Reliance on Interest-Bearing Debt, Rising Interest Rates and Financing Risk
First written in FY2016. 15 of 31 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-10-27.
The whole theme swung hardest in 2017: 28 of 107 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Interest-bearing debt (¥ million) (A) 369,769 Total assets (¥ million) (B) 509,773 Reliance on interest-bearing debt (%) (A/B) 72.5 Interest expense (¥ million) 5,439」
Interest-bearing debt increased from ¥336,394 million to ¥369,769 million, and interest expense increased from ¥3,685 million to ¥5,439 million. Reliance on interest-bearing debt edged down from 73.2% to 72.5%. - 2026-06-02WorsenedGeneral Meetings of Shareholders
「The funds for this acquisition are expected to come from internal funds and bank borrowings.」
The planned use of internal funds and bank borrowings to acquire アーク不動産 was disclosed, making the funding exposure associated with the M&A more specific. - FY2026-H1WorsenedAnnual report
「Liabilities increased by ¥25,170 million from the end of the previous consolidated fiscal year to ¥406,337 million, mainly due to a ¥20,892 million increase in long- and short-term borrowings. This was primarily because the Company raised funds through borrowings in connection with the acquisition of shares in 芝リアルエステート. As a result, the equity ratio was 15.7% (17.2% at the end of the previous consolidated fiscal year).」
Borrowings increased by ¥20,892 million and liabilities by ¥25,170 million as a result of financing for the acquisition of 芝リアルエステート and other factors, causing the equity ratio to decline. Reliance on interest-bearing debt and financing exposure is increasing. - FY2025WorsenedAnnual report
「Interest-bearing debt (¥ million): 336,394; total assets (¥ million): 459,847; reliance on interest-bearing debt (%): 73.2; interest expense (¥ million): 3,685」
Interest-bearing debt increased from ¥293,794 million to ¥336,394 million, and interest expense increased from ¥2,650 million to ¥3,685 million. Reliance on interest-bearing debt edged down from 73.5% to 73.2%, while the equity ratio was 17.2%. - FY2025-H1WorsenedAnnual report
「Liabilities increased by ¥44,869 million from the end of the previous consolidated fiscal year to ¥373,864 million. This was mainly due to a ¥41,607 million increase in long- and short-term borrowings and bonds. As a result, the equity ratio was 15.7% (18.1% at the end of the previous consolidated fiscal year).」
Long- and short-term borrowings and bonds increased by ¥41,607 million, and the equity ratio declined from 18.1% to 15.7%, expanding financial exposure. - FY2023-Q4WorsenedAnnual report
「Liabilities increased by ¥100,216 million from the end of the previous consolidated fiscal year to ¥299,801 million. This was mainly due to a ¥93,793 million increase in long- and short-term borrowings. As a result, the equity ratio was 19.5% (25.0% at the end of the previous consolidated fiscal year).」
Borrowings increased by ¥93,793 million, and the equity ratio declined from 25.0% to 19.5%, significantly expanding reliance on interest-bearing debt and financial exposure. - FY2023-Q3WorsenedAnnual report
「Liabilities increased by ¥84,874 million from the end of the previous consolidated fiscal year to ¥284,459 million. This was mainly due to a ¥79,824 million increase in long- and short-term borrowings. Net assets increased by ¥976 million from the end of the previous consolidated fiscal year to ¥65,121 million.」
Borrowings increased by ¥79,824 million, and the equity ratio declined from 25.0% to 19.1%, significantly expanding reliance on interest-bearing debt and financial exposure. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥27,873 million from the end of the previous consolidated fiscal year to ¥227,458 million. This was mainly due to a ¥33,224 million increase in long- and short-term borrowings. Net assets increased by ¥591 million from the end of the previous consolidated fiscal year to ¥64,736 million. This was mainly because the Company recorded quarterly net income of ¥4,209 million attributable to owners of the parent, despite paying ¥3,673 million in dividends. As a result, the equity ratio was 22.8% (25.0% at the end of the previous consolidated fiscal year).」
Borrowings increased by ¥33,224 million, and the equity ratio declined from 25.0% to 22.8%, indicating that reliance on interest-bearing debt and financial exposure continued to expand. - FY2023-Q1WorsenedAnnual report
