Fluctuations in Interest-Bearing Debt, Interest Rates and Cash Flow
First written in FY2016. 11 of 30 entries say "Worsened", first in FY2017. Latest entry: 2026-07-31.
Maruken Lease moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2017: 3 of 11 companies on the "Worse" side.
8 other companies' latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「Total liabilities increased by ¥967 million from the end of the previous fiscal year to ¥23,011 million. Borrowings increased by ¥3,574 million」
Total liabilities increased from the end of the previous fiscal year, including an increase in borrowings. - FY2026WorsenedAnnual report
「Net debt-to-equity ratio Approximately 0.3x 0.42x Maintain an appropriate cash position while working toward the target」
The net debt-to-equity ratio was 0.42x, exceeding the target of approximately 0.3x. Exposure to interest-bearing debt, interest rates, and cash flow volatility increased, partly due to increases in long-term borrowings and other items. - 2026-05-28WorsenedGeneral Meetings of Shareholders
「Net interest-bearing debt (¥ millions) 7,619」
Net interest-bearing debt increased from ¥6,300 million in the previous fiscal year to ¥7,619 million. - FY2026-H1Borrowings increased while total liabilities decreasedAnnual report
「Total liabilities decreased by ¥131 million from the end of the previous fiscal year to ¥20.362 billion. This was due mainly to increases of ¥478 million in borrowings and ¥751 million in contract liabilities, and decreases of ¥1.187 billion in notes and accounts payable and ¥302 million in electronically recorded obligations.」
Although total liabilities decreased, borrowings increased by ¥478 million. In terms of exposure to interest-bearing debt, interest rates, and cash flow volatility, borrowings increased while total liabilities decreased. - FY2025WorsenedAnnual report
「Total liabilities increased by ¥4.409 billion from the end of the previous fiscal year to ¥20.493 billion, mainly due to increases of ¥448 million in notes and accounts payable, ¥715 million in electronically recorded obligations, and ¥3.018 billion in borrowings.」
Borrowings increased by ¥3.018 billion, and total liabilities also increased by ¥4.409 billion. The net debt-to-equity ratio was 0.37x, compared with a target of approximately 0.3x under the new plan. - FY2025-H1WorsenedAnnual report
「Total liabilities increased by ¥527 million from the end of the previous fiscal year to ¥16.612 billion. This was due mainly to a ¥117 million increase in borrowings, an ¥850 million increase in electronically recorded obligations, and a ¥316 million decrease in notes and accounts payable.」
Total liabilities increased by ¥527 million from the end of the previous fiscal year, and borrowings also increased by ¥117 million, indicating increased exposure to interest-bearing debt, interest rates, and cash flow volatility. - FY2024MitigatedAnnual report
「Total liabilities decreased by ¥480 million from the end of the previous fiscal year to ¥16.084 billion, mainly due to a ¥715 million decrease in notes and accounts payable, a ¥100 million decrease in borrowings, and a ¥353 million increase in electronically recorded obligations.」
Borrowings decreased by ¥100 million from the end of the previous fiscal year, returning to a reduction in interest-bearing debt, including long-term borrowings. - FY2024-Q3WorsenedAnnual report
「Short-term borrowings 1,593 1,852 Current portion of long-term borrowings 1,460 1,245 Long-term borrowings 2,330 2,465」
Total borrowings increased from ¥5.383 billion at the end of the previous fiscal year to ¥5.562 billion, increasing exposure to interest-bearing debt, interest rates, and cash flow volatility. - FY2024-Q2Borrowings increased while cash increasedAnnual report
「Cash flow from financing activities was an outflow of ¥39 million, a decrease of ¥751 million in outflows from the same period of the previous year. This was mainly due to a ¥158 million increase in borrowings and ¥190 million in dividend payments.」
Borrowings increased by ¥158 million, while cash outflows from financing activities decreased from the same period of the previous year, indicating an increase in borrowings unlike the previous trend of reducing interest-bearing debt. - FY2024-Q1MitigatedAnnual report
「Total liabilities decreased by ¥407 million from the end of the previous fiscal year to ¥16.157 billion. This was mainly due to an ¥842 million decrease in notes and accounts payable and a ¥375 million increase in contract liabilities.」
Total liabilities decreased by ¥407 million, and total borrowings also decreased by ¥40 million from ¥5.383 billion at the end of the previous fiscal year to ¥5.343 billion. - FY2023MitigatedAnnual report
「Total liabilities decreased by ¥688 million from the end of the previous fiscal year to ¥16.564 billion, mainly due to a ¥721 million decrease in borrowings, a ¥540 million increase in electronically recorded obligations, and a ¥721 million decrease in other liabilities.」
