Compliance with Borrowing Agreements with Financial Covenants
First written in FY2025. 1 of 2 entries say "Worsened", first in FY2026. Latest entry: FY2026.
Okada Aiyon moved to the "Worse" side of this theme in 2026, 3 years after the typical company in this theme (2023).
16 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The bonds with subscription rights to shares are subject to the following financial covenants: ・Ensure that, at each interim period-end and fiscal year-end from the fiscal year ending March 2025 onward, consolidated total net assets shown on the consolidated balance sheet do not fall below 75% of consolidated total net assets shown on the consolidated balance sheet at the end of the immediately preceding fiscal year. ・Ensure that consolidated ordinary profit shown on the consolidated income statement is not a loss at each interim period-end and fiscal year-end from the fiscal year ending March 2025 onward.」
In addition to the existing revolving credit facility, the bonds with subscription rights to shares are subject to financial covenants requiring net assets to be maintained at 75% and ordinary losses to be avoided. There was no breach at the end of the fiscal year. - FY2025First statedAnnual report
「Of the short-term borrowings, ¥3,300 million under the revolving credit facility agreement dated 19 February 2024 is subject to the following financial covenants: ・Maintain total net assets at no less than 75% of the greater of total net assets at the end of the fiscal year ended March 2023 or at the end of the previous fiscal year. ・Do not record ordinary losses for 2 consecutive fiscal years. The company was not in breach of these financial covenants at the end of the consolidated fiscal year.」
The ¥3.3 billion revolving credit facility includes financial covenants requiring the maintenance of net assets and avoidance of ordinary losses for 2 consecutive fiscal years. There was no breach at the end of the fiscal year.