Interest-Bearing Debt and Interest Rate Risk
First written in FY2018. 13 of 25 entries say "Worsened", first in FY2019. Latest entry: 2026-10-02.
Optoelectronics moved to the "Worse" side of this theme in 2020, 3 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
39 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「Liabilities totaled ¥4,874 million, a decrease of ¥1,302 million from the end of the previous consolidated fiscal year. The main factors were a ¥427 million decrease in total current liabilities, mainly due to decreases of ¥374 million in the current portion of long-term borrowings and ¥120 million in short-term borrowings, and an ¥874 million decrease in total non-current liabilities, mainly due to an ¥874 million decrease in long-term borrowings.」
The decline in short-term borrowings, current maturities of long-term borrowings and long-term borrowings reduced exposure to interest-bearing debt. - FY2025MitigatedAnnual report
「Interest-bearing debt (¥ thousand) 6,829,569 5,263,652 Total assets (¥ thousand) 13,513,592 11,346,548 Interest-bearing debt ratio (%) 50.5 46.4 Interest expense (¥ thousand) 57,801 62,414」
The balance of interest-bearing debt declined by ¥1,566 million, and the interest-bearing debt ratio fell from 50.5% to 46.4%. Interest expense, however, increased. - FY2025-H1MitigatedAnnual report
「Total non-current liabilities decreased by ¥931 million, mainly because long-term borrowings declined by ¥931 million, among other factors.」
Long-term borrowings declined by ¥931 million, reducing exposure to interest-bearing debt. - FY2024Interest-bearing debt declined, but interest expense increasedAnnual report
「Interest-bearing debt (¥ thousand) 7,853,709 6,829,569 Total assets (¥ thousand) 15,564,147 13,513,592 Interest-bearing debt ratio (%) 50.5 50.5 Interest expense (¥ thousand) 43,847 57,801」
Although the balance of interest-bearing debt declined, the interest-bearing debt ratio remained flat at 50.5%, while interest expense increased from ¥43,847 thousand to ¥57,801 thousand. - FY2024-Q2MitigatedAnnual report
「Total current liabilities decreased by ¥367 million, mainly because short-term borrowings declined by ¥209 million despite a ¥166 million increase in current maturities of long-term borrowings, while total non-current liabilities increased by ¥34 million, mainly because long-term borrowings increased by ¥35 million.」
In the second quarter, short-term borrowings declined by ¥209 million, and long-term borrowings also declined by ¥263 million from the end of the previous fiscal year. Current maturities of long-term borrowings, however, increased by ¥166 million. - FY2024-Q1Lower short-term borrowings alongside higher long-term borrowingsAnnual report
「Total current liabilities decreased by ¥367 million, mainly because short-term borrowings declined by ¥209 million despite a ¥166 million increase in current maturities of long-term borrowings, while total non-current liabilities increased by ¥34 million, mainly because long-term borrowings increased by ¥35 million.」
Short-term borrowings declined by ¥209 million, while current maturities of long-term borrowings increased by ¥166 million and long-term borrowings by ¥35 million. The composition of interest-bearing debt is changing. - FY2023WorsenedAnnual report
「Interest-bearing debt (¥ thousand) 6,556,235 7,853,709 Total assets (¥ thousand) 15,157,385 15,564,147 Interest-bearing debt ratio (%) 43.3 50.5」
The balance of interest-bearing debt increased from ¥6,556 million to ¥7,853 million, and its ratio to total assets rose from 43.3% to 50.5%. - FY2023-Q3WorsenedAnnual report
「This was due mainly to an ¥808 million increase in non-current liabilities, including an ¥810 million increase in long-term borrowings.」
Long-term borrowings increased by ¥810 million from the end of the previous consolidated fiscal year, expanding exposure to interest-bearing debt. - FY2023-Q2WorsenedAnnual report
「Total non-current liabilities increased by ¥716 million, mainly because long-term borrowings increased by ¥719 million, among other factors.」
Long-term borrowings increased by ¥719 million, expanding exposure to interest-bearing debt. - FY2023-Q1WorsenedAnnual report
「The increase in total non-current liabilities of ¥1,257 million was primarily due to a ¥1,259 million increase in long-term borrowings resulting from new borrowings to secure working capital and procure materials, among other purposes.」
New borrowings for working capital and materials procurement increased long-term borrowings by ¥1,259 million, expanding exposure to interest-bearing debt. - FY2022MitigatedAnnual report
「Interest-bearing debt (¥ thousand) 6,099,162 6,556,235 Total assets (¥ thousand) 12,769,963 15,157,385 Interest-bearing debt ratio (%) 47.8 43.3」
The balance of interest-bearing debt increased from ¥6,099 million to ¥6,556 million, but the interest-bearing debt ratio fell from 47.8% to 43.3% as total assets increased. - FY2022-Q3MitigatedAnnual report
