Interest Rate Fluctuation Risk Associated with Significant Interest-Bearing Debt
First written in FY2016. 31 of 42 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-11-06.
JFE Holdings moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 32 of 96 companies on the "Worse" side.
41 other companies' latest entry also says "Worsened".
- 2026-11-06WorsenedRevisions to earnings forecasts
「Interest-bearing debt」
2026年度の有利子負債残高見通しは2兆2,000億円で、2025年度実績1兆9,593億円から増加する見通しとなった。Debt／EBITDA倍率は4.5倍とされている。 - FY2027-H1WorsenedAnnual report
「As a result, interest-bearing debt at the end of the current interim consolidated accounting period increased by ¥289.3 billion from the end of the previous fiscal year to ¥2,248.6 billion. Cash and cash equivalents increased by ¥13.9 billion from the end of the previous fiscal year to ¥181.7 billion.」
Interest-bearing debt increased by ¥289.3 billion from the end of the previous fiscal year to ¥2,248.6 billion. Exposure to interest-rate risk associated with the substantial interest-bearing debt increased. - FY2026WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥1,959.3 billion at the end of the fiscal year, an increase of ¥192.9 billion from the end of the previous fiscal year, and」
Interest-bearing debt increased to ¥1,959.3 billion, and the Debt/EBITDA ratio deteriorated from 4.5x to 4.8x. The disclosed impact on profit before tax of a 1% increase in interest rates was a decrease of ¥7.242 billion. - FY2026-H1WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥1,872.4 billion at the end of the interim consolidated accounting period, an increase of ¥106.0 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥183.1 billion, an increase of ¥10.3 billion.」
Interest-bearing debt increased by ¥106.0 billion from the end of the previous fiscal year to ¥1,872.4 billion. Although cash increased, exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt has expanded. - FY2025Decline in interest-bearing debt; deterioration in Debt/EBITDAAnnual report
「As a result, interest-bearing debt stood at ¥1,766.4 billion at the end of the fiscal year, a decrease of ¥63.8 billion from the end of the previous fiscal year, and」
Although interest-bearing debt declined, the Debt/EBITDA ratio deteriorated from 3.2x to 4.5x due to a decline in business profit. - FY2025-H1WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥1,831.4 billion at the end of the interim consolidated accounting period, an increase of ¥1.2 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥133.7 billion, a decrease of ¥109.3 billion.」
Interest-bearing debt increased by ¥1.2 billion from the end of the fiscal year, while cash and cash equivalents decreased by ¥109.3 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2024MitigatedAnnual report
「Interest-bearing debt stood at ¥1,830.2 billion at the end of the fiscal year, a decrease of ¥32.7 billion from the end of the previous fiscal year.」
Interest-bearing debt and the Debt/EBITDA ratio declined, with the Debt/EBITDA ratio at 3.2x and the D/E ratio at 58.0%. - FY2024-Q3WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥1,906.6 billion at the end of the third quarter of the current fiscal year, an increase of ¥43.7 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥118.1 billion, a decrease of ¥1.2 billion.」
Interest-bearing debt increased by ¥43.7 billion from the end of the previous fiscal year to ¥1,906.6 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2024-Q2WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥1,916.0 billion at the end of the second quarter of the current fiscal year, an increase of ¥53.1 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥288.6 billion, an increase of ¥169.3 billion.」
Interest-bearing debt increased by ¥53.1 billion from the end of the previous fiscal year to ¥1,916.0 billion, expanding exposure to the substantial interest-bearing debt. Meanwhile, cash and cash equivalents increased to ¥288.6 billion. - FY2024-Q1WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥2,090.0 billion at the end of the first quarter of the current fiscal year, an increase of ¥227.1 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥130.2 billion, an increase of ¥10.9 billion.」
Interest-bearing debt increased by ¥227.1 billion from the end of the previous fiscal year to ¥2,090.0 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2023WorsenedAnnual report
