Managing Reliance on Net Debt
First written in FY2017-Q4. 24 of 38 entries say "Mitigated", first in FY2017-Q4. Latest entry: 2026-08-18.
The whole theme swung hardest in 2017: 3 of 14 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple was 8.4x as of the end of the current consolidated fiscal year (10.5x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 10.5x to 8.4x, improving the leverage metric. - FY2026-H1MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple was 9.6x as of the end of the interim consolidated accounting period (10.5x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 10.5x to 9.6x, improving the leverage metric. - FY2025MitigatedAnnual report
「As of the end of the current consolidated fiscal year, the capital ratio was 25.2% (22.7% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 16.8% (14.6% at the end of the previous consolidated fiscal year).」
The capital ratio and the ratio of equity attributable to owners of the parent improved due to the private placement and other transactions. - FY2025MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple was 10.5x as of the end of the current consolidated fiscal year (14.4x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 14.4x to 10.5x, improving the leverage metric. - FY2025-H1MitigatedAnnual report
「As of the end of the interim consolidated accounting period, the capital ratio was 25.9% (22.7% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 18.0% (14.6% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple was 12.0x (14.4x at the end of the previous consolidated fiscal year).」
The capital ratio and the ratio of equity attributable to owners of the parent rose due to the private placement and other transactions, while the net interest-bearing debt/EBITDA multiple declined from 14.4x to 12.0x. - FY2024WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 14.4x (8.7x at the end of the previous consolidated fiscal year) due to the increase in net interest-bearing debt and other factors resulting from the consolidation of Mori no Miyako Biomass GK and Ishinomaki Hibarino Biomass Energy GK. Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple rose from 8.7x to 14.4x following the consolidation of Mori no Miyako and Ishinomaki Hibarino. - FY2024-Q3WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple was 11.8x as of the end of the third quarter of the current consolidated accounting period (8.7x at the end of the previous consolidated fiscal year) due to the increase in net interest-bearing debt and other factors resulting from the consolidation of Mori no Miyako Biomass GK.」
The net interest-bearing debt/EBITDA multiple rose from 8.7x to 11.8x due to the consolidation of Mori no Miyako Biomass and other factors. Meanwhile, the capital ratio improved from 21.3% to 23.6%. - FY2024-Q2Improvement in capital ratio and stable leverageAnnual report
「As of the end of the second quarter of the current consolidated accounting period, the capital ratio was 26.9% (21.3% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 19.4% (14.2% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple was 8.9x, at the same level as at the end of the previous consolidated fiscal year (8.7x), because EBITDA for the current consolidated fiscal year declined due to the recognition of a gain on the sale of equity interests in the Yokkaichi Solar silent partnership business in the previous consolidated fiscal year and other factors, while net interest-bearing debt declined due to repayments of long-term borrowings in accordance with the contractual terms.」
The capital ratio rose from 21.3% to 26.9% and the ratio of equity attributable to owners of the parent rose from 14.2% to 19.4%. Meanwhile, the net interest-bearing debt/EBITDA multiple increased from 8.7x to 8.9x, although it declined from 10.2x at the end of the previous quarter. - FY2024-Q1Improvement in capital ratio and deterioration in leverageAnnual report
「As of the end of the first quarter of the current consolidated accounting period, the capital ratio was 24.5% (21.3% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 17.2% (14.2% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple was 10.2x (8.7x at the end of the previous consolidated fiscal year) because EBITDA for the current consolidated fiscal year declined following the recognition of a gain on the sale of equity interests in the Yokkaichi Solar silent partnership business in the previous consolidated fiscal year and other factors.」
The capital ratio and the ratio of equity attributable to owners of the parent improved, while the net interest-bearing debt/EBITDA multiple rose from 8.7x to 10.2x due to the decline in EBITDA. - FY2023MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple was 8.7x as of the end of the current consolidated fiscal year (12.5x at the end of the previous consolidated fiscal year) due to gains on the sale of equity interests in the Yokkaichi Solar silent partnership business and other factors.」
The net interest-bearing debt/EBITDA multiple declined from 12.5x to 8.7x due to the increase in EBITDA from gains on the sale of the Yokkaichi Solar interest and other factors. - FY2023-Q3MitigatedAnnual report
「As of the end of the third quarter of the current consolidated accounting period, the capital ratio was 22.8% (17.7% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 15.6% (10.8% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple was 9.3x (12.5x at the end of the previous consolidated fiscal year) due to gains on the sale of equity interests in the Yokkaichi Solar silent partnership business and other factors.」
The capital ratio and the ratio of equity attributable to owners of the parent increased, while the net interest-bearing debt/EBITDA multiple declined from 12.5x to 9.3x due to gains on the sale of the Yokkaichi Solar interest and other factors. - FY2023-Q2MitigatedAnnual report
