Dependence on Interest-Bearing Debt and Interest Rate Fluctuations
First written in FY2016. 27 of 37 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2026.
The whole theme swung hardest in 2017: 26 of 105 companies on the "Worse" side.
- FY2026MitigatedAnnual report
「Net interest-bearing debt of ¥72.44 billion; net D/E ratio of 1.3x」
Net interest-bearing debt declined from ¥75.05 billion in the previous fiscal year to ¥72.44 billion, while the net D/E ratio fell from 1.5x to 1.3x, improving financial leverage metrics. - FY2025WorsenedAnnual report
「Our group primarily finances part of the acquisition costs for development land and construction costs in the real estate sales business through borrowings from financial institutions and other lenders. As of March 2025, net interest-bearing debt was ¥75.1 billion and the net D/E ratio was 1.5x.」
Net interest-bearing debt increased from ¥66.3 billion in the previous fiscal year to ¥75.1 billion, expanding financial exposure to interest rate fluctuations. The net D/E ratio remained at 1.5x. - FY2025-H1Changes in the borrowing mix and a decrease in total liabilitiesAnnual report
「Total liabilities at the end of the interim consolidated accounting period were ¥123,111 million, a decrease of ¥461.8 million from the end of the previous consolidated fiscal year. This was mainly because short-term borrowings and contributions received for specified joint real estate ventures decreased, despite an increase in bills and accounts payable.」
Although total liabilities decreased, the current portion of long-term borrowings increased from ¥2,330.6 million to ¥2,614.9 million, while long-term borrowings decreased from ¥4,722.6 million to ¥4,453.2 million. The borrowing mix subject to interest rate fluctuations is changing. - FY2024WorsenedAnnual report
「As of March 2024, net interest-bearing debt was ¥66.3 billion and the net D/E ratio was 1.5x. A significant change in current interest rate levels could affect our group's operating results and financial position.」
Net interest-bearing debt increased from ¥57.4 billion to ¥66.3 billion, and the net D/E ratio rose from 1.4x to 1.5x, expanding financial exposure to interest rate fluctuations. - FY2024-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥133,791 million, an increase of ¥1,791.9 million from the end of the previous consolidated fiscal year. This was mainly because short-term and long-term borrowings increased, despite a decrease in bills and accounts payable.」
Total liabilities increased by ¥1,791.9 million from the end of the previous consolidated fiscal year due to increases in short-term and long-term borrowings, expanding reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2024-Q2Decrease in liabilities and changes in the borrowing mixAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥114,878 million, a decrease of ¥99.3 million from the end of the previous consolidated fiscal year. This was mainly because bills and accounts payable decreased, despite an increase in the current portion of long-term borrowings.」
Although total liabilities decreased by ¥99.3 million from the end of the previous fiscal year, the current portion of long-term borrowings increased, changing the borrowing mix. - FY2024-Q1Changes in the borrowing mix and a decrease in total liabilitiesAnnual report
「Short-term borrowings 34,315 34,812 Current portion of long-term borrowings 9,121 12,262 Long-term borrowings 44,562 42,923」
Short-term borrowings and the current portion of long-term borrowings increased, while long-term borrowings decreased. Total liabilities decreased by ¥127.6 million from the end of the previous consolidated fiscal year. - FY2023WorsenedAnnual report
「As of March 2023, net interest-bearing debt was ¥57.4 billion and the net D/E ratio was 1.4x.」
Net interest-bearing debt increased from ¥51.4 billion in the previous fiscal year to ¥57.4 billion, while the net D/E ratio remained at 1.4x. - FY2023-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥130,518 million, an increase of ¥2,191.4 million from the end of the previous consolidated fiscal year. This was mainly due to increases in short-term and long-term borrowings.」
Total liabilities increased by ¥2,191.4 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings, expanding reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2023-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥121,540 million, an increase of ¥1,293.6 million from the end of the previous consolidated fiscal year. This was mainly because short-term and long-term borrowings increased, despite a decrease in bills and accounts payable.」
Total liabilities increased by ¥1,293.6 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings, expanding reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2023-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current fiscal year were ¥119,586 million, an increase of ¥1,098.2 million from the end of the previous consolidated fiscal year. This was mainly because short-term borrowings, the current portion of long-term borrowings and long-term borrowings increased, despite a decrease in bills and accounts payable.」
Total liabilities increased by ¥1,098.2 million from the end of the previous fiscal year due to increases in short-term borrowings, the current portion of long-term borrowings and long-term borrowings. Reliance on interest-bearing debt and exposure to interest rate fluctuations are expanding. - FY2022WorsenedAnnual report
「As of March 2022, net interest-bearing debt was ¥51.4 billion and the net D/E ratio was 1.4x. A significant change in current interest rate levels could affect our group's operating results and financial position.」
