High interest-bearing debt and financing constraints
First written in FY2016. 21 of 38 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-07.
Idemitsu Kosan moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2020: 64 of 143 companies on the "Worse" side.
84 other companies' latest entry also says "Worsened".
- FY2026MitigatedAnnual report
「There was no outstanding borrowing under the agreement at the end of the consolidated fiscal year. The company entered into a ¥210 billion specific commitment loan agreement, establishing a framework for flexible and stable financing.」
While interest-bearing debt increased, the agreement containing financial covenants was repaid as scheduled, and the ¥210 billion commitment line remained undrawn, maintaining measures to secure liquidity. - FY2026-H1WorsenedAnnual report
「Loan agreements with financial covenants / Balance at the interim period-end 194,335 / If the latest consolidated financial statements show a material excess of liabilities over assets / If ordinary profit or loss and net income or loss after tax in the consolidated financial statements are in deficit for 3 consecutive fiscal periods」
The company disclosed that the loan agreement, with an outstanding balance of ¥194.335 billion, contains financial covenants under which the borrower loses the benefit of time if it has a material excess of liabilities over assets or records losses for 3 consecutive fiscal periods. - FY2025MitigatedAnnual report
「At the end of the period, short-term borrowings stood at ¥284.8 billion, long-term borrowings, including amounts due within 1 year, at ¥675.0 billion, bonds, including amounts due for redemption within 1 year, at ¥150.0 billion, and commercial paper at ¥226.0 billion.」
Balances of interest-bearing debt, commercial paper and other items declined from the end of the previous fiscal year, narrowing financing exposure. - FY2025-H1MitigatedAnnual report
「Total liabilities amounted to ¥2,802.8 billion, down ¥397.0 billion from the end of the previous fiscal year, mainly because of lower interest-bearing debt and a decrease in accounts payable caused by the previous year-end holiday effect.」
Total liabilities declined by ¥397.0 billion from the end of the previous fiscal year, mainly because of lower interest-bearing debt, narrowing the company's substantial interest-bearing debt and financing exposure. - FY2024MitigatedAnnual report
「At the end of the period, short-term borrowings stood at ¥284.8 billion, long-term borrowings, including amounts due within 1 year, at ¥675.0 billion, bonds, including amounts due for redemption within 1 year, at ¥150.0 billion, and commercial paper at ¥226.0 billion.」
Short-term borrowings, long-term borrowings and commercial paper declined from the end of the previous fiscal year, narrowing financing exposure. - FY2024-Q3Higher liabilities and improved leverageAnnual report
「Total liabilities amounted to ¥3,441.0 billion, up ¥204.9 billion from the end of the previous fiscal year, mainly because of higher trade payables resulting from the weaker yen and higher accounts payable resulting from the year-end holiday effect. As a result, the equity ratio improved by 1.3 percentage points, from 33.2% at the end of the previous fiscal year to 34.5%. The net debt-to-equity ratio was 0.7, compared with 0.9 at the end of the previous fiscal year, indicating continued improvement in the company's financial position.」
Total liabilities increased by ¥204.9 billion from the end of the previous fiscal year because of higher trade payables and accounts payable, while the equity ratio and net debt-to-equity ratio improved, causing the scale of liabilities and leverage metrics to move in opposite directions. - FY2024-Q2Higher liabilities and improved leverageAnnual report
「Total liabilities amounted to ¥3,373.3 billion, up ¥137.2 billion from the end of the previous fiscal year, mainly because of higher accounts payable and other items resulting from the quarter-end holiday effect. The net debt-to-equity ratio at quarter-end was 0.7, compared with 0.9 at the end of the previous fiscal year.」
Total liabilities increased because of accounts payable and other items, while the net debt-to-equity ratio declined from 0.9 to 0.7. Financing exposure and leverage metrics moved in opposite directions. - FY2024-Q1MitigatedAnnual report
「Total liabilities amounted to ¥3,052.8 billion, down ¥183.3 billion from the end of the previous fiscal year, mainly because of decreases in trade payables and commercial paper.」
Total liabilities declined by ¥183.3 billion because of decreases in trade payables and commercial paper, narrowing financing exposure from the end of the previous fiscal year. - FY2023WorsenedAnnual report
「At the end of the period, short-term borrowings stood at ¥284.8 billion, long-term borrowings, including amounts due within 1 year, at ¥675.0 billion, bonds, including amounts due for redemption within 1 year, at ¥140.0 billion, and commercial paper at ¥237.0 billion.」
