Risks from Reliance on Interest-Bearing Debt and Difficulties with Interest Rates and Funding
First written in FY2017. 4 of 9 entries say "Worsened", first in FY2018. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「Interest-bearing debt represented 51.8% of total assets in the fiscal year ended February 2025 and 57.9% in the fiscal year ended February 2026. If current interest rate levels change, operating profit may be pressured, affecting the company's performance and financial position.」
The interest-bearing debt ratio rose from 51.8% in the previous period to 57.9%, and the company continues to describe the risk that changes in interest rates may affect operating profit, performance and financial position. - FY2025MitigatedAnnual report
「Interest-bearing debt represented 52.0% of total assets in the fiscal year ended February 2024 and 51.8% in the fiscal year ended February 2025」
The interest-bearing debt ratio declined from 52.0% to 51.8%. Meanwhile, the risk that changes in interest rates may affect operating profit, performance and financial position remains. - FY2024WorsenedAnnual report
「Interest-bearing debt represented 51.7% of total assets in the fiscal year ended February 2023 and 52.0% in the fiscal year ended February 2024. If current interest rate levels change, operating profit may be pressured, affecting the company's performance and financial position.」
The interest-bearing debt ratio rose from 51.7% to 52.0%, and the company continues to identify the risk that changes in interest rates may affect operating profit and financial position. - FY2023WorsenedAnnual report
「Interest-bearing debt represented 51.5% of total assets in the fiscal year ended February 2022 and 51.7% in the fiscal year ended February 2023. If current interest rate levels change, operating profit may be pressured, affecting the company's performance and financial position.」
The interest-bearing debt ratio rose slightly from 51.5% to 51.7%, and the company continues to describe the risk that changes in interest rates may affect operating profit and financial position. - FY2022MitigatedAnnual report
「Interest-bearing debt represented 57.6% of total assets in the fiscal year ended February 2021 and 51.5% in the fiscal year ended February 2022」
The interest-bearing debt ratio declined from 57.6% to 51.5%. However, the company continues to describe the risk that changes in interest rates may weigh on operating profit. - FY2021Lower interest-bearing debt ratio but deterioration in interest burden indicatorsAnnual report
「Interest-bearing debt represented 59.6% of total assets in the fiscal year ended February 2020 and 57.6% in the fiscal year ended February 2021.」
The interest-bearing debt ratio declined from 59.6% to 57.6%. Meanwhile, interest expense increased from ¥660 million to ¥680 million, the ratio of interest expense to net sales rose from 1.6% to 1.7%, and the interest coverage ratio declined from 5.0x to 4.0x. - FY2019MitigatedAnnual report
「Interest-bearing debt represented 58.1% of total assets in the fiscal year ended February 2018 and 56.7% in the fiscal year ended February 2019.」
The interest-bearing debt ratio declined from 58.1% to 56.7%, while total interest-bearing debt at the end of the period decreased from ¥50,886 million to ¥48,937 million. The ratio of interest expense to net sales also declined from 2.0% to 1.6%. - FY2018WorsenedAnnual report
「Interest-bearing debt represented 58.0% of total assets in the fiscal year ended February 2017 and 58.1% in the fiscal year ended February 2018.」
The interest-bearing debt ratio rose from 58.0% to 58.1%, while total interest-bearing debt at the end of the period increased from ¥44,232 million to ¥50,886 million. - FY2017First statedAnnual report
「Interest-bearing debt represented 59.8% of total assets in the fiscal year ended February 2016 and 58.0% in the fiscal year ended February 2017.」
The company relies on borrowings to acquire development sites and income-producing real estate, and describes the possibility that changes in interest rates or difficulties in obtaining financing may affect its performance, financial position and business expansion.