「As of the end of the second quarter of the current consolidated accounting period, the capital ratio was 24.1% (17.7% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 16.8% (10.8% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple was 8.9x (12.5x at the end of the previous consolidated fiscal year) due to the increase in EBITDA from gains on the sale of equity interests in the Yokkaichi Solar silent partnership business and other factors.」
The capital ratio rose from 17.7% to 24.1% and the ratio of equity attributable to owners of the parent rose from 10.8% to 16.8%, while the net interest-bearing debt/EBITDA multiple declined from 12.5x to 8.9x. - FY2023-Q1MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 9.1x as of the end of the first quarter of the current consolidated accounting period (12.5x at the end of the previous consolidated fiscal year) due to the increase in EBITDA from gains on the sale of equity interests in the Yokkaichi Solar silent partnership business and other factors. Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple declined from 12.5x at the end of the previous consolidated fiscal year to 9.1x, improving the leverage metric. - FY2022MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple was 12.5x as of the end of the current consolidated fiscal year (11.5x at the end of the previous consolidated fiscal year) due to the increase in net interest-bearing debt and other factors resulting from the consolidation of Kanda Biomass Energy Co., Ltd.」
The multiple declined from 13.4x at the end of the third quarter to 12.5x at year-end, but remained above the 11.5x recorded at the end of the previous consolidated fiscal year. - FY2022-Q3MitigatedAnnual report
「As of the end of the third quarter of the current consolidated accounting period, the capital ratio was 16.7% (11.3% at the end of the previous consolidated fiscal year) and the ratio of equity attributable to owners of the parent was 9.9% (6.9% at the end of the previous consolidated fiscal year).」
The capital ratio rose from 11.3% to 16.7% and the ratio of equity attributable to owners of the parent rose from 6.9% to 9.9%, improving the capital base metrics. - FY2022-Q3MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 13.4x as of the end of the third quarter of the current consolidated accounting period (11.5x at the end of the previous consolidated fiscal year) due to the increase in net interest-bearing debt and other factors resulting from the consolidation of Kanda Biomass Energy Co., Ltd. Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple declined slightly from 13.6x in the previous quarter to 13.4x. However, it remained above the 11.5x recorded at the end of the previous consolidated fiscal year. - FY2022-Q2WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 13.6x as of the end of the second quarter of the current consolidated accounting period (11.5x at the end of the previous consolidated fiscal year) due to the increase in net interest-bearing debt and other factors resulting from the consolidation of Kanda Biomass Energy Co., Ltd. Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple rose from 11.5x to 13.6x due to the consolidation of Kanda Biomass Energy and other factors, worsening the leverage metric. - FY2022-Q1WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 11.8x as of the end of the first quarter of the current consolidated accounting period (11.5x at the end of the previous consolidated fiscal year). Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple rose from 11.5x to 11.8x, further worsening the leverage metric. Meanwhile, the capital ratio and the ratio of equity attributable to owners of the parent increased. - FY2021WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 11.5x as of the end of the current consolidated fiscal year (9.4x at the end of the previous consolidated fiscal year). Net interest-bearing debt is defined as total financial liabilities included in borrowings and bonds, lease liabilities and other financial liabilities, less cash and cash equivalents and restricted deposits.」
The net interest-bearing debt/EBITDA multiple rose from 9.4x to 11.5x, worsening the leverage metric. - FY2021-Q2MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 6.7x as of the end of the second quarter of the current consolidated accounting period (7.6x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 7.6x at the end of the previous consolidated fiscal year to 6.7x. Meanwhile, the capital ratio declined from 16.4% to 14.3% and the equity ratio declined from 12.5% to 11.0%. - FY2021-Q1MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 6.2x as of the end of the first quarter of the current consolidated accounting period (7.6x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 7.6x at the end of the previous consolidated fiscal year to 6.2x, improving the leverage metric. - FY2020-Q3WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 8.6x as of the end of the third quarter of the current consolidated accounting period (5.1x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple rose from 5.1x at the end of the previous consolidated fiscal year to 8.6x, further worsening the leverage metric. - FY2020-Q2WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 6.5x as of the end of the second quarter of the current consolidated accounting period (5.1x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple rose from 5.1x at the end of the previous consolidated fiscal year to 6.5x due to the consolidation of Nasu-Karasuyama and Karumai Nishi Solar and other factors. - FY2020-Q1WorsenedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 6.0x as of the end of the first quarter of the current consolidated accounting period (5.1x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple rose from 5.1x at the end of the previous consolidated fiscal year to 6.0x, indicating deterioration in financial leverage. - FY2019MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 5.1x as of the end of the current consolidated fiscal year (5.6x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 5.6x at the end of the previous consolidated fiscal year to 5.1x. Meanwhile, net interest-bearing debt was ¥40,529 million, indicating continued reliance on borrowings. - FY2019-Q4MitigatedAnnual report
