Impact of Interest-Bearing Debt and Interest Rate Trends on Business Performance
First written in FY2017. 11 of 26 entries say "Worsened", first in FY2020. Latest entry: 2026-07-31.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- 2026-07-31MitigatedFinancial Results Presentation
「Liabilities decreased due to lower interest-bearing debt and other factors.」
Interest-bearing debt declined from ¥272,683 million at the end of March 2026 to ¥270,674 million at the end of June 2026. Meanwhile, the net D/E ratio was 2.0x. - FY2026WorsenedAnnual report
「Balance of interest-bearing debt (¥ million) 272,683” Net debt-to-equity ratio (x) 1.9” Debt repayment period 18.4 years” Interest coverage ratio 5.9x」
The balance of interest-bearing debt increased from ¥254.072 billion in the previous fiscal year to ¥272.683 billion. The net debt-to-equity ratio was unchanged at 1.9x, while the debt repayment period was 18.4 years and the interest coverage ratio was 5.9x, indicating expanded exposure related to liabilities and interest rates. - FY2026-H1WorsenedAnnual report
「End of previous consolidated fiscal year Interest-bearing debt 254,072 End of current interim consolidated accounting period Interest-bearing debt 258,415 Change 4,343」
The balance of interest-bearing debt increased by ¥4.343 billion from the end of the previous fiscal year, expanding exposure to the impact of interest-bearing debt and interest rate trends on results. - FY2025WorsenedAnnual report
「Balance of interest-bearing debt (¥ million) 254,072” Net debt-to-equity ratio (x) 1.9」
The balance of interest-bearing debt increased from ¥231.323 billion in the previous fiscal year to ¥254.072 billion, and the net debt-to-equity ratio was 1.9x. - FY2025-H1MitigatedAnnual report
「End of previous consolidated fiscal year Interest-bearing debt 231,323 End of current interim consolidated accounting period Interest-bearing debt 228,619 Change △2,703」
The balance of interest-bearing debt decreased by ¥2.703 billion from the end of the previous fiscal year, reducing exposure to liabilities related to interest rate trends during the interim period. - FY2024WorsenedAnnual report
「The balance of interest-bearing debt at the end of the current consolidated fiscal year was ¥231.323 billion, and the net debt-to-equity ratio was 1.6x.」
The balance of interest-bearing debt increased by ¥4.428 billion, from ¥226.895 billion at the end of the previous fiscal year to ¥231.323 billion. The net debt-to-equity ratio declined from 1.7x to 1.6x. - FY2024-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current consolidated fiscal year were ¥278.042 billion, down ¥967 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥4.830 billion decrease in trade accounts payable and other factors, despite a ¥4.139 billion increase in interest-bearing debt and other factors.」
Interest-bearing debt increased by ¥4.139 billion from the end of the previous consolidated fiscal year to ¥231.035 billion. Exposure to interest-bearing debt and interest rate trends has expanded. - FY2024-Q2WorsenedAnnual report
「This was mainly due to a ¥2.656 billion increase in interest-bearing debt and other factors, despite a ¥3.398 billion decrease in trade accounts payable and other factors.」
Interest-bearing debt increased by ¥2.656 billion from the end of the previous consolidated fiscal year, expanding exposure to interest-bearing debt and interest rate trends. - FY2024-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current consolidated fiscal year were ¥278.409 billion, down ¥600 million from the end of the previous consolidated fiscal year. This was mainly due to a ¥3.812 billion decrease in trade accounts payable and other factors, despite a ¥2.608 billion increase in interest-bearing debt and other factors.」
Interest-bearing debt increased by ¥2.608 billion from the end of the previous consolidated fiscal year, expanding exposure to liabilities and interest rate trends. - FY2023WorsenedAnnual report
「At the end of the fiscal year, interest-bearing debt stood at ¥226.895 billion and the net D/E ratio was 1.7x. The medium-term management plan, “Challenge & Progress,” sets a net D/E ratio of 1.8x or lower as a quantitative target, and the ratio remained within that range.」
Interest-bearing debt increased by ¥20,659 million from the end of the previous fiscal year, and the net D/E ratio rose from 1.5x to 1.7x. However, it remained within the planned limit of 1.8x or lower. - FY2023-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter under review. In addition, there have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no newly arising risks or material changes concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2023-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no newly arising risks or material changes concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2023-Q1MitigatedAnnual report
「This was mainly due to decreases of ¥1,988 million in operating accounts payable, ¥1,487 million in interest-bearing debt and ¥2,149 million in accrued corporate taxes and other taxes.」
At the end of the first quarter, interest-bearing debt had decreased by ¥1,487 million from the end of the previous fiscal year, reducing the quantified exposure related to liabilities and interest rate trends. The net D/E ratio for the quarter was not disclosed. - FY2022MitigatedAnnual report
「At the end of the consolidated fiscal year, interest-bearing debt was ¥206,236 million and the net D/E ratio was 1.5x. The medium-term management plan, "Challenge & Progress," sets a target net D/E ratio of 1.8x or lower, and the ratio remained within that range.」
Interest-bearing debt decreased by ¥9,490 million from the end of the previous fiscal year, and the net D/E ratio was 1.5x, within the planned limit of 1.8x or lower. - FY2022-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter under review. In addition, there have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there are no new risks or material changes concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2021-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2020WorsenedAnnual report
「With regard to financial conditions, we judge that risks have arisen, including the risk of a deterioration in the funding environment due to changes in financial institutions' lending attitudes.」
In addition to the existing risk of interest rate fluctuations, changes in financial institutions' lending attitudes and deterioration in the funding environment due to the spread of COVID-19 were identified. - FY2020-Q1RestatedAnnual report
「No new business or other risks arose during the first quarter of the current consolidated cumulative period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2019-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter under review. In addition, there have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2019-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2019-Q1RestatedAnnual report
「No new business or other risks arose during the first quarter of the current consolidated cumulative period. There were also no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2018-Q3RestatedAnnual report
「There have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2018-Q2RestatedAnnual report
「There have been no material changes to the business and other risks described in the securities report for the previous fiscal year.」
It is stated that there have been no material changes in the risks concerning the impact of interest-bearing debt and interest rate trends on performance. - FY2017First statedAnnual report
「The Group's policy is to maintain interest-bearing debt and the D/E ratio at appropriate levels using cash flows from acquired rental properties and other sources. We obtain most of our interest-bearing debt through long-term borrowings and fix interest rates on most borrowings to reduce the impact of interest rate fluctuations. However, the Group's performance may be affected by interest rate trends and other factors.」
The company finances the acquisition and construction of rental properties with interest-bearing debt and describes the risk that interest rate trends may affect performance, as well as its responses through long-term borrowing and fixed interest rates.