Dependence on Interest-Bearing Debt and Interest-Rate Risk
First written in FY2018. 12 of 25 entries say "Mitigated", first in FY2023-Q1. Latest entry: 2026-08-07.
The whole theme swung hardest in 2017: 26 of 105 companies on the "Worse" side.
- FY2026Lower interest-bearing debt ratio and lower proportion of fixed-rate financingAnnual report
「Interest-bearing debt accounted for 38.1% of total assets at the end of the fiscal year ended March 2026. At the same time, the company is working to reduce its dependence on interest-bearing debt by using methods such as selling some company-owned properties to investors as properties operated and managed by the company under lease agreements. Fixed-rate financing accounted for 58.9% at the end of the fiscal year ended March 2026, limiting the short-term impact during periods of rising interest rates.」
The interest-bearing debt ratio fell from 51.2% in the previous fiscal year to 38.1%, while the fixed-rate financing ratio fell from 89.4% to 58.9%. The financial burden declined, but the proportion of financing at fixed rates that limits the short-term impact of interest rates also fell. - FY2026-H1MitigatedAnnual report
「As a result, the equity ratio was 39.8%, up 6.8 percentage points from the end of the previous consolidated fiscal year.」
The equity ratio rose from 33.0% at the end of the previous fiscal year to 39.8%, indicating an improvement in financial strength. - FY2025-H1MitigatedAnnual report
「As a result, the equity ratio was 33.8%, up 1.8 percentage points from the end of the previous consolidated fiscal year.」
The equity ratio rose from 32.0% to 33.8%, indicating an improvement in financial strength. - FY2024MitigatedAnnual report
「Interest-bearing debt accounted for 51.2% of total assets at the end of the fiscal year ended March 2024. …Fixed-rate financing accounted for 89.4% at the end of the fiscal year ended March 2024, limiting the short-term impact during periods of rising interest rates.」
The interest-bearing debt ratio fell from 56.5% in the previous fiscal year to 51.2%, while the fixed-rate financing ratio was maintained at 89.4%. The financial burden also declined due to lower long-term borrowings and other factors. - FY2024-Q3MitigatedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year amounted to ¥181,143 million, a decrease of ¥16,585 million from the end of the previous consolidated fiscal year. The main factors were decreases in other liabilities (unpaid amounts) and long-term borrowings. …As a result, the equity ratio was 31.1%, up 3.7 percentage points from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥16,585 million from the end of the previous fiscal year, mainly due to lower long-term borrowings and other factors, while the equity ratio rose by 3.7 percentage points to 31.1%. - FY2024-Q2MitigatedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year amounted to ¥180,390 million, a decrease of ¥17,338 million from the end of the previous consolidated fiscal year. The main factors were decreases in other liabilities (unpaid amounts) and long-term borrowings. …As a result, the equity ratio was 30.5%, up 3.1 percentage points from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥17,338 million from the end of the previous fiscal year, mainly due to lower unpaid amounts and long-term borrowings, while the equity ratio rose from 27.4% to 30.5%. - FY2024-Q1MitigatedAnnual report
「Liabilities at the end of the first quarter of the current consolidated fiscal year amounted to ¥184,470 million, a decrease of ¥13,258 million from the end of the previous consolidated fiscal year. The main factors were decreases in other liabilities (unpaid amounts) and long-term borrowings. …As a result, the equity ratio was 29.1%, up 1.7 percentage points from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥13,258 million from the end of the previous fiscal year, mainly due to lower long-term borrowings and other factors, while the equity ratio rose by 1.7 percentage points. - FY2023Higher interest-bearing debt ratio and higher fixed-rate financing ratioAnnual report
「Interest-bearing debt accounted for 56.5% of total assets at the end of the fiscal year ended March 2023. …Fixed-rate financing accounted for 91.7% at the end of the fiscal year ended March 2023, limiting the short-term impact during periods of rising interest rates.」
The interest-bearing debt ratio rose from 56.3% in the previous fiscal year to 56.5%, while the fixed-rate financing ratio rose from 64.3% to 91.7%. - FY2023-Q3MitigatedAnnual report
「As a result, the equity ratio was 31.8%, up 2.6 percentage points from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥10,145 million from the end of the previous fiscal year, mainly due to lower bonds and long-term borrowings, while the equity ratio rose from 29.2% to 31.8%. - FY2023-Q2MitigatedAnnual report
「As a result, the equity ratio was 31.2%, up 2.0 percentage points from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥10,373 million from the end of the previous fiscal year, mainly due to lower bonds and long-term borrowings, while the equity ratio rose from 29.2% to 31.2%. - FY2023-Q1MitigatedAnnual report
「As a result, the equity ratio was 30.2%, up 1.0 percentage point from the end of the previous consolidated fiscal year.」
Liabilities decreased by ¥6,432 million from the end of the previous fiscal year, mainly due to lower long-term borrowings, while the equity ratio rose from 29.2% to 30.2%. - FY2022WorsenedAnnual report
