High Dependence on Interest-Bearing Debt and Interest-Rate Fluctuation Risk
First written in FY2016. 12 of 34 entries say "Worsened", first in FY2017. Latest entry: FY2026.
The whole theme swung hardest in 2020: 63 of 142 companies on the "Worse" side.
- FY2026Lower dependence on interest-bearing debt; higher interest expenseAnnual report
「Total interest-bearing debt (¥ thousand) 11,836,929 11,526,112 11,186,188 Interest-bearing debt ratio (%) 66.4 67.8 63.3 Interest expense (¥ thousand) 140,391 160,063 187,693」
Total interest-bearing debt decreased from ¥11,526 million to ¥11,186 million, and the interest-bearing debt ratio declined from 67.8% to 63.3%, while interest expense increased from ¥160 million to ¥188 million. The ratio is still considered high. - 2026-04-14WorsenedEarnings
「Short-term borrowings increased by ¥202 million and long-term borrowings by ¥317 million, while notes and accounts payable decreased by ¥453 million, among other factors.」
Although total liabilities declined, short-term and long-term borrowings increased. - FY2026-H1Decrease in Short-Term Borrowings and Increase in Long-Term BorrowingsAnnual report
「Total liabilities decreased by ¥173 million from the end of the previous consolidated fiscal year to ¥16,229 million. The main factors included an increase of ¥211 million in long-term borrowings and a decrease of ¥227 million in short-term borrowings.」
While total liabilities declined, long-term borrowings increased by ¥211 million and short-term borrowings decreased by ¥227 million, indicating a change in the funding structure. - FY2025WorsenedAnnual report
「Total interest-bearing debt (¥ thousand) 13,776,210 11,836,929 11,526,112 Interest-bearing debt ratio (%) 70.3 66.4 67.8 Interest expense (¥ thousand) 150,604 140,391 160,063」
While total interest-bearing debt declined, the interest-bearing debt ratio rose from 66.4% to 67.8%, and interest expense increased from ¥140,391 thousand to ¥160,063 thousand. Borrowing-dependence risk is still considered high. - FY2025-H1WorsenedAnnual report
「Total liabilities increased by ¥573 million from the end of the previous consolidated fiscal year to ¥17,798 million. The main factors included increases of ¥488 million in short-term borrowings and ¥305 million in long-term borrowings.」
Total liabilities increased by ¥573 million due to increases of ¥488 million in short-term borrowings and ¥305 million in long-term borrowings, indicating a deterioration in borrowing-dependence risk. - FY2024MitigatedAnnual report
「Total interest-bearing debt (¥ thousand) 13,910,546 13,776,210 11,836,929 Interest-bearing debt ratio (%) 67.2 70.3 66.4 Interest expense (¥ thousand) 150,975 150,604 140,391」
Total interest-bearing debt declined from ¥13,776 million in the previous fiscal year to ¥11,837 million, the ratio declined from 70.3% to 66.4%, and interest expense also decreased. However, it states that the ratio remains high. - FY2024-Q3Interest-bearing debt and liquidity declined, while high levels continuedAnnual report
「At the end of the third quarter of the current consolidated fiscal year, the Group had ¥12,459 million in interest-bearing debt, which was high relative to cash and other liquid funds of ¥431 million. Accordingly, events or conditions exist that raise substantial doubt about the Group's ability to continue as a going concern.」
Interest-bearing debt decreased from ¥13,618 million in the previous quarter to ¥12,459 million, while cash and other liquid funds also declined from ¥1,239 million to ¥431 million. The filing states that reliance on borrowings remains high. - FY2024-Q2Interest-bearing debt and liquidity declined, while high levels continuedAnnual report
「At the end of the second quarter of the current consolidated fiscal year, the Group had ¥13,618 million in interest-bearing debt, which was high relative to cash and other liquid funds of ¥1,239 million. Accordingly, events or conditions exist that raise substantial doubt about the Group's ability to continue as a going concern.」
Interest-bearing debt decreased from ¥13,910 million at the end of the previous consolidated fiscal year to ¥13,618 million, while cash and other liquid funds stood at ¥1,239 million, indicating that reliance on borrowings remains high. - FY2024-Q1Interest-bearing debt and liquidity improved but remained highAnnual report
「At the end of the first quarter of the current consolidated fiscal year, our group's interest-bearing debt of ¥13,901 million was high relative to cash on hand and other liquidity of ¥1,706 million. Accordingly, events or circumstances existed that raised substantial doubt about the going-concern assumption.」
