Debt Repayment and Liquidity Risks

「This was attributable to factors increasing liabilities, including a ¥100 million net increase in short-term borrowings, a ¥30 million increase in accounts payable and a ¥13 million increase in deposits received included in “Other” current liabilities, despite factors reducing liabilities, including a ¥71 million decrease in the provision for bonuses, a ¥34 million decrease resulting from repayments of long-term borrowings, a ¥19 million decrease in consumption taxes payable and other items included in “Other” current liabilities, a ¥12 million decrease in accrued expenses included in “Other” current liabilities, and a ¥16 million decrease in accounts payable and other current liabilities.」

「Interest-bearing debt, including borrowings, stood at ¥740 million at the end of the current consolidated fiscal year following repayments, a substantial decrease from ¥1,430 million at the end of the previous consolidated fiscal year. Cash and cash equivalents stood at ¥774 million at the end of the current consolidated fiscal year.」

「Cash and cash equivalents, hereinafter referred to as “funds,” decreased by ¥708 million from the end of the previous consolidated fiscal year to ¥695 million during the interim consolidated accounting period.” “Short-term borrowings decreased by a net ¥100 million, and long-term borrowings decreased by ¥69 million due to repayments.”」

「Interest-bearing debt, including borrowings, stood at ¥1,430 million at the end of the current consolidated fiscal year following repayments, a substantial decrease from ¥2,987 million at the end of the previous consolidated fiscal year. Cash and cash equivalents stood at ¥1,403 million at the end of the current consolidated fiscal year.」

「Cash and cash equivalents, hereinafter referred to as “funds,” decreased by ¥1,108 million from the end of the previous consolidated fiscal year to ¥915 million during the interim consolidated accounting period. ” “Short-term borrowings and long-term borrowings due for repayment within one year decreased by ¥1,404 million, reflecting the difference between repayment of existing borrowings and new borrowings.” “Funds used in financing activities amounted to ¥1,110 million.”」

「Cash and cash equivalents, hereinafter referred to as “funds,” decreased by ¥785 million from the end of the previous consolidated fiscal year to ¥2,024 million at the end of the current consolidated fiscal year.” “Net decrease of ¥555 million due to repayment of short-term borrowings and other factors」

「The decrease was attributable to factors reducing assets, including an ¥887 million decrease in cash and deposits and a ¥21 million decrease in security deposits paid due to the replacement of store security deposits following conversion to franchise stores and other factors.” “The decrease was attributable to factors including a net decrease of ¥555 million due to repayment of short-term borrowings and other factors, a ¥34 million decrease due to repayment of long-term borrowings, including long-term borrowings due for repayment within one year, and a ¥10 million decrease due to redemption of bonds.」

「Cash and cash equivalents, hereinafter referred to as “funds,” decreased by ¥1,246 million from the end of the previous consolidated fiscal year to ¥1,563 million during the cumulative second quarter of the current consolidated fiscal year.」

「At the end of the first quarter of the current consolidated fiscal year, total assets were ¥4,014 million, down ¥845 million from the end of the previous consolidated fiscal year. This was due to factors reducing assets, including a ¥718 million decrease in cash and deposits, a ¥99 million decrease in accounts receivable, and a ¥45 million decrease in merchandise and finished goods, despite factors increasing assets, including a ¥7 million increase in advances included in “Other” under current assets and a ¥6 million increase in prepaid expenses included in “Other” under current assets.」

「Cash and cash equivalents stood at ¥2,810 million at the end of the consolidated fiscal year.」

「Liabilities at the end of the third-quarter consolidated accounting period increased by ¥291 million from the end of the previous consolidated fiscal year to ¥4,266 million. Although there were factors reducing liabilities, including a ¥20 million decrease due to redemption of bonds, a ¥17 million decrease in income taxes payable and a ¥10 million decrease in provisions for bonuses, liabilities increased due to factors including a ¥119 million increase in accounts payable, a ¥108 million increase in other payables, a ¥75 million increase in consumption taxes payable included in Other current liabilities and a ¥20 million increase in short-term borrowings.」

「Cash and cash equivalents, hereinafter referred to as funds, decreased by ¥236 million from the end of the previous consolidated fiscal year to ¥1,459 million during the second-quarter consolidated cumulative period, due to losses recorded as a result of the impact of COVID-19 and other factors.」

「Liabilities at the end of the first-quarter consolidated accounting period decreased by ¥60 million from the end of the previous consolidated fiscal year to ¥3,914 million. Although there were factors increasing liabilities, including a ¥10 million increase in short-term borrowings and a ¥9 million increase in provisions for shareholder benefits, liabilities decreased due to factors including a ¥29 million decrease in accounts payable, a ¥19 million decrease in provisions for bonuses, a ¥17 million decrease in income taxes payable and a ¥10 million decrease due to redemption of bonds.」

「Cash and cash equivalents stood at ¥1,695 million at the end of the consolidated fiscal year.」

「Liabilities at the end of the third-quarter consolidated accounting period increased by ¥140 million from the end of the previous consolidated fiscal year to ¥4,227 million. Although there were factors reducing liabilities, including a ¥70 million decrease due to redemption of bonds, liabilities increased due to factors including a ¥71 million increase in other payables, a ¥70 million increase in short-term borrowings and a ¥68 million increase in accounts payable associated with the busy season.」

「Cash and cash equivalents, hereinafter referred to as funds, decreased by ¥235 million from the end of the previous consolidated fiscal year to ¥1,160 million during the second-quarter consolidated cumulative period, due to losses recorded as a result of the impact of COVID-19 and other factors.」

