Interest-Bearing Debt and Funding Rate Risk
First written in FY2016. 19 of 36 entries say "Worsened", first in FY2020. Latest entry: 2026-07-31.
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
- 2026-07-31WorsenedFinancial Results Presentation
「Interest-bearing debt ¥5,162.2 billion ¥5,302.2 billion +¥140.0 billion 102.7 1.75% (+0.03%)」
Interest-bearing debt at the end of June 2026 increased by ¥140.0 billion from the end of the previous fiscal year, while the average interest rate rose by 0.03 percentage points to 1.75%, indicating expanded debt and funding-rate exposure. - FY2026WorsenedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.9001 trillion (interest-bearing debt as of the end of the consolidated fiscal year was ¥5.1622 trillion).」
Interest-bearing debt increased from ¥4.9553 trillion at the end of the previous fiscal year to ¥5.1622 trillion, while interest expense increased from ¥74.8 billion to ¥83.3 billion, increasing debt and funding-cost exposure. - FY2026-H1WorsenedAnnual report
「Interest-bearing debt as of the end of the interim consolidated period was ¥5.0995 trillion.」
Interest-bearing debt increased from ¥4.9553 trillion at the end of the previous fiscal year to ¥5.0995 trillion. Interim-period interest expense also increased from ¥36.281 billion in the same period of the previous year to ¥39.993 billion, increasing debt and funding-cost exposure. - FY2025WorsenedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.7218 trillion. Interest-bearing debt as of the end of the consolidated fiscal year was ¥4.9553 trillion.」
Net interest-bearing debt increased from ¥4.5874 trillion at the end of the previous fiscal year, while interest-bearing debt increased from ¥4.8682 trillion. Interest expense also increased to ¥74.8 billion, increasing debt and funding-cost exposure. - FY2025-H1WorsenedAnnual report
「Net interest-bearing debt as of the end of the interim consolidated period was ¥4.6563 trillion. Interest-bearing debt as of the end of the interim consolidated period was ¥5.0254 trillion.」
Net interest-bearing debt and interest-bearing debt increased from the end of the previous fiscal year, increasing debt and funding-cost exposure. Bond issuance in Japan and overseas also continued. - FY2024WorsenedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.5874 trillion (interest-bearing debt as of the end of the consolidated fiscal year was ¥4.8682 trillion).」
Net interest-bearing debt increased from ¥4.5598 trillion at the end of the previous fiscal year, while interest-bearing debt increased from ¥4.7748 trillion. Bond issuance and long-term borrowings also continued. - FY2024-Q3Quarterly decline in interest-bearing debt and continued fundingAnnual report
「Interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥4.9055 trillion. During the cumulative third quarter of the consolidated fiscal year, the company issued 9 unsecured straight bonds in Japan, with maturities ranging from 2033 to 2073, for a total of ¥128 billion. Overseas, it issued 2 unsecured straight bonds maturing in 2032 and 2043 for a total of €1.3 billion (¥206 billion).」
Interest-bearing debt declined from ¥4.9871 trillion at the end of the second quarter of the previous fiscal year to ¥4.9055 trillion, while the company continued to raise funds through bond issuance in Japan and overseas. - FY2024-Q2WorsenedAnnual report
「Interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.9871 trillion. During the cumulative second quarter of the consolidated fiscal year, the company issued 5 unsecured straight bonds in Japan, with maturities ranging from 2033 to 2073, for a total of ¥80 billion. Overseas, it issued 2 unsecured straight bonds maturing in 2032 and 2043 for a total of €1.3 billion (¥206 billion).」
Interest-bearing debt increased from ¥4.7748 trillion at the end of the previous fiscal year and ¥4.8749 trillion at the end of the first quarter of the previous fiscal year. Bond issuance in Japan and overseas also continued, increasing debt and funding-cost exposure. Overseas bond issuance totaled €1.3 billion, equivalent to ¥206 billion. This describes deterioration in debt levels, not the actual occurrence of risk against the revised target. - FY2024-Q1WorsenedAnnual report
「Interest-bearing debt as of the end of the first quarter of the consolidated fiscal year was ¥4.8749 trillion.」
Interest-bearing debt increased from ¥4.7748 trillion at the end of the previous fiscal year to ¥4.8749 trillion, increasing debt and funding-cost exposure. - FY2023WorsenedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.5598 trillion (interest-bearing debt as of the end of the consolidated fiscal year was ¥4.7748 trillion).」
Net interest-bearing debt increased from ¥4.5327 trillion at the end of the previous fiscal year to ¥4.5598 trillion, while interest-bearing debt increased from ¥4.7037 trillion to ¥4.7748 trillion. Bond issuance and long-term borrowings also continued. - FY2023-Q3Quarterly decline in interest-bearing debt and continued fundingAnnual report
「Interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥4.844 trillion. During the cumulative third quarter of the consolidated fiscal year, the company issued 10 unsecured straight bonds in Japan, with maturities ranging from 2025 to 2072, for a total of ¥135 billion. Overseas, it issued 3 unsecured straight bonds with maturities ranging from 2025 to 2033, for a total of €1.85 billion (¥254.9 billion). In addition, during the cumulative third quarter of the consolidated fiscal year, it borrowed ¥102.5 billion in long-term funds from financial institutions.」
Interest-bearing debt declined slightly from ¥4.853 trillion at the end of the previous quarter to ¥4.844 trillion, while the company continued to raise funds through bond issuance and long-term borrowings in Japan and overseas. - FY2023-Q2Quarterly decline in interest-bearing debt and continued fundingAnnual report
「Net interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.6515 trillion. Interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.853 trillion.」
Interest-bearing debt declined from ¥4.8862 trillion at the end of the previous quarter to ¥4.853 trillion. Meanwhile, the company issued bonds and raised long-term funds in Japan and overseas, and debt and funding-cost exposure remained high. - FY2023-Q1WorsenedAnnual report
「Interest-bearing debt as of the end of the first quarter of the consolidated fiscal year was ¥4.8862 trillion. During the cumulative first quarter of the consolidated fiscal year, the company issued 3 unsecured straight bonds in Japan, with maturities ranging from 2027 to 2072, for a total of ¥45 billion. Overseas, it issued 1 unsecured straight bond maturing in 2033 for a total of €650 million (¥87.7 billion).」
Interest-bearing debt increased from ¥4.7037 trillion at the end of the previous fiscal year to ¥4.8862 trillion, and the company issued bonds in Japan and overseas totaling ¥132.7 billion. The disclosure noted an increase in debt and funding-cost exposure. - FY2022WorsenedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.5327 trillion (interest-bearing debt as of the end of the consolidated fiscal year was ¥4.7037 trillion).」
Net interest-bearing debt was ¥4.5327 trillion and interest-bearing debt was ¥4.7037 trillion, with debt and funding-cost exposure remaining high. - FY2022-Q3MitigatedAnnual report
「Net interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥4.4347 trillion. “Net interest-bearing debt” is calculated by deducting consolidated cash and cash equivalents at the end of the third quarter of the consolidated fiscal year from consolidated interest-bearing debt. Interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥4.6892 trillion.」
Both net interest-bearing debt and interest-bearing debt declined slightly from the end of the previous quarter. Debt levels, however, remained high. - FY2022-Q2MitigatedAnnual report
「Net interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.5188 trillion. Interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.7008 trillion.」
Interest-bearing debt declined slightly from ¥4.7102 trillion at the end of the previous quarter to ¥4.7008 trillion. Debt levels, however, remained high. - FY2022-Q1WorsenedAnnual report
「Net interest-bearing debt as of the end of the first quarter of the consolidated fiscal year was ¥4.4857 trillion. “Net interest-bearing debt” is calculated by deducting consolidated cash and cash equivalents at the end of the first quarter of the consolidated fiscal year from consolidated interest-bearing debt. Interest-bearing debt as of the end of the first quarter of the consolidated fiscal year was ¥4.7102 trillion.」
Net interest-bearing debt was ¥4.4857 trillion and interest-bearing debt was ¥4.7102 trillion, indicating an increase in debt exposure from the end of the previous fiscal year. The company also issued bonds and raised long-term borrowings during the quarter. - FY2021WorsenedAnnual report
「In addition, net interest-bearing debt as of the end of the consolidated fiscal year was ¥4.1522 trillion. Interest-bearing debt as of the end of the consolidated fiscal year was ¥4.3502 trillion.」
Net interest-bearing debt increased from ¥3.9202 trillion at the end of the third quarter to ¥4.1522 trillion, while interest-bearing debt was ¥4.3502 trillion, indicating a further increase in debt exposure. - FY2021-Q3WorsenedAnnual report
「Net interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥3.9202 trillion. Interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥4.255 trillion.」
Net interest-bearing debt was ¥3.9202 trillion and interest-bearing debt was ¥4.255 trillion, indicating an increase in debt exposure from the end of the previous quarter. - FY2021-Q2WorsenedAnnual report
「Interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥4.135 trillion.」
Interest-bearing debt increased from ¥3.3123 trillion at the end of the previous fiscal year to ¥4.135 trillion, and the figures for funding costs and debt exposure increased further. - FY2021-Q1WorsenedAnnual report
「Interest-bearing debt as of the end of the first quarter of the consolidated fiscal year was ¥3.9473 trillion.」
