Interest-Bearing Debt, Financial Covenants and Funding Risk
First written in FY2017. 13 of 31 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Renova moved to the "Worse" side of this theme in 2018, 5 years before the typical company in this theme (2023).
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
13 other companies' latest entry also says "Other".
- FY2026Annual update of debt balances and leverage metricsAnnual report
「As of the end of the fiscal year ending March 2026, consolidated interest-bearing debt and net interest-bearing debt amounted to ¥340,796 million and ¥254,994 million, respectively. Net interest-bearing debt accounted for approximately 57.8% of the total of net interest-bearing debt and net assets (net interest-bearing debt/total capital ratio).」
The company disclosed fiscal year-end interest-bearing debt of ¥340,796 million, net interest-bearing debt of ¥254,994 million and a net interest-bearing debt ratio of approximately 57.8%. It also continued to disclose the covenant breach and the waiver obtained from its financial institutions, as in the previous fiscal year. - FY2026-H1MitigatedAnnual report
「The equity ratio at the end of the current interim consolidated fiscal period was 25.9% (25.2% at the end of the previous consolidated fiscal year), while the ratio of equity attributable to owners of the parent was 16.7% (16.8% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA ratio was 9.6x at the end of the current interim consolidated fiscal period (10.5x at the end of the previous consolidated fiscal year).」
The equity ratio rose from 25.2% to 25.9%, and the net interest-bearing debt/EBITDA ratio fell from 10.5x to 9.6x. The ratio of equity attributable to owners of the parent edged down from 16.8% to 16.7%. - FY2025MaterialisedAnnual report
「At the end of the current consolidated fiscal year, borrowings at 1 consolidated subsidiary breached part of the relevant covenant, namely the requirement to maintain the DSCR level. However, the company had not immediately received a demand from its lending financial institutions for the loss of the benefit of time and had obtained their consent to a waiver.」
1 consolidated subsidiary breached the DSCR level requirement, which forms part of the financial covenants, and obtained a waiver from its financial institutions. The financial leverage metric itself fell from 14.4x to 10.5x. - 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).」
Capital strengthening and debt repayments improved the equity ratio and the ratio of equity attributable to owners of the parent, while the net interest-bearing debt/EBITDA ratio fell from 14.4x to 12.0x. - FY2024WorsenedAnnual report
「As of the end of the fiscal year ended March 2024, consolidated interest-bearing debt and net interest-bearing debt amounted to ¥306,866 million and ¥240,374 million, respectively. Net interest-bearing debt accounted for approximately 69.5% of the total of net interest-bearing debt and net assets (net interest-bearing debt/total capital ratio).」
The company disclosed interest-bearing debt of ¥306,866 million and net interest-bearing debt of ¥240,374 million, resulting in a net interest-bearing debt/total capital ratio of approximately 69.5%. The net interest-bearing debt/EBITDA ratio also rose to 14.4x. - 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 ratio rose from 8.7x to 11.8x, worsening the borrowing-dependence and financial leverage metrics. The equity ratio improved 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 equity ratio and the ratio of equity attributable to owners of the parent improved, while the net interest-bearing debt/EBITDA ratio rose from 8.7x to 8.9x, leaving the borrowing-dependence risk metric broadly unchanged from the previous fiscal year-end. - 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.」
Although the equity ratio and the ratio of equity attributable to owners of the parent improved, the net interest-bearing debt/EBITDA ratio rose from 8.7x to 10.2x, worsening the financial leverage metric. - FY2023MitigatedAnnual report
「As of the end of the fiscal year ended March 2023, consolidated interest-bearing debt and net interest-bearing debt amounted to ¥206,872 million and ¥157,240 million, respectively. Net interest-bearing debt accounted for approximately 70.8% of the total of net interest-bearing debt and net assets (net interest-bearing debt/total capital ratio).」
The net interest-bearing debt ratio fell from approximately 75.7% in the previous fiscal year to approximately 70.8%. The company remains dependent on borrowings, but the fiscal year-end metric improved. - 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 equity ratio and the ratio of equity attributable to owners of the parent improved, while the net interest-bearing debt/EBITDA ratio fell from 12.5x to 9.3x, improving the financial leverage metrics. - 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 equity ratio and the ratio of equity attributable to owners of the parent rose, while the net interest-bearing debt/EBITDA ratio fell from 12.5x to 8.9x, improving the financial leverage metrics. - FY2023-Q1MitigatedAnnual report
