Fixed rent and financing risks associated with sale-and-leaseback transactions
First written in FY2016. 2 of 4 entries say "Restated". Latest entry: FY2021.
No other company in this theme has enough history to compare yet.
- FY2021RestatedAnnual report
「The Group operates the majority of its stores in leased buildings. As a result, the fixing of rental expenses and restrictions on lease terms may affect the Group's business development and operating results.」
Fixed rents and lease-term restrictions associated with leasing the majority of stores continued to be described. - FY2018RestatedAnnual report
「The Group operates the majority of its stores in leased buildings. As a result, the fixing of rental expenses and restrictions on lease terms may affect the Group's business development and performance.」
Fixed rents and lease-term restrictions associated with leased properties continued to be described as risks. - FY2017ReframedAnnual report
「The Group operates the majority of its stores in leased buildings. As a result, the fixing of rental expenses and restrictions on lease terms may affect the Group's business development and performance.」
The risk description was reorganized from the previous explanation of reduced collateral capacity due to sale-and-leaseback transactions to fixed rents and lease-term restrictions associated with the majority of properties being leased. - FY2016First statedAnnual report
「To strengthen its financial position, the Group pursued sale-and-leaseback transactions, a method of continuing operations by selling store assets and leasing them back, resulting in the majority of its stores becoming leased properties. As a result, the fixing of rental expenses and other factors may affect the Group's business development and performance. In addition, the decline in owned real estate may make it more difficult than before to raise funds through borrowings secured by real estate or to refinance such borrowings.」
The disclosure stated that measures to strengthen the financial position may result in fixed rental obligations and reduced collateral capacity.