Dependence on Interest-Bearing Debt and Rising Interest Rates
First written in FY2016. 23 of 33 entries say "Worsened", first in FY2018. Latest entry: 2026-09-11.
inspec 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 2017: 26 of 105 companies on the "Worse" side.
83 other companies' latest entry also says "Mitigated".
- 2026-09-11MitigatedEarnings
「This was mainly due to decreases of ¥820 million in short-term borrowings and ¥32 million in long-term borrowings.」
Short-term and long-term borrowings declined from the end of the previous fiscal year, reducing exposure to interest-bearing debt. - FY2026WorsenedAnnual report
「Total interest-bearing debt ¥1,661.310 million ¥2,227.886 million Total assets ¥3,000.683 million ¥3,738.311 million Interest-bearing debt dependency ratio 55.4% 59.6%」
Interest-bearing debt increased from ¥1,661 million to ¥2,228 million, and the dependency ratio rose from 55.4% to 59.6%. Short-term borrowings also increased from ¥1,000 million to ¥1,720 million. - FY2026-H1WorsenedAnnual report
「Total liabilities increased by ¥491 million from the end of the previous fiscal year to ¥2,533 million. This was mainly due to a ¥600 million increase in short-term borrowings and a ¥66 million decrease in long-term borrowings.」
Total liabilities increased by ¥491 million because the ¥600 million increase in short-term borrowings exceeded the decrease in long-term borrowings. Exposure to interest-bearing debt and rising interest rates had increased as of the end of the interim period. - FY2025-H1MitigatedAnnual report
「Total liabilities decreased by ¥204 million from the end of the previous fiscal year to ¥2,456 million. This was mainly due to a ¥100 million decrease in short-term borrowings and a ¥77 million decrease in long-term borrowings.」
Total liabilities decreased by ¥204 million due to decreases of ¥100 million in short-term borrowings and ¥77 million in long-term borrowings. Exposure to interest-bearing debt and the risk of rising interest rates had contracted as of the end of the interim period. - FY2024WorsenedAnnual report
「Total interest-bearing debt: ¥2,169.758 million; ¥2,315.534 million; total assets: ¥3,977.935 million; ¥3,739.515 million; interest-bearing debt dependency ratio: 54.5%; 61.9%」
Interest-bearing debt increased from ¥2,169 million to ¥2,315 million, and the dependency ratio rose from 54.5% to 61.9%. Short-term borrowings also increased from ¥1,200 million to ¥1,500 million. - FY2024-Q3WorsenedAnnual report
「Total liabilities increased by ¥87 million from the end of the previous fiscal year to ¥2,658 million. This was mainly due to a ¥62 million decrease in notes and accounts payable, a ¥300 million increase in short-term borrowings, and a ¥115 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥300 million from ¥1,200 million to ¥1,500 million, exceeding the decrease in long-term borrowings, and total liabilities also increased by ¥87 million. Exposure to interest-bearing debt and rising interest rates increased again. - FY2024-Q2MitigatedAnnual report
「Total liabilities decreased by ¥178 million from the end of the previous fiscal year to ¥2,391 million. This was mainly due to a ¥77 million decrease in long-term borrowings.」
Long-term borrowings decreased by ¥77 million, and total liabilities also decreased by ¥178 million. Short-term borrowings were unchanged at ¥1,200 million, and exposure to interest-bearing debt contracted modestly. - FY2024-Q1MitigatedAnnual report
「Total liabilities decreased by ¥70 million from the end of the previous fiscal year to ¥2,499 million. This was mainly due to a ¥38 million decrease in long-term borrowings.」
Long-term borrowings decreased by ¥38 million, and total liabilities also decreased by ¥70 million. Short-term borrowings were unchanged at ¥1,200 million, and exposure to the risk of dependence on borrowings contracted modestly. - FY2023WorsenedAnnual report
「Total interest-bearing debt: ¥1,734.702 million; ¥2,169.758 million; total assets: ¥3,277.238 million; ¥3,977.935 million; interest-bearing debt dependency ratio: 52.9%; 54.5%」