Funding balances, including short-term borrowings, bonds and commercial paper, remained substantial, and financing exposure continued. - FY2023-Q3WorsenedAnnual report
「Total liabilities amounted to ¥3,547.4 billion, up ¥382.7 billion from the end of the previous fiscal year, mainly because of higher short-term borrowings associated with working capital needs and higher income taxes payable.」
Higher short-term borrowings associated with working capital needs increased total liabilities by ¥382.7 billion from the end of the previous fiscal year, expanding the company's substantial interest-bearing debt and financing exposure. - FY2023-Q2WorsenedAnnual report
「Cash inflows totaled ¥109.7 billion, mainly from short-term borrowings to meet working capital needs and the issuance of commercial paper and bonds.」
Funding through short-term borrowings, commercial paper and bonds increased to meet working capital needs, expanding the company's substantial interest-bearing debt and financing exposure. - FY2023-Q1WorsenedAnnual report
「Due mainly to increases in short-term and long-term borrowings, total liabilities amounted to ¥3,558.2 billion, up ¥393.6 billion from the end of the previous fiscal year.」
Short-term borrowings increased from ¥369.0 billion to ¥537.6 billion, and long-term borrowings from ¥590.8 billion to ¥615.1 billion, while total liabilities also increased. The company's substantial interest-bearing debt and financing exposure have expanded. - FY2022WorsenedAnnual report
「At the end of the consolidated fiscal year, short-term borrowings stood at ¥284.8 billion, long-term borrowings, including amounts due within 1 year, at ¥675.0 billion, bonds, including amounts due for redemption within 1 year, at ¥140.0 billion, and commercial paper at ¥237.0 billion.」
Funding balances, including short-term borrowings, bonds and commercial paper, remained substantial, and some funding sources increased from the end of the previous fiscal year. - FY2022-Q3MitigatedAnnual 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 improvement in the net debt-to-equity ratio slightly mitigated, on a numerical basis, the risk associated with substantial interest-bearing debt and financing exposure. Meanwhile, total liabilities increased from the end of the previous fiscal year because of higher trade payables and other items resulting from higher crude oil prices. - FY2022-Q2MitigatedAnnual report
「Cash outflows totaled ¥69.3 billion, mainly due to repayments of short-term borrowings and redemptions of bonds.」
Repayments of short-term borrowings and redemptions of bonds progressed, improving the net debt-to-equity ratio from 1.0 to 0.9. Some long-term borrowings and bonds increased, however, and financing exposure remains. - 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.」
Higher short-term and long-term borrowings expanded financing exposure. Total liabilities also increased by ¥25.8 billion from the end of the previous fiscal year. - FY2021MitigatedAnnual report
「At the end of the period, short-term borrowings stood at ¥277.7 billion, long-term borrowings, including amounts due within 1 year, at ¥694.1 billion, bonds, including amounts due for redemption within 1 year, at ¥120.0 billion, and commercial paper at ¥188.0 billion.」
Short-term borrowings and bonds increased, while interest-bearing debt, including commercial paper, declined from the end of the previous fiscal year. The ¥249,855 million specific loan facility remained undrawn, and measures to secure liquidity have continued. - FY2021-Q3Change in interest-bearing debt compositionAnnual report
「Short-term borrowings 374,114 / Commercial paper 215,003 / Bonds due for redemption within 1 year 20,000 / Bonds 100,000 / Long-term borrowings 588,558」
Short-term borrowings, long-term borrowings and bonds increased, while commercial paper declined. Financing exposure remained substantial, and the composition of funding sources 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.」
Financing through short-term borrowings increased, expanding financing exposure to meet working capital needs. - 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.」
Short-term borrowings increased to meet working capital and liquidity needs arising from the decline in crude oil prices and other factors, expanding the company's substantial interest-bearing debt and financing exposure. Total liabilities declined because of a decrease in trade payables. - FY2020WorsenedAnnual report
「At the end of the period, short-term borrowings stood at ¥210.9 billion, long-term borrowings, including amounts due within 1 year, at ¥696.9 billion, bonds, including amounts due for redemption within 1 year, at ¥80.0 billion, and commercial paper at ¥316.0 billion.」
Outstanding interest-bearing debt, including short-term borrowings and commercial paper, increased, expanding financing exposure. Meanwhile, the ¥249,178 million specific loan facility remained undrawn. - FY2020-Q3MitigatedAnnual report
