Exposure to Interest-Bearing Debt, Financial Covenants and Interest-Rate Fluctuations
First written in FY2019-Q3. 21 of 27 entries say "Worsened", first in FY2020-Q1. Latest entry: 2026-08-04.
SoftBank Corp. moved to the "Worse" side of this theme in 2019, 3 years before the typical company in this theme (2022).
The whole theme swung hardest in 2025: 23 of 77 companies on the "Worse" side.
14 other companies' latest entry also says "Worsened".
- FY2026-H1WorsenedAnnual report
「Total liabilities at the end of the interim consolidated accounting period increased by ¥1,264.8 billion, or 10.7%, from the end of the previous consolidated fiscal year to ¥13,101.6 billion. This was mainly due to a ¥598.6 billion increase in deposits in the banking business and a ¥506.1 billion increase in interest-bearing liabilities. The increase in interest-bearing liabilities resulted from various financing activities, including the issuance of unsecured ordinary bonds denominated in US dollars and receivables securitisation.」
Total liabilities at the end of the interim period increased by 10.7%, while interest-bearing liabilities also increased by ¥506.1 billion. Financial exposure expanded through financing using US dollar-denominated bonds, receivables securitisation and other methods, while the policy of keeping approximately 90% of long-term interest-bearing liabilities at fixed rates was maintained. - FY2025MitigatedAnnual report
「Total liabilities at the end of the current period increased by ¥250.6 billion, or 2.2%, from the end of the previous period. This was mainly due to a ¥293.6 billion increase in trade and other payables and a ¥152.8 billion increase in deposits in the banking business, despite a ¥358.7 billion decrease in interest-bearing liabilities. Interest-bearing liabilities decreased mainly because of scheduled repayments on various borrowings.」
Although total liabilities increased, interest-bearing liabilities decreased by ¥358.7 billion due to scheduled repayments on various borrowings and other factors. The policy of keeping approximately 90% of long-term interest-bearing liabilities at fixed rates has also been maintained. - FY2025-H1MitigatedAnnual report
「Total liabilities at the end of the interim consolidated accounting period decreased by ¥103.3 billion, or 0.9%, from the end of the previous consolidated fiscal year to ¥11,482.9 billion. This was mainly due to a ¥138.0 billion decrease in trade and other payables and a ¥57.7 billion decrease in interest-bearing liabilities, despite a ¥74.8 billion increase in deposits in the banking business. Although interest-bearing liabilities increased due to the recognition of lease liabilities associated with the transfer of the business of WeWork Japan合同会社, they decreased mainly because SoftBank Corp. and other entities made scheduled repayments on various borrowings.」
Total liabilities and interest-bearing liabilities at the end of the interim period decreased from the end of the previous fiscal year, and the company disclosed a reduction in financial exposure due to scheduled repayments on various borrowings. - FY2024WorsenedAnnual report
「Total liabilities at the end of the current period increased by ¥587.1 billion, or 5.3%, from the end of the previous period to ¥11,586.3 billion. This was mainly due to a ¥217.7 billion increase in trade and other payables, a ¥186.4 billion increase in interest-bearing liabilities and a ¥170.9 billion increase in deposits in the banking business.」
Total liabilities were ¥11,586.3 billion, while interest-bearing liabilities increased by ¥186.4 billion from the end of the previous period, and financial exposure continued to expand. Meanwhile, approximately 90% of long-term interest-bearing liabilities are at fixed rates. - FY2024-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year increased by ¥548.8 billion, or 5.0%, from the end of the previous consolidated fiscal year to ¥11,547.9 billion. This was mainly due to a ¥337.4 billion increase in interest-bearing liabilities and a ¥153.3 billion increase in deposits in the banking business.」
Total liabilities were ¥11,547.9 billion, while interest-bearing liabilities increased by ¥337.4 billion from the end of the previous fiscal year, and financial exposure continued to expand. - FY2024-Q2MitigatedAnnual report
「Approximately 90% of our long-term interest-bearing liabilities are borrowed at fixed rates, and there will be no material immediate impact.」
To address the risk of rising interest rates, the company updated and disclosed the fixed-rate ratio for long-term interest-bearing liabilities from approximately 85% to approximately 90%. - FY2024-Q1MitigatedAnnual report
「Approximately 85% of our long-term interest-bearing liabilities are borrowed at fixed rates, and there will be no material immediate impact.」
To address the risk of rising interest rates, the company disclosed that approximately 85% of long-term interest-bearing liabilities are fixed-rate borrowings and stated that there would be no material immediate impact. Meanwhile, interest-bearing liabilities at the end of the quarter increased by ¥106.1 billion from the end of the previous fiscal year. - FY2023WorsenedAnnual report
「Liabilities at the end of the current period increased by ¥1,114.4 billion, or 11.3%, from the end of the previous period to ¥10,999.1 billion. This was mainly due to an ¥854.8 billion increase in trade and other payables associated with the consolidation of PayPay㈱ as a subsidiary, a ¥135.0 billion increase in interest-bearing liabilities and a ¥66.1 billion increase in deposits in the banking business.」
