Significant interest-bearing debt and constraints on financial flexibility
First written in FY2016. 19 of 40 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-07.
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- FY2026MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.07 points from the end of the previous consolidated fiscal year to 0.51 times, before adjusting for the equity content of hybrid bonds.」
Interest-bearing debt and net interest-bearing debt declined, and the net D/E ratio improved from 0.58x to 0.51x. - FY2026-H1ReframedAnnual report
「Beginning with the current interim consolidated accounting period, we changed the method used to calculate the net D/E ratio. Lease liabilities are now added to net interest-bearing debt, while non-controlling interests are excluded from equity.」
The definition of the net D/E ratio was changed to include lease liabilities and exclude non-controlling interests. The ratio at the end of the current interim period under the revised definition was 0.56x, an improvement of 0.02 points from the end of the previous consolidated fiscal year. - FY2025MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.12 points from the end of the previous consolidated fiscal year to 0.42x, before the capital adjustment for hybrid bonds.」
Despite the listing of JX Advanced Metals, share repurchases and other factors, the net D/E ratio improved from 0.54x to 0.42x. - FY2025-H1WorsenedAnnual report
「The ratio of equity attributable to owners of the parent rose 0.9 points from the end of the previous consolidated fiscal year to 32.7%. Equity attributable to owners of the parent per share increased by ¥24.43 to ¥1,104.25, and the net D/E ratio (net debt-to-equity ratio) deteriorated by 0.09 points to 0.63x, before the capital adjustment for hybrid bonds.」
Although interest-bearing debt declined, net interest-bearing debt increased to ¥2.2482 trillion due to a decrease in cash on hand, and the net D/E ratio deteriorated from 0.54x to 0.63x. - FY2024MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.30 points from the end of the previous consolidated fiscal year to 0.54x, before the capital adjustment for hybrid bonds.」
The net D/E ratio improved from 0.84x to 0.54x, and the ratio of equity attributable to owners of the parent also rose to 31.8%. - FY2024-Q3WorsenedAnnual report
「Interest-bearing debt decreased by ¥95.4 billion from the end of the previous consolidated fiscal year to ¥3.0140 trillion, while net interest-bearing debt, after deducting cash on hand, decreased by ¥240.2 billion to ¥2.5199 trillion due to tax refunds and other factors. The ratio of equity attributable to owners of the parent rose 1.0 points to 29.7%, equity attributable to owners of the parent per share increased by ¥68.52 to ¥1,017.19, and the net D/E ratio (net debt-to-equity ratio) improved by 0.12 points to 0.72x, before the capital adjustment for hybrid bonds.」
Compared with the end of the previous fiscal year, interest-bearing debt, net interest-bearing debt and the net D/E ratio improved. However, the ratio rose from 0.70x reported in FY2024-Q2 to 0.72x, indicating a slight sequential deterioration. - FY2024-Q2MitigatedAnnual report
「The ratio of equity attributable to owners of the parent rose 1.3 points from the end of the previous consolidated fiscal year to 30.0%. Equity attributable to owners of the parent per share increased by ¥79.84 to ¥1,028.51, and the net D/E ratio (net debt-to-equity ratio) improved by 0.14 points to 0.70x, before the capital adjustment for hybrid bonds.」
The net D/E ratio improved from 0.84x at the end of the previous fiscal year to 0.70x, and the ratio of equity attributable to owners of the parent also rose. Interest-bearing debt and net interest-bearing debt also declined from the end of the previous fiscal year. - FY2024-Q1WorsenedAnnual report
「Interest-bearing debt increased by ¥260.1 billion from the end of the previous consolidated fiscal year to ¥3.3695 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥147.6 billion to ¥2.9077 trillion. The ratio of equity attributable to owners of the parent declined 0.3 points to 28.4%, equity attributable to owners of the parent per share increased by ¥22.62 to ¥971.29, and the net D/E ratio (net debt-to-equity ratio) deteriorated by 0.03 points to 0.87x, before the capital adjustment for hybrid bonds.」