「Interest-bearing debt accounted for 56.3% of total assets at the end of the fiscal year ended March 2022. …Fixed-rate financing accounted for 64.3% at the end of the fiscal year ended March 2022, limiting the short-term impact during periods of rising interest rates. However, if interest rates rise over the long term in the future and funding costs increase, this could affect our group’s business performance.」
The interest-bearing debt ratio rose from 54.4% in the previous fiscal year to 56.3%, while the fixed-rate financing ratio fell from 74.2% to 64.3%. The company disclosed quantitatively that its exposure to the risk of rising interest rates had increased. - FY2022-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year amounted to ¥174,464 million, an increase of ¥6,216 million from the end of the previous consolidated fiscal year. The main factors were increases in long-term borrowings, short-term borrowings, notes payable and accounts payable. …As a result, the equity ratio was 27.5%, down 2.1 percentage points from the end of the previous consolidated fiscal year.」
Liabilities increased by ¥6,216 million from the end of the previous fiscal year, mainly due to higher long-term and short-term borrowings, while the equity ratio fell by 2.1 percentage points to 27.5%. - FY2022-Q2WorsenedAnnual report
「As a result, the equity ratio was 28.8%, down 0.8 percentage points from the end of the previous consolidated fiscal year.」
The equity ratio fell from 29.6% to 28.8%. Short-term borrowings increased from ¥12,702 million to ¥17,092 million, and long-term borrowings from ¥53,003 million to ¥57,451 million, leaving the company with a continuing high financial burden. - FY2021WorsenedAnnual report
「Interest-bearing debt accounted for 54.4% of total assets at the end of the fiscal year ended March 2021. …Fixed-rate financing accounted for 74.2% at the end of the fiscal year ended March 2021, limiting the short-term impact during periods of rising interest rates.」
The interest-bearing debt ratio rose from 43.0% in the previous fiscal year to 54.4%, while the fixed-rate financing ratio fell from 90.9% to 74.2%. Dependence on funding and exposure to interest-rate risk have increased. - FY2021-Q3WorsenedAnnual report
「Liabilities at the end of the third quarter of the current consolidated fiscal year amounted to ¥153,910 million, an increase of ¥20,778 million from the end of the previous consolidated fiscal year. The main factor was an increase in short-term borrowings. As a result, the equity ratio was 32.8%, down 5.9 percentage points from the end of the previous consolidated fiscal year.」
Liabilities increased by ¥20,778 million from the end of the previous fiscal year, mainly due to higher short-term borrowings, while the equity ratio fell by 5.9 percentage points to 32.8%. Dependence on funding and the financial burden continue to increase. - FY2021-Q2WorsenedAnnual report
「Liabilities at the end of the second quarter of the current consolidated fiscal year amounted to ¥151,978 million, an increase of ¥18,846 million from the end of the previous consolidated fiscal year. The main factor was an increase in short-term borrowings.」
Liabilities increased by ¥18,846 million from the end of the previous fiscal year, mainly due to higher short-term borrowings. The equity ratio was 33.1%, down 5.6 percentage points from the end of the previous fiscal year. - FY2021-Q1WorsenedAnnual report
「The main factors were increases in short-term and long-term borrowings.」
Short-term and long-term borrowings increased to secure funding, resulting in a ¥21,621 million increase in liabilities from the end of the previous consolidated fiscal year and a decline in the equity ratio to 33.1%. The risk was quantified, but no actual increase in interest rates was reported. - FY2020WorsenedAnnual report
「Interest-bearing debt accounted for 43.0% of total assets at the end of the fiscal year ended March 2020. …Fixed-rate financing accounted for 90.9% at the end of the fiscal year ended March 2020, limiting the short-term impact during periods of rising interest rates.」
The interest-bearing debt ratio rose from 41.2% in the previous fiscal year to 43.0%, while the company continued its policy of limiting the short-term impact of interest rates through a 90.9% fixed-rate financing ratio. - FY2019RestatedAnnual report
「Interest-bearing debt accounted for 41.2% of total assets at the end of the fiscal year ended March 2019. …Fixed-rate financing accounted for 89.5% at the end of the fiscal year ended March 2019, limiting the short-term impact during periods of rising interest rates. However, if interest rates rise over the long term in the future and funding costs increase, this could affect our group’s business performance.」
The company disclosed an interest-bearing debt ratio of 41.2% and a fixed-rate financing ratio of 89.5%, and continues to identify the risk of higher funding costs resulting from long-term interest-rate increases. - FY2018First statedAnnual report
「Interest-bearing debt accounted for 41.3% of total assets at the end of the fiscal year ended March 2018. …However, if interest rates rise over the long term in the future and funding costs increase, this could affect our group’s business performance.」
The company disclosed an interest-bearing debt ratio of 41.3% and identified higher funding costs resulting from long-term interest-rate increases as a risk.