「The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 5.8x as of the end of the third quarter of the current consolidated accounting period (5.6x at the end of the previous consolidated fiscal year).」
The net interest-bearing debt/EBITDA multiple declined from 6.5x in the previous disclosure to 5.8x. However, it remained above the 5.6x recorded at the end of the fiscal year ended May 2018. - FY2019-Q3WorsenedAnnual report
「As of the end of the second quarter of the current consolidated accounting period, mainly as a result of the newly acquired treasury shares, the capital ratio was 15.8% (16.5% at the end of the previous consolidated fiscal year, March 2018) and the equity ratio was 10.9% (11.6% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA multiple, defined as the ratio of net interest-bearing debt to EBITDA recorded over the latest 12 months, was 6.5x as of the end of the second quarter of the current consolidated accounting period (5.6x at the end of the previous consolidated fiscal year).」
The capital ratio and equity ratio declined, while the net interest-bearing debt/EBITDA multiple rose from 5.6x to 6.5x. - FY2018MitigatedAnnual report
「Consolidated net interest-bearing debt as of the end of the current consolidated fiscal year was ¥35,070 million, up from ¥27,543 million at the end of the previous consolidated fiscal year due to the new consolidation of URE and other factors. Meanwhile, the capital ratio was 16.5%, up from 13.9% at the end of the previous consolidated fiscal year.」
Net interest-bearing debt increased, but the net interest-bearing debt dependence ratio declined to approximately 76% due to the increase in net assets. - FY2018-Q4MitigatedAnnual report
「Consolidated net interest-bearing debt as of the end of the third quarter of the current consolidated accounting period was ¥34,295 million, up from ¥27,543 million at the end of the previous consolidated fiscal year due to the new consolidation of United Renewable Energy Co., Ltd. However, due to the increase in net assets described below, the net interest-bearing debt dependence ratio was 76.8% as of the end of the third quarter of the current consolidated accounting period, down from 78.6% at the end of the previous consolidated fiscal year.」
Net interest-bearing debt increased following the consolidation of URE, but the net interest-bearing debt dependence ratio declined from 78.6% to 76.8%. - FY2018-Q3MitigatedAnnual report
「Consolidated net interest-bearing debt as of the end of the second quarter of the current consolidated accounting period was ¥34,682 million, up from ¥27,543 million at the end of the previous consolidated fiscal year due to the new consolidation of United Renewable Energy Co., Ltd. However, due to the increase in net assets described below, the net interest-bearing debt dependence ratio was 76.4% as of the end of the second quarter of the current consolidated accounting period, down from 78.6% at the end of the previous consolidated fiscal year.」
Net interest-bearing debt increased following the consolidation of URE, but the net interest-bearing debt dependence ratio declined further from 78.6% at the end of the previous consolidated fiscal year to 76.4%. - FY2018-Q2MitigatedAnnual report
「Consolidated net interest-bearing debt as of the end of the first quarter of the current consolidated accounting period was ¥34,682 million, up from ¥27,543 million at the end of the previous consolidated fiscal year due to the new consolidation of United Renewable Energy Co., Ltd. However, due to the increase in net assets described below, the net interest-bearing debt dependence ratio was 77.5% as of the end of the first quarter of the current consolidated accounting period, down from 78.6% at the end of the previous consolidated fiscal year.」
Net interest-bearing debt increased following the consolidation of URE, but the net interest-bearing debt dependence ratio declined from 78.6% to 77.5%. - FY2017WorsenedAnnual report
「Consolidated net interest-bearing debt as of the end of the current consolidated fiscal year was ¥27,543 million, down from ¥30,090 million at the end of the previous consolidated fiscal year due to repayments of long-term borrowings. … The net interest-bearing debt dependence ratio was 79%, down from 85% at the end of the previous consolidated fiscal year.」
Year on year, the dependence ratio declined from 85% to 79%, while rising from 78% in the immediately preceding filing to 79%. - FY2017-Q4MitigatedAnnual report
「Consolidated net interest-bearing debt as of the end of the third quarter of the current consolidated accounting period was ¥24,646 million, down from ¥30,090 million at the end of the previous consolidated fiscal year due to repayments of long-term borrowings. As a result of this decrease and the increase in net assets described below, the net interest-bearing debt dependence ratio was 78% as of the end of the third quarter of the current consolidated accounting period, down from 85% at the end of the previous consolidated fiscal year.」
The company explained that net interest-bearing debt declined from ¥30,090 million to ¥24,646 million and the net interest-bearing debt dependence ratio declined from 85% to 78%.