Higher borrowings and a lower equity ratio associated with development-site acquisitions
First written in FY2016-Q3. 19 of 38 entries say "Worsened", first in FY2016. Latest entry: 2026-09-14.
Meiho Enterprise moved to the "Worse" side of this theme in 2016, 5 years before the typical company in this theme (2021).
The whole theme swung hardest in 2026: 9 of 34 companies on the "Worse" side.
7 other companies' latest entry also says "Worsened".
- FY2026-H1Borrowings and liabilities increased, but the equity ratio improvedAnnual report
「Liabilities increased by ¥1,459 million from the end of the previous consolidated fiscal year to ¥21,032 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥1,552 million as a result of financing for the acquisition of land for new development projects and other purposes, while accrued corporate taxes decreased by ¥183 million. Net assets increased by ¥1,146 million from the end of the previous consolidated fiscal year to ¥10,673 million, and the equity ratio increased by 0.9 percentage points from the end of the previous consolidated fiscal year to 33.7%.」
Although long-term borrowings and liabilities increased as a result of financing for the acquisition of land for new development projects, the equity ratio improved from 32.7% to 33.7% as a result of the increase in net assets. - FY2025MitigatedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 12,903,176 16,907,174 15,929,460 Total assets (¥ thousand) (B) 22,480,374 28,104,501 29,099,099 Dependence on interest-bearing debt (%) (A)/(B) 57.4 60.2 54.7」
The interest-bearing debt balance decreased from ¥16,907 million in the previous fiscal year to ¥15,929 million, while dependence on interest-bearing debt declined from 60.2% to 54.7%. The risk associated with reliance on borrowings has decreased on a numerical basis. - FY2025-H1MitigatedAnnual report
「Liabilities decreased by ¥379 million from the end of the previous fiscal year to ¥19,734 million. This was mainly because accrued corporate taxes decreased by ¥316 million and long-term borrowings, including the current portion of long-term borrowings, decreased by ¥107 million in connection with financing for the acquisition of land for new development projects and other purposes. Net assets increased by ¥266 million from the end of the previous fiscal year to ¥8,257 million, and the equity ratio increased by 1.1 percentage points from the end of the previous fiscal year to 29.5%.」
Liabilities and long-term borrowings decreased, while net assets and the equity ratio improved. The equity ratio increased by 1.1 percentage points from the end of the previous fiscal year to 29.5%. - FY2024WorsenedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 7,046,032 12,903,176 16,907,174 Total assets (¥ thousand) (B) 13,987,584 22,480,374 28,104,501 Dependence on interest-bearing debt (%) (A)/(B) 50.4 57.4 60.2」
The interest-bearing debt balance increased from ¥12,903 million to ¥16,907 million, while dependence on interest-bearing debt rose from 57.4% to 60.2%. - FY2024-Q3Equity ratio improved despite higher liabilitiesAnnual report
「Liabilities increased by ¥1,542 million from the end of the previous consolidated fiscal year to ¥17,016 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥833 million and short-term borrowings increased by ¥393 million to fund the acquisition of land for new development projects and other purposes. Net assets increased by ¥1,032 million from the end of the previous consolidated fiscal year to ¥8,039 million, and the equity ratio increased by 0.9 percentage points from the end of the previous consolidated fiscal year to 32.1%.」
Liabilities increased by ¥1,542 million in connection with the acquisition of land for new development projects, while the equity ratio improved from 31.2% to 32.1% as a result of the increase in net assets. - FY2024-Q2Equity ratio improved despite higher liabilitiesAnnual report
「Liabilities increased by ¥723 million from the end of the previous consolidated fiscal year to ¥16,197 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥809 million as a result of financing for the acquisition of land for new development projects and other purposes. Net assets increased by ¥570 million from the end of the previous consolidated fiscal year to ¥7,576 million, and the equity ratio increased by 0.7 percentage points from the end of the previous consolidated fiscal year to 31.9%.」
While long-term borrowings and liabilities increased to acquire land for new development projects, the equity ratio improved from 31.2% to 31.9% as a result of the increase in net assets. - FY2024-Q1WorsenedAnnual report
「Liabilities increased by ¥870 million from the end of the previous consolidated fiscal year to ¥16,344 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥888 million as a result of financing for the acquisition of land for new development projects and other purposes. Net assets increased by ¥4 million from the end of the previous consolidated fiscal year to ¥7,010 million, while the equity ratio decreased by 1.2 percentage points from the end of the previous consolidated fiscal year to 30.0%.」
