Dependence on Interest-Bearing Debt and Rising Interest Rates
First written in FY2017. 17 of 34 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Interest-bearing debt stood at ¥3,572.860 million as of the end of July 2026, and the interest-bearing debt ratio was high at 60.1%.」
Interest-bearing debt increased from ¥2,986.752 million in the previous period to ¥3,572.860 million, and the interest-bearing debt ratio also rose from 59.1% to 60.1%. The issuance of convertible bonds with share acquisition rights and other factors expanded borrowing and debt dependence exposure. - FY2026-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated accounting period increased by ¥1,021.756 million from the end of the previous consolidated fiscal year to ¥4,272.883 million. This was mainly due to the issuance of ¥700.000 million in convertible bonds with share acquisition rights, as well as increases of ¥79.335 million in long-term borrowings and ¥51.793 million in short-term borrowings.」
The issuance of ¥700.000 million in convertible bonds with share acquisition rights and other factors increased total liabilities by ¥1,021.756 million to ¥4,272.883 million. Exposure to interest-bearing debt dependence is expanding. - FY2025MitigatedAnnual report
「Interest-bearing debt stood at ¥2,986.752 million as of the end of July 2025, and the interest-bearing debt ratio was high at 59.1%.」
Interest-bearing debt decreased from ¥3,191.232 million in the previous period to ¥2,986.752 million, while the interest-bearing debt ratio declined from 61.2% to 59.1%. However, the ratio remained high. - FY2025-H1MitigatedAnnual report
「Total liabilities at the end of the interim consolidated accounting period decreased by ¥260.491 million from the end of the previous consolidated fiscal year to ¥3,167.034 million. This was mainly due to decreases of ¥264.388 million in long-term borrowings, including current maturities, and ¥27.000 million in bonds, partly offset by a ¥60.000 million increase in short-term borrowings.」
Total liabilities decreased by ¥260.491 million, and long-term borrowings and bonds also declined, so exposure to interest-bearing debt dependence moved lower. Meanwhile, short-term borrowings increased by ¥60.000 million, and interest expense increased by ¥3.854 million year on year. - FY2024MitigatedAnnual report
「Interest-bearing debt stood at ¥3,191.232 million as of the end of July 2024, and the interest-bearing debt ratio was high at 61.2%.」
Interest-bearing debt decreased from ¥3,284.325 million in the previous period to ¥3,191.232 million, while the interest-bearing debt ratio declined from 62.4% to 61.2%. However, the ratio remained high. - FY2024-Q3Shorter-term borrowing mix and slight decrease in liabilitiesAnnual report
「Total liabilities at the end of the third quarter of the current consolidated fiscal year decreased by ¥2.470 million from the end of the previous consolidated fiscal year to ¥3,449.498 million. This was mainly due to a ¥360.782 million increase in current liabilities, including short-term borrowings, and a ¥363.253 million decrease in non-current liabilities, including long-term borrowings.」
Although total liabilities declined slightly, current liabilities, including short-term borrowings, increased by ¥360.782 million, while non-current liabilities, including long-term borrowings, decreased by ¥363.253 million. The change involved a shift toward shorter-term borrowings; no increase in interest-rate risk itself was reported. - FY2024-Q2MitigatedAnnual report
「Total liabilities at the end of the second quarter of the current consolidated fiscal year decreased by ¥152.573 million from the end of the previous consolidated fiscal year to ¥3,299.395 million. This was mainly due to decreases of ¥114.766 million in long-term borrowings, including current maturities, ¥46.000 million in short-term borrowings, and ¥27.000 million in bonds, including bonds due for redemption within one year, partly offset by a ¥32.428 million increase in notes and accounts payable.」
Total liabilities decreased by ¥152.573 million from the end of the previous consolidated fiscal year, and long-term borrowings, short-term borrowings and bonds also declined. Interest-bearing debt dependence risk moved lower on a quarterly basis. - FY2024-Q1WorsenedAnnual report
「Long-term borrowings, including current maturities, increased by ¥17.371 million」
Total liabilities at the end of the first quarter increased by ¥103.422 million, and long-term borrowings, including current maturities, also increased by ¥17.371 million. This indicates increased exposure to interest-bearing debt dependence. - FY2023WorsenedAnnual report
「Interest-bearing debt stood at ¥3,284.325 million as of the end of July 2023, and the interest-bearing debt ratio was high at 62.4%.」
Interest-bearing debt increased from ¥2,810.036 million in the previous period to ¥3,284.325 million, while the interest-bearing debt ratio rose from 54.2% to 62.4%. Borrowing dependence exposure has expanded. - FY2023-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥341.306 million from the end of the previous consolidated fiscal year to ¥3,397.444 million. This was mainly due to a ¥317.391 million increase in long-term borrowings, including current maturities.」