「Liabilities increased by ¥20,207 million from the end of the previous consolidated fiscal year to ¥219,792 million. This was mainly due to a ¥24,909 million increase in long- and short-term borrowings.」
Long- and short-term borrowings increased by ¥24,909 million, expanding the financial exposure arising from reliance on borrowings. Total commitment lines were ¥25.5 billion, with ¥12.453 billion drawn. - FY2022-Q3Higher borrowings, expanded financing capacityAnnual report
「Liabilities increased by ¥23,873 million from the end of the previous consolidated fiscal year to ¥214,016 million. This was mainly due to a ¥23,284 million increase in long- and short-term borrowings.」
Although borrowings increased and the equity ratio continued to decline, total commitment lines expanded from ¥15.5 billion to ¥25.5 billion, and the undrawn amount reached ¥18.762 billion. - FY2022-Q2Borrowings up and equity ratio downAnnual report
「Liabilities increased by ¥23,743 million from the end of the previous consolidated fiscal year to ¥213,886 million. This was mainly due to a ¥22,526 million increase in long- and short-term borrowings.」
Borrowings increased by ¥22,526 million, and the equity ratio declined from 24.8% to 22.6%. The total commitment line was ¥15.5 billion, with ¥5.182 billion undrawn. - FY2022-Q1Higher borrowings, expanded financing capacityAnnual report
「Against the backdrop of this rating and other factors, the Company entered into a ¥10 billion commitment line agreement with Nishi-Nippon City Bank, Ltd. in September 2021, and a syndicated commitment line agreement with a ¥5.5 billion borrowing limit in November, arranged by THE SHIGA BANK,LTD.」
Although borrowings increased by ¥26,099 million and the equity ratio declined, the Company expanded its financing options through commitment lines totaling ¥15.5 billion and a ¥50 billion shelf registration for bond issuance. - FY2021-Q3MitigatedAnnual report
「In September 2021, the Company entered into a commitment line agreement with Nishi-Nippon City Bank, Ltd. with a borrowing limit of ¥10 billion, in order to secure more flexible and stable financing in preparation for funding needs related to real estate purchases as it expands its business.」
Although borrowings and bonds increased by ¥15,593 million, the Company secured a flexible and stable financing facility by entering into a ¥10 billion commitment line agreement. - FY2021-Q2Higher borrowings and improved equity ratioAnnual report
「Long- and short-term borrowings and bonds increased by ¥12,830 million, while capital stock and capital surplus each increased by ¥10,235 million through a third-party allotment. As a result, the equity ratio was 31.6% (25.8% at the end of the previous consolidated fiscal year).」
Although borrowings and bonds increased by ¥12,830 million, the equity ratio improved from the end of the previous fiscal year as a result of the capital strengthening through the third-party allotment. - FY2021-Q1WorsenedAnnual report
「Liabilities increased by ¥14,644 million from the end of the previous consolidated fiscal year to ¥125,440 million. This was mainly due to a ¥13,348 million increase in long- and short-term borrowings and bonds. As a result, the equity ratio was 22.6% (25.8% at the end of the previous consolidated fiscal year).」
Long- and short-term borrowings and bonds increased by ¥13,348 million, and the equity ratio declined from 25.8% to 22.6%, indicating that reliance on interest-bearing debt and the financial position had deteriorated from the previous quarter. - FY2020-Q3Decrease in liabilities, increase in borrowings and improvement in equity ratioAnnual report
「Liabilities decreased by ¥399 million from the end of the previous consolidated fiscal year to ¥98,749 million. This was mainly due to a ¥2,520 million increase in long- and short-term borrowings and bonds and a ¥2,233 million decrease in income taxes payable. As a result, the equity ratio was 27.8% (25.3% at the end of the previous consolidated fiscal year).」
Although borrowings and bonds increased by ¥2,520 million, total liabilities declined and the equity ratio improved from 25.3% to 27.8%. - FY2020-Q2MitigatedAnnual report
「Liabilities decreased by ¥1,210 million from the end of the previous consolidated fiscal year to ¥97,939 million. This was mainly due to an ¥863 million decrease in long- and short-term borrowings and bonds. As a result, the equity ratio was 27.8% (25.3% at the end of the previous consolidated fiscal year).」
Borrowings and bonds decreased by ¥863 million from the end of the previous fiscal year, and the equity ratio improved from 25.3% to 27.8%. The trend shifted from higher interest-bearing debt and a lower equity ratio toward continued improvement. - FY2020-Q1MitigatedAnnual report
