnnual report
「In liabilities, total consolidated liabilities were ¥1.9256 trillion, down ¥88.7 billion from the end of the previous fiscal year. This was mainly due to a seasonal decrease in accounts payable and the reversal of oil premium liabilities following the termination of the oil premium agreement entered into when the Snohvit field was acquired, despite an increase in interest-bearing debt to ¥933.5 billion.」
Interest-bearing debt increased from ¥893.6 billion at the end of the previous fiscal year to ¥933.5 billion, moving in the opposite direction to the debt-reduction policy. - FY2018AdvancedAnnual report
「Repayments reduced interest-bearing debt substantially to ¥893.6 billion, down ¥158.7 billion from the end of the previous fiscal year, due in part to higher free cash flow. The company aims to keep its net debt-to-equity ratio at 0.7x or below at the end of fiscal 2020.」
Interest-bearing debt was reduced by ¥158.7 billion from the end of the previous fiscal year, improving the net debt-to-equity ratio to 0.9x. The target of 0.7x or below at the end of fiscal 2020 remains in place. - FY2018-Q3AdvancedAnnual report
「In liabilities, total consolidated liabilities were ¥2.0226 trillion, up ¥900 million from the end of the previous consolidated fiscal year, as an increase in accounts payable and other items outweighed a decrease in interest-bearing debt to ¥964.1 billion.」
Interest-bearing debt decreased from ¥1.0523 trillion at the end of the previous consolidated fiscal year to ¥964.1 billion, indicating progress toward the debt-reduction policy. - FY2018-Q2AdvancedAnnual report
「In liabilities, total consolidated liabilities were ¥1.8764 trillion, down ¥145.3 billion from the end of the previous consolidated fiscal year, mainly due to a decrease in interest-bearing debt to ¥900.7 billion and a decrease in accounts payable.」
Interest-bearing debt decreased from ¥1.0523 trillion at the end of the previous consolidated fiscal year to ¥900.7 billion, indicating progress toward the debt-reduction policy. - FY2018-Q1WorsenedAnnual report
「In liabilities, total consolidated liabilities were ¥1.9939 trillion, down ¥27.8 billion from the end of the previous consolidated fiscal year, as decreases in accounts payable outweighed increases in interest-bearing debt to ¥1.059 trillion and accrued expenses.」
Interest-bearing debt increased from ¥1.0523 trillion at the end of the previous fiscal year to ¥1.059 trillion, moving in the opposite direction to the debt-reduction target. The remainder of the public offering proceeds was planned to be allocated partly to repaying short-term borrowings. - FY2017WorsenedAnnual report
「Interest-bearing debt at the end of the consolidated fiscal year was ¥1.0523 trillion, and interest expense for the fiscal year was ¥9.3 billion. The group will continue working to reduce interest-bearing debt, but may need to raise additional funds to invest in the continuation and expansion of its businesses.」
Although the debt-reduction policy remains in place, interest-bearing debt increased to ¥1.0523 trillion, and the possibility of additional fundraising was also stated. - FY2017-Q3WorsenedAnnual report
「In liabilities, total consolidated liabilities were ¥2.0753 trillion, up ¥210.9 billion from the end of the previous consolidated fiscal year, mainly due to an increase in interest-bearing debt to ¥1.0634 trillion.」
Interest-bearing debt increased from ¥909.6 billion at the end of the previous consolidated fiscal year and ¥887.7 billion at the end of the previous quarter to ¥1.0634 trillion, moving in the opposite direction to the policy of reducing interest-bearing debt. - FY2017-Q2AdvancedAnnual report
「In liabilities, total consolidated liabilities were ¥1.8097 trillion, down ¥54.7 billion from the end of the previous consolidated fiscal year, mainly due to a decrease in interest-bearing debt to ¥887.7 billion and a decrease in accounts payable.」
Interest-bearing debt decreased from ¥909.6 billion at the end of the previous consolidated fiscal year to ¥887.7 billion, indicating progress toward the debt-reduction policy. - FY2017-Q1RestatedAnnual report
「There were no material changes from the previous consolidated fiscal year in the group's funding needs or financial policies during the cumulative first-quarter period under review.」
The company stated that there had been no material changes in its financial policies, indicating that its policy from the previous fiscal year, including the reduction of interest-bearing debt, remained unchanged. - FY2016First statedAnnual report
「The group will continue working to reduce interest-bearing debt, but may need to raise additional funds to invest in the continuation and expansion of its businesses.」
Interest-bearing debt at the end of the consolidated fiscal year was ¥909.6 billion, and the net debt-to-equity ratio was 1.6x.