Total liabilities increased by ¥341.306 million from the end of the previous consolidated fiscal year, and long-term borrowings and other items also increased by ¥317.391 million, expanding exposure to interest-bearing debt dependence. - FY2023-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥32.187 million from the end of the previous consolidated fiscal year to ¥3,088.325 million. This was mainly due to increases of ¥10.138 million in long-term borrowings, including current maturities, and ¥50.000 million in bonds, including bonds due for redemption within one year, while notes and accounts payable decreased by ¥35.441 million.」
Total liabilities increased by ¥32.187 million from the end of the previous consolidated fiscal year, and long-term borrowings and bonds also increased, expanding exposure to interest-bearing debt dependence. - FY2023-Q1MitigatedAnnual report
「This was mainly due to a ¥116.665 million decrease in long-term borrowings, including current maturities, and a ¥68.951 million increase in notes and accounts payable.」
Long-term borrowings and other items decreased by ¥116.665 million, and total liabilities also declined by ¥22.167 million from the end of the previous consolidated fiscal year. Borrowing dependence exposure declined on a quarterly basis. - FY2022Higher borrowing balance and lower debt dependence ratioAnnual report
「Interest-bearing debt stood at ¥2,810.036 million as of the end of July 2022, and the interest-bearing debt ratio was high at 54.2%.」
The balance of interest-bearing debt increased from ¥2,579.948 million in the previous period to ¥2,810.036 million, while the interest-bearing debt ratio declined from 55.4% to 54.2%. The high level of dependence persisted. - FY2022-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current consolidated fiscal year increased by ¥538.344 million from the end of the previous consolidated fiscal year to ¥3,305.211 million. This was mainly due to increases of ¥340.587 million in long-term borrowings, including current maturities, and ¥236.099 million in notes and accounts payable.」
Total liabilities increased by ¥538.344 million from the end of the previous consolidated fiscal year, and long-term borrowings and other items also increased, expanding exposure to interest-bearing debt dependence. - FY2022-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current consolidated fiscal year increased by ¥458.194 million from the end of the previous consolidated fiscal year to ¥3,225.061 million. This was mainly due to a ¥200.000 million decrease in short-term borrowings and a ¥409.930 million increase in long-term borrowings, including current maturities.」
Although short-term borrowings decreased, total liabilities increased by ¥458.194 million due to increases in long-term borrowings and other items, expanding borrowing dependence exposure. - FY2022-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current consolidated fiscal year increased by ¥354.691 million from the end of the previous consolidated fiscal year to ¥3,121.558 million. This was mainly due to increases of ¥171.539 million in long-term borrowings, including current maturities, ¥127.507 million in notes and accounts payable, and ¥66.668 million in short-term borrowings.」
Long-term and short-term borrowings increased, and total liabilities also rose from the end of the previous period. Exposure to interest-bearing debt dependence has expanded. - FY2021MitigatedAnnual report
「Interest-bearing debt stood at ¥2,579.948 million as of the end of July 2021, and the interest-bearing debt ratio was high at 55.4%.」
The interest-bearing debt ratio declined from 60.1% in the previous period to 55.4%, while the balance of interest-bearing debt decreased from ¥3,125.978 million to ¥2,579.948 million. However, the ratio remained high. - FY2021-Q3MitigatedAnnual report
「This was mainly due to a ¥250.892 million decrease in long-term borrowings, including current maturities, a ¥240.400 million decrease in short-term borrowings, and a ¥115.642 million increase in notes and accounts payable.」
Long-term borrowings decreased by ¥250.892 million and short-term borrowings by ¥240.400 million, reducing the balances of borrowings and the interest-bearing debt exposure from the end of the previous consolidated fiscal year. - FY2021-Q2MitigatedAnnual report
「This was mainly attributable to factors reducing liabilities, including a net decrease of ¥140.400 million in short-term borrowings and ¥240.055 million in repayments of long-term borrowings.」
The balance of borrowings declined due to a net decrease of ¥140.400 million in short-term borrowings and ¥240.055 million in repayments of long-term borrowings. - FY2021-Q1MitigatedAnnual report
「This was mainly due to a ¥111.421 million decrease in long-term borrowings, including current maturities, a ¥107.766 million increase in notes and accounts payable, and a ¥16.800 million increase in short-term borrowings.」
Although short-term borrowings increased by ¥16.800 million, long-term borrowings, including current maturities, decreased by ¥111.421 million, resulting in an overall decrease in the balance of interest-bearing debt from the end of the previous consolidated fiscal year. - FY2020WorsenedAnnual report
「Interest-bearing debt stood at ¥3,125.978 million as of the end of July 2020, and the interest-bearing debt ratio was high at 60.1%.」
