Financing burden from interest rate fluctuations
First written in FY2016. 13 of 22 entries say "Mitigated", first in FY2017. Latest entry: 2026-07-27.
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
- 2026-07-27WorsenedFinancial results presentation
「Interest expense +118」
First-quarter interest expense increased by ¥118 million year on year. As the balance of borrowings and other debt declined, the overall direction of financing costs was mixed, although higher interest expense was disclosed. - FY2026WorsenedAnnual report
「Liabilities increased by ¥13,689 million from the end of the previous consolidated fiscal year to ¥115,731 million, mainly because borrowings increased. The balance of borrowings, bonds and lease obligations increased by ¥10,391 million from the end of the previous consolidated fiscal year to ¥72,267 million.」
Liabilities and the balance of interest-bearing debt and other obligations increased due to the increase in borrowings and other items, causing the burden of financing exposed to interest rate fluctuations to increase again. - FY2025-H1MitigatedAnnual report
「Liabilities decreased by ¥5,387 million from the end of the previous fiscal year to ¥94,097 million, mainly because notes and accounts payable—trade decreased and repayments of borrowings progressed.」
As borrowings were repaid, liabilities decreased by ¥5,387 million from the end of the previous fiscal year. The burden of financing continued to trend lower in the first half. - FY2024MitigatedAnnual report
「Liabilities increased by ¥2,229 million from the end of the previous consolidated fiscal year to ¥99,918 million, as the increase in notes and accounts payable—trade and other factors outweighed the progress in repaying borrowings and lease obligations. The balance of borrowings, bonds and lease obligations decreased by ¥2,805 million from the end of the previous consolidated fiscal year to ¥56,338 million.」
Total liabilities increased due to the increase in accounts payable and other factors, but the balance of borrowings, bonds and lease obligations decreased by ¥2,805 million from the end of the previous fiscal year. - FY2024-Q3MitigatedAnnual report
「Liabilities decreased by ¥665 million from the end of the previous fiscal year to ¥97,023 million, mainly because repayments of borrowings progressed, despite an increase in unearned revenue in the passenger transportation business.」
As borrowings were repaid, liabilities decreased by ¥665 million from the end of the previous fiscal year. The burden of financing exposed to interest rate fluctuations is trending lower. - FY2024-Q2MitigatedAnnual report
「Liabilities decreased by ¥1,237 million from the end of the previous fiscal year to ¥96,451 million, mainly because repayments of borrowings progressed, despite an increase in unearned revenue in the passenger transportation business.」
Borrowings were repaid from the end of the previous fiscal year, and total liabilities decreased by ¥1,237 million despite the increase in unearned revenue. - FY2024-Q1MitigatedAnnual report
「Liabilities decreased by ¥815 million from the end of the previous fiscal year to ¥96,874 million, as the decrease in notes and accounts payable—trade and other factors outweighed the increase in provision for bonuses.」
Total liabilities decreased by ¥815 million from the end of the previous fiscal year. On the balance sheet, both short-term and long-term borrowings also decreased from the end of the previous fiscal year. - FY2023WorsenedAnnual report
「Liabilities increased by ¥3,943 million from the end of the previous consolidated fiscal year to ¥97,689 million, mainly because borrowings increased. The balance of borrowings, bonds and lease obligations increased by ¥1,457 million from the end of the previous consolidated fiscal year to ¥59,143 million.」
Liabilities increased by ¥3,943 million and the balance of interest-bearing debt and other obligations increased by ¥1,457 million as borrowings increased, causing the burden of financing to expand again. - FY2023-Q2MitigatedAnnual report
「Liabilities decreased by ¥253 million from the end of the previous fiscal year to ¥93,493 million, mainly because repayments of borrowings progressed.」
As borrowings were repaid, liabilities decreased by ¥253 million from the end of the previous fiscal year. The burden of financing exposed to interest rate fluctuations continued to trend lower. - FY2022MitigatedAnnual report
「Liabilities decreased by ¥10,155 million from the end of the previous consolidated fiscal year to ¥93,746 million, mainly because repayments of borrowings and lease obligations progressed. The balance of borrowings, bonds and lease obligations decreased by ¥6,108 million from the end of the previous consolidated fiscal year to ¥57,686 million.」