Liabilities increased by ¥870 million as a result of the increase in long-term borrowings to fund the acquisition of land for new development projects, and the equity ratio declined from 31.2% to 30.0%. - FY2023WorsenedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 5,497,989 7,046,032 12,903,176 Total assets (¥ thousand) (B) 11,607,015 13,987,584 22,480,374 Dependence on interest-bearing debt (%) (A)/(B) 47.4 50.4 57.4」
The interest-bearing debt balance increased from ¥7,046 million in the previous fiscal year to ¥12,903 million, while dependence on interest-bearing debt rose from 50.4% to 57.4%. The equity ratio also declined to 31.2%. - FY2023-Q3WorsenedAnnual report
「Net assets increased by ¥1,273 million from the end of the previous consolidated fiscal year to ¥6,803 million, while the equity ratio decreased by 6.9 percentage points from the end of the previous consolidated fiscal year to 32.6%.」
Liabilities increased by ¥5,594 million as a result of borrowings to fund the acquisition of land for new development projects, and although net assets increased, the equity ratio declined by 6.9 percentage points to 32.6%. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥5,378 million from the end of the previous consolidated fiscal year to ¥13,836 million. This was mainly because short-term borrowings increased by ¥1,614 million and long-term borrowings, including the current portion of long-term borrowings, increased by ¥3,245 million as a result of financing for the acquisition of land for new development projects and other purposes and the increase in consolidated subsidiaries. Net assets increased by ¥795 million from the end of the previous consolidated fiscal year to ¥6,325 million, and the equity ratio decreased by 8.1 percentage points from the end of the previous consolidated fiscal year to 31.4%.」
Short-term and long-term borrowings increased in connection with the acquisition of development land and the increase in consolidated subsidiaries, and the equity ratio declined by 8.1 percentage points to 31.4%. - FY2023-Q1WorsenedAnnual report
「Liabilities increased by ¥4,331 million from the end of the previous consolidated fiscal year to ¥12,789 million. This was mainly because short-term borrowings increased by ¥1,421 million and long-term borrowings, including the current portion of long-term borrowings, increased by ¥2,532 million as a result of financing for the acquisition of land for new development projects and other purposes and the increase in consolidated subsidiaries. Net assets decreased by ¥154 million from the end of the previous consolidated fiscal year to ¥5,375 million, and the equity ratio decreased by 10.0 percentage points from the end of the previous consolidated fiscal year to 29.5%.」
Short-term and long-term borrowings increased as a result of financing for the acquisition of land for new development projects and other purposes and the increase in consolidated subsidiaries, and the equity ratio declined by 10.0 percentage points from 39.5% to 29.5%. - FY2022WorsenedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 5,882,774 5,497,989 7,046,032 Total assets (¥ thousand) (B) 11,448,357 11,607,015 13,987,584 Dependence on interest-bearing debt (%) (A)/(B) 51.4 47.4 50.4」
The interest-bearing debt balance increased from ¥5,497 million in the previous fiscal year to ¥7,046 million, while dependence on interest-bearing debt rose from 47.4% to 50.4%. - FY2022-Q3WorsenedAnnual report
「Liabilities increased by ¥2,168 million from the end of the previous consolidated fiscal year to ¥8,690 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥1,898 million and short-term borrowings increased by ¥100 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥24 million from the end of the previous consolidated fiscal year to ¥5,060 million, and the equity ratio decreased by 7.0 percentage points from the end of the previous consolidated fiscal year to 36.7%.」
Liabilities increased by ¥2,168 million as a result of borrowings to fund the acquisition of land for new development projects, and the equity ratio declined by 7.0 percentage points to 36.7%. - FY2022-Q2WorsenedAnnual report
「Liabilities increased by ¥1,509 million from the end of the previous consolidated fiscal year to ¥8,031 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥1,201 million and short-term borrowings increased by ¥265 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥230 million from the end of the previous consolidated fiscal year to ¥4,854 million, and the equity ratio decreased by 6.1 percentage points from the end of the previous consolidated fiscal year to 37.6%.」