「The total facility limit under the agreement is ¥250 billion, and there was no outstanding borrowing under the agreement at the end of the third quarter of the fiscal year.」
Despite carrying substantial interest-bearing debt, the company secured a ¥250 billion specific commitment loan facility through March 2020, and reported zero borrowings at quarter-end. Its measures to secure liquidity were demonstrated. - 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.」
To meet temporary working capital needs caused by higher crude oil import prices and other factors, financing through short-term borrowings and commercial paper increased. The company has substantial interest-bearing debt, and its financing exposure has expanded. - FY2019WorsenedAnnual report
「Interest-bearing debt outstanding at the end of the current consolidated fiscal year was ¥95.14 billion, and interest expenses for the current consolidated fiscal year were ¥8.6 billion.」
Interest-bearing debt increased from ¥89.36 billion at the end of the previous fiscal year to ¥95.14 billion. The possibility of additional financing, rising interest rates and the impact of financial covenants on financing continue to be identified as risks. - FY2019-Q3WorsenedAnnual report
「Interest-bearing debt increased to ¥111.73 billion due to temporary working capital requirements, including those arising from higher crude oil import prices, resulting in total consolidated liabilities of ¥213.83 billion, up ¥12.4 billion from the end of the previous fiscal year.」
Interest-bearing debt increased to ¥111.73 billion from ¥89.36 billion at the end of the previous fiscal year and ¥97.48 billion at the end of the previous quarter, expanding financing exposure. - 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 ¥89.36 billion at the end of the previous fiscal year to ¥97.48 billion, expanding exposure to substantial debt and financing. - 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 the end of the previous fiscal year, expanding exposure to substantial debt and financing. Total consolidated liabilities decreased due to the reversal of oilfield premium liabilities and other items. - FY2018MitigatedAnnual report
「Interest-bearing debt outstanding at the end of the current consolidated fiscal year was ¥89.36 billion, and interest expenses for the current consolidated fiscal year were ¥9.7 billion.」
Interest-bearing debt decreased from ¥105.23 billion at the end of the previous fiscal year to ¥89.36 billion, reducing exposure to substantial debt and financing. However, the possibility of additional financing and the risk of financing constraints remain. - FY2018-Q3MitigatedAnnual 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 ¥105.23 billion at the end of the previous consolidated fiscal year to ¥96.41 billion, reducing exposure to substantial debt and financing. - FY2018-Q2MitigatedAnnual 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 ¥105.23 billion at the end of the previous consolidated fiscal year to ¥90.07 billion, reducing exposure to substantial debt and financing. - 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 to ¥105.9 billion, expanding exposure to substantial debt and financing. - FY2017WorsenedAnnual report
「The Group has worked to reduce interest-bearing debt, but continues to carry a substantial amount of debt. Interest-bearing debt outstanding at the end of the current consolidated fiscal year was ¥105.23 billion, and interest expenses for the current consolidated fiscal year were ¥9.3 billion.」
Interest-bearing debt increased from ¥90.96 billion at the end of the previous fiscal year to ¥105.23 billion, increasing the risks associated with substantial debt and financing constraints. - 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, expanding financing exposure from the end of the previous quarter and the previous fiscal year. - FY2017-Q2MitigatedAnnual 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 ¥92.68 billion at the end of the previous quarter to ¥88.77 billion, reducing financing exposure. - FY2017-Q1WorsenedAnnual report
「Interest-bearing debt increased to ¥92.68 billion, but total consolidated liabilities amounted to ¥182.97 billion due mainly to decreases in accounts payable and accrued expenses.」
Interest-bearing debt increased from ¥90.96 billion at the end of the previous consolidated fiscal year to ¥92.68 billion, increasing financing exposure. - FY2016First statedAnnual report
「Interest-bearing debt outstanding at the end of the current consolidated fiscal year was ¥90.96 billion, and interest expenses for the current consolidated fiscal year were ¥1.14 billion.」
While financing constraints resulting from rising interest rates and changes in financial conditions are identified as risks, the Company states that it will combine borrowings, bonds and commitment lines to raise funds.