Risk of Breaching Financial Covenants under a Syndicated Loan
First written in FY2017-Q1. 21 of 26 entries say "Restated". Latest entry: FY2026.
44 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods continue to be disclosed, with no mention that they were breached during the current fiscal year. - FY2026-H1RestatedAnnual report
「(1) The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants for the syndicated loan, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, continue to be disclosed. There is no mention of a breach or covenant amendment. - FY2025-H1AdvancedAnnual report
「(2) The borrowings under the loan agreement executed on 25 March 2024 and drawn down on 28 June 2024 are subject to the following financial covenants. ① The amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ended March 2024 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2023. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ended March 2024 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants for the new loan agreement executed in March 2024 and drawn down in June 2024, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, have been disclosed. - FY2024-Q2RestatedAnnual report
「(1) The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years. The first compliance determination under this provision will cover the fiscal year ended March 2020 and the preceding fiscal year.」
The financial covenants requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years continue to be disclosed, with no mention of a breach or covenant amendment. - FY2024-Q1RestatedAnnual report
「The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years.」
The financial covenants for the syndicated loans executed in August 2018 and December 2020 continue to be disclosed, with no mention of a breach or covenant amendment. - FY2023-Q3RestatedAnnual report
「① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years.」
The financial covenants relating to the syndicated loan, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive fiscal years, continue to be disclosed. There is no mention of a breach or covenant amendment. - FY2023-Q1RestatedAnnual report
「(1) The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years.」
The financial covenants relating to the syndicated loan executed in August 2018, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive fiscal years, continue to be disclosed. - FY2022RestatedAnnual report
「(2) The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the total amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods continue to be disclosed, with no mention of a breach or covenant amendment. - FY2022-Q3RestatedAnnual report
「The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the total amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants relating to the syndicated loan executed in December 2020, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, have been reiterated. There is no mention of a breach or covenant amendment. - FY2022-Q2RestatedAnnual report
「(2) The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the total amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants for the syndicated loan executed in December 2020, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, continue to be disclosed. There is no mention of a breach or covenant amendment. - FY2022-Q1RestatedAnnual report
「The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the total amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants for the syndicated loan executed in December 2020, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, continue to be disclosed. - FY2021AdvancedAnnual report
「(4) The borrowings under the syndicated loan agreement executed on 30 December 2020 are subject to the following financial covenants. ① The total amount of consolidated shareholders’ equity shown on the consolidated balance sheet at the end of the fiscal year ending March 2021 and each subsequent fiscal year must be maintained at or above an amount equivalent to 75% of the total amount of consolidated shareholders’ equity shown at the end of the fiscal year ended March 2020. ② Ordinary income or loss shown on the consolidated statements of income at the end of the fiscal year ending March 2021 and each subsequent fiscal year must not be a loss for 2 consecutive periods.」
The financial covenants for the new syndicated loan executed in December 2020, requiring shareholders’ equity to be maintained at 75% or more and avoiding ordinary losses for 2 consecutive periods, have been disclosed. - FY2021-Q1RestatedAnnual report
「(2) The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years. The first compliance determination under this provision will cover the fiscal year ended March 2020 and the preceding fiscal year.」
The financial covenants requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years continue to be disclosed. There is no mention of any covenant amendment or breach in connection with the quarterly loss. - FY2020-Q3RestatedAnnual report
「(3) The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years.」
The financial covenants for the syndicated loan executed in August 2018, requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years, continue to be disclosed. - FY2020-Q2AdvancedAnnual report
「(3) The borrowings under the syndicated loan agreement executed on 29 August 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2019 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2018. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2019, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years. The first compliance determination under this provision will cover the fiscal year ended March 2020 and the preceding fiscal year.」
The financial covenants for the syndicated loan executed in August 2018, requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years, have been disclosed. - FY2019-Q3RestatedAnnual report
「(2) The borrowings under the syndicated loan agreement executed on 28 March 2018 are subject to the following financial covenants. ① From the fiscal year ended March 2018 onward, the amount of consolidated shareholders’ equity at the end of each fiscal year must be maintained at 75% or more of the amount of consolidated shareholders’ equity at the end of the fiscal year ended March 2017. ② For any consecutive 2-fiscal-year period beginning with the fiscal year ended March 2018, ordinary income or loss reported in the consolidated statements of income for each fiscal year must not be a loss for 2 consecutive fiscal years. The first compliance determination under this provision will cover the fiscal year ended March 2019 and the preceding fiscal year.」
The financial covenants for the syndicated loan executed in March 2018, requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years, have been reconfirmed. - FY2019-Q2RestatedAnnual report
「The borrowings, consisting of syndicate loan agreements executed on 31 March 2016 and 8 June 2016, are subject to the following financial covenants. ① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years. The first assessment of compliance with this provision will cover the fiscal year ending March 2017 and the immediately preceding fiscal year.」
The financial covenant requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years has been reiterated. - FY2019-Q1RestatedAnnual report
「The borrowings, consisting of syndicate loan agreements executed on 31 March 2016 and 8 June 2016, are subject to the following financial covenants. ① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years. The first assessment of compliance with this provision will cover the fiscal year ending March 2017 and the immediately preceding fiscal year.」
The financial covenant requiring shareholders’ equity to be maintained at 75% or more and preventing ordinary losses in 2 consecutive fiscal years has been reiterated. - FY2018AdvancedAnnual report
「Based on a resolution of the Board of Directors meeting held on 28 March 2018, the Company entered into a syndicate loan agreement arranged by Mizuho Bank, Ltd. The agreement is for ¥3.8 billion and is a term loan with a commitment period. As financial covenants, it stipulates that from the fiscal year ending March 2018 onward, the amount of net assets must be maintained at 75% or more of the amount at the end of the fiscal year ended March 2017, and that ordinary profit and loss must not be a loss for 2 consecutive fiscal years.」
The Company entered into a new ¥3.8 billion syndicate loan agreement to fund development for the fourth phase and disclosed financial covenants based on a different reference fiscal year from the previous covenants. - FY2018-Q3RestatedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years.」
The financial covenant requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years is being reiterated. - FY2018-Q2RestatedAnnual report
「The borrowings, consisting of syndicate loan agreements executed on 31 March 2016 and 8 June 2016, are subject to the following financial covenants. ① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years.」
The financial covenant requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years is being reiterated. - FY2018-Q1RestatedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years. The first assessment of compliance with this provision will cover the fiscal year ending March 2017 and the immediately preceding fiscal year.」
The financial covenant requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years is being reiterated. - FY2017RestatedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years.」
The financial covenant requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years was reiterated. - FY2017-Q3RestatedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years. The first assessment of compliance with this provision will cover the fiscal year ending March 2017 and the immediately preceding fiscal year.」
The financial covenants requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years were reiterated for the syndicate loan. - FY2017-Q2RestatedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years.」
The financial covenants requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years were reiterated for the syndicate loan. - FY2017-Q1First statedAnnual report
「① From the fiscal year ending March 2016 onward, maintain the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of each fiscal year at no less than 75% of the amount of consolidated net assets shown under net assets on the consolidated balance sheet at the end of the fiscal year ended March 2015. ② For 2 consecutive fiscal years beginning with the fiscal year ending March 2016, ensure that ordinary profit and loss shown on the consolidated income statement for each fiscal year does not constitute a loss for 2 consecutive fiscal years.」
The syndicate loan after refinancing was disclosed as having financial covenants requiring consolidated net assets to be maintained at 75% or more and prohibiting ordinary losses for 2 consecutive fiscal years.