Total liabilities increased to ¥10,999.1 billion and interest-bearing liabilities increased by ¥135.0 billion, partly due to the consolidation of PayPay㈱, with the company disclosing an expansion in financial exposure. - FY2023-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter of the current fiscal year increased by ¥1,159.5 billion, or 11.7%, from the end of the previous consolidated fiscal year to ¥11,044.2 billion. This was mainly due to a ¥782.9 billion increase in trade and other payables associated with the consolidation of PayPay㈱ as a subsidiary, and a ¥209.8 billion increase in interest-bearing liabilities.」
Total liabilities increased to ¥11,044.2 billion, while interest-bearing liabilities increased by ¥209.8 billion due to the increase in trade payables associated with the consolidation of PayPay㈱ and group financing, expanding financial exposure. - FY2023-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter of the current fiscal year increased by ¥251.5 billion, or 2.6%, from the end of the previous consolidated fiscal year to ¥10,071.0 billion. This was mainly due to a ¥135.3 billion increase in interest-bearing liabilities, a ¥70.4 billion increase in deferred tax liabilities and a ¥55.4 billion increase in deposits in the banking business, despite a ¥89.8 billion decrease in trade and other payables.」
Total liabilities were ¥10,071.0 billion, while interest-bearing liabilities increased by ¥135.3 billion, and financial exposure continued to expand. Approximately 80% of long-term borrowings are at fixed rates. - FY2023-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter of the current fiscal year increased by ¥102.7 billion, or 1.0%, from the end of the previous consolidated fiscal year to ¥9,922.3 billion. This was mainly due to a ¥221.3 billion increase in interest-bearing liabilities and a ¥79.4 billion increase in deposits in the banking business, despite a ¥156.5 billion decrease in trade and other payables and a ¥67.5 billion decrease in current income tax payable.」
Total liabilities were ¥9,922.3 billion, while interest-bearing liabilities increased by ¥221.3 billion. The company raised funds through commercial paper issuance, borrowings and receivables securitisation. Meanwhile, approximately 80% of long-term borrowings are at fixed rates to address the risk of rising interest rates. - FY2022WorsenedAnnual report
「Liabilities at the end of the current period increased by ¥349.0 billion, or 3.7%, from the end of the previous period to ¥9,819.6 billion. This was mainly due to a ¥306.9 billion increase in interest-bearing liabilities and a ¥240.6 billion increase in deposits in the banking business, despite a ¥161.4 billion decrease in trade and other payables.」
Total liabilities were ¥9,819.6 billion, while interest-bearing liabilities increased by ¥306.9 billion from the end of the previous period. Financial exposure continued to expand due to bond issuance, borrowings for business funding and other factors. - FY2022-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter increased by ¥423.6 billion (4.5%) from the end of the previous consolidated fiscal year to ¥9,894.2 billion. This was mainly due to a ¥475.8 billion increase in interest-bearing debt and a ¥220.6 billion increase in deposits in the banking business.」
The issuance of unsecured corporate bonds, borrowings for business funding, and the issuance of commercial paper by subsidiaries further increased exposure to interest-bearing debt. - FY2022-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter declined by ¥91.0 billion (1.0%) from the end of the previous consolidated fiscal year to ¥9,379.6 billion. This mainly reflected a ¥277.0 billion increase in interest-bearing debt and a ¥125.9 billion increase in deposits in the banking business, offset by a ¥411.5 billion decrease in trade and other payables and a ¥60.9 billion decrease in income taxes payable.」
Although total liabilities declined, interest-bearing debt increased by ¥277.0 billion. ソフトバンク and Z Holdings each issued ¥100.0 billion in unsecured corporate bonds, and subsidiaries also issued commercial paper. - FY2022-Q1WorsenedAnnual report
「Total liabilities at the end of the first quarter increased by ¥179.2 billion (1.9%) from the end of the previous consolidated fiscal year to ¥9,655.2 billion. This was mainly due to a ¥535.3 billion increase in interest-bearing debt and a ¥303.2 billion decrease in trade and other payables.」
Financing through the securitization of receivables and the issuance of ¥100.0 billion in unsecured corporate bonds, among other measures, increased interest-bearing debt by ¥535.3 billion from the end of the previous fiscal year and further increased exposure to liabilities. - FY2021WorsenedAnnual report
「Liabilities at the end of the fiscal year increased by ¥1,391.266 billion (17.2%) from the end of the previous fiscal year to ¥9,475.960 billion. This was mainly due to increases of ¥610.340 billion in interest-bearing debt and ¥370.282 billion in trade and other payables.」
Total liabilities reached ¥9,475.9 billion, while interest-bearing debt increased by ¥610.3 billion from the end of the previous fiscal year, mainly due to the consolidation of LINE as a subsidiary, the issuance of unsecured corporate bonds, and an increase in short-term borrowings. - FY2021-Q3WorsenedAnnual report
「Total liabilities at the end of the third quarter increased by ¥969.400 billion (12.0%) from the end of the previous consolidated fiscal year to ¥9,054.094 billion. This was mainly due to an increase in interest-bearing debt.」
The securitization of receivables to secure liquidity on hand and the issuance of ¥220.000 billion in unsecured corporate bonds by the Company and ¥200.000 billion by Z Holdings further increased exposure to liabilities and interest-bearing debt. - FY2021-Q2WorsenedAnnual report
