High Levels of Interest-Bearing Debt and Risk of Rising Interest Rates
First written in FY2016. 22 of 28 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-07-31.
The whole theme swung hardest in 2017: 26 of 105 companies on the "Worse" side.
- 2026-07-31WorsenedFinancial Results Presentation
「Interest-bearing debt 1,506,418 1,434,559 +71,859」
Interest-bearing debt increased by ¥71,859 million from the previous fiscal year-end, indicating an expansion of already high interest-bearing debt exposure. - FY2026WorsenedAnnual report
「The consolidated interest-bearing debt balance at the end of the consolidated fiscal year was ¥1,434.559 billion. The company plans to invest in maintaining and improving the safety of its facilities and in growth investments aimed at the future, including large-scale projects, and expects consolidated interest-bearing debt to increase to some extent.」
The consolidated interest-bearing debt balance increased from ¥1,282.775 billion at the end of the previous fiscal year to ¥1,434.559 billion, and the company continues to expect an increase driven by future safety-related and growth investments. - FY2026-H1WorsenedAnnual report
「Total liabilities increased by ¥22.383 billion from the end of the previous consolidated fiscal year to ¥2,173.376 billion, mainly because interest-bearing debt increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥22.383 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt, and exposure to high levels of debt expanded. - FY2025WorsenedAnnual report
「The consolidated interest-bearing debt balance at the end of the consolidated fiscal year was ¥1,282.775 billion. The company plans to invest in maintaining and improving the safety of its facilities and in growth investments aimed at the future, including large-scale projects, and expects consolidated interest-bearing debt to increase to some extent.」
Consolidated interest-bearing debt increased from ¥1,174.160 billion at the end of the previous fiscal year to ¥1,282.775 billion, and the company continued to disclose that it expects the balance to increase because of safety-related investment, large-scale projects and other factors. - FY2025-H1WorsenedAnnual report
「Total liabilities increased by ¥30.941 billion from the end of the previous consolidated fiscal year to ¥2,013.439 billion, mainly because interest-bearing debt increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥30.941 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt, and exposure to high interest-bearing debt expanded. - FY2024-Q3WorsenedAnnual report
「Total liabilities increased by ¥43.613 billion from the end of the previous consolidated fiscal year to ¥1,928.083 billion, mainly because interest-bearing debt, deferred tax liabilities and long-term construction advances received increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥43.613 billion from the end of the previous consolidated fiscal year because interest-bearing debt and other liabilities increased, and exposure to high interest-bearing debt expanded again. - FY2024-Q2WorsenedAnnual report
「Total liabilities increased by ¥7.078 billion from the end of the previous consolidated fiscal year to ¥1,891.548 billion, mainly because interest-bearing debt and long-term construction advances received increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥7.078 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt, and exposure to high interest-bearing debt expanded again. - FY2024-Q1MitigatedAnnual report
「Total liabilities declined by ¥36.427 billion from the end of the previous consolidated fiscal year to ¥1,848.042 billion, mainly because accounts payable, included in “Other” under current liabilities, and interest-bearing debt decreased, despite an increase in long-term construction advances received.」
Total liabilities declined by ¥36.427 billion from the end of the previous consolidated fiscal year, mainly because interest-bearing debt decreased. Exposure to high interest-bearing debt continues, but moved lower in the current quarter. - FY2023-Q3WorsenedAnnual report
「Total liabilities increased by ¥31.588 billion from the end of the previous consolidated fiscal year to ¥1,839.066 billion, mainly because interest-bearing debt, long-term construction advances received and deferred tax liabilities, as well as unpaid consumption taxes and other items included in “Other” under current liabilities, increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥31.588 billion from 31 March 2022, driven by higher interest-bearing debt and other liabilities. Exposure to high interest-bearing debt continued, and the upward trend through the previous quarter also continued. - FY2023-Q2WorsenedAnnual report
「Total liabilities increased by ¥5.332 billion from the end of the previous consolidated fiscal year to ¥1,812.809 billion, mainly because interest-bearing debt, long-term construction advances received, deferred tax liabilities and unpaid consumption taxes and other items included in “Other” under current liabilities increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥5.332 billion from 31 March 2022, driven by higher interest-bearing debt and other liabilities, and exposure to high interest-bearing debt again shifted toward expansion. - FY2023-Q1MitigatedAnnual report
「Total liabilities declined by ¥29.061 billion from the end of the previous consolidated fiscal year to ¥1,778.416 billion, mainly because accounts payable, included in “Other” under current liabilities, and interest-bearing debt decreased, despite increases in advances received, included in “Other” under current liabilities, and long-term construction advances received.」
Total liabilities declined by ¥29.061 billion from 31 March 2022 because interest-bearing debt decreased. Exposure to high interest-bearing debt continues, but moved lower in the current quarter. - FY2022WorsenedAnnual report
「The consolidated interest-bearing debt balance at the end of the consolidated fiscal year was ¥1,095.965 billion. The company plans to invest in maintaining and improving the safety of its facilities and in growth investments aimed at the future, including large-scale projects. However, it is currently being significantly affected by the spread of COVID-19, and the consolidated interest-bearing debt balance is expected to increase to some extent.」
The interest-bearing debt balance increased from ¥1,063.048 billion at the end of the previous fiscal year to ¥1,095.965 billion. The company explicitly stated that it expects the balance to increase further to some extent because of safety-related investment, large-scale projects and the impact of COVID-19. - FY2022-Q3WorsenedAnnual report