Liabilities increased by ¥1,509 million as a result of borrowings to fund the acquisition of land for new development projects, and the equity ratio declined by 6.1 percentage points to 37.6%. - FY2022-Q1WorsenedAnnual report
「Net assets decreased by ¥135 million from the end of the previous consolidated fiscal year to ¥4,949 million, and the equity ratio decreased by 1.3 percentage points from the end of the previous consolidated fiscal year to 42.4%.」
Liabilities increased as a result of the increase in long-term borrowings and other factors, while net assets and the equity ratio decreased from the end of the previous consolidated fiscal year. - FY2021MitigatedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 6,277,477 5,882,774 5,497,989 Total assets (¥ thousand) (B) 11,521,222 11,448,357 11,607,015 Dependence on interest-bearing debt (%) (A)/(B) 54.5 51.4 47.4」
The interest-bearing debt balance decreased from ¥5,882 million in the previous fiscal year to ¥5,497 million, while dependence on interest-bearing debt declined from 51.4% to 47.4%. - FY2021-Q3MitigatedAnnual report
「Net assets increased by ¥529 million from the end of the previous consolidated fiscal year to ¥4,902 million, and the equity ratio increased by 3.7 percentage points from the end of the previous consolidated fiscal year to 41.8%.」
Liabilities decreased as a result of repayments of borrowings associated with property sales and other transactions, net assets increased by ¥529 million, and the equity ratio improved by 3.7 percentage points to 41.8%. - FY2021-Q2MitigatedAnnual report
「Net assets increased by ¥34 million from the end of the previous consolidated fiscal year to ¥4,407 million, and the equity ratio increased by 1.8 percentage points from the end of the previous consolidated fiscal year to 39.9%.」
Liabilities decreased as a result of repayments of borrowings and other factors, and the equity ratio improved from 38.1% at the end of the previous consolidated fiscal year to 39.9%. - FY2021-Q1MitigatedAnnual report
「Net assets decreased by ¥52 million from the end of the previous consolidated fiscal year to ¥4,320 million, while the equity ratio increased by 2.4 percentage points from the end of the previous consolidated fiscal year to 40.5%.」
Liabilities decreased by ¥743 million as a result of the decrease in borrowings, and the equity ratio improved by 2.4 percentage points from 38.1% at the end of the previous consolidated fiscal year to 40.5%. - FY2020MitigatedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 4,868,805 6,277,477 5,882,774 Total assets (¥ thousand) (B) 10,310,356 11,521,222 11,448,357 Dependence on interest-bearing debt (%) (A)/(B) 47.2 54.5 51.4」
Dependence on interest-bearing debt declined from 54.5% in the previous fiscal year to 51.4%. The debt balance also decreased by ¥255 million from the end of the previous fiscal year, while the equity ratio improved by 1.8 percentage points to 38.1%. - FY2020-Q3MitigatedAnnual report
「Liabilities decreased by ¥1,813 million from the end of the previous consolidated fiscal year to ¥5,516 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, decreased by ¥302 million and short-term borrowings decreased by ¥1,537 million to fund the acquisition of land for new development projects and other purposes. Net assets increased by ¥99 million from the end of the previous consolidated fiscal year to ¥4,289 million, and the equity ratio increased by 7.4 percentage points from the end of the previous consolidated fiscal year to 43.6%.」
Liabilities decreased by ¥1,813 million as a result of the decrease in long-term and short-term borrowings, and the equity ratio improved by 7.4 percentage points from the end of the previous fiscal year to 43.6%. - FY2020-Q2MitigatedAnnual report
「Liabilities decreased by ¥1,465 million from the end of the previous consolidated fiscal year to ¥5,865 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, decreased by ¥277 million and short-term borrowings decreased by ¥1,008 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥19 million from the end of the previous consolidated fiscal year to ¥4,170 million, while the equity ratio increased by 5.2 percentage points from the end of the previous consolidated fiscal year to 41.5%.」
Liabilities decreased by ¥1,465 million as a result of the decrease in borrowings, and the equity ratio improved by 5.2 percentage points from the end of the previous fiscal year to 41.5%. - FY2020-Q1Equity ratio edged down despite lower liabilitiesAnnual report
「Liabilities decreased by ¥400 million from the end of the previous consolidated fiscal year to ¥6,929 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥2 million to fund the acquisition of land for new development projects and other purposes, while short-term borrowings decreased by ¥449 million through repayments associated with property sales and other transactions. Net assets decreased by ¥270 million from the end of the previous consolidated fiscal year to ¥3,920 million, and the equity ratio decreased by 0.3 percentage points from the end of the previous consolidated fiscal year to 36.0%.」