Interest-bearing debt edged down from ¥13,910 million at the end of the previous consolidated fiscal year to ¥13,901 million, while cash and other liquid funds increased to ¥1,706 million. However, it states that reliance on borrowings remains high. - FY2023-Q3WorsenedAnnual report
「Our group's interest-bearing debt was ¥14,750 million, a high level relative to cash on hand and other liquidity of ¥971 million in cash and deposits,」
Interest-bearing debt increased from ¥14,370 million in the previous quarter to ¥14,750 million, and dependence on borrowings remained high. - FY2023-Q2Interest-bearing debt edged down but remained highAnnual report
「Our group's interest-bearing debt was ¥14,370 million, a high level relative to cash on hand and other liquidity of ¥943 million in cash and deposits,」
Interest-bearing debt decreased slightly from ¥14,463 million in the previous quarter to ¥14,370 million, but the situation of a high level relative to cash on hand and other liquidity continued. - FY2023-Q1WorsenedAnnual report
「Our group's interest-bearing debt was ¥14,463 million, a high level relative to cash on hand and other liquidity of ¥675 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt increased from ¥13,910 million at the end of the previous consolidated fiscal year to ¥14,463 million, while cash and deposits decreased from ¥766 million to ¥675 million. High dependence on borrowings and requests for support from financial institutions continued. - FY2022Interest-bearing debt and dependence declined but remained highAnnual report
「Total interest-bearing debt (¥ thousand): 13,910,546 Dependence on interest-bearing debt (%): 67.2 Interest expense (¥ thousand): 150,975」
Total interest-bearing debt decreased from ¥14,860.842 million in the previous fiscal year to ¥13,910.546 million, and dependence declined from 68.4% to 67.2%, but the disclosure states that both remained at high levels. - FY2022-Q3Interest-bearing debt decreased but remained highAnnual report
「Our group's interest-bearing debt was ¥14,384 million, a high level relative to cash on hand and other liquidity of ¥783 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt decreased from ¥14,550 million in the previous quarter to ¥14,384 million, but remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2022-Q2Interest-bearing debt edged up but remained highAnnual report
「In addition to the above operating results, our group's interest-bearing debt was ¥14,550 million, a high level relative to cash on hand and other liquidity of ¥833 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt edged up from ¥14,515 million in the previous quarter to ¥14,550 million, while dependence on borrowings remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2022-Q1Interest-bearing debt decreased but remained highAnnual report
「Our group's interest-bearing debt was ¥14,515 million, a high level relative to cash on hand and other liquidity of ¥973 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt decreased from ¥17,660 million in the previous quarter to ¥14,515 million, but remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2021-Q3Interest-bearing debt decreased but remained highAnnual report
「In addition, our group's interest-bearing debt was ¥17,660 million, a high level relative to cash on hand and other liquidity of ¥1,929 million in cash and deposits,」
Interest-bearing debt decreased from ¥18,332 million in the previous quarter to ¥17,660 million, but dependence on borrowings remained high relative to cash on hand and other liquidity. - FY2021-Q2WorsenedAnnual report
「Interest-bearing debt was ¥18,332 million, a high level relative to cash on hand and other liquidity of ¥2,451 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt increased from ¥16,858 million in the previous quarter to ¥18,332 million. Although cash and deposits increased, dependence on borrowings remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2021-Q1Interest-bearing debt decreased but remained highAnnual report
「Our group's interest-bearing debt was ¥16,858 million, a high level relative to cash on hand and other liquidity of ¥771 million in cash and deposits. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt decreased from ¥19,272 million in the previous quarter to ¥16,858 million, but remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2020-Q3WorsenedAnnual report
「Our group's interest-bearing debt was ¥19,272 million, a high level relative to cash on hand and other liquidity of ¥657 million in cash and deposits. In addition, the spread of COVID-19 is expected to affect future operating performance, and the group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt was ¥19,272 million and cash and deposits were ¥657 million, indicating continued high dependence on borrowings and requests for support from financial institutions. - FY2020-Q2Interest-bearing debt edged down but remained highAnnual report