The balances of liabilities and interest-bearing debt and other obligations decreased as borrowings and lease obligations were repaid, indicating a reduction in the burden of financing. - FY2022-Q3MitigatedAnnual report
「Liabilities decreased by ¥6,667 million from the end of the previous fiscal year to ¥97,234 million, mainly due to progress in repaying borrowings and lease obligations.」
Liabilities, which had expanded in the previous fiscal year due to bond issuance and higher borrowings, decreased by ¥6,667 million from the end of the previous fiscal year as borrowings were repaid and lease obligations were redeemed. - FY2022-Q2MitigatedAnnual report
「Liabilities decreased by ¥3,291 million from the end of the previous fiscal year to ¥100,610 million, mainly due to decreases in notes and accounts payable and progress in repaying borrowings.」
Liabilities decreased by ¥3,291 million from the end of the previous fiscal year as borrowings were repaid, indicating a narrowing funding burden exposed to interest rate fluctuations. - FY2021WorsenedAnnual report
「Liabilities increased by ¥8,304 million from the end of the previous consolidated fiscal year to ¥103,902 million, mainly due to bond issuance and an increase in borrowings. In addition, the balance of borrowings and bonds increased by ¥9,399 million to ¥56,208 million.」
Liabilities increased by ¥8,304 million, and the balance of borrowings and bonds increased by ¥9,399 million due to bond issuance and higher borrowings. - FY2021-Q3WorsenedAnnual report
「Liabilities increased by ¥6,530 million from the end of the previous fiscal year to ¥102,128 million, mainly due to bond issuance and an increase in borrowings.」
Liabilities increased by ¥6,530 million from the end of the previous fiscal year due to bond issuance and higher borrowings, further worsening the funding burden. - FY2021-Q2WorsenedAnnual report
「Liabilities increased by ¥2,228 million from the end of the previous fiscal year to ¥97,826 million, mainly due to an increase in borrowings, despite decreases in notes and accounts payable.」
Liabilities increased by ¥2,228 million from the end of the previous fiscal year due to higher borrowings, worsening the funding burden. - FY2020MitigatedAnnual report
「To reduce its interest burden, the Company is diversifying its funding methods through syndicated loans, institutional financing and lease financing, among other means, and uses interest rate swaps to fix part of its interest payments in order to hedge interest rate fluctuation risk.」
To address interest rate fluctuation risk, the Company disclosed diversified funding methods, including syndicated loans, institutional financing and lease financing, as well as the use of interest rate swaps. - FY2020-Q1MitigatedAnnual report
「Liabilities decreased by ¥1,997 million from the end of the previous fiscal year to ¥91,115 million, mainly because borrowings were repaid, despite an increase in the provision for bonuses.」
Liabilities decreased by ¥1,997 million from the end of the previous fiscal year as borrowings were repaid, and the funding burden exposed to interest rate fluctuations continued to narrow. - FY2019MitigatedAnnual report
「Liabilities decreased by ¥654 million from the end of the previous consolidated fiscal year to ¥93,112 million, mainly because borrowings were repaid. In addition, the balance of borrowings and bonds decreased by ¥3,500 million to ¥46,979 million.」
The disclosure indicates that the funding burden exposed to interest rate fluctuations has narrowed due to progress in repaying borrowings and lower interest expenses. - FY2017MitigatedAnnual report
「For part of the long-term interest rate and foreign exchange fluctuation risks associated with variable-rate and foreign-currency-denominated borrowings, the Company uses derivative transactions, including interest rate swaps and currency swaps, as hedging instruments for each individual contract to avoid such risks and fix interest payments and repayment amounts.」
The Company explicitly states that it uses interest rate swaps and currency swaps to address interest rate and foreign exchange fluctuation risks. - FY2016First statedAnnual report
「When making capital investments, the Company obtains funding through borrowings from financial institutions, bond issuance and other means. Accordingly, fluctuations in interest rates may affect the Group's operating performance and financial position.」
The Company identifies interest rate fluctuations as a risk because capital investment is funded through borrowings and bonds.