Liabilities decreased, mainly due to the decline in short-term borrowings, while the equity ratio fell by 0.3 percentage points as a result of the decrease in net assets. - FY2019WorsenedAnnual report
「Interest-bearing debt balance (¥ thousand) (A) 4,696,253 4,868,805 6,277,477 Total assets (¥ thousand) (B) 7,916,563 10,310,356 11,521,222 Dependence on interest-bearing debt (%) (A)/(B) 59.3 47.2 54.5」
The interest-bearing debt balance increased from ¥4,868 million in the previous fiscal year to ¥6,277 million, while dependence on interest-bearing debt rose from 47.2% to 54.5%. - FY2019-Q3WorsenedAnnual report
「Liabilities increased by ¥2,575 million from the end of the previous consolidated fiscal year to ¥8,629 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥235 million and short-term borrowings increased by ¥2,455 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥176 million from the end of the previous consolidated fiscal year to ¥4,081 million, and the equity ratio decreased by 9.2 percentage points from the end of the previous consolidated fiscal year to 32.0%.」
Long-term and short-term borrowings increased to fund the acquisition of land for new development projects and other purposes, resulting in a ¥2,575 million increase in liabilities. The equity ratio also declined by 9.2 percentage points to 32.0% as a result of the decrease in net assets. - FY2019-Q2WorsenedAnnual report
「Liabilities increased by ¥1,913 million from the end of the previous consolidated fiscal year to ¥7,966 million. This was mainly because long-term borrowings, including the current portion of long-term borrowings, increased by ¥520 million and short-term borrowings increased by ¥1,812 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥291 million from the end of the previous consolidated fiscal year to ¥3,965 million, and the equity ratio decreased by 8.1 percentage points from the end of the previous consolidated fiscal year to 33.1%.」
Long-term and short-term borrowings increased to fund the acquisition of land for new development projects, resulting in a ¥1,913 million increase in liabilities. The equity ratio also declined by 8.1 percentage points to 33.1% as a result of the decrease in net assets. - FY2019-Q1WorsenedAnnual report
「Liabilities increased by ¥894 million from the end of the previous consolidated fiscal year to ¥6,947 million. This was mainly because long-term borrowings increased by ¥123 million and short-term borrowings, including the current portion of long-term borrowings, increased by ¥1,032 million to fund the acquisition of land for new development projects and other purposes. Net assets decreased by ¥240 million from the end of the previous consolidated fiscal year to ¥4,016 million, and the equity ratio decreased by 4.7 percentage points from the end of the previous consolidated fiscal year to 36.5%.」
Short-term and long-term borrowings increased to fund the acquisition of land for new development projects, resulting in a ¥894 million increase in liabilities. The equity ratio also declined by 4.7 percentage points to 36.5% as a result of the decrease in net assets. - FY2018-Q3MitigatedAnnual report
「Net assets increased by ¥1,536 million from the end of the previous consolidated fiscal year to ¥4,579 million, and the equity ratio improved by 7.2 percentage points from the end of the previous consolidated fiscal year to 42.9%.」
While long-term borrowings increased by ¥1,508 million in connection with the acquisition of land for new development projects, the equity ratio improved by 7.2 percentage points from 35.7% to 42.9% as a result of the increase in net assets. - FY2018-Q2MitigatedAnnual report
「Liabilities increased by ¥684 million from the end of the previous consolidated fiscal year to ¥6,137 million. This was mainly because short-term borrowings decreased by ¥1,002 million through repayments associated with property sales and other transactions, while long-term borrowings, including the current portion of long-term borrowings, increased by ¥1,377 million to fund the acquisition of land for new development projects and other purposes. Net assets increased by ¥653 million from the end of the previous consolidated fiscal year to ¥3,697 million, and the equity ratio improved by 1.8 percentage points from the end of the previous consolidated fiscal year to 37.5%.」
While long-term borrowings increased to acquire land for new development projects, the equity ratio improved by 1.8 percentage points from 35.7% to 37.5% as a result of the increase in net assets. - FY2018-Q1MitigatedAnnual report
