Dependence on Interest-Bearing Debt and Rising Interest Rates
First written in FY2016. 22 of 35 entries say "Worsened", first in FY2018-Q3. Latest entry: 2026-11-10.
The whole theme swung hardest in 2020: 64 of 142 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Interest-bearing debt balance 3,598 3,475 3,705 4,233 Total assets 8,177 8,555 7,882 8,705 Interest-bearing debt dependency 44.0 40.6 47.0 48.6 Interest expense 45 39 42 58」
The interest-bearing debt balance increased from ¥3,705 million in the previous fiscal year to ¥4,233 million, dependency from 47.0% to 48.6%, and interest expense from ¥42 million to ¥58 million. Quantitative exposure to interest-rate increases expanded. - 2026-05-15WorsenedResults
「固定負債は、長期借入金が47百万円、リース債務が451百万円、長期契約負債が209百万円増加したこと等から674百万円増加し3,440百万円となりました。」
能力増強投資等に伴い、長期借入金、リース債務、長期契約負債を含む固定負債が増加した。 - FY2026-H1WorsenedAnnual report
「Non-current liabilities increased by ¥749 million to ¥3,515 million, mainly because long-term borrowings increased by ¥188 million, lease obligations included in other liabilities by ¥517 million, and deferred tax liabilities by ¥43 million.」
Long-term borrowings increased by ¥188 million and lease obligations by ¥517 million, increasing non-current liabilities by ¥749 million. Exposure to interest-bearing debt and lease obligations associated with capacity expansion investments and other factors has expanded. - FY2025WorsenedAnnual report
「Interest-bearing debt balance 4,065 3,598 3,475 3,705 Total assets 8,144 8,177 8,555 7,882 Interest-bearing debt dependency 49.9 44.0 40.6 47.0 Interest expense 50 45 39 42」
The interest-bearing debt balance increased from ¥3,475 million to ¥3,705 million, dependency from 40.6% to 47.0%, and interest expense from ¥39 million to ¥42 million, expanding quantitative exposure to interest-rate increases. - FY2025-H1MitigatedAnnual report
「Against ¥420 million in proceeds from long-term borrowings from financial institutions, expenditures comprised ¥489 million in repayments of long-term borrowings, ¥39 million in repayments of lease obligations, and ¥25 million in dividend payments.」
Repayments of long-term borrowings exceeded new borrowings, resulting in ¥134 million of cash used in financing activities during the interim accounting period. Short- and long-term borrowings totaled ¥3,073 million at the end of the interim period, down from ¥3,142 million at the end of the previous fiscal year. - FY2024MitigatedAnnual report
「Interest-bearing debt balance 3,475 Total assets 8,555 Interest-bearing debt dependency 40.6 Interest expense 39」
The interest-bearing debt balance decreased from ¥3,598 million in the previous fiscal year to ¥3,475 million, dependency from 44.0% to 40.6%, and interest expense from ¥45 million to ¥39 million, reducing quantitative exposure to interest-rate increases. - FY2024-Q3WorsenedAnnual report
「Current liabilities increased by ¥43 million to ¥2,798 million, mainly because short-term borrowings increased by ¥84 million, deposits received included in other liabilities by ¥109 million, and equipment-related bills payable by ¥27 million, despite decreases of ¥17 million in accounts payable, ¥38 million in income taxes payable, ¥45 million in the provision for bonuses, ¥17 million in lease obligations included in other liabilities, and ¥68 million in consumption taxes payable. Non-current liabilities increased by ¥102 million to ¥2,925 million, mainly because long-term borrowings increased by ¥77 million, the provision for retirement benefits by ¥25 million, and deferred tax liabilities included in other liabilities by ¥41 million, despite a ¥39 million decrease in lease obligations included in other liabilities.」
Short-term borrowings increased by ¥84 million and long-term borrowings by ¥77 million, and exposure to interest-bearing debt expanded from the end of the previous fiscal year even after offsetting the decrease in lease obligations. - FY2024-Q2MitigatedAnnual report