Interest-bearing debt increased from ¥3.3123 trillion at the end of the previous fiscal year to ¥3.9473 trillion, and the company also raised funds through bond issuance, long-term borrowings and commercial paper. - FY2020WorsenedAnnual report
「Our medium- to long-term policy is to maintain consolidated interest-bearing debt at a level commensurate with consolidated operating revenue and profit. Specifically, we aim for net interest-bearing debt/EBITDA of approximately 3.5x.」
Interest-bearing debt at the end of the fiscal year was ¥3.3123 trillion, while net interest-bearing debt was ¥3.1585 trillion. As a response to the COVID-19 pandemic, the company also expanded its bond issuance, borrowings, commercial paper and committed credit facilities. - FY2020-Q3Quarterly increase in interest-bearing debtAnnual report
「Interest-bearing debt as of the end of the third quarter of the consolidated fiscal year was ¥3.1685 trillion.」
Interest-bearing debt increased from ¥3.1555 trillion at the end of the previous quarter to ¥3.1685 trillion. The figures showed a quarterly increase in debt and funding-cost exposure. - FY2020-Q2MitigatedAnnual report
「In addition, interest-bearing debt as of the end of the second quarter of the consolidated fiscal year was ¥3.1555 trillion.」
Interest-bearing debt declined from ¥3.2037 trillion at the end of the previous quarter to ¥3.1555 trillion. - FY2020-Q1Quarterly increase in interest-bearing debtAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, interest-bearing debt was ¥3.2037 trillion.」
Interest-bearing debt increased from the end of the previous fiscal year. - FY2019MitigatedAnnual report
「Net interest-bearing debt as of the end of the consolidated fiscal year was ¥2.8999 trillion. “Net interest-bearing debt” is calculated by deducting consolidated cash and cash equivalents at the end of the period from consolidated interest-bearing debt. Interest-bearing debt as of the end of the consolidated fiscal year was ¥3.1637 trillion. Interest expense for the consolidated fiscal year was ¥62.5 billion, equivalent to 12.9% of operating income.」
Interest-bearing debt declined from the end of the third quarter, while interest expense also declined from ¥64.7 billion in the previous fiscal year to ¥62.5 billion. - FY2019-Q3Quarterly increase in interest-bearing debtAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, interest-bearing debt was ¥3.1873 trillion.」
Interest-bearing debt increased from the end of the previous quarter, and the figures for debt and funding-cost exposure rose. - FY2019-Q2Quarterly increase in interest-bearing debtAnnual report
「As of the end of the second quarter of the consolidated fiscal year, interest-bearing debt stood at ¥3.1723 trillion.」
The figures showed an increase in interest-bearing debt from the end of the previous quarter. - FY2019-Q1MitigatedAnnual report
「As of the end of the first quarter of the current consolidated fiscal year, interest-bearing debt was ¥3.1596 trillion.」
Interest-bearing debt declined from the end of the previous fiscal year, with the figures indicating lower debt exposure. - FY2018MitigatedAnnual report
「As of the end of the consolidated fiscal year, interest-bearing debt stood at ¥3.1796 trillion. Interest expense for the consolidated fiscal year was ¥64.7 billion, equivalent to 13.4% of operating income.」
Interest-bearing debt, interest expense and interest expense as a percentage of operating income declined from the previous fiscal year. Measures including refinancing into lower-cost financing have also continued. - FY2018-Q3MitigatedAnnual report
「As of the end of the third quarter of the current consolidated fiscal year, interest-bearing debt was ¥3.167905 trillion.」
Interest-bearing debt declined from the end of the previous quarter, with the figures indicating lower debt exposure. - FY2018-Q2MitigatedAnnual report
「As of the end of the second quarter of the current consolidated fiscal year, interest-bearing debt was ¥3.178313 trillion.」
Interest-bearing debt and interest expense both declined from the same period of the previous year, with the figures indicating lower debt and funding-cost exposure. - FY2017MitigatedAnnual report
「As of the end of the consolidated fiscal year, interest-bearing debt stood at ¥3.211 trillion. Interest expense for the consolidated fiscal year was ¥70.2 billion, equivalent to 15.1% of operating income.」
Interest-bearing debt, interest expense and interest expense as a percentage of operating income all declined from the previous fiscal year. Measures involving refinancing, cash management systems (CMS) and derivatives have also continued. - FY2016First statedAnnual report
「As of the end of the current consolidated fiscal year, interest-bearing debt was ¥3.2419 trillion. Interest expense for the current consolidated fiscal year was ¥76.3 billion, equivalent to 15.6% of operating income.」
Notes the possibility that a decline in free cash flow and changes in funding costs due to interest-rate trends could have an impact.