「Total liabilities at the end of the second quarter increased by ¥563.281 billion (7.0%) from the end of the previous consolidated fiscal year to ¥8,647.975 billion. This was mainly due to an increase in interest-bearing debt. While financing was carried out through the securitization of receivables and other means to secure liquidity on hand, Z Holdings and the Company each issued ¥200.000 billion and ¥100.000 billion, respectively, in unsecured corporate bonds to repay borrowings.」
The need to secure liquidity on hand in response to the spread of COVID-19, the securitization of receivables, and bond issuance further increased exposure to liabilities and interest-bearing debt from the end of the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter increased by ¥336.699 billion (4.2%) from the end of the previous consolidated fiscal year to ¥8,421.393 billion. This was mainly due to an increase in interest-bearing debt resulting from financing through the securitization of receivables and the issuance of ¥200.000 billion in unsecured corporate bonds by Z Holdings.」
Financing through the securitization of receivables and the issuance of unsecured corporate bonds by Z Holdings further increased exposure to liabilities and interest-bearing debt. - FY2020WorsenedAnnual report
「Liabilities at the end of the fiscal year increased by ¥2,070.933 billion (34.4%) from the end of the previous fiscal year to ¥8,084.694 billion. This was mainly due to new financing and an increase in interest-bearing debt resulting from the application of IFRS 16.」
The tender offer for ZOZO, the additional acquisition of Z Holdings shares, bond issuance, and IFRS 16 further increased exposure to liabilities and interest-bearing debt. - FY2020-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter increased by ¥2,267.770 billion (37.7%) from the end of the previous consolidated fiscal year to ¥8,281.531 billion. This was mainly due to new financing and an increase in interest-bearing debt resulting from the application of IFRS 16. The main sources of financing were ¥400.000 billion in borrowings by Z Holdings to fund the tender offer for shares of ZOZO, ¥325.000 billion in borrowings by the Company to acquire additional shares of Z Holdings, and ¥230.000 billion in unsecured corporate bonds issued by Z Holdings.」
The tender offer for ZOZO, the additional acquisition of Z Holdings shares, bond issuance, and the impact of IFRS 16 further increased exposure to liabilities and interest-bearing debt. - FY2020-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter increased by ¥1,104.549 billion (18.4%) from the end of the previous consolidated fiscal year to ¥7,118.310 billion. This was mainly due to an increase in interest-bearing debt, comprising a ¥487.514 billion increase resulting from the recognition under IFRS 16 of lease liabilities relating to leases previously classified as operating leases, a ¥240.000 billion increase in short-term borrowings through the securitization of receivables to acquire additional shares of Yahoo, a ¥150.000 billion increase in short-term bank borrowings, and a ¥229.254 billion increase in unsecured corporate bonds issued by Yahoo in July 2019.」
Additional acquisitions of Yahoo shares, the securitization of receivables, bank borrowings, unsecured corporate bonds, and the recognition of lease liabilities under IFRS 16 further increased exposure to interest-bearing debt. - FY2020-Q1WorsenedAnnual report
「Liabilities at the end of the first quarter increased by ¥962.442 billion (16.0%) from the end of the previous consolidated fiscal year to ¥6,976.203 billion. This was mainly due to an increase in interest-bearing debt, comprising a ¥494.387 billion increase resulting from the recognition under IFRS 16 of lease liabilities relating to leases previously classified as operating leases, a ¥280.000 billion increase in short-term borrowings through the securitization of receivables to acquire shares of Yahoo, and a ¥150.000 billion increase in short-term bank borrowings.」
In addition to borrowings and the securitization of receivables to acquire shares of Yahoo, the recognition of lease liabilities under IFRS 16 further increased exposure to interest-bearing debt. - FY2019ReframedAnnual report
「The Group repaid short-term borrowings from SoftBank Group Corp. and entered into new long-term borrowings from financial institutions. As a result, interest-bearing current liabilities declined, while interest-bearing non-current liabilities increased.」
The funding structure changed from one centered on parent-company borrowings to one centered on borrowings from financial institutions, and a ¥1,600.0 billion borrowing agreement and financial covenants were disclosed. - FY2019-Q3First statedAnnual report
「The principal terms are as follows: • At the end of each consolidated fiscal year and at the end of the second quarter, equity in the Group's consolidated statement of financial position must not be less than 75% of the amount in the corresponding period of the previous year. • In each consolidated fiscal year, operating profit or net income in the Group's consolidated income statement must not be a loss for 2 consecutive periods. • At the end of each consolidated fiscal year and at the end of the second quarter, the Group's net leverage ratio (a) must not exceed a specified level.」
The disclosure describes financial covenants relating to equity, profit and loss, and net leverage in connection with borrowings from financial institutions. It also describes hedging variable-rate borrowings with interest rate swaps.