Reliance on Borrowings and Rising Interest Rates or Declining Creditworthiness
First written in FY2017. 16 of 30 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-11-12.
The whole theme swung hardest in 2020: 65 of 141 companies on the "Worse" side.
- 2026-11-12WorsenedResults
「棚卸資産の取得に係るプロジェクト資金、及び配当資金などの運転資金の確保に伴い、有利子負債が増加したことによるものです。」
棚卸資産取得資金等の確保に伴い、有利子負債と負債が前期末比で増加した。 - FY2027-H1WorsenedAnnual report
「Liabilities increased by ¥1,025 million from the end of the previous consolidated fiscal year to ¥44,794 million. The main factor was an increase in interest-bearing debt associated with securing project funding for the acquisition of inventories and working capital, including funds for dividend payments.」
Interest-bearing debt increased to secure project funding for inventory acquisitions and working capital, and liabilities increased by ¥1,025 million from the end of the previous fiscal year. - 2026-08-10WorsenedResults
「負債は、前連結会計年度末に比べ18億２百万円増加し、455億71百万円となりました。主な要因は、棚卸資産の取得に係るプロジェクト資金、及び配当資金などの運転資金の確保に伴い、有利子負債が増加したことによるものです。」
棚卸資産取得等の資金確保に伴い、有利子負債が増加した。 - FY2026Modest increase in interest-bearing debt due to capital investment and other factorsAnnual report
「During the consolidated fiscal year, although real estate held for sale decreased, payments for equipment acquisitions and purchases of investment securities, namely government bonds, resulted in interest-bearing debt rising to ¥36,781 million, an increase of ¥159 million from the previous consolidated fiscal year.」
While lower inventory reduced the burden, interest-bearing debt increased by ¥159 million from the previous fiscal year due to funding needs associated with equipment and government bond acquisitions. - FY2026-H1Concurrent increase in interest-bearing debt due to capital investment and decrease in total liabilitiesAnnual report
「Liabilities decreased by ¥138 million from the end of the previous consolidated fiscal year to ¥43,766 million. The main factors were an increase in interest-bearing debt to finance the acquisition of equipment, while other liabilities decreased due to payments of equipment-related accounts payable and other items.」
Interest-bearing debt increased to finance equipment acquisitions, while total liabilities decreased by ¥138 million due to payments of equipment-related accounts payable and other items. - FY2025MitigatedAnnual report
「During the consolidated fiscal year, interest-bearing debt stood at ¥36,621 million, a decrease of ¥6,852 million from the previous consolidated fiscal year, due to a decline in real estate held for sale.」
Interest-bearing debt decreased by ¥6,852 million as inventory declined, reducing the financial burden associated with reliance on borrowings during the fiscal year. - FY2025-H1MitigatedAnnual report
「Liabilities decreased by ¥2,050 million from the end of the previous consolidated fiscal year to ¥47,364 million. The main factor was a decrease in borrowings resulting from lower inventory.」
Borrowings decreased as inventory declined, and liabilities decreased by ¥2,050 million from the end of the previous consolidated fiscal year. The burden associated with reliance on borrowings narrowed during the interim period. - FY2024-Q3WorsenedAnnual report
「At the end of the third quarter of the current consolidated fiscal year, consolidated total assets increased by ¥3.188 billion from the end of the previous consolidated fiscal year to ¥75.833 billion. The main factors were an increase in inventories due to the acquisition of subdivision land associated with the expansion of the real estate sales business into new areas and a slowdown in the pace of subdivision home sales. Liabilities increased by ¥4.555 billion from the end of the previous consolidated fiscal year to ¥51.004 billion. The main factor was an increase in borrowings associated with the increase in inventories.」
Inventories increased due to the acquisition of subdivision land and a slowdown in the pace of sales, while liabilities also increased by ¥4.555 billion through an increase in borrowings. The reliance on borrowings and the risk of a higher burden when interest rates rise are expanding. - FY2024-Q2WorsenedAnnual report
「Liabilities increased by ¥2.542 billion from the end of the previous consolidated fiscal year to ¥48.991 billion. The main factor was an increase in borrowings associated with the increase in inventories.」
Liabilities increased by ¥2.542 billion from the end of the previous fiscal year due to an increase in borrowings associated with the increase in inventories. - FY2024-Q1WorsenedAnnual report
「Liabilities increased by ¥4.048 billion from the end of the previous consolidated fiscal year to ¥50.497 billion. The main factor was an increase in interest-bearing debt associated with the acquisition of subdivision land and other factors.」
Interest-bearing debt increased in connection with the acquisition of subdivision land, and liabilities increased by ¥4.048 billion from the end of the previous fiscal year. The burden associated with reliance on borrowings is expanding. - FY2023-Q3WorsenedAnnual report
「Liabilities increased by ¥7.421 billion from the end of the previous consolidated fiscal year to ¥43.663 billion. The main factor was an increase in borrowings associated with the acquisition of subdivision land and other factors.」