「Current liabilities decreased by ¥124 million to ¥2,630 million, mainly because accounts payable increased by ¥25 million and short-term borrowings by ¥97 million, despite decreases of ¥85 million in accounts payable, ¥28 million in income taxes payable, ¥45 million in the provision for bonuses, ¥19 million in lease obligations included in other liabilities, ¥65 million in consumption taxes payable, and ¥13 million in equipment-related bills payable. Non-current liabilities decreased by ¥70 million to ¥2,752 million, mainly because long-term borrowings decreased by ¥119 million and lease obligations included in other liabilities by ¥32 million, despite increases of ¥15 million in the provision for retirement benefits and ¥67 million in deferred tax liabilities included in other liabilities.」
Short-term borrowings increased by ¥97 million, while long-term borrowings decreased by ¥119 million and lease obligations by ¥32 million. Total short- and long-term borrowings decreased slightly from the end of the previous fiscal year, and exposure to interest-bearing debt decreased from the elevated level in the previous quarter. - FY2024-Q1WorsenedAnnual report
「Current liabilities decreased by ¥150 million to ¥2,604 million, mainly because accounts payable decreased by ¥20 million, income taxes payable by ¥34 million, the provision for bonuses by ¥57 million, consumption taxes payable included in other liabilities by ¥44 million, and equipment-related bills payable by ¥11 million, despite increases of ¥17 million in short-term borrowings and ¥17 million in deposits received included in other liabilities. Non-current liabilities increased by ¥152 million to ¥2,975 million, mainly because long-term borrowings increased by ¥108 million, the provision for retirement benefits by ¥10 million, and deferred tax liabilities included in other liabilities by ¥48 million, despite a ¥13 million decrease in lease obligations included in other liabilities.」
Short-term borrowings increased by ¥17 million and long-term borrowings by ¥108 million year on year, expanding exposure to interest-bearing debt. - FY2023MitigatedAnnual report
「Interest-bearing debt balance 3,771 4,081 4,065 3,598 Total assets 8,838 8,460 8,144 8,177 Interest-bearing debt dependency 42.7 48.2 49.9 44.0 Interest expense 52 51 50 45」
The interest-bearing debt balance decreased from ¥4,065 million in the previous fiscal year to ¥3,598 million, while dependency decreased from 49.9% to 44.0%. Interest expense also decreased from ¥50 million to ¥45 million, reducing quantitative exposure to interest-rate increases. - FY2023-Q3MitigatedAnnual report
「Current liabilities increased by ¥317 million to ¥3,059 million, mainly because bills and accounts payable increased by ¥109 million, accounts payable by ¥230 million, income taxes payable by ¥26 million, deposits received included in other liabilities by ¥20 million, and equipment-related bills payable by ¥27 million, despite decreases of ¥59 million in short-term borrowings, ¥21 million in lease obligations included in other liabilities, and ¥21 million in consumption taxes payable. Non-current liabilities increased by ¥2 million to ¥3,009 million, mainly because long-term borrowings increased by ¥75 million, despite a ¥77 million decrease in lease obligations included in other liabilities.」
Short-term borrowings decreased by ¥59 million and total lease obligations by ¥98 million, while long-term borrowings increased by ¥75 million. Total borrowings and lease obligations decreased from the end of the previous fiscal year, and exposure to reliance on interest-bearing debt and interest-rate increases declined slightly on a quantitative basis. - FY2023-Q2MitigatedAnnual report
「Current liabilities decreased by ¥39 million to ¥2,702 million, mainly because bills and accounts payable increased by ¥36 million, accounts payable by ¥11 million, income taxes payable by ¥17 million, and the provision for bonuses by ¥10 million, despite decreases of ¥79 million in short-term borrowings, ¥10 million in lease obligations included in other liabilities, ¥18 million in consumption taxes payable, and ¥10 million in equipment-related bills payable. Non-current liabilities decreased by ¥63 million to ¥2,943 million, mainly because long-term borrowings decreased by ¥13 million and lease obligations included in other liabilities by ¥57 million, despite a ¥12 million increase in deferred tax liabilities included in other liabilities.」
Short-term borrowings decreased by ¥79 million, long-term borrowings by ¥13 million, and lease obligations by ¥67 million, reducing exposure to interest-bearing debt and interest-rate increases from the end of the previous fiscal year. - FY2023-Q1WorsenedAnnual report