「Liabilities at the end of the first-quarter consolidated accounting period decreased by ¥228 million from the end of the previous consolidated fiscal year to ¥3,858 million. Although there were factors increasing liabilities, including an ¥11 million provision for shareholder benefit obligations and a ¥10 million increase in short-term borrowings, liabilities decreased due to factors including a ¥164 million decrease in accounts payable, a ¥35 million decrease in other payables and a ¥10 million decrease due to redemption of bonds.」

「The balance of short-term borrowings and long-term borrowings due for repayment within 1 year exceeds cash flow from operating activities」

「Liabilities at the end of the third-quarter consolidated accounting period increased by ¥1,141 million from the end of the previous consolidated fiscal year to ¥4,334 million. Although there were factors reducing liabilities, including a ¥30 million decrease due to redemption of bonds, liabilities increased due to factors including a net ¥900 million increase in short-term borrowings to secure working capital in response to the impact of COVID-19 and a ¥274 million increase in accounts payable associated with the busy season.」

「Liabilities at the end of the second-quarter consolidated accounting period increased by ¥780 million from the end of the previous consolidated fiscal year to ¥3,974 million. This was due to factors increasing liabilities, including a net ¥900 million increase in short-term borrowings to secure working capital in response to the impact of COVID-19 and a ¥100 million increase from raising long-term borrowings, despite factors reducing liabilities, including …」

「Although there were factors reducing liabilities, including an ¥83 million decrease in accounts payable and other payables, a ¥42 million decrease due to repayment of long-term borrowings and a ¥10 million decrease due to redemption of bonds, liabilities increased due to factors including a net ¥450 million increase in short-term borrowings to secure working capital in response to the impact of COVID-19.」

「At the end of the consolidated fiscal year, the balance of short-term borrowings and long-term borrowings due for repayment within 1 year exceeded cash flow from operating activities, but the Company is in a position to obtain a certain level of understanding from its lending financial institutions regarding funding for future repayments.」

「Although there were factors reducing liabilities, including a ¥25 million decrease due to payments of income taxes payable and other items, a ¥30 million decrease due to redemption of bonds and a ¥24 million decrease due to payments of consumption taxes payable and other items, liabilities increased due to factors including a net ¥371 million increase in borrowings from refinancing long-term borrowings, including those due for repayment within 1 year, and short-term borrowings under a newly executed syndicated loan and other facilities, as well as a ¥214 million increase in accounts payable associated with the busy season.」

「Cash and cash equivalents at the end of the second-quarter consolidated accounting period decreased by ¥257 million from the end of the previous consolidated fiscal year to ¥633 million due to borrowings under a newly entered syndicated loan and other facilities, the acquisition of property, plant and equipment for store renovations and losses incurred during the off-season.」

「Although there were factors increasing liabilities, including a ¥38 million increase in unpaid amounts for equipment, liabilities decreased due to factors including an ¥84 million decrease in accounts payable during the off-season, a ¥45 million decrease due to repayment of long-term borrowings, a ¥10 million decrease due to redemption of bonds and a ¥28 million decrease due to payments of consumption taxes payable and other items.」

「Because the repayment date of September 2019 under the syndicated loan agreement entered into in September 2016 following a review of borrowing terms had arrived, ¥1,260 million in long-term borrowings was reclassified as long-term borrowings due for repayment within 1 year.」

「Liabilities at the end of the second-quarter consolidated accounting period increased by ¥209 million from the end of the previous consolidated fiscal year to ¥3,280 million. Although there were factors reducing liabilities, including a ¥90 million decrease due to repayment of long-term borrowings and a ¥46 million decrease in accounts payable due to the off-season, liabilities increased due to factors including the issuance of ¥200 million in bonds and a net increase of ¥195 million in short-term borrowings. In addition, because the repayment date of September 2019 under the syndicated loan agreement entered into in September 2016 following a review of borrowing terms had arrived, ¥1,260 million in long-term borrowings was reclassified as long-term borrowings due for repayment within 1 year.」

「Total lending commitments ¥1,300.000 million Drawn borrowings ¥1,001.000 million Undrawn amount ¥299.000 million」

「Cash and cash equivalents decreased by ¥484 million to ¥554 million at the end of the consolidated fiscal year due to an increase in inventory from bulk purchases of tiger pufferfish, repayment of long-term borrowings and the acquisition of property, plant and equipment. Funds used in operating activities amounted to ¥189 million, compared with ¥165 million generated in the previous fiscal year.」

「Total lending commitments ¥1,300.000 million Drawn borrowings ¥1,300.000 million Undrawn amount ¥0 million」

「Cash and cash equivalents, hereinafter referred to as funds, decreased by ¥411 million from the end of the previous fiscal year to ¥627 million at the end of the second quarter, due to the use of funds to cover losses incurred during the off-season and advance payments for purchases of tiger pufferfish ahead of the busy season.」

「Although the balance of short-term borrowings due within 1 year and long-term borrowings due for repayment within 1 year exceeds cash flow from operating activities, the Company is in a position to obtain a certain level of understanding from its lending financial institutions regarding funding for future repayments.」

「As a result, the Company secured working capital on a stable and efficient basis, became better positioned to raise funds flexibly going forward, and improved its financial position.」

「With the primary objectives of strengthening its financial position and securing stable working capital, the company received total proceeds of approximately ¥500 million through a third-party allotment of shares in July. It subsequently arranged a syndicated loan in September and revised its borrowing terms, which had been an important management issue. As a result, the company secured working capital on a stable and efficient basis, made it easier to raise funds flexibly going forward, and improved its financial position.」

「Equity ratio 4.8% / Short-term borrowings ¥1,260.584 million / Long-term borrowings due for repayment within 1 year ¥1,840.314 million」

「The balance of short-term borrowings due within 1 year and long-term borrowings due for repayment within 1 year substantially exceeds cash flow from operating activities.」