Interest-bearing debt increased from ¥1,734 million to ¥2,169 million, and the dependency ratio rose from 52.9% to 54.5%. Short-term borrowings also increased from ¥600 million to ¥1,200 million, increasing exposure to dependence on borrowings and rising interest rates. - FY2023-Q3WorsenedAnnual report
「Total liabilities increased by ¥481 million from the end of the previous fiscal year to ¥2,670 million. This was mainly due to a ¥600 million increase in short-term borrowings and a ¥115 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥600 million to ¥1,200 million, exceeding the decrease in long-term borrowings, and total liabilities also increased by ¥481 million. Exposure to interest-bearing debt and rising interest rates increased. - FY2023-Q2WorsenedAnnual report
「Total liabilities increased by ¥195 million from the end of the previous fiscal year to ¥2,385 million. This was mainly due to a ¥117 million decrease in notes and accounts payable, a ¥400 million increase in short-term borrowings, and a ¥77 million decrease in long-term borrowings.」
Short-term borrowings increased by ¥400 million, and total liabilities also increased by ¥195 million. Exposure to interest-bearing debt and rising interest rates increased. - FY2023-Q1WorsenedAnnual report
「Total liabilities increased by ¥209 million from the end of the previous fiscal year to ¥2,399 million. This was mainly due to a ¥200 million increase in short-term borrowings.」
Short-term borrowings increased by ¥200 million to ¥800 million, and total liabilities also increased by ¥209 million. Exposure to interest-bearing debt and rising interest rates increased. - FY2022WorsenedAnnual report
「Total interest-bearing debt: ¥1,330.390 million; ¥1,734.702 million; total assets: ¥2,699.298 million; ¥3,277.238 million; interest-bearing debt dependency ratio: 49.3%; 52.9%」
Interest-bearing debt increased from ¥1,330 million to ¥1,734 million, and the dependency ratio rose from 49.3% to 52.9%. The Company also recorded ¥600 million in short-term borrowings, increasing exposure to dependence on borrowings and rising interest rates. - FY2022-Q3WorsenedAnnual report
「Total liabilities increased by ¥319 million from the end of the previous fiscal year to ¥2,114 million. This was mainly due to a ¥500 million increase in short-term borrowings and a ¥99 million decrease in notes and accounts payable.」
Short-term borrowings increased by ¥500 million, and total liabilities also increased by ¥319 million from the end of the previous fiscal year. Exposure to interest-bearing debt and rising interest rates through short-term borrowing increased further. - FY2022-Q2WorsenedAnnual report
「Total liabilities increased by ¥231 million from the end of the previous fiscal year to ¥2,026 million. This was mainly due to a ¥300 million increase in short-term borrowings and an ¥87 million decrease in long-term borrowings.」
Total liabilities increased by ¥231 million because the ¥300 million increase in short-term borrowings exceeded the ¥87 million decrease in long-term borrowings. Exposure to dependence on interest-bearing debt and rising interest rates increased. - FY2022-Q1WorsenedAnnual report
「Total liabilities increased by ¥238 million from the end of the previous fiscal year to ¥2,033 million. This was mainly due to a ¥100 million increase in short-term borrowings and a ¥121 million increase in contract liabilities.」
The Company recorded ¥100 million in new short-term borrowings, and total liabilities increased by ¥238 million from the end of the previous fiscal year. Exposure related to dependence on interest-bearing debt increased modestly. - FY2021WorsenedAnnual report
「Total interest-bearing debt: ¥1,413.005 million; ¥1,330.390 million; total assets: ¥3,805.544 million; ¥2,699.298 million; interest-bearing debt dependency ratio: 37.1%; 49.3%」
Although total interest-bearing debt decreased, the dependency ratio rose from 37.1% to 49.3% due to the decrease in total assets. Long-term borrowings totaled ¥1,134.702 million, indicating greater relative dependence on borrowings. - FY2021-Q3WorsenedAnnual report
「Total liabilities increased by ¥190 million from the end of the previous consolidated fiscal year to ¥2,046 million. This was mainly due to a ¥600 million decrease in short-term borrowings, a ¥104 million decrease in advances received, and an ¥859 million increase in long-term borrowings.」
