Risks Related to Financial Covenants and Interest-Bearing Debt Management
First written in FY2016. 2 of 3 entries say "Restated". Latest entry: FY2018.
The whole theme swung hardest in 2017: 8 of 55 companies on the "Worse" side.
42 other companies' latest entry also says "Restated".
- FY2018RestatedAnnual report
「To raise funds efficiently, the group has entered into syndicated loan agreements with financial institutions, which contain financial covenants. If these covenants are breached, the group may be required to repay the borrowings, which could affect its business performance and financial condition.」
The company continues to identify as a risk the financial covenants under its syndicated loans and the possibility that borrowings may become repayable if the covenants are breached. - FY2017RestatedAnnual report
「1. The amount of net assets in the consolidated and non-consolidated balance sheets at the end of each fiscal year and the second quarter must be maintained at 75% or more of the corresponding amount in the previous year. 2. Neither the consolidated nor non-consolidated entity may record ordinary losses for 2 consecutive periods. 3. Interest-bearing debt at the end of each fiscal year and the second quarter must be ¥28 billion or less on a consolidated basis and ¥23 billion or less on a non-consolidated basis.」
The company continues to disclose financial covenants relating to net assets, consecutive ordinary losses and interest-bearing debt limits under its syndicated loan. - FY2016First statedAnnual report
「Interest-bearing debt at the end of each fiscal year and the second quarter must be ¥28 billion or less on a consolidated basis and ¥23 billion or less on a non-consolidated basis.」
The company discloses financial covenants under its syndicated loan agreement requiring the maintenance of net assets, avoidance of consecutive ordinary losses and limits on interest-bearing debt.