Higher interest rates and potential breaches of financial covenants
First written in FY2016. 11 of 14 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2017: 8 of 54 companies on the "Worse" side.
40 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The Group has entered into loan agreements containing the financial covenants set out below.」
The company continues to disclose borrowing agreements containing financial covenants requiring net assets to be maintained at no less than 75% of the benchmark amount and prohibiting ordinary income or loss from being a loss for 2 consecutive periods, among other requirements. - FY2025New disclosure of borrowing agreements with financial covenantsAnnual report
「The Group has entered into loan agreements containing the financial covenants set out below.」
For loan agreements of ¥6,000 million and ¥13,000 million entered into in 2024, the company specifically disclosed financial covenants requiring net assets to be maintained at no less than 75% of the benchmark amount and prohibiting ordinary income or loss from being a loss for 2 consecutive periods, among other requirements. - FY2022-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current fiscal year, there were no new business or other risks, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company stated that there had been no new occurrence or material change in existing business and other risks, including the possibility of higher interest rates and breaches of financial covenants. - FY2020MitigatedAnnual report
「In order to mitigate the impact of interest-rate fluctuations on operating results, the Group seeks to address short-term interest-rate risk primarily by raising funds through long-term borrowings at fixed interest rates.」
While continuing to disclose the risks of higher interest rates and financial covenants, the company specified the use of long-term fixed-rate borrowings as a measure to address short-term interest-rate increases. - FY2020-Q3RestatedAnnual report
「During the nine-month consolidated period, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company continues to treat higher interest rates and the possibility of breaching financial covenants as involving no new risks or material changes. - FY2020-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current fiscal year, there were no new business or other risks, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company continues to treat higher interest rates and the possibility of breaching financial covenants as involving no new risks or material changes. - FY2019RestatedAnnual report
「The Group is working to reduce interest-bearing debt, but a substantial rise in interest rates could affect the Group's financial position and operating results.」
While working to reduce interest-bearing debt, the Group continues to disclose the potential impact of a substantial rise in interest rates. - FY2019-Q3RestatedAnnual report
「During the nine-month consolidated period, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company continues to state that there are no new risks or material changes concerning higher interest rates and the possibility of breaching financial covenants. - FY2019-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current fiscal year, there were no new business or other risks, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company stated that there were no new risks or material changes concerning higher interest rates and the possibility of breaching financial covenants. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the previous fiscal year's securities report.」
The company stated that there were no new risks or material changes concerning higher interest rates and the possibility of breaching financial covenants. - FY2018-Q3RestatedAnnual report
「During the nine-month consolidated period, there were no new business or other risks, and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company stated that there were no new risks or material changes concerning higher interest rates and the possibility of breaching financial covenants. - FY2018-Q2RestatedAnnual report
「During the six-month period ended the second quarter of the current fiscal year, there were no new business or other risks, and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company stated that there were no new risks or material changes concerning higher interest rates and the possibility of breaching financial covenants. - FY2017RestatedAnnual report
「The company has entered into syndicated term loan agreements containing financial covenants based on the amount of net assets in the equity section of the consolidated balance sheet at the end of each fiscal year and ordinary income or loss in the consolidated statement of income for each fiscal year. If these covenants are breached, repayment of the borrowings may be demanded, which could affect the company's financial position and operating results.」
The possibility of higher interest rates and breaches of financial covenants was reiterated without change. - FY2016First statedAnnual report
「The company has entered into syndicated term loan agreements containing financial covenants based on the amount of net assets in the equity section of the consolidated balance sheet at the end of each fiscal year and ordinary income or loss in the consolidated statement of income for each fiscal year. If these covenants are breached, repayment of the borrowings may be demanded, which could affect the company's financial position and operating results.」
In addition to the risk of higher interest rates, the company disclosed financial covenants based on net assets and ordinary income or loss, as well as the possibility that repayment could be demanded in the event of a breach.