「Current liabilities increased by ¥22 million to ¥2,764 million, mainly because bills and accounts payable increased by ¥23 million, short-term borrowings by ¥25 million, and equipment-related bills payable included in other liabilities by ¥22 million, despite decreases of ¥12 million in accounts payable, ¥12 million in the provision for bonuses, and ¥26 million in consumption taxes payable included in other liabilities. Non-current liabilities increased by ¥97 million to ¥3,104 million, mainly because long-term borrowings increased by ¥97 million and deferred tax liabilities included in other liabilities by ¥34 million, despite a ¥29 million decrease in lease obligations included in other liabilities.」
Short-term borrowings increased by ¥25 million and long-term borrowings by ¥97 million. Liabilities increased even after offsetting the decrease in lease obligations, and exposure to reliance on interest-bearing debt and interest-rate increases expanded from the end of the previous fiscal year. - FY2022WorsenedAnnual report
「Interest-bearing debt balance 4,065 Total assets 8,144 Interest-bearing debt dependency 49.9 Interest expense 50」
The interest-bearing debt balance decreased slightly from ¥4,081 million in the previous fiscal year to ¥4,065 million, while interest-bearing debt dependency increased from 48.2% to 49.9%. - FY2022-Q3WorsenedAnnual report
「Non-current liabilities increased by ¥270 million to ¥3,286 million, mainly because long-term borrowings increased by ¥373 million, despite decreases of ¥92 million in lease obligations and ¥12 million in deferred tax liabilities included in other liabilities.」
Long-term borrowings increased by ¥373 million from the end of the previous fiscal year, while short-term borrowings also increased by ¥75 million. Exposure to interest-bearing debt and interest-rate increases has expanded. - FY2022-Q2WorsenedAnnual report
「Current liabilities decreased by ¥245 million to ¥2,556 million, mainly because bills and accounts payable decreased by ¥71 million, accounts payable by ¥179 million, the provision for bonuses by ¥15 million, and lease obligations included in other liabilities by ¥13 million, despite increases of ¥16 million in short-term borrowings and ¥26 million in consumption taxes payable included in other liabilities. Non-current liabilities increased by ¥81 million to ¥3,097 million, mainly because long-term borrowings increased by ¥153 million, despite decreases of ¥62 million in lease obligations and ¥10 million in deferred tax liabilities included in other liabilities.」
Short-term borrowings increased by ¥16 million and long-term borrowings by ¥153 million. Non-current liabilities increased by ¥81 million even including the decrease in lease obligations, and exposure to reliance on interest-bearing debt and interest-rate increases has expanded. - FY2022-Q1WorsenedAnnual report
「Current liabilities decreased by ¥16 million to ¥2,785 million. This reflected increases of ¥22 million in notes and accounts payable, ¥54 million in short-term borrowings and, among other items, ¥31 million in consumption taxes payable and ¥10 million in deposits received, more than offset by decreases of ¥115 million in other payables and ¥27 million in the allowance for bonuses. Non-current liabilities increased by ¥316 million to ¥3,333 million due to a ¥357 million increase in long-term borrowings, partly offset by a ¥37 million decrease in lease obligations.」
Short-term borrowings increased by ¥54 million and long-term borrowings by ¥357 million, resulting in a ¥316 million increase in non-current liabilities even after offsetting the decrease in lease obligations. Exposure to reliance on interest-bearing debt and interest-rate increases has expanded from the end of the previous fiscal year. - FY2021WorsenedAnnual report
「Interest-bearing debt 4,081 Total assets 8,460 Interest-bearing debt ratio 48.2 Interest expense 51」
Interest-bearing debt increased from ¥3,771 million in the previous fiscal year to ¥4,081 million, and the interest-bearing debt ratio increased from 42.7% to 48.2%. Exposure to the risk of higher interest rates has increased on a numerical basis. - FY2021-Q3WorsenedAnnual report