「Liabilities decreased by ¥4,962 million from the end of the previous consolidated fiscal year to ¥94,187 million. This was mainly due to a ¥4,091 million decrease in long- and short-term borrowings and bonds. As a result, the equity ratio was 28.3% (25.3% at the end of the previous consolidated fiscal year).」
Long- and short-term borrowings and bonds decreased by ¥4,091 million, and the equity ratio improved from 25.3% to 28.3%, marking a change from the previous trend of higher interest-bearing debt and a lower equity ratio. - FY2019-Q3Higher Interest-Bearing Debt and Lower Equity RatioAnnual report
「Liabilities increased by ¥16,942 million from the end of the previous consolidated fiscal year to ¥99,329 million. This was mainly due to a ¥15,630 million increase in long- and short-term borrowings and bonds.」
Long- and short-term borrowings and bonds increased by ¥15,630 million from the end of the previous fiscal year, while liabilities continued to rise and the equity ratio continued to decline. No new risks or material changes to the risk disclosures were reported. - FY2019-Q2Increase in Interest-Bearing DebtAnnual report
「Liabilities increased by ¥8,273 million from the end of the previous consolidated fiscal year to ¥90,661 million. This was mainly due to an ¥8,281 million increase in long- and short-term borrowings and bonds.」
Long- and short-term borrowings and bonds increased by ¥8,281 million from the end of the previous fiscal year. The disclosure of risks related to reliance on interest-bearing debt was stated to contain no material changes. - FY2019-Q1Increase in Interest-Bearing DebtAnnual report
「Liabilities increased by ¥5,893 million from the end of the previous consolidated fiscal year to ¥88,280 million. This was mainly due to a ¥6,118 million increase in long- and short-term borrowings and bonds.」
Borrowings and bonds increased by ¥6,118 million from the end of the previous fiscal year. The business and other risks section stated that there were no new risks or material changes. - FY2018Increase in interest-bearing debt and decline in dependenceAnnual report
「Interest-bearing debt (¥ million): 70,661; total assets (¥ million): 109,747; reliance on interest-bearing debt (%): 64.4; interest expense (¥ million): 1,020」
Interest-bearing debt increased from ¥56,544 million in the previous fiscal year to ¥70,661 million, while reliance on interest-bearing debt declined from 65.4% to 64.4%. - FY2018-Q2Increase in Interest-Bearing DebtAnnual report
「Liabilities increased by ¥14,833 million from the end of the previous consolidated fiscal year to ¥79,835 million. This was mainly due to a ¥14,493 million increase in long- and short-term borrowings and bonds.」
Although no material changes were reported in the business and other risks section, long- and short-term borrowings and bonds increased by ¥14,493 million from the end of the previous fiscal year in terms of financial position. - FY2018-Q1Increase in Interest-Bearing DebtAnnual report
「Liabilities increased by ¥4,220 million from the end of the previous consolidated fiscal year to ¥69,222 million. This was mainly due to a ¥3,986 million increase in long- and short-term borrowings and bonds.」
Long- and short-term borrowings and bonds increased by ¥3,986 million from the end of the previous consolidated fiscal year. No material changes were reported in business and other risks. - FY2017Higher balance, lower relianceAnnual report
「Interest-bearing debt (¥ million): 56,544; total assets (¥ million): 86,435; reliance on interest-bearing debt (%): 65.4; interest expense (¥ million): 1,093」
Interest-bearing debt and interest expense increased, while reliance on interest-bearing debt declined from 69.4% in the previous fiscal year to 65.4%. - FY2016First statedAnnual report
「The Group primarily finances land acquisition costs and other expenses related to its real estate business through borrowings from financial institutions, including project financing. In its condominium development business, the period from land acquisition to project launch or sale is lengthy, resulting in a high ratio of interest-bearing debt to total assets.」
For the fiscal year ended December 2016, interest-bearing debt was ¥51,177 million, reliance on interest-bearing debt was 69.4%, and interest expense was ¥999 million. The disclosure also identifies financing risk arising from higher interest rates and deteriorating financial conditions.