Funding risk from reliance on interest-bearing debt, rising interest rates and financial covenants
First written in FY2016. 12 of 31 entries say "Worsened", first in FY2018. Latest entry: 2026-10-05.
Tosei moved to the "Worse" side of this theme in 2023, the same year as the typical company in this theme.
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
22 other companies' latest entry also says "Worsened".
- 2026-10-05WorsenedFinancial results
「Liabilities increased by ¥4,854 million to ¥209,445 million.」
Liabilities increased from the end of the previous fiscal year, mainly because of higher interest-bearing debt, increasing exposure to borrowing dependence and interest rate risk. - FY2026-H1MitigatedAnnual report
「Liabilities decreased by ¥6,182 million to ¥198,409 million. The main factors were decreases in trade and other payables and interest-bearing debt.」
Liabilities, including interest-bearing debt, decreased from the end of the previous fiscal year, reducing exposure to borrowing dependence, rising interest rates and liquidity risk. Interest-bearing debt decreased from ¥182,640 million to ¥176,536 million. - FY2025WorsenedAnnual report
「If interest rates on the Group's variable-rate borrowings and bonds outstanding at the end of each consolidated fiscal year increased by 1.0%, the impact on profit before tax in the consolidated statement of comprehensive income would be a decrease of ¥1,699.229 million.」
Interest-bearing debt increased from ¥165.9 billion to ¥182.6 billion, while the impact on profit before tax of a 1% increase in interest rates expanded from a decrease of ¥1.44 billion to a decrease of ¥1.70 billion. - FY2025-H1MitigatedAnnual report
「Liabilities decreased by ¥1,875 million to ¥184,072 million. The main factors were decreases in trade and other payables and interest-bearing debt.」
Liabilities, including interest-bearing debt, decreased from the end of the previous fiscal year, reducing exposure to borrowing dependence, rising interest rates and liquidity risk. - FY2024-Q2WorsenedAnnual report
「Interest-bearing debt increased from ¥146,587.755 million to ¥147,263.522 million.」
Interest-bearing debt increased by approximately ¥680 million from the end of the previous fiscal year, increasing exposure to borrowing dependence, rising interest rates and liquidity risk. - FY2024-Q1MitigatedAnnual report
「Interest-bearing debt 146,587,755 146,556,583 143,438,432 143,410,817」
The carrying amount of interest-bearing debt decreased from ¥146,587.755 million at the end of the previous fiscal year to ¥143,438.432 million, reducing exposure to borrowing dependence, rising interest rates and liquidity risk. - FY2023WorsenedAnnual report
「For the variable-rate borrowings and bonds held by the Group at each consolidated fiscal year-end, the impact of a 1.0% increase in interest rates on pretax profit in the consolidated statement of comprehensive income would be a decrease of ¥1,205.397 million.」
Interest-bearing debt increased from ¥124,847.546 million to ¥146,587.755 million, while the impact of a 1% increase in interest rates on pretax profit increased from a decrease of ¥1,075.818 million to a decrease of ¥1,205.397 million. - FY2023-Q3WorsenedAnnual report
「The carrying amount of interest-bearing debt increased from ¥124,847.546 million to ¥132,805.055 million.」
Interest-bearing debt increased by approximately ¥7.9 billion from the end of the previous fiscal year, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2023-Q2WorsenedAnnual report
「Interest-bearing debt increased from ¥124,847.546 million to ¥129,077.098 million.」
Interest-bearing debt increased by approximately ¥4.2 billion from the end of the previous fiscal year, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2023-Q1MitigatedAnnual report
「Interest-bearing debt 124,847,546 124,832,181 122,099,430 122,081,986」
The carrying amount of interest-bearing debt decreased from ¥124,847.546 million at the end of the previous fiscal year to ¥122,099.430 million, reducing exposure to borrowing, rising interest rate and liquidity risks. - FY2022WorsenedAnnual report
「Cash and cash equivalents, interest-bearing debt and capital totaled ¥31,767.008 million, ¥124,847.546 million and ¥72,290.677 million, respectively.」
Interest-bearing debt increased from ¥114,954.565 million at the end of the previous fiscal year to ¥124,847.546 million. The impact of a 1% increase in interest rates on pretax profit was a decrease of ¥1,075.818 million, and operating cash flow represented an outflow of ¥197 million. - FY2022-Q3WorsenedAnnual report
「Interest-bearing debt 114,954,565 114,941,596 120,965,919 120,957,558」
After retrospective adjustments, interest-bearing debt increased from ¥114,954.565 million at the end of the previous fiscal year to ¥120,965.919 million, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2022-Q2WorsenedAnnual report