「The equity ratio at the end of the first quarter of the current consolidated fiscal year was 21.9% (17.7% at the end of the previous consolidated fiscal year), while the ratio of equity attributable to owners of the parent was 14.8% (10.8% at the end of the previous consolidated fiscal year). The net interest-bearing debt/EBITDA ratio was 9.1x at the end of the first quarter of the current consolidated fiscal year (12.5x at the end of the previous consolidated fiscal year), mainly due to an increase in EBITDA resulting from gains on the sale of silent partnership interests in the Yokkaichi Solar project and other factors.」
The equity ratio rose from 17.7% to 21.9%, the ratio of equity attributable to owners of the parent rose from 10.8% to 14.8%, and the net interest-bearing debt/EBITDA ratio fell from 12.5x to 9.1x. - FY2022WorsenedAnnual report
「As of the end of the fiscal year ended March 2022, consolidated interest-bearing debt and net interest-bearing debt amounted to ¥207,871 million and ¥163,589 million, respectively. Net interest-bearing debt accounted for approximately 75.7% of the total of net interest-bearing debt and net assets (net interest-bearing debt/total capital ratio).」
Interest-bearing debt and net interest-bearing debt increased significantly, and the net interest-bearing debt/EBITDA ratio rose from 11.5x to 12.5x. Meanwhile, the equity ratio improved to 17.7%. - FY2022-Q3Improved capital ratios alongside persistently high leverageAnnual report
「The equity ratio at the end of the third quarter of the current consolidated fiscal year was 16.7% (11.3% at the end of the previous consolidated fiscal year), while 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 net interest-bearing debt/EBITDA ratio was 13.4x at the end of the third quarter of the current consolidated fiscal year (11.5x at the end of the previous consolidated fiscal year), mainly due to an increase in net interest-bearing debt following the consolidation of 苅田バイオマスエナジー株式会社.」
The equity ratio improved, while the net interest-bearing debt/EBITDA ratio stood at a high 13.4x due to the consolidation of 苅田バイオマス and other factors, exceeding the level 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 ratio rose from 11.5x to 13.6x due in part to the consolidation of Karita Biomass Energy. - FY2022-Q1WorsenedAnnual report
「The ratio was 11.8x at the end of the first quarter of the current fiscal year, compared with 11.5x at the end of the previous fiscal year.」
The net interest-bearing debt/EBITDA ratio rose from 11.5x to 11.8x, indicating deterioration in risk metrics relating to dependence on borrowings and financial leverage. - FY2021WorsenedAnnual report
「As of the end of March 2021, consolidated interest-bearing debt and net interest-bearing debt stood at ¥162,986 million and ¥122,630 million, respectively, and net interest-bearing debt represented approximately 83.1% of the combined total of net interest-bearing debt and net assets (net interest-bearing debt/total capital).」
Interest-bearing debt, net interest-bearing debt and the dependence ratio were substantially updated, clarifying the risk associated with dependence on borrowings. - FY2021-Q3WorsenedAnnual report
「The net asset ratio was 10.2% at the end of the third quarter of the current fiscal year, compared with 16.4% at the end of the previous fiscal year, while the equity ratio was 7.4%, compared with 12.5%. The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.7x at the end of the third quarter, compared with 7.6x at the end of the previous fiscal year.」
The net asset ratio fell from 16.4% to 10.2% and the equity ratio fell from 12.5% to 7.4%. Although the net interest-bearing debt/EBITDA ratio fell from 7.6x to 6.7x, capital base metrics deteriorated. - FY2021-Q2MitigatedAnnual report
「The net asset ratio was 14.3% at the end of the second quarter of the current fiscal year, compared with 16.4% at the end of the previous fiscal year, while the equity ratio was 11.0%, compared with 12.5%. The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.7x at the end of the second quarter, compared with 7.6x at the end of the previous fiscal year.」
Equity-related ratios declined, but the net interest-bearing debt/EBITDA ratio fell from 7.6x to 6.7x. - FY2021-Q1MitigatedAnnual report
「The net asset ratio was 17.6% at the end of the first quarter of the current fiscal year, compared with 16.4% at the end of the previous fiscal year, while the equity ratio was 13.6%, compared with 12.5%. The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.2x at the end of the first quarter, compared with 7.6x at the end of the previous fiscal year.」