Interest-bearing debt, net interest-bearing debt and the net D/E ratio increased or deteriorated from the end of the previous fiscal year due to higher working capital requirements associated with increased inventories. - FY2023WorsenedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.16 points from the end of the previous consolidated fiscal year to 0.84x, before the capital adjustment for hybrid bonds.」
The net D/E ratio deteriorated from 0.68x to 0.84x, while interest-bearing debt stood at ¥3.1094 trillion and net interest-bearing debt at ¥2.7601 trillion. - FY2023-Q3WorsenedAnnual report
「Interest-bearing debt increased by ¥876.8 billion from the end of the previous consolidated fiscal year to ¥3.6123 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥972.4 billion to ¥3.1574 trillion.」
Interest-bearing debt and net interest-bearing debt increased further due to higher working capital requirements associated with increased inventories. The net D/E ratio also deteriorated from 0.68x at the end of the previous fiscal year to 0.98x. - FY2023-Q2WorsenedAnnual report
「Interest-bearing debt increased by ¥616.4 billion from the end of the previous consolidated fiscal year to ¥3.3518 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥729.6 billion to ¥2.9145 trillion.」
Interest-bearing debt and net interest-bearing debt increased due to higher working capital requirements associated with increased inventories. The net D/E ratio deteriorated from 0.68x at the end of the previous fiscal year to 0.84x, also rising from 0.77x in the first quarter. - FY2023-Q1WorsenedAnnual report
「Interest-bearing debt increased by ¥486.7 billion from the end of the previous consolidated fiscal year to ¥3.2221 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥462.2 billion to ¥2.6472 trillion.」
Interest-bearing debt and net interest-bearing debt increased due to higher working capital requirements associated with increased inventories, and the net D/E ratio deteriorated from 0.68x at the end of the previous fiscal year to 0.77x. - FY2022WorsenedAnnual report
「Interest-bearing debt increased by ¥698.6 billion from the end of the previous consolidated fiscal year to ¥2.7355 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥567.1 billion to ¥2.1850 trillion.」
Interest-bearing debt increased due to higher inventories and working capital requirements, as well as the tender offer for NIPPO shares, and the net D/E ratio deteriorated from 0.59x to 0.68x. - FY2022-Q3WorsenedAnnual report
「Interest-bearing debt increased by ¥625.6 billion from the end of the previous consolidated fiscal year to ¥2.6625 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥397.8 billion to ¥2.0157 trillion.」
Interest-bearing debt and net interest-bearing debt increased due to higher inventories and working capital requirements associated with rising commodity prices, as well as increased borrowings associated with the tender offer for NIPPO shares. The net D/E ratio also deteriorated by 0.09 points from the end of the previous fiscal year to 0.68x. - FY2022-Q2WorsenedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.05 points from the end of the previous consolidated fiscal year to 0.64x.」
Due to higher inventories and working capital requirements associated with rising commodity prices, interest-bearing debt stood at ¥2.2813 trillion and net interest-bearing debt at ¥1.9104 trillion, while the net D/E ratio deteriorated from 0.59x to 0.64x. - FY2022-Q1WorsenedAnnual report
「Interest-bearing debt increased by ¥324.8 billion from the end of the previous consolidated fiscal year to ¥2.3617 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥315.2 billion to ¥1.9331 trillion. The ratio of equity attributable to owners of the parent declined 0.1 points to 28.8%, equity attributable to owners of the parent per share increased by ¥23.12 to ¥747.30, and the net D/E ratio (net debt-to-equity ratio) deteriorated by 0.09 points to 0.68x.」
Interest-bearing debt, net interest-bearing debt and the net D/E ratio deteriorated from the end of the previous fiscal year due to higher inventories and working capital requirements associated with rising commodity prices. - FY2021MitigatedAnnual report