「Interest-bearing debt 114,954,565 114,941,596 115,494,270 115,483,154」
The carrying amount of interest-bearing debt increased from ¥114,954.565 million at the end of the previous fiscal year after retrospective adjustments to ¥115,494.270 million at the end of the second quarter, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2022-Q1MitigatedAnnual report
「Interest-bearing debt 114,954,565 114,941,596 109,124,121 109,111,750」
After retrospective adjustments resulting from the finalization of provisional purchase price allocation accounting, interest-bearing debt decreased from ¥114,954.565 million at the end of the previous fiscal year to ¥109,124.121 million. - FY2021-Q3WorsenedAnnual report
「Borrowings 90,987,508 90,983,844 97,576,810 97,572,956」
The carrying amount of borrowings increased from ¥90,987.508 million at the end of the previous fiscal year to ¥97,576.810 million, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2021-Q2WorsenedAnnual report
「Borrowings 90,987,508 90,983,844 94,926,913 94,922,626」
The carrying amount of borrowings increased from ¥90,987.508 million at the end of the previous fiscal year to ¥94,926.913 million, increasing exposure to borrowing, rising interest rate and liquidity risks. - FY2021-Q1MitigatedAnnual report
「Borrowings 90,987,508 90,983,844 86,373,408 86,368,736」
The carrying amount of borrowings decreased from ¥90,987.508 million at the end of the previous fiscal year to ¥86,373.408 million, reducing exposure to borrowing and liquidity risks. - FY2020Quantitative update of financial risksAnnual report
「For the variable-rate borrowings held by the Group at each consolidated fiscal year-end, the impact of a 1.0% increase in interest rates on pretax profit in the consolidated statement of comprehensive income would be a decrease of ¥876.644 million.」
Interest-bearing debt was quantified at ¥90,987.508 million, and the impact of a 1% increase in interest rates on pretax profit was a decrease of ¥876.644 million, indicating the latest exposure to borrowing and interest rate risks. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in 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 description of the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2019-Q2RestatedAnnual report
「No new business or other risks arose during the six-month period of the current consolidated fiscal year. There were also 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in 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 description of the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2018WorsenedAnnual report
「Because the Group obtains funding through borrowings from financial institutions, it is exposed to liquidity risk, under which deterioration in the funding environment or other factors could prevent it from making payments when due.」
Interest-bearing debt increased from ¥67,123 million to ¥75,025 million, and the impact of a 1% increase in interest rates on pretax profit was stated as a decrease of ¥723.472 million. Exposure to borrowing, interest rate and liquidity risks has been quantified. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2018-Q2RestatedAnnual report
「No new business or other risks arose during the six-month period of the current consolidated fiscal year. There were also 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2017-Q2RestatedAnnual report
「No new business or other risks arose during the six-month period of the current consolidated fiscal year. There were also 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 to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2017-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It is explicitly stated that there have been no material changes to the funding risks arising from reliance on interest-bearing debt, rising interest rates and financial covenants. - FY2016First statedAnnual report
「Because the costs of acquiring land and buildings and construction costs related to the Group's business are primarily funded through borrowings from financial institutions for individual projects, interest-bearing debt consistently accounts for a certain proportion of total assets. Accordingly, if interest rates rise in the future, higher funding costs could affect the Group's operating results and financial condition. In addition, some borrowings are subject to financial covenants. In addition to the risk of accelerated repayment if these covenants are breached, delays in the sale of projects or sale proceeds falling below the Company's assumptions could affect the Group's cash flow.」
The risks arising from funding acquisition costs through borrowings, rising interest rates, breaches of financial covenants, accelerated repayment and delays in property sales affecting cash flow are explicitly described.