Breach of Financial Covenants Due to Consecutive Ordinary Losses
First written in FY2016. 3 of 10 entries say "Restated". Latest entry: FY2026.
22 other companies' latest entry also says "Other".
- FY2026Update of the base year for financial covenantsAnnual report
「① Maintain consolidated net assets at the end of each fiscal year at 75% or more of the amount for the fiscal year ended March 2025. ② Ensure that ordinary profit or loss reported in the consolidated income statement for each fiscal year does not represent a loss for 2 consecutive fiscal years.」
The base fiscal year for maintaining net assets has been updated from the fiscal year ended March 2024 to the fiscal year ended March 2025, and the requirements to maintain net assets at 75% or more and avoid ordinary losses for 2 consecutive fiscal years remain in place. - FY2025Update of the base year for financial covenantsAnnual report
「① Maintain consolidated net assets at the end of each fiscal year at 75% or more of the amount for the fiscal year ended March 2024. ② Ensure that ordinary profit or loss reported in the consolidated income statement for each fiscal year does not represent a loss for 2 consecutive fiscal years.」
The base fiscal year for maintaining net assets has been updated from the fiscal year ended March 2023 to the fiscal year ended March 2024, and the requirements to maintain net assets at 75% or more and avoid ordinary losses for 2 consecutive fiscal years remain in place. - FY2024Update of the base year for financial covenantsAnnual report
「① Maintain consolidated net assets at the end of each fiscal year at 75% or more of the amount for the fiscal year ended March 2023. ② Ensure that ordinary profit or loss reported in the consolidated income statement for each fiscal year does not represent a loss for 2 consecutive fiscal years.」
The base fiscal year for maintaining net assets has been updated from the fiscal year ended March 2022 to the fiscal year ended March 2023, while the restriction on recording ordinary losses for 2 consecutive fiscal years remains in place. - FY2023Update of the base year for financial covenantsAnnual report
「① Maintain consolidated net assets at the end of each fiscal year at 75% or more of the amount for the fiscal year ended March 2022. ② Ensure that ordinary profit or loss reported in the consolidated income statement for each fiscal year does not represent a loss for 2 consecutive fiscal years.」
The base fiscal year for maintaining net assets has been updated from the fiscal year ended March 2021 to the fiscal year ended March 2022, while the restriction on recording ordinary losses for 2 consecutive fiscal years remains in place. - FY2022Update of the base year for financial covenantsAnnual report
「① Maintain the amount of net assets in the net assets section of the consolidated balance sheet at the end of each fiscal year at 75% or more of the amount for the fiscal year ending March 2021. ② Ensure that ordinary income (loss) reported in the consolidated statement of income for each fiscal year is not a loss for 2 consecutive fiscal periods.」
The base fiscal year for maintaining net assets has been updated from the fiscal year ended March 2020 to the fiscal year ended March 2021, while the restriction on recording ordinary losses for 2 consecutive fiscal years remains in place. - FY2020RestatedAnnual report
「Ensure that ordinary income (loss) reported in the consolidated statement of income for each fiscal year is not a loss for 2 consecutive fiscal periods.」
The Group continues to disclose the financial covenant limiting ordinary losses to 2 consecutive fiscal periods. The fiscal year ending March 2020 recorded ordinary profit. - FY2019RestatedAnnual report
「Ensure that ordinary income (loss) reported in the consolidated statement of income for each fiscal year is not a loss for 2 consecutive fiscal periods.」
The Group continues to disclose the financial covenant limiting ordinary losses to 2 consecutive fiscal periods. The fiscal year ending March 2019 recorded ordinary profit. - FY2018RestatedAnnual report
「Ensure that ordinary income (loss) reported in the consolidated statement of income for each fiscal year is not a loss for 2 consecutive fiscal periods.」
The Group continues to disclose the financial covenant limiting ordinary losses to 2 consecutive fiscal periods. - FY2017MitigatedAnnual report
「Ordinary profit was ¥745 million, up 284.4% year on year.」
The Group reported ordinary profit in both the previous and current fiscal years, reducing the risk of breaching the financial covenant triggered by ordinary losses for 2 consecutive fiscal periods based on the disclosed performance. - FY2016First statedAnnual report
「At the end of the current consolidated fiscal year, ordinary income (loss) reported in the consolidated statement of income was a loss for 3 consecutive fiscal periods, resulting in a breach of the above financial covenants.」
The Group states that it breached a covenant prohibiting ordinary losses for 3 consecutive fiscal periods, against a provision limiting them to 2 consecutive fiscal periods. Another covenant requires net assets to be maintained at no less than 75% of the base-year level.