「Current liabilities decreased by ¥505 million to ¥2,823 million. This reflected increases of ¥90 million in short-term borrowings and ¥15 million in lease obligations, more than offset by decreases of ¥70 million in notes and accounts payable, ¥256 million in other payables, ¥28 million in income taxes payable, ¥51 million in the allowance for bonuses, and, among other items, ¥94 million in consumption taxes payable, ¥59 million in deposits received and ¥50 million in equipment-related notes payable. Non-current liabilities increased by ¥520 million to ¥3,288 million due to increases of ¥488 million in long-term borrowings and ¥46 million in lease obligations, partly offset by a ¥13 million decrease in the retirement benefit allowance.」
Short-term borrowings increased by ¥90 million, long-term borrowings by ¥488 million, and lease obligations and other items also increased, bringing long-term borrowings to ¥2,098 million. Exposure to interest-bearing debt and the risk of higher interest rates has increased from the end of the previous fiscal year. - FY2021-Q2WorsenedAnnual report
「Non-current liabilities increased by ¥342 million to ¥3,110 million, due primarily to increases of ¥270 million in long-term borrowings and ¥85 million in lease obligations.」
At the end of the second quarter, long-term borrowings had increased by ¥270 million from the end of the previous fiscal year and lease obligations by ¥85 million. Short-term borrowings also increased by ¥21 million, expanding exposure to interest-bearing debt and the risk of higher interest rates. - FY2021-Q1WorsenedAnnual report
「Current liabilities increased by ¥56 million in short-term borrowings, while non-current liabilities increased by ¥221 million to ¥2,989 million due primarily to increases of ¥167 million in long-term borrowings and ¥48 million in lease obligations.」
Short-term borrowings, long-term borrowings and lease obligations increased, expanding exposure to interest-bearing debt and the risk of higher interest rates from the end of the previous fiscal year. - FY2020-Q3MitigatedAnnual report
「Current liabilities increased by ¥127 million to ¥3,006 million as increases of ¥21 million in notes and accounts payable, ¥59 million in other payables, ¥55 million in consumption taxes payable, ¥74 million in deposits received and ¥13 million in equipment-related notes payable outweighed a ¥101 million decrease in short-term borrowings. Non-current liabilities increased by ¥2 million to ¥3,120 million as increases of ¥84 million in long-term borrowings and ¥21 million in deferred tax liabilities were largely offset by a ¥94 million decrease in lease obligations.」
Total short- and long-term borrowings decreased by approximately ¥17 million from the end of the previous fiscal year, while lease obligations also decreased by ¥94 million. Although long-term borrowings increased, exposure to interest-bearing debt narrowed slightly overall. - FY2020-Q2MitigatedAnnual report
「Current liabilities decreased by ¥125 million to ¥2,753 million as increases of ¥36 million in notes and accounts payable and, among other items, ¥25 million in consumption taxes payable were outweighed by decreases of ¥147 million in short-term borrowings and ¥26 million in other payables. Non-current liabilities decreased by ¥88 million to ¥3,029 million as an increase of ¥37 million in deferred tax liabilities was outweighed by decreases of ¥60 million in long-term borrowings and, among other items, ¥59 million in lease obligations.」
Short-term borrowings decreased by ¥147 million, long-term borrowings by ¥60 million, and lease obligations by ¥59 million, reducing on a numerical basis the exposure to interest-bearing debt that had expanded through the previous quarter. - FY2020-Q1WorsenedAnnual report
「Current liabilities increased by ¥13 million in notes and accounts payable, ¥43 million in short-term borrowings and, among other items, ¥16 million in consumption taxes payable, while the allowance for bonuses decreased by ¥15 million. As a result, current liabilities increased by ¥60 million to ¥2,940 million. Non-current liabilities increased by ¥131 million in long-term borrowings, while among other items, lease obligations decreased by ¥23 million. As a result, non-current liabilities increased by ¥107 million to ¥3,225 million.」