Net interest-bearing debt increased from ¥42.5 billion in the previous fiscal year to ¥51.4 billion, and the net D/E ratio rose from 1.2x to 1.4x, expanding financial exposure to interest rate fluctuations. - FY2022-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥118,817 million, an increase of ¥1,028.5 million from the end of the previous consolidated fiscal year. This was mainly because short-term and long-term borrowings increased, despite a decrease in bills and accounts payable.」
Total liabilities increased by ¥1,028.5 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings, expanding reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2022-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥104,870 million, a decrease of ¥366 million from the end of the previous consolidated fiscal year. This was mainly because bills and accounts payable decreased, despite increases in short-term and long-term borrowings.」
Although total liabilities decreased, short-term and long-term borrowings increased, continuing to indicate reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2022-Q1WorsenedAnnual report
「Total assets at the end of the first quarter of the current fiscal year were ¥132,909 million, a decrease of ¥1,060.3 million from the end of the previous consolidated fiscal year. This was mainly because cash and deposits decreased, despite increases in real estate for sale and real estate under development for sale.」
Cash and deposits decreased from ¥3,118.6 million at the end of the previous fiscal year to ¥1,869 million, while long-term borrowings increased. Although total liabilities decreased, the decline in cash and changes in the borrowing mix indicated a deterioration in net interest-bearing debt and exposure to interest rate fluctuations. - FY2021MitigatedAnnual report
「As of March 2021, net interest-bearing debt was ¥42.5 billion and the net D/E ratio was 1.2x.」
Net interest-bearing debt decreased from ¥60.8 billion in the previous fiscal year to ¥42.5 billion, while the net D/E ratio declined from 1.9x to 1.2x, improving the indicator of financial exposure to interest rate fluctuations. - FY2021-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥114,193 million, an increase of ¥99.5 million from the end of the previous consolidated fiscal year. This was mainly because short-term borrowings and the current portion of long-term borrowings increased, despite decreases in long-term borrowings and contributions received for specified joint real estate ventures.」
Although long-term borrowings and other liabilities decreased, total liabilities increased by ¥99.5 million from the end of the previous fiscal year due to increases in short-term borrowings and the current portion of long-term borrowings, expanding exposure to interest-bearing debt. - FY2021-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥115,468 million, an increase of ¥227 million from the end of the previous consolidated fiscal year. This was mainly because short-term borrowings and the current portion of long-term borrowings increased, despite decreases in bills and accounts payable and long-term borrowings.」
Although long-term borrowings decreased, total liabilities increased by ¥227 million from the end of the previous fiscal year due to increases in short-term borrowings and the current portion of long-term borrowings, expanding exposure to interest-bearing debt. - FY2021-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current fiscal year were ¥120,167 million, an increase of ¥696.9 million from the end of the previous consolidated fiscal year. This was mainly due to financing undertaken in connection with the acquisition of inventories.」
Financing for the acquisition of inventories increased total liabilities by ¥696.9 million from the end of the previous fiscal year, expanding exposure related to reliance on interest-bearing debt. - FY2020-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥119,617 million, an increase of ¥2,127.3 million from the end of the previous consolidated fiscal year. This was mainly due to increases in short-term and long-term borrowings.」
Total liabilities increased by ¥2,127.3 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings, expanding interest-bearing debt exposure subject to interest rate fluctuations. - FY2020-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥115,513 million, an increase of ¥1,716.8 million from the end of the previous consolidated fiscal year. This was mainly due to increases in short-term and long-term borrowings.」
Total liabilities increased by ¥1,716.8 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings, expanding interest-bearing debt exposure subject to interest rate fluctuations. - FY2020-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current fiscal year were ¥106,086 million, an increase of ¥774.2 million from the end of the previous consolidated fiscal year. This was mainly due to an increase in long-term borrowings.」
Total liabilities increased by ¥774.2 million from the end of the previous fiscal year due to an increase in long-term borrowings, expanding reliance on interest-bearing debt and exposure to interest rate fluctuations. - FY2019WorsenedAnnual report
「The current portion of long-term borrowings decreased by ¥157.4 million, while short-term borrowings increased by ¥742.3 million. Long-term borrowings increased by ¥609 million, and contributions received for specified joint real estate ventures increased by ¥448 million.」
Increases in short-term and long-term borrowings expanded reliance on interest-bearing debt and exposure to interest rate fluctuations from the end of the previous fiscal year. - FY2019-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥101,811 million, an increase of ¥1,232.6 million from the end of the previous consolidated fiscal year. This was mainly because short-term and long-term borrowings increased, despite the reversal of the provision for losses on withdrawal from overseas businesses and a decrease in bills and accounts payable.」