「Interest-bearing debt stood at ¥1,862.9 billion at the end of the fiscal year, an increase of ¥13.5 billion from the previous fiscal year. As a result, the Debt/EBITDA ratio, a financial target set under the Seventh Medium-Term Management Plan, was 3.7x.」
Interest-bearing debt stood at ¥1,862.9 billion and the Debt/EBITDA ratio was 3.7x, deteriorating from 2.8x in the previous fiscal year. Meanwhile, the D/E ratio improved to 67.8%. - FY2023-Q3WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥2,223.7 billion at the end of the third quarter of the current fiscal year, an increase of ¥374.3 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥121.1 billion, an increase of ¥19.4 billion.」
Interest-bearing debt increased by ¥374.3 billion from the end of the previous fiscal year to ¥2,223.7 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2023-Q2WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥2,083.8 billion at the end of the second quarter of the current fiscal year, an increase of ¥234.4 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥117.0 billion, an increase of ¥15.3 billion.」
Interest-bearing debt increased by ¥234.4 billion from the end of the previous fiscal year to ¥2,083.8 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2023-Q1WorsenedAnnual report
「As a result, interest-bearing debt stood at ¥2,189.3 billion at the end of the first quarter of the current fiscal year, an increase of ¥339.9 billion from the end of the previous fiscal year, while cash and cash equivalents stood at ¥127.8 billion, an increase of ¥26.1 billion.」
Interest-bearing debt increased from ¥1,849.4 billion at the end of the previous fiscal year to ¥2,189.3 billion, expanding exposure to interest-rate fluctuation risk associated with the substantial interest-bearing debt. - FY2022MitigatedAnnual report
「The Debt/EBITDA ratio, a financial target under the Seventh Medium-Term Management Plan, was 2.8x, while the D/E ratio was 80.8%, representing a significant improvement from the previous period.」
Although the balance of interest-bearing debt increased to ¥1,849.4 billion, the Debt/EBITDA ratio improved from 8.1x to 2.8x and the D/E ratio from 93.2% to 80.8%. - FY2022-Q3WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the third quarter of the current consolidated fiscal year increased by ¥203.3 billion from the end of the previous consolidated fiscal year to ¥2,009.4 billion, while cash and cash equivalents decreased by ¥32.7 billion to ¥109.7 billion.」
The balance of interest-bearing debt increased by ¥203.3 billion from the previous fiscal year-end to ¥2,009.4 billion, while cash and cash equivalents also declined, increasing exposure to interest-rate fluctuation risk. - FY2022-Q2WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the second quarter of the current consolidated fiscal year increased by ¥2.0 billion from the end of the previous consolidated fiscal year to ¥1,808.1 billion, while cash and cash equivalents decreased by ¥41.3 billion to ¥101.1 billion.」
The balance of interest-bearing debt increased by ¥2.0 billion from the previous fiscal year-end and cash and cash equivalents decreased by ¥41.3 billion, increasing exposure to interest-rate fluctuation risk associated with substantial interest-bearing debt compared with the fiscal year-end. - FY2022-Q1WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the first quarter of the current consolidated fiscal year increased by ¥18.3 billion from the end of the previous consolidated fiscal year to ¥1,824.4 billion, while cash and cash equivalents decreased by ¥39.6 billion to ¥102.8 billion.」
The balance of interest-bearing debt increased by ¥18.3 billion from the previous fiscal year-end, while cash and cash equivalents decreased by ¥39.6 billion, increasing exposure to interest-rate fluctuation risk. - FY2021MitigatedAnnual report
「The balance of interest-bearing debt at the end of the current consolidated fiscal year decreased by ¥8.2 billion from the end of the previous consolidated fiscal year to ¥1,806.1 billion」
The balance of interest-bearing debt declined slightly from ¥1,814.3 billion at the previous fiscal year-end to ¥1,806.1 billion. However, the Debt/EBITDA ratio remained high at 8.1x. - FY2021-Q3MitigatedAnnual report