Short-term borrowings decreased from ¥900 million to ¥300 million, while long-term borrowings increased by ¥859 million from ¥382 million to ¥1,241 million. Total interest-bearing debt increased from the end of the previous fiscal year, increasing exposure to dependence on borrowings and rising interest rates. - FY2021-Q2Execution of additional borrowingAnnual report
「To maintain ample cash on hand in preparation for the impact of the spread of COVID-19 on its business, the Company entered into a monetary loan agreement with Japan Finance Corporation and drew down the loan as described below, based on a resolution of the Board of Directors dated 13 November 2020.」
After repaying the existing ¥300 million, the Company borrowed an additional ¥600 million after the end of the quarter. The drawdown date was 20 November 2020, and the repayment date is 20 November 2028. - FY2021-Q2MitigatedAnnual report
「Total liabilities decreased by ¥255 million from the end of the previous consolidated fiscal year to ¥1,600 million. This was mainly due to a ¥900 million decrease in short-term borrowings and a ¥641 million increase in long-term borrowings related to financing to address the COVID-19 pandemic.」
The Company repaid ¥900 million in short-term borrowings and increased long-term borrowings by ¥641 million. The borrowing structure shifted toward longer maturities, and because total liabilities decreased by ¥255 million, exposure to interest-bearing debt at the end of the quarter contracted from the end of the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「Total liabilities increased by ¥428 million from the end of the previous consolidated fiscal year to ¥2,284 million. This was mainly due to a ¥67 million increase in notes and accounts payable, a ¥300 million decrease in short-term borrowings, a ¥65 million decrease in advances received, and a ¥680 million increase in long-term borrowings, primarily in connection with measures to address the COVID-19 pandemic.」
Long-term borrowings increased by ¥680 million in connection with measures to address the COVID-19 pandemic, and interest-bearing debt increased from the end of the previous fiscal year even after offsetting the decrease in short-term borrowings. Exposure to dependence on borrowings and rising interest rates has increased again. - FY2020WorsenedAnnual report
「Total interest-bearing debt: ¥860.095 million; ¥1,413.005 million; total assets: ¥3,026.200 million; ¥3,805.544 million; interest-bearing debt dependency ratio: 28.4%; 37.1%」
Interest-bearing debt increased from ¥860 million to ¥1,413 million, and the dependency ratio rose from 28.4% to 37.1%. Short-term borrowings totaled ¥900 million and long-term borrowings and other debt totaled ¥513 million, increasing exposure to dependence on borrowings and rising interest rates. - FY2020-Q3WorsenedAnnual report
「Total liabilities decreased by ¥240 million from the end of the previous consolidated fiscal year to ¥1,524 million. This was mainly due to a ¥154 million decrease in notes and accounts payable, a ¥173 million decrease in advances received, and a ¥188 million increase in long-term borrowings.」
Although total liabilities declined, long-term borrowings increased by ¥188 million. The balance of interest-bearing debt, including short-term borrowings, increased from approximately ¥860 million at the end of the previous fiscal year to approximately ¥1,054 million, and exposure related to rising interest rates and dependence on borrowings has increased again. - FY2020-Q2MitigatedAnnual report
「Total liabilities decreased by ¥590 million from the end of the previous consolidated fiscal year to ¥1,174 million. This was mainly due to a ¥99 million decrease in notes and accounts payable, a ¥210 million decrease in short-term borrowings, a ¥142 million decrease in advances received, and a ¥75 million decrease in long-term borrowings.」
Short-term and long-term borrowings decreased from the end of the previous fiscal year, and total liabilities also declined by ¥590 million. Exposure to interest-bearing debt and rising interest rates has contracted from the increase seen in the previous quarter. - FY2020-Q1WorsenedAnnual report