「Net interest-bearing debt, after deducting cash on hand, decreased by ¥280.9 billion from the end of the previous consolidated fiscal year to ¥1.6179 trillion. The ratio of equity attributable to owners of the parent rose 0.1 points to 28.9%, and the net D/E ratio improved by 0.11 points to 0.59x, based on total capital.」
Net interest-bearing debt and the net D/E ratio declined, improving the financial metrics from 0.70x in the previous year to 0.59x. - FY2021-Q3MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.07 points from the end of the previous consolidated fiscal year to 0.63x.」
The net D/E ratio improved from 0.70x at the end of the previous fiscal year to 0.63x, also declining from 0.68x at the end of the previous quarter. Interest-bearing debt and net interest-bearing debt also declined. - FY2021-Q2MitigatedAnnual report
「Interest-bearing debt decreased by ¥103.5 billion from the end of the previous consolidated fiscal year to ¥2.1973 trillion, while net interest-bearing debt, after deducting cash on hand, decreased by ¥82.5 billion to ¥1.8163 trillion.」
Interest-bearing debt and net interest-bearing debt declined from the end of the previous consolidated fiscal year, and the net D/E ratio improved from 0.70x to 0.68x. - FY2021-Q1Net Interest-Bearing Debt Down, Ratio FlatAnnual report
「Interest-bearing debt increased by ¥17.8 billion from the end of the previous consolidated fiscal year to ¥2.3186 trillion, while net interest-bearing debt, after deducting cash on hand, decreased by ¥48.5 billion to ¥1.8503 trillion. The ratio of equity attributable to owners of the parent rose 0.3 points from the end of the previous consolidated fiscal year to 29.1%. Equity attributable to owners of the parent per share decreased by ¥23.39 to ¥694.89, and the net D/E ratio (net debt-to-equity ratio) remained at 0.70x, at the same level as at the end of the previous consolidated fiscal year.」
Interest-bearing debt increased, while net interest-bearing debt declined, leaving the net D/E ratio at 0.70x, unchanged from the end of the previous fiscal year. - FY2020WorsenedAnnual report
「Although the net D/E ratio deteriorated by 0.11 points from the end of the previous consolidated fiscal year, it reached the target of 0.70x, based on total capital, establishing a certain level of financial strength.」
The net D/E ratio deteriorated from 0.59x to 0.70x, indicating that financial risk metrics worsened from the previous year. However, it reached the target of the First Medium-Term Management Plan. - FY2020-Q3WorsenedAnnual report
「Interest-bearing debt increased by ¥165.5 billion from the end of the previous consolidated fiscal year to ¥2.3835 trillion, while net interest-bearing debt, after deducting cash on hand, increased by ¥179.9 billion to ¥2.0100 trillion.」
Interest-bearing debt and net interest-bearing debt increased from the end of the previous consolidated fiscal year, and the net D/E ratio also deteriorated to 0.65x. - FY2020-Q2WorsenedAnnual report
「The ratio of equity attributable to owners of the parent deteriorated by 0.9 points from the end of the previous consolidated fiscal year to 31.2%. Equity attributable to owners of the parent per share increased by ¥6.88 to ¥823.27, and the net D/E ratio (net debt-to-equity ratio) deteriorated by 0.06 points to 0.65x.」
The net D/E ratio deteriorated from 0.59x at the end of the previous fiscal year to 0.65x. Interest-bearing debt also increased by ¥110.0 billion from the end of the previous fiscal year to ¥2.3280 trillion. - FY2020-Q1WorsenedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.03 points from the end of the previous consolidated fiscal year to 0.62x.」
The net D/E ratio deteriorated from 0.59x at the end of the previous fiscal year to 0.62x. However, it remained at or below the medium-term management plan target of 0.7x. - FY2019MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.03 points from the end of the previous consolidated fiscal year to 0.59x, based on total capital.」
The net D/E ratio improved from 0.62x at the end of the previous fiscal year to 0.59x, remaining below the medium-term management plan target of 0.7x or lower. - FY2019-Q3WorsenedAnnual report
「Interest-bearing debt increased by ¥414.1 billion from the end of the previous consolidated fiscal year to ¥2.6741 trillion, mainly due to higher working capital requirements associated with increased inventories. Net interest-bearing debt, after deducting cash on hand, increased by ¥457.9 billion to ¥2.2683 trillion.」