「Total liabilities increased by ¥30.121 billion from the end of the previous consolidated fiscal year to ¥1,741.164 billion, mainly because interest-bearing debt and other liabilities increased.」
Total liabilities increased by ¥30.121 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt, and exposure to high interest-bearing debt remains. - FY2022-Q2WorsenedAnnual report
「Total liabilities increased by ¥8.050 billion from the end of the previous consolidated fiscal year to ¥1,719.093 billion, mainly because interest-bearing debt and long-term construction advances received increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥8.050 billion from 31 March 2021, driven by higher interest-bearing debt and other liabilities, and exposure to high levels of debt is expanding. - FY2022-Q1WorsenedAnnual report
「Total liabilities declined by ¥10.976 billion from the end of the previous consolidated fiscal year to ¥1,700.066 billion, mainly because accounts payable, included in “Other” under current liabilities, decreased, despite increases in long-term construction advances received and interest-bearing debt.」
Total liabilities declined, while interest-bearing debt increased, indicating that exposure to high interest-bearing debt remains. - FY2021WorsenedAnnual report
「The consolidated interest-bearing debt balance at the end of the consolidated fiscal year was ¥1,063.048 billion. The company plans to make substantial capital investments to maintain and improve the safety of its facilities and to advance large-scale projects such as the Umeda 1-chome 1-bancho project, scheduled for completion in spring 2022. However, it is currently being significantly affected by the spread of COVID-19, and the consolidated interest-bearing debt balance is expected to increase to some extent depending on the effect on operating results.」
The consolidated interest-bearing debt balance was ¥1,063.048 billion, up from the end of the previous fiscal year. The company explicitly disclosed the possibility that exposure to liabilities could expand because of funding needs related to large-scale investments and the COVID-19 pandemic. - FY2021-Q3WorsenedAnnual report
「Total liabilities increased by ¥95.734 billion from the end of the previous consolidated fiscal year to ¥1,647.144 billion, mainly because interest-bearing debt increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥95.734 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt, and exposure to high interest-bearing debt continues to expand. - FY2021-Q2WorsenedAnnual report
「Total liabilities increased by ¥44.944 billion from the end of the previous consolidated fiscal year to ¥1,596.353 billion, mainly because interest-bearing debt increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased by ¥44.944 billion from the end of the previous consolidated fiscal year, driven by higher interest-bearing debt. Exposure to high interest-bearing debt continues to expand. - FY2021-Q1WorsenedAnnual report
「Total liabilities declined by ¥7.759 billion from the end of the previous consolidated fiscal year to ¥1,543.649 billion, mainly because accounts payable, included in “Other” under current liabilities, decreased, despite an increase in interest-bearing debt and other liabilities.」
Total liabilities declined, while interest-bearing debt increased, indicating that exposure to high interest-bearing debt expanded. - FY2020-Q3WorsenedAnnual report
「Total liabilities declined by ¥17.680 billion from the end of the previous consolidated fiscal year to ¥1,533.162 billion, mainly because accounts payable, included in “Other” under current liabilities, decreased, despite an increase in interest-bearing debt and other liabilities.」
Total liabilities declined, while interest-bearing debt increased. The disclosure indicates that exposure to high interest-bearing debt has shifted from the declining trend seen in the previous quarter. - FY2020-Q2MitigatedAnnual report
「Total liabilities declined by ¥32.201 billion from the end of the previous consolidated fiscal year to ¥1,518.640 billion, mainly because interest-bearing debt and other liabilities decreased.」
Total liabilities declined by ¥32.201 billion from ¥1,550.842 billion at the end of the previous consolidated fiscal year to ¥1,518.640 billion because interest-bearing debt decreased. The financial burden associated with the high level of interest-bearing debt continues to be described as moving lower. - FY2019MitigatedAnnual report
「The consolidated interest-bearing debt balance at the end of the consolidated fiscal year was ¥877.055 billion.」
The interest-bearing debt balance declined from ¥899.523 billion in the previous fiscal year to ¥877.055 billion. The interest-bearing debt-to-EBITDA ratio was 5.1x, while the company continued to disclose the possibility of an impact from a sharp rise in interest rates. - FY2019-Q3WorsenedAnnual report
「Total liabilities increased by ¥1.826 billion from the end of the previous consolidated fiscal year to ¥1,540.240 billion, mainly because interest-bearing debt and other liabilities increased, despite a decline in accounts payable, included in “Other” under current liabilities.」
Total liabilities increased from the end of the previous consolidated fiscal year because interest-bearing debt and other liabilities increased. There was no new explanation of the interest-rate risk itself, and the company stated that there had been no significant changes in its business and other risks. - FY2017MitigatedAnnual report
「The consolidated interest-bearing debt balance at the end of the period was ¥899.523 billion. The balance increased because the company acquired shares of 阪神電気鉄道 through a tender offer in FY2006, making it a consolidated subsidiary. However, the Group believes that repayment is basically not an issue because the management integration with the company is expected to expand cash flow and produce other benefits.」
The interest-bearing debt balance declined from ¥916.570 billion in the previous period to ¥899.523 billion, and the company's view regarding repayment is also disclosed. At the same time, the company continues to disclose the risk of a sharp rise in interest rates. - FY2016First statedAnnual report
「The consolidated interest-bearing debt balance at the end of the period was ¥916.570 billion.」
The company explained that interest-bearing debt increased following the management integration with 阪神電気鉄道 and stated that it would work to diversify its funding sources and mitigate the impact of interest rates. It also disclosed the possibility that a sharp rise in interest rates could affect its operating results and financial position.