Total liabilities increased by ¥1,232.6 million from the end of the previous consolidated fiscal year, and short-term and long-term borrowings also increased, further expanding borrowing exposure subject to interest rate fluctuations. - FY2019-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥91,825 million, an increase of ¥234 million from the end of the previous consolidated fiscal year. This was mainly because short-term and long-term borrowings increased, despite the reversal of the provision for losses on withdrawal from overseas businesses.」
Total liabilities increased by ¥234 million from the end of the previous fiscal year due to increases in short-term and long-term borrowings. Borrowing exposure subject to interest rate fluctuations continued to expand. - FY2019-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current fiscal year were ¥86,927 million, a decrease of ¥255.7 million from the end of the previous consolidated fiscal year. This was mainly because bills and accounts payable decreased and the provision for losses on withdrawal from overseas businesses was reversed, despite increases in short-term and long-term borrowings.」
Although total liabilities decreased, short-term and long-term borrowings increased, and borrowing exposure subject to interest rate fluctuations continued to expand. - FY2018RestatedAnnual report
「Our group primarily finances part of the acquisition costs for development land and construction costs in the real estate business through borrowings from financial institutions and other lenders. As a result, its reliance on interest-bearing debt is high, and a significant change in current interest rate levels could affect our group's operating results and financial position.」
Reliance on interest-bearing debt and the impact of interest rate fluctuations on operating results and financial position continue to be disclosed as risks. - FY2018-Q3WorsenedAnnual report
「Short-term borrowings 26,034 29,652 Current portion of long-term borrowings 7,801 10,386 Long-term borrowings 22,196 25,729」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings increased from the end of the previous consolidated fiscal year, expanding borrowing exposure subject to interest rate fluctuations. - FY2018-Q2WorsenedAnnual report
「Short-term borrowings 26,034 28,219 Current portion of long-term borrowings 7,801 10,560 Long-term borrowings 22,196 22,500」
Short-term borrowings, the current portion of long-term borrowings and long-term borrowings all increased from the end of the previous consolidated fiscal year, expanding the balance of borrowings subject to interest rate fluctuations. - FY2018-Q1WorsenedAnnual report
「Short-term borrowings 26,034 27,036 Current portion of long-term borrowings 7,801 12,746 Long-term borrowings 22,196 17,509」
Short-term borrowings and the current portion of long-term borrowings increased from the end of the previous fiscal year, raising total interest-bearing debt, including long-term borrowings. Borrowing exposure subject to interest rate fluctuations remains high. - FY2017WorsenedAnnual report
「Our group primarily finances part of the acquisition costs for development land and construction costs in the real estate business through borrowings from financial institutions and other lenders. As a result, its reliance on interest-bearing debt is high, and a significant change in current interest rate levels could affect our group's operating results and financial position.」
Short-term borrowings increased from ¥2,433.1 million at the end of the previous fiscal year to ¥2,603.4 million, while long-term borrowings increased from ¥1,908.2 million to ¥2,219.6 million, expanding exposure to interest-bearing debt from the end of the previous fiscal year. - FY2017-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year were ¥97,242 million, an increase of ¥1,441.8 million from the end of the previous consolidated fiscal year. This was mainly due to increases in short-term and long-term borrowings.」
Total liabilities increased by ¥1,441.8 million from the end of the previous consolidated fiscal year due to increases in short-term and long-term borrowings, further increasing exposure related to reliance on interest-bearing debt from Q2. - FY2017-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year were ¥94,852 million, an increase of ¥1,202.9 million from the end of the previous consolidated fiscal year. This was mainly due to increases in short-term and long-term borrowings.」
Short-term and long-term borrowings increased as the acquisition of investment properties and used condominiums progressed, increasing exposure related to reliance on interest-bearing debt. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
It is explicitly stated that there have been no material changes in the reliance on interest-bearing debt or the risk from changes in interest rates. - FY2016First statedAnnual report
「Our group primarily finances part of the acquisition costs for development land and construction costs in the real estate sales business through borrowings from financial institutions and other lenders. As a result, its reliance on interest-bearing debt is high, and a significant change in current interest rate levels could affect our group's operating results and financial position.」
It is disclosed that funds for the acquisition of development land and other purposes are raised through borrowings, and that changes in interest rates may affect operating results and financial position.