Interest-bearing debt and net interest-bearing debt increased due to higher inventories and other factors, and the net D/E ratio deteriorated from 0.62x at the end of the previous fiscal year to 0.73x. It exceeded the medium-term management plan target of 0.7x or lower. - FY2019-Q1WorsenedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.03 points from the end of the previous consolidated fiscal year to 0.65x, based on total capital.」
The net D/E ratio deteriorated slightly from 0.62x at the end of the previous fiscal year to 0.65x. However, it remained at or below the medium-term management plan target of 0.7x. - FY2018MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.35 points from the end of the previous consolidated fiscal year to 0.62x, based on total capital.」
The net D/E ratio improved from 0.97x to 0.62x, below the medium-term management plan target of 0.7x or lower. Interest-bearing debt also declined to ¥2.2599 trillion. - FY2018-Q3MitigatedAnnual report
「The ratio of equity attributable to owners of the parent rose 3.7 points from the end of the previous consolidated fiscal year to 28.8%. Equity attributable to owners of the parent per share increased by ¥38.91 to ¥725.55, and the net D/E ratio (net debt-to-equity ratio) improved by 0.19 points to 0.78x, based on total capital.」
The net D/E ratio improved from 0.80x at the end of the second quarter to 0.78x, moving further toward the medium-term management plan target of 0.7x or lower. The ratio of equity attributable to owners of the parent also rose to 28.8%. - FY2018-Q2MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) improved by 0.17 points from the end of the previous consolidated fiscal year to 0.80x, based on total capital.」
The net D/E ratio improved from 0.86x at the end of the first quarter to 0.80x, moving closer to the medium-term management plan target of 0.7x or lower. - FY2018-Q1MitigatedAnnual report
「The ratio of equity attributable to owners of the parent rose 2.3 points from the end of the previous consolidated fiscal year to 27.4%. Equity attributable to owners of the parent per share decreased by ¥39.30 to ¥647.34, and the net D/E ratio (net debt-to-equity ratio) improved by 0.11 points to 0.86x, based on total capital.」
The net D/E ratio improved from 0.97x at the end of the previous fiscal year to 0.86x, while the ratio of equity attributable to owners of the parent rose from 25.1% to 27.4%. - FY2017MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) was 0.97x, based on total capital.」
The net D/E ratio declined from 0.99x at the end of the previous fiscal year to 0.97x, also improving from 1.48x in the immediately preceding quarter. However, it remained above the medium-term management plan target of 0.7x or lower. - FY2017-Q3MitigatedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.09 points from the end of the previous consolidated fiscal year to 1.48x.」
The net D/E ratio declined from 1.52x at the end of the second quarter to 1.48x, improving sequentially. However, it remained worse than the 1.39x recorded at the end of the previous consolidated fiscal year. - FY2017-Q2MitigatedAnnual report
「The equity ratio rose 0.3 points from the end of the previous consolidated fiscal year to 22.6%. Equity attributable to owners of the parent per share decreased by ¥38.46 to ¥564.40, and the net D/E ratio (net debt-to-equity ratio) deteriorated by 0.13 points to 1.52x.」
The net D/E ratio declined from 1.55x in the previous filing to 1.52x, improving sequentially, but deteriorated by 0.13 points compared with 1.39x at the end of the previous consolidated fiscal year. The equity ratio rose to 22.6%. - FY2017-Q1WorsenedAnnual report
「The net D/E ratio (net debt-to-equity ratio) deteriorated by 0.16 points from the end of the previous consolidated fiscal year to 1.55x.」
Interest-bearing debt declined to ¥2.5045 trillion, while the net D/E ratio deteriorated from 1.39x to 1.55x, indicating a deterioration in financial capacity. - FY2016First statedAnnual report
「Our Group may have its business activities and other operations constrained by its high interest-bearing debt, and may need to raise funds through additional borrowings or asset sales to make principal and interest payments on its debt.」
At fiscal year-end, interest-bearing debt stood at ¥2.5814 trillion, the net D/E ratio was 1.39x, and the equity ratio was 22.3%.