Borrowings decreased by ¥721 million, and net interest-bearing debt also decreased by ¥418 million year on year to ¥4.646 billion, indicating a reduction in risks related to interest-bearing debt, interest rates, and cash flow volatility. - FY2023-Q3WorsenedAnnual report
「Net interest-bearing debt increased by ¥71 million from the end of the previous fiscal year to ¥5.137 billion.」
Net interest-bearing debt increased by ¥71 million from the end of the previous fiscal year, indicating an increase in interest-bearing debt during the quarter. However, the balance remains below the ¥8.3 billion target. - FY2023-Q2MitigatedAnnual report
「Cash flow from financing activities was an outflow of ¥791 million, a decrease of ¥1.053 billion in outflows from the same period of the previous year. This was mainly due to a ¥211 million decrease in borrowings, ¥300 million spent on the acquisition of treasury shares, and ¥266 million in dividend payments.」
Borrowings at the end of the second quarter decreased by ¥211 million from the end of the previous fiscal year, indicating a reduction in borrowings in terms of risks related to interest-bearing debt, interest rates, and cash flow volatility. - FY2022MitigatedAnnual report
「Net interest-bearing debt was reduced further to ¥5.065 billion, down ¥592 million year on year, mainly because the company secured positive operating cash flow of ¥1.082 billion.」
The company secured operating cash flow and reduced net interest-bearing debt by ¥592 million year on year. - FY2022-Q3MitigatedAnnual report
「Total liabilities decreased by ¥111 million from the end of the previous fiscal year to ¥17.49 billion, mainly due to a ¥1.84 billion decrease in borrowings and a ¥1.642 billion increase in other current liabilities.」
Borrowings decreased by ¥1.84 billion from the end of the previous fiscal year, indicating a reduction in risks related to interest-bearing debt, interest rates, and cash flow volatility. - FY2022-Q2MitigatedAnnual report
「Total liabilities decreased by ¥465 million from the end of the previous fiscal year to ¥17.136 billion, mainly due to a ¥733 million decrease in notes and accounts payable, a ¥212 million decrease in electronically recorded obligations, and a ¥1.56 billion decrease in borrowings, despite a ¥2.109 billion increase in other current liabilities.」
Borrowings decreased by ¥1.56 billion from the end of the previous fiscal year, and total liabilities also decreased by ¥465 million. In terms of reducing interest-bearing debt, progress was made in addressing risks related to reliance on borrowings, interest rates, and cash flow volatility. - FY2022-Q1MitigatedAnnual report
「Total liabilities increased by ¥1.249 billion from the end of the previous fiscal year to ¥18.851 billion, mainly due to a ¥2.43 billion increase in other current liabilities, a ¥620 million decrease in notes and accounts payable, and a ¥675 million decrease in borrowings.」
Although total liabilities increased, borrowings decreased by ¥675 million from the end of the previous fiscal year. In terms of reducing interest-bearing debt, the figures indicate a reduction in risk. - FY2021MitigatedAnnual report
「Total liabilities decreased by ¥1.868 billion from the end of the previous fiscal year to ¥17.602 billion, mainly due to an ¥802 million decrease in notes and accounts payable and an ¥880 million decrease in borrowings.」
Total liabilities decreased by ¥1.868 billion and borrowings decreased by ¥880 million, indicating a shift from the previous trend of increasing borrowings toward reducing interest-bearing debt. - FY2021-Q3Total liabilities decreased while borrowings increased slightlyAnnual report
「Total liabilities decreased by ¥1.06 billion from the end of the previous fiscal year to ¥18.409 billion, mainly due to a ¥990 million decrease in notes and accounts payable.」
Total liabilities decreased by ¥1.06 billion from the end of the previous fiscal year, while total borrowings on the balance sheet increased slightly from the end of the previous fiscal year, indicating that borrowings increased while total liabilities decreased. - FY2021-Q2Borrowings increased while total liabilities decreasedAnnual report
「Total liabilities decreased by ¥1.72 billion from the end of the previous fiscal year to ¥17.749 billion, mainly due to a ¥195 million increase in borrowings, a ¥1.688 billion decrease in notes and accounts payable, and a ¥386 million decrease in electronically recorded obligations.」
Borrowings increased by ¥195 million, while total liabilities decreased by ¥1.72 billion due to a decline in accounts payable and other items, indicating that borrowings increased while total liabilities decreased. - FY2021-Q1RestatedAnnual report
「Total liabilities were ¥19.225 billion, down ¥245 million from the end of the previous fiscal year, mainly due to a ¥537 million decrease in notes and accounts payable and a ¥370 million increase in borrowings.」