「As a result, the balance of interest-bearing debt at the end of the third quarter of the current consolidated fiscal year increased by ¥87.7 billion from the end of the previous consolidated fiscal year to ¥1,902.0 billion, while cash and cash equivalents increased by ¥89.3 billion to ¥176.0 billion.」
The balance of interest-bearing debt increased from the previous fiscal year-end but declined from ¥1,936.3 billion at the end of the second quarter. Interest-rate fluctuation risk associated with substantial interest-bearing debt remains. - FY2021-Q2WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the second quarter of the current consolidated fiscal year increased by ¥122.0 billion from the end of the previous consolidated fiscal year to ¥1,936.3 billion, while cash and cash equivalents increased by ¥90.7 billion to ¥177.4 billion.」
The balance of interest-bearing debt increased by ¥122.0 billion from the previous fiscal year-end to ¥1,936.3 billion, increasing exposure to interest-rate fluctuation risk associated with substantial interest-bearing debt. - FY2021-Q1WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the first quarter of the current consolidated fiscal year increased by ¥70.5 billion from the end of the previous consolidated fiscal year to ¥1,884.8 billion.」
The balance of interest-bearing debt increased by ¥70.5 billion from the previous fiscal year-end to ¥1,884.8 billion, increasing exposure to interest-rate fluctuation risk. - FY2020WorsenedAnnual report
「The balance of interest-bearing debt, comprising bonds, borrowings and lease liabilities, increased by ¥290.5 billion from the previous period, including ¥105.7 billion in lease liabilities recognized at the beginning of the period due to the adoption of the new lease accounting standard, to ¥1,814.3 billion.」
The balance of interest-bearing debt, including lease liabilities, increased to ¥1,814.3 billion, increasing exposure to interest-rate fluctuation risk. - FY2020-Q3WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the third quarter of the current consolidated fiscal year increased by ¥319.0 billion from the end of the previous consolidated fiscal year to ¥1,842.8 billion, while cash and cash equivalents increased by ¥4.0 billion to ¥86.2 billion.」
The balance of interest-bearing debt increased by ¥319.0 billion from the previous fiscal year-end to ¥1,842.8 billion, further increasing exposure to interest-rate fluctuation risk. - FY2020-Q2WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the second quarter of the current consolidated fiscal year increased by ¥218.7 billion from the end of the previous consolidated fiscal year to ¥1,742.5 billion, while cash and cash equivalents increased by ¥3.1 billion to ¥85.3 billion.」
The balance of interest-bearing debt increased by ¥218.7 billion from the fiscal year-end to ¥1,742.5 billion, increasing exposure to interest-rate fluctuation risk. - FY2020-Q1WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the first quarter of the current consolidated fiscal year increased by ¥184.1 billion from the end of the previous consolidated fiscal year to ¥1,707.9 billion.」
The balance of interest-bearing debt increased by ¥184.1 billion from the fiscal year-end to ¥1,707.9 billion, increasing exposure to interest-rate fluctuation risk. - FY2019WorsenedAnnual report
「As a result, the balance of interest-bearing debt at the end of the current consolidated fiscal year increased by ¥132.6 billion from the end of the previous consolidated fiscal year to ¥1,523.8 billion.」
The balance of interest-bearing debt increased by ¥132.6 billion from the previous fiscal year-end to ¥1,523.8 billion, increasing exposure to fluctuations in interest rates and financing conditions. - FY2019-Q3WorsenedAnnual report
「Short-term borrowings 242,625 Commercial paper 71,000 Bonds 110,000 Long-term borrowings 1,023,356」
The total balance of borrowings, bonds and other interest-bearing debt was approximately ¥1,447.0 billion, up from approximately ¥1,330.9 billion at the end of the previous consolidated fiscal year. - FY2019-Q2WorsenedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, the balance of borrowings, bonds and other interest-bearing debt increased by ¥29.7 billion from the end of the previous consolidated fiscal year to ¥1,360.6 billion. Cash and cash equivalents increased by ¥16.2 billion to ¥91.4 billion.」