Liabilities increased by ¥7.421 billion from the end of the previous fiscal year due to an increase in borrowings associated with the acquisition of subdivision land and other factors, expanding the burden associated with reliance on borrowings. - FY2023-Q2WorsenedAnnual report
「Liabilities increased by ¥1.059 billion from the end of the previous consolidated fiscal year to ¥37.301 billion. The main factor was an increase in borrowings associated with the acquisition of subdivision land and other factors.」
Liabilities increased by ¥1.059 billion from the end of the previous consolidated fiscal year due to an increase in borrowings associated with the acquisition of subdivision land and other factors. - FY2023-Q1WorsenedAnnual report
「Liabilities increased by ¥1.546 billion from the end of the previous consolidated fiscal year to ¥37.788 billion. The main factor was an increase in borrowings associated with the aforementioned acquisition of subdivision land and other factors.」
Borrowings increased in connection with the acquisition of subdivision land, and liabilities increased by ¥1.546 billion from the end of the previous consolidated fiscal year. The burden associated with reliance on borrowings is expanding. - FY2022Short-term borrowing repayments and long-term financing both occurredAnnual report
「The company repaid funds borrowed to increase cash liquidity during the COVID-19 pandemic, while unpaid construction costs and other liabilities increased as the acquisition of subdivision land progressed.」
While the company repaid borrowings accumulated during the pandemic, liabilities increased in connection with the acquisition of subdivision land and unpaid construction costs, resulting in borrowing and repayment occurring simultaneously. - FY2022-Q3Borrowings for inventory acquisition and repayments both occurredAnnual report
「While the company borrowed funds in connection with an increase in inventories, total liabilities increased only slightly because it proceeded with repayments of borrowings that had been increased to secure cash liquidity during the COVID-19 pandemic. In addition, the company replaced a portion of its borrowings with bond financing to provide greater flexibility in the use of funds and for other purposes.」
While borrowings arose in connection with the acquisition of subdivision land, the company also proceeded with repayments of borrowings accumulated during the pandemic, limiting the increase in total liabilities. - FY2022-Q2MitigatedAnnual report
「Liabilities decreased by ¥1.149 billion from the end of the previous consolidated fiscal year to ¥33.760 billion. The main factor was the repayment of borrowings and other factors.」
Liabilities decreased by ¥1.149 billion from the end of the previous fiscal year due to the repayment of borrowings and other factors, reducing the burden associated with reliance on borrowings. - FY2022-Q1MitigatedAnnual report
「Liabilities decreased by ¥804 million from the end of the previous consolidated fiscal year to ¥34.106 billion. The main factor was the repayment of borrowings and other factors.」
Liabilities decreased by ¥804 million from the end of the previous fiscal year due to the repayment of borrowings and other factors, temporarily reducing the burden associated with reliance on borrowings. - FY2021-Q3WorsenedAnnual report
「Liabilities increased by ¥2.429 billion from the end of the previous consolidated fiscal year to ¥36.272 billion. The main factor was an increase in borrowings associated with the acquisition of subdivision land and the securing of cash liquidity.」
Borrowings increased in connection with the acquisition of subdivision land and the securing of cash liquidity, and liabilities increased by ¥2.429 billion from the end of the previous fiscal year. - FY2021-Q2WorsenedAnnual report
「Liabilities increased by ¥3.190 billion from the end of the previous consolidated fiscal year to ¥37.033 billion. The main factor was an increase in short-term borrowings associated with the acquisition of subdivision land and the securing of cash liquidity.」
Short-term borrowings increased in connection with the acquisition of subdivision land and the securing of cash liquidity, and liabilities increased by ¥3.190 billion from the end of the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「Liabilities increased by ¥5.162 billion from the end of the previous consolidated fiscal year to ¥39.005 billion. The main factor was an increase in short-term borrowings associated with the acquisition of subdivision land and the securing of cash liquidity.」
Short-term borrowings increased to acquire subdivision land and secure cash liquidity, and liabilities increased by ¥5.162 billion from the end of the previous fiscal year. Liabilities continued to increase as a result of reliance on borrowings. - FY2020WorsenedAnnual report
「The interest-bearing debt ratio has risen as a result of the expansion of operating areas, an increase in large-scale projects, and the execution of M&A transactions.」