The net asset ratio and equity ratio increased, while the net interest-bearing debt/EBITDA ratio fell from 7.6x to 6.2x. - FY2020-Q3WorsenedAnnual report
「The net asset ratio was 12.9% at the end of the third quarter of the current fiscal year, compared with 15.8% at the end of the previous fiscal year (the end of March 2019), while the equity ratio was 8.7%, compared with 11.5%. The net interest-bearing debt/EBITDA ratio was 8.6x at the end of the third quarter, compared with 5.1x at the end of the previous fiscal year.」
The net asset ratio fell from 15.8% to 12.9%, the equity ratio fell from 11.5% to 8.7%, and the net interest-bearing debt/EBITDA ratio rose from 5.1x to 8.6x. - FY2020-Q2WorsenedAnnual report
「The net asset ratio was 15.3% at the end of the second quarter of the current fiscal year, compared with 15.8% at the end of the previous fiscal year (the end of March 2019), while the equity ratio was 11.0%, compared with 11.5%. The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.5x at the end of the second quarter, compared with 5.1x at the end of the previous fiscal year.」
The net asset ratio and equity ratio declined, and the net interest-bearing debt/EBITDA ratio also rose from 5.1x to 6.5x. - FY2020-Q1WorsenedAnnual report
「The net asset ratio was 14.8% at the end of the first quarter of the current fiscal year, compared with 15.8% at the end of the previous fiscal year (the end of March 2019), while the equity ratio was 10.7%, compared with 11.5%. The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.0x at the end of the first quarter, compared with 5.1x at the end of the previous fiscal year.」
The net asset ratio and equity ratio declined, while the net interest-bearing debt/EBITDA ratio rose from 5.1x to 6.0x. - FY2019Annual update of balances and ratiosAnnual report
「As of the end of March 2019, consolidated interest-bearing debt and net interest-bearing debt stood at ¥61,788 million and ¥40,529 million, respectively, and net interest-bearing debt represented approximately 76% of the combined total of net interest-bearing debt and net assets (net interest-bearing debt/total capital).」
The year-end figures were updated to interest-bearing debt of ¥61,788 million, net interest-bearing debt of ¥40,529 million and a dependence ratio of approximately 76%. Borrowings have increased, while the dependence ratio is roughly unchanged from the previous disclosure. - FY2019-Q4Higher borrowings alongside a lower leverage ratioAnnual report
「The net asset ratio was 16.1% at the end of the third quarter of the current fiscal year, compared with 16.5% at the end of the previous fiscal year (the end of May 2018), while the equity ratio was 11.5%, compared with 11.6%. The net interest-bearing debt/EBITDA ratio was 5.8x at the end of the third quarter, compared with 5.6x at the end of the previous fiscal year.」
The net interest-bearing debt/EBITDA ratio fell from the previously reported 6.5x to 5.8x, while long-term borrowings increased by ¥4,387 million from the end of the previous fiscal year, resulting in higher borrowings alongside a lower leverage metric. - FY2019-Q3WorsenedAnnual report
「The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.5x at the end of the second quarter of the current fiscal year, compared with 5.6x at the end of the previous fiscal year.」
The net interest-bearing debt/EBITDA ratio rose from 5.6x at the end of the previous fiscal year to 6.5x, indicating deterioration in the financial leverage metric. - FY2019-Q2WorsenedAnnual report
「The net interest-bearing debt/EBITDA ratio, calculated as net interest-bearing debt divided by EBITDA recorded over the most recent 12 months, was 6.1x at the end of the first quarter of the current fiscal year, compared with 5.6x at the end of the previous fiscal year.」
The net interest-bearing debt/EBITDA ratio rose from 5.6x to 6.1x, indicating deterioration in the financial leverage metric. Long-term borrowings also increased by ¥3,093 million from the end of the previous fiscal year. - FY2018WorsenedAnnual report
「As of the end of May 2018, consolidated interest-bearing debt and net interest-bearing debt stood at ¥49,189 million and ¥35,070 million, respectively, and net interest-bearing debt represented approximately 76% of total capital (net interest-bearing debt/total capital).」
Net interest-bearing debt increased from ¥27,543 million to ¥35,070 million, quantifying financial covenant and funding risks using the new balance. - FY2017First statedAnnual report
「As of the end of May 2017, consolidated interest-bearing debt and net interest-bearing debt stood at ¥40,440 million and ¥27,543 million, respectively, and net interest-bearing debt represented approximately 79% of total capital (net interest-bearing debt/total capital).」
Risks include dependence on borrowings, breaches of financial covenants, difficulty refinancing or obtaining new funding, and higher funding costs for new projects due to rising market interest rates.