「Total liabilities increased by ¥1 million from the end of the previous consolidated fiscal year to ¥1,766 million. This was mainly due to a ¥101 million decrease in notes and accounts payable, a ¥283 million increase in short-term borrowings, and a ¥138 million decrease in advances received.」
Short-term borrowings increased by ¥283 million, and the combined total of short-term borrowings, current maturities of long-term borrowings and long-term borrowings increased from approximately ¥860 million at the end of the previous fiscal year to approximately ¥1,106 million. Exposure to interest-bearing debt and rising interest rates has increased again. - FY2019MitigatedAnnual report
「Total interest-bearing debt: ¥1,373.951 million; ¥860.095 million; total assets: ¥3,013.611 million; ¥3,026.200 million; interest-bearing debt dependency ratio: 45.6%; 28.4%」
Interest-bearing debt decreased from ¥1,373.951 million in the previous fiscal year to ¥860.095 million, and the dependency ratio fell from 45.6% to 28.4%. Although short-term borrowings increased, overall exposure contracted following the elimination of convertible bonds and the decrease in long-term borrowings. - FY2019-Q3WorsenedAnnual report
「Total liabilities increased by ¥146 million from the end of the previous consolidated fiscal year to ¥2,027 million. This was mainly due to a ¥500 million increase in short-term borrowings, a ¥295 million increase in advances received included in other current liabilities, a ¥127 million decrease in long-term borrowings, and a ¥500 million decrease in convertible bonds following the exclusion of Pass Imaging from the scope of consolidation.」
Short-term borrowings increased by ¥500 million from ¥400 million at the end of the previous consolidated fiscal year to ¥900 million, while long-term borrowings decreased by ¥127 million. Total liabilities also increased by ¥146 million, and exposure related to the shift toward shorter-term borrowings and dependence on interest-bearing debt continues. - FY2019-Q2Shift toward shorter-term borrowingsAnnual report
「Total liabilities decreased by ¥23 million from the end of the previous consolidated fiscal year to ¥1,857 million. This was mainly due to a ¥400 million increase in short-term borrowings, a ¥141 million increase in advances received included in other current liabilities, a ¥74 million decrease in long-term borrowings, and a ¥500 million decrease in convertible bonds following the exclusion of Pass Imaging from the scope of consolidation.」
Short-term borrowings increased by ¥400 million to ¥800 million, while long-term borrowings decreased by ¥74 million and convertible bonds decreased by ¥500 million. Total liabilities declined, but the borrowing structure shifted toward shorter maturities. - FY2019-Q1WorsenedAnnual report
「Total liabilities increased by ¥185 million from the end of the previous consolidated fiscal year to ¥2,066 million. This was mainly due to an ¥80 million increase in notes and accounts payable, a ¥600 million increase in short-term borrowings, a ¥37 million decrease in long-term borrowings, and a ¥500 million decrease in convertible bonds following the exclusion of Pass Imaging from the scope of consolidation.」
Short-term borrowings increased by ¥600 million from the end of the previous consolidated fiscal year to ¥1,000 million, resulting in higher liabilities accompanied by a shift toward shorter-term borrowings. This indicates a change in exposure to rising interest rates and dependence on interest-bearing debt. - FY2018WorsenedAnnual report
「Total interest-bearing debt: ¥1,373.951 million; total assets: ¥3,013.611 million; interest-bearing debt dependency ratio: 45.6%」
Interest-bearing debt increased from ¥863.457 million in the previous fiscal year to ¥1,373.951 million, while the dependency ratio rose from 34.7% to 45.6%. Exposure to the risk of rising interest rates has increased. - FY2016First statedAnnual report
「Our Group has a high level of dependence on interest-bearing debt. Accordingly, an increase in interest rates could affect the Group's business performance.」
Interest-bearing debt was disclosed at ¥945.933 million, with an interest-bearing debt dependency ratio of 44.7%, explicitly identifying the risk of rising interest rates.