Reliance on Interest-Bearing Debt and Higher Borrowing Costs
First written in FY2022. 6 of 10 entries say "Worsened", first in FY2023. Latest entry: 2026-08-10.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- 2026-08-10MitigatedFinancial results presentation
「The equity ratio improved to 27.0%, while the Net Debt/EBITDA ratio was 3.2x, both within the parameters of our financial discipline.」
The company stated that the equity ratio and net debt-related metric at the end of June 2026 had improved from the end of the previous fiscal year and remained within its financial discipline. - FY2026Lower Debt Balance Coexisting with Higher Interest ExpenseAnnual report
「Interest-bearing debt (as a percentage of total assets): 9,610,215 (74.2%); 7,734,435 (67.7%).」
Interest-bearing debt and its ratio to total assets declined, while interest paid increased from ¥46,731 thousand to ¥103,240 thousand, indicating lower financial leverage alongside higher interest expense. - FY2026-H1RestatedAnnual report
「The main factors included a ¥594 million increase from liabilities assumed in connection with the acquisition of Qool Enviro Pte. Ltd., a ¥790 million increase in long-term borrowings, including the current portion, and a ¥1,400 million decrease from the repayment of short-term borrowings used to refinance acquisition funding.」
Long-term borrowings increased by ¥790 million following the acquisition of Qool, while ¥1,400 million of short-term borrowings used for acquisition refinancing was repaid. The financing structure continues to involve reliance on interest-bearing debt and related interest expense. - FY2025WorsenedAnnual report
「Interest-bearing debt (as a percentage of total assets): 5,861,304 (62.4%); 9,610,215 (74.2%).」
Interest-bearing debt increased from ¥5,861 million to ¥9,610 million and its ratio to total assets from 62.4% to 74.2%. Interest paid also increased from ¥19,068 thousand to ¥46,731 thousand, while net assets and the equity ratio declined. - FY2025-H1WorsenedAnnual report
「Total liabilities were ¥8,461 million, an increase of ¥2,102 million from the end of the previous consolidated fiscal year. The main factors included a ¥242 million increase in accounts payable and a ¥1,848 million increase in long-term borrowings, including the current portion, to prepare for the acquisition of rental assets and other purposes.」
Long-term borrowings increased by ¥1,848 million to prepare for the acquisition of rental assets and other purposes, further increasing reliance on interest-bearing debt. No earnings impact from higher interest rates was reported. - FY2024WorsenedAnnual report
「Interest-bearing debt (as a percentage of total assets): 4,251,929 (58.3%); 5,861,304 (62.4%).」
Interest-bearing debt increased from ¥4,251 million to ¥5,861 million and its ratio to total assets from 58.3% to 62.4%. Interest paid also increased from ¥12,993 thousand to ¥19,068 thousand. - FY2024-Q3WorsenedAnnual report
「Total liabilities were ¥6,708 million, an increase of ¥2,209 million from the end of the previous consolidated fiscal year. The main factors included a ¥78 million increase in income taxes payable and a ¥2,042 million increase in long-term borrowings, including the current portion, to prepare for the acquisition of rental assets and other purposes.」
Long-term borrowings increased by ¥2,042 million to prepare for the acquisition of rental assets and other purposes, further increasing reliance on interest-bearing debt. No earnings impact from higher interest rates was reported. - FY2024-Q2WorsenedAnnual report
「The main factors included a ¥62 million increase in income taxes payable, a ¥682 million increase in accounts payable and a ¥1,747 million increase in long-term borrowings, including the current portion, to prepare for the acquisition of rental assets and other purposes.」
Long-term borrowings increased by ¥1,747 million to prepare for the acquisition of rental assets and other purposes, further increasing reliance on interest-bearing debt. No earnings impact from higher interest rates was reported. - FY2023WorsenedAnnual report
「Interest-bearing debt (as a percentage of total assets): 2,908,098 (51.4%); 4,251,929 (58.3%).」
Interest-bearing debt increased from ¥2,908 million to ¥4,251 million and its ratio to total assets from 51.4% to 58.3%; interest paid also increased from ¥10 million to ¥13 million. - FY2022First statedAnnual report
「Because most purchases of temporary equipment are financed through borrowings and bonds, interest-bearing debt as a percentage of total assets has remained high, as shown below. If borrowing rates begin to rise, our results could be affected.」
In the fiscal year ended March 2022, interest-bearing debt was ¥2,908,098 thousand, or 51.4% of total assets.