Risk of Loss of Benefit of Time Due to Breach of Financial Covenants on Borrowings
First written in FY2016. 5 of 8 entries say "Mitigated", first in FY2018. Latest entry: FY2026.
Janome moved to the "Worse" side of this theme in 2026, 3 years after the typical company in this theme (2023).
17 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Of the borrowings in the previous consolidated fiscal year, ¥1,100 million, and of the borrowings in the current consolidated fiscal year, ¥2,320 million, are subject to financial covenants.」
Borrowings subject to financial covenants increased from ¥1,100 million to ¥2,320 million. The covenants requiring the maintenance of shareholders’ equity and avoidance of operating losses remain in effect. - FY2025MitigatedAnnual report
「Of the borrowings in the previous consolidated fiscal year, ¥1,900 million, and of the borrowings in the current consolidated fiscal year, ¥1,100 million, are subject to financial covenants.」
Borrowings subject to financial covenants decreased from ¥1,900 million to ¥1,100 million. The covenants requiring the maintenance of shareholders’ equity and avoidance of operating losses remain in effect. - FY2023MitigatedAnnual report
「Of our borrowings, ¥3,780 million in the previous consolidated fiscal year and ¥2,400 million in the current consolidated fiscal year are subject to financial covenants, and we have undertaken to our lenders to comply with the covenants set out below.」
Borrowings subject to financial covenants decreased from ¥3,780 million to ¥2,400 million. The covenants requiring maintenance of shareholders' equity and avoidance of an operating loss remain in effect. - FY2022MitigatedAnnual report
「Of our borrowings, ¥6,180 million in the previous consolidated fiscal year and ¥3,780 million in the current consolidated fiscal year are subject to financial covenants.」
Borrowings subject to financial covenants decreased from ¥6,180 million to ¥3,780 million. The covenants requiring maintenance of shareholders' equity and avoidance of an operating loss remain in effect. - FY2020MitigatedAnnual report
「Of our borrowings, ¥8,640 million in the previous consolidated fiscal year and ¥8,580 million in the current consolidated fiscal year are subject to financial covenants, and we have undertaken to our lenders to comply with the covenants set out below.」
Borrowings subject to financial covenants decreased from ¥8,640 million in the previous fiscal year to ¥8,580 million. The covenants requiring maintenance of shareholders' equity and avoidance of an operating loss remain in effect. - FY2018MitigatedAnnual report
「Of our borrowings, ¥10,500 million in the previous consolidated fiscal year and ¥9,600 million in the current consolidated fiscal year are subject to financial covenants, and we have undertaken to our lenders to comply with the covenants set out below.」
Borrowings subject to financial covenants decreased from ¥10,500 million to ¥9,600 million. The covenants requiring maintenance of shareholders' equity and avoidance of an operating loss remain in effect. - FY2017RestatedAnnual report
「Some of our borrowings are subject to financial covenants, and if we breach them, the financial institutions may demand accelerated repayment of the relevant borrowings.」
The risk of acceleration of borrowings due to breaches of financial covenants is reiterated. Borrowings subject to the covenants totaled ¥10,500 million in the current consolidated fiscal year. - FY2016First statedAnnual report
「Of our borrowings, ¥9,300 million in the previous consolidated fiscal year and ¥10,500 million in the current consolidated fiscal year are subject to financial covenants, and we have undertaken to our lenders to comply with the covenants set out below.」
The covenants require shareholders' equity to be maintained at no less than 80% of the amount in the same period of the previous year and operating results not to be in a loss position. The disclosure indicates that a breach could allow the lenders to demand acceleration of the borrowings.