The balance of borrowings, bonds and other interest-bearing debt increased by ¥29.7 billion from the fiscal year-end to ¥1,360.6 billion, increasing exposure to interest-rate fluctuation risk associated with interest-bearing debt. - FY2019-Q1WorsenedAnnual report
「Short-term borrowings 232,333 Commercial paper 14,000 Bonds due for redemption within one year 15,000 Bonds 100,000 Long-term borrowings 988,582」
The total balance of borrowings, bonds and other interest-bearing debt increased from approximately ¥1,330.9 billion at the end of the previous fiscal year to approximately ¥1,349.9 billion at the end of the first quarter, increasing exposure to interest-rate fluctuation risk. - FY2018MitigatedAnnual report
「The balance of borrowings, bonds and other interest-bearing debt at the end of the current consolidated fiscal year decreased by ¥44.5 billion from the end of the previous consolidated fiscal year to ¥1,330.9 billion.」
The balance of interest-bearing debt decreased by ¥44.5 billion from the previous fiscal year-end, reducing exposure to interest-rate fluctuation risk. Hedging through interest-rate swaps and other instruments also continues. - FY2018-Q3MitigatedAnnual report
「Short-term borrowings 204,379 268,637 Commercial paper 8,000 43,000 Bonds due for redemption within one year 50,000 15,000 Bonds 75,000 70,000 Long-term borrowings 1,038,089 965,665」
The balance of borrowings, bonds and other interest-bearing debt decreased from approximately ¥1,375.5 billion at the end of the previous consolidated fiscal year to approximately ¥1,362.3 billion, reducing exposure to interest-rate fluctuation risk. - FY2018-Q2MitigatedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, the balance of borrowings, bonds and other interest-bearing debt decreased by ¥17.0 billion from the end of the previous consolidated fiscal year to ¥1,358.4 billion. Cash and cash equivalents decreased by ¥5.7 billion to ¥63.6 billion.」
The balance of borrowings, bonds and other interest-bearing debt decreased by ¥17.0 billion from the previous fiscal year-end, reducing exposure to interest-rate fluctuation risk. - FY2017MitigatedAnnual report
「As a result, the balance of borrowings, bonds and other interest-bearing debt at the end of the current consolidated fiscal year decreased by ¥3.9 billion from the end of the previous consolidated fiscal year to ¥1,375.4 billion,」
The balance of borrowings, bonds and other interest-bearing debt decreased by ¥3.9 billion from the previous fiscal year-end, slightly reducing exposure to interest-rate fluctuation risk. Interest-rate swaps continue to be used. - FY2017-Q3MitigatedAnnual report
「Short-term borrowings 353,382 224,627 Commercial paper 36,000 15,000 Bonds due for redemption within one year 20,000 50,000 Bonds 125,000 75,000 Long-term borrowings 844,990 1,022,883」
The composition of interest-bearing debt changed, and the balance of borrowings, bonds and other interest-bearing debt declined from ¥1,420.3 billion at the end of the previous quarter. The balance was slightly higher than at the end of the previous consolidated fiscal year. - FY2017-Q2WorsenedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, the balance of borrowings, bonds and other interest-bearing debt increased by ¥41.0 billion from the end of the previous consolidated fiscal year to ¥1,420.3 billion. Cash and cash equivalents increased by ¥78.1 billion to ¥141.9 billion.」
The balance of borrowings, bonds and other interest-bearing debt increased by ¥41.0 billion from the fiscal year-end to ¥1,420.3 billion, increasing exposure to interest-bearing debt. - FY2017-Q1WorsenedAnnual report
「Long-term borrowings 844,990 1,048,707」
Long-term borrowings increased from the end of the previous consolidated fiscal year to the end of the first quarter, increasing exposure to interest-rate fluctuation risk associated with substantial interest-bearing debt. - FY2016First statedAnnual report
「The Group is affected by interest-rate fluctuations because it has a substantial balance of interest-bearing debt, among other factors. It also conducts hedging transactions, including interest-rate swaps, for some borrowings and other liabilities.」
The balance of borrowings, bonds and other interest-bearing debt at the end of the period was ¥1,379.3 billion, and interest-rate swaps were used for part of the balance.