「Short-term borrowings 163,337 133,340 Current maturities of long-term borrowings 2,306,730 2,186,244 Long-term borrowings 3,619,096 3,675,134」
The decline in short-term borrowings and current maturities of long-term borrowings exceeded the increase in long-term borrowings, resulting in a lower balance of borrowings than at the end of the previous consolidated fiscal year. - FY2022-Q2WorsenedAnnual report
「Liabilities totaled ¥8,745 million, an increase of ¥1,021 million from the end of the previous consolidated fiscal year. The main factors were a ¥635 million increase in total current liabilities, mainly due to a ¥517 million increase in notes and accounts payable, and a ¥385 million increase in total non-current liabilities, mainly due to a ¥387 million increase in long-term borrowings.」
Long-term borrowings increased by ¥387 million, while total liabilities also rose by ¥1,021 million from the end of the previous consolidated fiscal year. Exposure to interest-bearing debt is expanding again. - FY2022-Q1WorsenedAnnual report
「Total non-current liabilities increased by ¥857 million, mainly because long-term borrowings increased by ¥858 million as a result of new borrowings to secure working capital, among other factors.」
New borrowings to secure working capital increased long-term borrowings by ¥858 million, again expanding exposure to interest-bearing debt. - FY2021MitigatedAnnual report
「Interest-bearing debt (¥ thousand) 6,218,544 6,099,162 Total assets (¥ thousand) 12,471,289 12,769,963 Interest-bearing debt ratio (%) 49.9 47.8」
The balance of interest-bearing debt declined by ¥119 million, and the interest-bearing debt ratio as a proportion of total assets fell from 49.9% to 47.8%. Interest expense, however, increased. - FY2021-Q3WorsenedAnnual report
「Total non-current liabilities increased by ¥567 million, mainly because long-term borrowings increased by ¥569 million, among other factors.」
Long-term borrowings increased by ¥569 million, further expanding exposure to interest-bearing debt. - FY2021-Q2WorsenedAnnual report
「The main factors were a ¥756 million decrease in total current liabilities, mainly due to a ¥433 million decline in notes and accounts payable, and a ¥979 million increase in total non-current liabilities, mainly due to a ¥981 million increase in long-term borrowings.」
Long-term borrowings increased by ¥981 million, expanding exposure to non-current liabilities and interest-bearing debt. - FY2021-Q1WorsenedAnnual report
「Total non-current liabilities increased by ¥1,566 million, mainly because long-term borrowings increased by ¥1,567 million as a result of new borrowings to secure working capital, among other factors.」
New borrowings to secure working capital increased long-term borrowings by ¥1,567 million, further increasing dependence on and exposure to interest-bearing debt. - FY2020-Q3WorsenedAnnual report
「Total current liabilities increased by ¥830 million, mainly because notes and accounts payable increased by ¥215 million and short-term borrowings by ¥200 million, while total non-current liabilities increased by ¥106 million, mainly because long-term borrowings increased by ¥108 million.」
Short-term borrowings increased by ¥200 million and long-term borrowings by ¥108 million, further expanding exposure to interest-bearing debt. - FY2020-Q2WorsenedAnnual report
「Total current liabilities increased by ¥603 million, mainly because current maturities of long-term borrowings increased by ¥176 million, while total non-current liabilities increased by ¥211 million, mainly because long-term borrowings increased by ¥212 million.」
Long-term borrowings increased by ¥212 million and current maturities of long-term borrowings by ¥176 million, expanding exposure to interest-bearing debt. - FY2020-Q1WorsenedAnnual report
「Total non-current liabilities increased by ¥398 million, mainly because long-term borrowings increased by ¥402 million as a result of new borrowings to secure working capital, among other factors.」
New borrowings to secure working capital increased long-term borrowings by ¥402 million, raising the balance of interest-bearing debt. - FY2019Increased dependence on interest-bearing debtAnnual report
「Interest-bearing debt (¥ thousand) 6,434,095 Total assets (¥ thousand) 12,969,827 Interest-bearing debt ratio (%) 49.6」
Although the balance of interest-bearing debt declined, the interest-bearing debt ratio rose from 48.4% to 49.6% as total assets decreased. - FY2018First statedAnnual report
「Because the Group finances working capital and capital expenditures through interest-bearing debt, consisting of borrowings from financial institutions, interest-bearing debt accounts for a high proportion of total assets, and fluctuations in interest rates may affect the Group's operating performance.」
The interest-bearing debt ratio was reported at 48.4% for the current period, with interest-bearing debt of ¥6,845 million, quantifying the interest-rate risk.