The company explicitly stated that the interest-bearing debt ratio rose in connection with the expansion of operating areas, large-scale projects, and M&A. Interest-bearing debt stood at ¥28.472 billion. - FY2020-Q3WorsenedAnnual report
「Liabilities increased by ¥8.768 billion from the end of the previous consolidated fiscal year to ¥34.508 billion, due in part to the liabilities assumed when 2 companies were made subsidiaries, as well as borrowings used to finance the acquisition of the aforementioned subdivision land and the shares of those 2 companies. During the current period as well, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
Liabilities increased by ¥8.768 billion as borrowings were used to finance the acquisition of subdivision land and subsidiary shares. The shift to bond financing has continued, but the increase in liabilities associated with reliance on borrowings expanded. - FY2020-Q2WorsenedAnnual report
「Liabilities increased by ¥7.411 billion from the end of the previous consolidated fiscal year to ¥33.152 billion, mainly because borrowings were used to finance the acquisition of the aforementioned subdivision land and the shares of 2 companies that were made subsidiaries. During the current period as well, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
Liabilities increased by ¥7.411 billion as borrowings were used to finance the acquisition of subdivision land and shares in 2 companies. The shift to bond financing has continued, but liabilities have again increased as a result of reliance on borrowings. - FY2020-Q1WorsenedAnnual report
「Liabilities increased by ¥2.188 billion from the end of the previous consolidated fiscal year to ¥27.928 billion, mainly because the acquisition of the aforementioned subdivision land was financed through short-term borrowings. During the current period as well, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
Liabilities increased, primarily through short-term borrowings, in connection with the acquisition of subdivision land, while the shift to bond financing to reduce interest expense and provide greater flexibility in the use of funds continued. - FY2019-Q3MitigatedAnnual report
「Liabilities decreased by ¥1.932 billion from the end of the previous consolidated fiscal year to ¥25.791 billion, mainly because inventories declined and borrowings were restrained. As in the previous period, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
Borrowings were restrained as inventories declined, reducing liabilities. The company also continued its efforts to replace a portion of its borrowings with bond financing. - FY2019-Q2MitigatedAnnual report
「Liabilities decreased by ¥750 million from the end of the previous consolidated fiscal year to ¥26.974 billion, mainly because inventories declined and borrowings were restrained. As in the previous period, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
Borrowings were restrained as inventories declined, and liabilities decreased by ¥750 million. The company also continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds. - FY2019-Q1MitigatedAnnual report
「Inventories increased only slightly and borrowings were restrained, resulting in a slight increase to ¥28.223 billion, up ¥498 million from the end of the previous consolidated fiscal year. As in the previous period, the company has continued to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds.」
In addition to restraining the increase in inventories and borrowings, the company continues to replace a portion of its borrowings with bond financing to reduce interest expense and provide greater flexibility in the use of funds. - FY2018-Q2RestatedAnnual report
「This was mainly because current liabilities increased as a result of financing the acquisition of real estate for sale through short-term borrowings and an increase in unpaid construction costs for land and buildings.」
The use of short-term borrowings to finance the acquisition of real estate for sale continued to be identified as a factor behind the increase in liabilities. - FY2018-Q1RestatedAnnual report
「The main factor was the acquisition of real estate for sale financed through short-term borrowings.」
The use of short-term borrowings to finance the acquisition of real estate for sale was identified as a factor behind the increase in liabilities during the quarter. - FY2017First statedAnnual report
「The Group primarily finances the funds required for the acquisition and development of land and construction of buildings for its real estate sales business, the acquisition and construction of rental properties for its real estate leasing business, and the acquisition and construction of business sites through borrowings. Accordingly, if market interest rates rise or remain high due to changes in economic conditions or other factors, or if borrowing amounts and other matters are restricted because of a decline in the Group's creditworthiness, the resulting increase in interest expense and changes to business plans may affect the Group's business performance and financial condition.」
The company disclosed as risks the effects of rising or persistently high market interest rates and declining creditworthiness, given that business assets and land acquisitions are financed primarily through borrowings.