While borrowings increased by ¥370 million from the end of the previous fiscal year, total liabilities decreased. The previous situation, in which borrowings increased while liquidity on hand was secured, has been reconfirmed. - FY2020Borrowings increased while cash and liquidity on hand also roseAnnual report
「Total liabilities were ¥19.470 billion, up ¥174 million from the end of the previous fiscal year, mainly due to a ¥1.170 billion increase in borrowings and a ¥1.031 billion decrease in notes and accounts payable.」
While borrowings increased by ¥1.170 billion, cash and deposits increased by ¥1.523 billion, resulting in net interest-bearing debt of ¥6.745 billion. - FY2020-Q3WorsenedAnnual report
「Total liabilities were ¥19.396 billion, up ¥100 million from the end of the previous fiscal year, mainly due to a ¥1.635 billion increase in borrowings and a ¥1.545 billion decrease in notes and accounts payable.」
Borrowings at the end of the third quarter increased by ¥1.635 billion from the end of the previous fiscal year, further extending the upward trend in borrowings through the previous quarter. - FY2020-Q2WorsenedAnnual report
「Total liabilities were ¥18.841 billion, down ¥454 million from the end of the previous fiscal year, mainly due to a ¥745 million increase in borrowings and a ¥1.178 billion decrease in notes and accounts payable.」
Although total liabilities decreased, borrowings increased by ¥745 million from the end of the previous fiscal year, showing a different trend from the reduction in interest-bearing debt through the previous fiscal year. - FY2020-Q1WorsenedAnnual report
「Total liabilities were ¥19.610 billion, up ¥314 million from the end of the previous fiscal year, mainly due to a ¥1.230 billion increase in borrowings and a ¥958 million decrease in notes and accounts payable.」
Borrowings increased by ¥1.230 billion from the end of the previous fiscal year, showing a different trend from the reduction in interest-bearing debt described through the previous fiscal year. - FY2019-Q3MitigatedAnnual report
「Total liabilities were ¥20.710 billion, down ¥766 million from the end of the previous fiscal year, mainly due to a ¥610 million decrease in borrowings and a ¥308 million decrease in notes and accounts payable.」
Borrowings decreased by ¥610 million from the end of the previous fiscal year, and the reduction in interest-bearing debt continued. The current quarterly report does not state a new figure for operating cash flow. - FY2019-Q2Borrowings declined while operating cash flow deterioratedAnnual report
「Cash flow from operating activities was an outflow of ¥126 million, compared with an inflow of ¥740 million in the same period of the previous year. This was because the decrease in funds caused mainly by the concentration in the first six months of the current fiscal year of payments for heavy temporary works steel purchased in the previous consolidated fiscal year to meet construction demand in the Tokyo metropolitan area, including a ¥1.782 billion decrease in trade payables, exceeded the increase in funds from pretax quarterly profit of ¥643 million and a ¥652 million decrease in trade receivables.」
Cash flow from operating activities turned from an inflow in the same period of the previous year to an outflow of ¥126 million, with the concentration of payments related to purchases of heavy temporary works steel cited as the reason. - FY2018MitigatedAnnual report
「Meanwhile, borrowings decreased by ¥610 million as interest-bearing debt was reduced, among other factors.」
Borrowings decreased by ¥610 million, indicating progress in reducing interest-bearing debt. The risks associated with borrowing dependence and fluctuations in interest rates and cash flow themselves continue. - FY2017WorsenedAnnual report
「To stabilize and improve the efficiency of our funding base, we had entered into a syndicated loan commitment agreement with three relationship banks, but the agreement expired on 23 February 2017.」
The ¥1.2 billion commitment line described in the previous fiscal year expired during the current fiscal year, leaving total lending commitments of zero at the end of the current fiscal year. - FY2016First statedAnnual report
「Because much of our group's operating funding depends on borrowings from financial institutions, increases in interest-bearing debt or abnormal fluctuations in interest rates and cash flow could affect the operating results and financial position of our group. In addition, to stabilize and improve the efficiency of our funding base, we have entered into a ¥1.2 billion, one-year commitment line agreement with three principal relationship banks, with Mizuho Bank, Ltd. acting as arranger.」
Borrowing dependence and fluctuations in interest rates and cash flow are identified as risks, and a ¥1.2 billion, one-year commitment line is described.