The interest-bearing debt ratio rose from 47.6% in the previous period to 60.1%, while the balance of interest-bearing debt reached ¥3,125.978 million. - FY2020-Q3MitigatedAnnual report
「This was mainly attributable to a ¥150.200 million increase in short-term borrowings and a ¥356.290 million decrease in long-term borrowings, including the portion due for repayment within one year, among other factors.」
Although short-term borrowings increased, the decrease in long-term borrowings and other debt was greater, reducing total liabilities and exposure to interest-bearing debt, including long-term borrowings, from the end of the previous fiscal year. - FY2020-Q2MitigatedAnnual report
「This was mainly attributable to a ¥200.000 million increase in short-term borrowings and a ¥222.701 million decrease in long-term borrowings, including the portion due for repayment within one year, among other factors.」
Although short-term borrowings increased, the decrease in long-term borrowings was greater, resulting in a slight decline in the balance of interest-bearing debt from the end of the previous fiscal year. The borrowing mix has shifted toward shorter maturities. - FY2020-Q1MitigatedAnnual report
「This was mainly attributable to a ¥170.084 million decrease in long-term borrowings, including the portion due for repayment within one year, and a ¥55.829 million increase in notes and accounts payable, among other factors.」
Long-term borrowings, including the portion due for repayment within one year, decreased by ¥170.084 million from the end of the previous consolidated fiscal year, partially reducing exposure to dependence on interest-bearing debt. - FY2019WorsenedAnnual report
「The Group primarily procures funds required for capital expenditures and working capital through borrowings from financial institutions. As of the end of July 2019, interest-bearing debt was high at ¥2,510.470 million, and the interest-bearing debt dependency ratio was high at 47.6%.」
Although the balance of interest-bearing debt decreased from ¥2,598.833 million in the previous fiscal year, the interest-bearing debt dependency ratio increased from 46.6% to 47.6%, and the high level of dependence continued. - FY2019-Q2WorsenedAnnual report
「Although notes and accounts payable decreased by ¥106.021 million, short-term borrowings increased by ¥116.666 million, long-term borrowings, including the portion due for repayment within one year, increased by ¥134.802 million, and income taxes payable increased by ¥72.307 million, among other factors.」
Compared with the end of the previous consolidated fiscal year, short-term borrowings increased by ¥116.666 million and long-term borrowings and other debt increased by ¥134.802 million, and exposure to dependence on interest-bearing debt continued to expand. - FY2019-Q1WorsenedAnnual report
「This was mainly attributable to a ¥150.002 million increase in short-term borrowings and a ¥41.762 million increase in income taxes payable, among other factors.」
Short-term borrowings increased by ¥150.002 million from the end of the previous consolidated fiscal year, further increasing exposure to dependence on interest-bearing debt. No occurrence of an impact from higher interest rates itself was described. - FY2018WorsenedAnnual report
「As of the end of July 2018, interest-bearing debt was high at ¥2,598.833 million, and the interest-bearing debt dependency ratio was high at 46.6%.」
Interest-bearing debt increased from ¥2,287.738 million in the previous fiscal year to ¥2,598.833 million, while the interest-bearing debt dependency ratio increased from 41.6% to 46.6%. Increases in borrowings and interest rates continue to be identified as risks. - FY2018-Q3WorsenedAnnual report
「A ¥164.101 million increase in long-term borrowings, including the portion due for repayment within one year」
Long-term borrowings increased by ¥164.101 million from the end of the previous consolidated fiscal year, and short-term borrowings also increased. The balance of interest-bearing debt reversed its declining trend at the end of the previous fiscal year. - FY2018-Q2MitigatedAnnual report
「This was mainly attributable to a ¥159.074 million decrease in short-term borrowings and a ¥102.399 million decrease in income taxes payable, among other factors.」
Short-term borrowings decreased by ¥159.074 million from the end of the previous consolidated fiscal year, and the decline in exposure to borrowing dependence continued. Changes in the balance of borrowings were quantified, but no occurrence of the risk of higher interest rates itself was described. - FY2018-Q1MitigatedAnnual report
「This was mainly attributable to a ¥109.068 million decrease in short-term borrowings and a ¥130.168 million decrease in income taxes payable, among other factors.」
Short-term borrowings decreased by ¥109.068 million from the end of the previous fiscal year, and the balance of interest-bearing debt on the balance sheet also declined, reducing exposure to borrowing dependence. - FY2017First statedAnnual report
「As of the end of July 2017, interest-bearing debt was high at ¥2,287.738 million, and the interest-bearing debt dependency ratio was high at 41.6%.」
While the company has adopted improving its dependency ratio through expanded operating cash flow as a policy, it identifies increases in borrowings and interest rates as risks.