Short-term borrowings increased by ¥43 million and long-term borrowings by ¥131 million, resulting in a total ¥174 million increase in borrowings from the end of the previous fiscal year. Exposure to interest-bearing debt and the risk of higher interest rates increased on a balance-sheet basis. - FY2019WorsenedAnnual report
「Interest-bearing debt 4,258 3,860 4,181 4,214 Total assets 9,697 9,641 9,374 8,729 Interest-bearing debt ratio 43.9 40.0 44.6 48.3」
Interest-bearing debt was ¥4,214 million and the ratio was 48.3%, up from ¥4,181 million and 44.6%, respectively, in the previous fiscal year. Exposure to the risk of higher interest rates has increased. - FY2019-Q3WorsenedAnnual report
「Current liabilities decreased by ¥199 million in short-term borrowings… Non-current liabilities increased by ¥461 million in long-term borrowings…」
Short-term borrowings decreased, while long-term borrowings increased by ¥461 million. Total short- and long-term borrowings increased from approximately ¥3,552 million at the end of the previous fiscal year to approximately ¥3,814 million, increasing exposure to interest-bearing debt. - FY2019-Q2WorsenedAnnual report
「Current liabilities increased due to increases of ¥76 million in notes and accounts payable, ¥28 million in short-term borrowings, ¥22 million in other payables, and, among other items, ¥25 million in deposits received and ¥24 million in lease obligations. …Non-current liabilities increased due to a ¥191 million increase in long-term borrowings and, among other items, a ¥171 million increase in lease obligations.」
Short-term borrowings increased by ¥28 million and long-term borrowings by ¥191 million from the end of the previous fiscal year, increasing exposure to interest-bearing debt. - FY2019-Q1WorsenedAnnual report
「Long-term borrowings increased by ¥429 million, while among other liabilities, lease obligations decreased by ¥29 million and deferred tax liabilities decreased by ¥26 million, among other factors. As a result, non-current liabilities increased by ¥368 million to ¥3,351 million.」
Long-term borrowings increased by ¥429 million year on year, bringing total borrowings, including short-term borrowings, to approximately ¥3,991 million. Exposure to interest-bearing debt increased from approximately ¥3,552 million at the end of the previous fiscal year. - FY2018WorsenedAnnual report
「Interest-bearing debt 4,181 Total assets 9,374 Interest-bearing debt ratio 44.6 Interest and bond interest expense 58」
Interest-bearing debt increased from ¥3,860 million in the previous fiscal year to ¥4,181 million, and the interest-bearing debt ratio increased from 40.0% to 44.6%. Exposure to the risk of higher interest rates has increased on a numerical basis. - FY2018-Q3WorsenedAnnual report
「Short-term borrowings 1,996,279 Long-term borrowings 1,675,970」
Short- and long-term borrowings totalled ¥3,672 million at the end of the third quarter, up from approximately ¥3,358 million at the end of the previous fiscal year. Exposure to interest-bearing debt and the risk of higher interest rates has increased on a balance-sheet basis. - FY2018-Q1MitigatedAnnual report
「Short-term borrowings 1,926,586 1,947,462 Long-term borrowings 1,431,034 1,595,011」
Interest-bearing debt at the end of the quarter totalled ¥3,542 million, down from ¥3,860 million at the end of the previous fiscal year. Exposure to the risk of higher interest rates has declined further on a numerical basis. - FY2017MitigatedAnnual report
「Because of our high dependence on interest-bearing debt, a substantial rise in interest rates in the future could affect our financial position and operating results.」
Interest-bearing debt decreased from ¥4,258 million in the previous fiscal year to ¥3,860 million, the interest-bearing debt ratio declined from 43.9% to 40.0%, and interest expense decreased from ¥68 million to ¥61 million. Exposure to the risk of higher interest rates has declined on a numerical basis. - FY2016First statedAnnual report
「Because of our high dependence on interest-bearing debt, a substantial rise in interest rates in the future could affect our financial position and operating results.」
The disclosure states that interest-bearing debt was ¥4,258 million, the interest-bearing debt ratio was 43.9%, and interest expense was ¥68 million for the fiscal year ended March 2016.