「Our group's interest-bearing debt was ¥18,380 million, a high level relative to cash on hand and other liquidity. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
Interest-bearing debt decreased from ¥18,705 million in the previous quarter to ¥18,380 million, but remained high relative to cash on hand and other liquidity, and requests for support from financial institutions continued. - FY2020-Q1WorsenedAnnual report
「Our group's interest-bearing debt was ¥18,705 million, a high level relative to cash on hand and other liquidity. The group continues to request support from its financial institutions, led by its main bank, on the premise of implementing management improvements.」
The disclosure states that interest-bearing debt reached ¥18,705 million, a high level relative to cash on hand and other liquidity, and that the company has requested support from financial institutions on the premise of implementing management improvements. - FY2019-Q3Increase in short-term borrowings; decrease in total liabilitiesAnnual report
「Total liabilities were ¥26,447 million, a decrease of ¥464 million from the end of the previous consolidated fiscal year. The main factors included a ¥1,376 million increase in short-term borrowings, offset by decreases of ¥1,018 million in notes and accounts payable and ¥409 million in long-term borrowings.」
Although total liabilities decreased, short-term borrowings increased by ¥1,376 million, resulting in opposing movements in the financing structure. - FY2019-Q2WorsenedAnnual report
「Total liabilities were ¥27,080 million, an increase of ¥168 million from the end of the previous consolidated fiscal year. The main factors included a ¥282 million decrease in notes and accounts payable and a ¥670 million increase in short-term borrowings.」
Total liabilities increased, and short-term borrowings also rose by ¥670 million, indicating that the risk associated with high dependence on interest-bearing debt continues. - FY2019-Q1WorsenedAnnual report
「Total liabilities increased by ¥134 million from the end of the previous consolidated fiscal year to ¥27,047 million. The main factors included a ¥315 million decrease in long-term borrowings and a ¥1,021 million increase in short-term borrowings.」
While long-term borrowings decreased, short-term borrowings increased by ¥1,021 million, and total liabilities also increased from the end of the previous consolidated fiscal year. - FY2018WorsenedAnnual report
「Total interest-bearing debt (¥ thousand): 16,272,445 Dependence on interest-bearing debt (%): 55.9」
Total interest-bearing debt increased from ¥16,152.262 million in the previous fiscal year to ¥16,272.445 million, while dependence on interest-bearing debt rose from 53.3% to 55.9%. - FY2018-Q3RestatedAnnual report
「During the current third-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2018-Q2RestatedAnnual report
「During the current second-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2018-Q1RestatedAnnual report
「During the current first-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The risk section explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2017WorsenedAnnual report
「Our group has a high level of dependence on interest-bearing debt because it primarily finances the acquisition of production facilities for its lumber business, store equipment for its distribution business, real estate for sale in its housing business, rental facilities for its real estate leasing business, and consumer lending funds in its distribution business through borrowings from financial institutions.」
Dependence on interest-bearing debt rose from 50.9% in the fiscal year ended May 2016 to 53.7% in the fiscal year ended May 2017, while total interest-bearing debt increased from ¥14,695.762 million to ¥16,152.262 million. - FY2017-Q3RestatedAnnual report
「During the current third-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2017-Q2RestatedAnnual report
「During the current second-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2017-Q1RestatedAnnual report
「During the current first-quarter consolidated cumulative period, no new business or other risks arose. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company explicitly states that there have been no material changes in the high dependence on interest-bearing debt and interest rate risk. - FY2016First statedAnnual report
「The company has a high level of dependence on interest-bearing debt. Accordingly, fluctuations in interest rates could affect operating results and financial position.」
The disclosure states that total interest-bearing debt was ¥14,695.762 million, dependence on interest-bearing debt was 50.9%, and interest expense was ¥206.128 million for the fiscal year ended May 2016.