「Liabilities decreased by ¥703 million from the end of the previous consolidated fiscal year to ¥4,748 million. This was mainly because long-term borrowings increased by ¥109 million to fund the acquisition of land for new development projects and other purposes, while short-term borrowings, including the current portion of long-term borrowings, decreased by ¥853 million net through repayments associated with property sales and other transactions. Net assets increased by ¥702 million from the end of the previous consolidated fiscal year to ¥3,745 million, and the equity ratio improved by 8.3 percentage points from the end of the previous consolidated fiscal year to 44.0%.」
Although long-term borrowings increased, liabilities decreased as a result of the net decrease in short-term borrowings associated with property sales and other transactions, and the equity ratio improved by 8.3 percentage points from 35.7% to 44.0%. - FY2017-Q3WorsenedAnnual report
「This was mainly because short-term and long-term borrowings, including the current portion of long-term borrowings, decreased by a total of ¥2,115 million through repayments associated with property sales and other transactions, while short-term and long-term borrowings increased by a total of ¥4,153 million to fund the acquisition of land for new development projects and other purposes. The equity ratio deteriorated by 8.0 percentage points from the end of the previous consolidated fiscal year to 31.7%.」
Borrowings increased by a total of ¥4,153 million to fund the acquisition of land for new development projects and other purposes, and the equity ratio deteriorated by 8.0 percentage points from the end of the previous consolidated fiscal year to 31.7%. - FY2017-Q2WorsenedAnnual report
「Liabilities increased by ¥1,810 million from the end of the previous consolidated fiscal year to ¥5,256 million. This was mainly because short-term and long-term borrowings, including the current portion of long-term borrowings, decreased by a total of ¥1,496 million through repayments associated with property sales and other transactions, while short-term and long-term borrowings increased by a total of ¥3,332 million to fund the acquisition of land for new development projects and other purposes. Net assets increased by ¥190 million from the end of the previous consolidated fiscal year to ¥2,482 million, while the equity ratio deteriorated by 7.8 percentage points from the end of the previous consolidated fiscal year to 31.9%.」
Borrowings increased by a total of ¥3,332 million to fund the acquisition of land for new development projects and other purposes, and the equity ratio deteriorated by 7.8 percentage points from the end of the previous consolidated fiscal year to 31.9%. - FY2017-Q1WorsenedAnnual report
「This was mainly due to a net increase of ¥60 million in short-term borrowings, including the current portion of long-term borrowings, and ¥456 million in long-term borrowings as a result of new borrowings to acquire properties.」
Short-term borrowings increased by ¥60 million and long-term borrowings by ¥456 million in connection with property acquisitions, while the equity ratio deteriorated by 2.3 percentage points from the end of the previous consolidated fiscal year to 37.4%. - FY2016WorsenedAnnual report
「The Group primarily finances business funds for its real estate sales business through borrowings from financial institutions and has a high level of dependence on interest-bearing debt. Accordingly, a significant fluctuation in current interest rates could affect the Group’s earnings and financial condition. “Dependence on interest-bearing debt (%) (A)/(B) 35.9 41.8 47.5」
Dependence on interest-bearing debt rose from 35.9% in the fiscal year ended July 2014 and 41.8% in the fiscal year ended July 2015 to 47.5% in the fiscal year ended July 2016, indicating a numerical increase in the risk associated with reliance on borrowings. - FY2016-Q3First statedAnnual report
「This was mainly due to an increase of ¥750 million in total inventories of real estate for sale and real estate under development for sale resulting from the acquisition of land for new development projects and other factors. Total liabilities increased by ¥1,175 million from the end of the previous consolidated fiscal year to ¥3,412 million. This was because short-term borrowings and long-term borrowings, including long-term borrowings due for repayment within one year, decreased by a total of ¥1,602 million as a result of repayments associated with property sales and other factors, while short-term borrowings and long-term borrowings increased by a total of ¥2,516 million to fund the acquisition of land for new development projects and other factors. Total net assets increased by ¥213 million from the end of the previous consolidated fiscal year to ¥2,196 million, while the equity ratio deteriorated by 7.9 percentage points from the end of the previous consolidated fiscal year to 38.8%.」
The report states that borrowings increased in connection with the acquisition of land for new development projects, while the equity ratio fell by 7.9 percentage points to 38.8%.