Net Asset and Earnings Maintenance Conditions in Loan Agreements
First written in FY2017-Q1. 18 of 21 entries say "Restated". Latest entry: FY2026.
44 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The Company has entered into a syndicated commitment-bearing term loan agreement with 4 transaction banks. However, if performance deteriorates due to factors such as shrinking product demand caused by worsening market conditions or rising raw material prices, the Company may breach the financial covenants.」
The financial covenants concerning net asset maintenance and consecutive losses after deducting foreign exchange gains and losses, together with the possibility of a breach, continue to be disclosed. - FY2024RestatedAnnual report
「① The amount of net assets in the consolidated balance sheet as of the end of each fiscal year, except for the fiscal year ended March 2020, must be maintained at 75% or more of the year-earlier level.」
The requirement to maintain net assets at 75% or more and the limitation on consecutive losses after deducting foreign exchange gains and losses continue to be disclosed as financial covenants. - FY2023RestatedAnnual report
「① The amount of net assets in the consolidated balance sheet as of the end of each fiscal year, except for the fiscal year ended March 2020, must be maintained at 75% or more of the year-earlier level.」
The conditions requiring net assets to be maintained at 75% or more of the year-earlier level and limiting consecutive losses in ordinary profit or loss after deducting foreign exchange gains and losses remain in place. The current text contains no reference to a breach of the covenants. - FY2022-Q3RestatedAnnual report
「① The amount of net assets in the consolidated balance sheet as of the end of each fiscal year, except for the fiscal year ended March 2020, must be maintained at 75% or more of the year-earlier level. ② The amount calculated by deducting foreign exchange gains and losses recorded in non-operating income and expenses from ordinary profit or loss reported in the consolidated income statement for each fiscal year must not be a loss for 3 consecutive periods. However, from the fiscal year ending March 2022 onward, it must not be a loss for 2 consecutive periods.」
The financial covenants concerning net asset maintenance and consecutive losses after deducting foreign exchange gains and losses remain in place. The current text contains no reference to a breach of the covenants. - FY2022-Q2RestatedAnnual report
「① The amount of net assets in the consolidated balance sheet as of the end of each fiscal year, except for the fiscal year ended March 2020, must be maintained at 75% or more of the year-earlier level. ② The amount calculated by deducting foreign exchange gains and losses recorded in non-operating income and expenses from ordinary profit or loss reported in the consolidated income statement for each fiscal year must not be a loss for 3 consecutive periods. However, from the fiscal year ending March 2022 onward, it must not be a loss for 2 consecutive periods.」
The conditions requiring net assets to be maintained at 75% or more of the year-earlier level and limiting consecutive losses in ordinary profit or loss after deducting foreign exchange gains and losses remain in place. - FY2021SoftenedAnnual report
「The amount calculated by deducting foreign exchange gains and losses recorded in non-operating income and expenses from ordinary profit or loss reported in the consolidated income statement for each fiscal year must not be a loss for 3 consecutive periods. However, from the fiscal year ending March 2022 onward, it must not be a loss for 2 consecutive periods.」
The financial covenants were amended so that 2 consecutive loss-making periods apply from the fiscal year ending March 2022 onward, while 3 consecutive loss-making periods apply before then. - FY2020SoftenedAnnual report
「The amount of net assets in the consolidated balance sheet as of the end of each fiscal year, except for the fiscal year ended March 2020, must be maintained at 75% or more of the year-earlier level.」
The fiscal year ended March 2020 was excluded from the scope of the net asset maintenance covenant following an amendment to the term loan agreement. - FY2020-Q3RestatedAnnual report
「① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The conditions requiring net assets to be maintained at 75% or more of the year-earlier level and ordinary profit or loss after deducting foreign exchange gains or losses not to be a loss for 2 consecutive periods remain in place. The current text contains no reference to a breach of the covenants. - FY2020-Q2RestatedAnnual report
「① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The conditions requiring net assets to be maintained at 75% or more of the year-earlier level and ordinary profit or loss after deducting foreign exchange gains or losses not to be a loss for 2 consecutive periods remain in place. The current text contains no reference to a breach of the covenants. - FY2020-Q1RestatedAnnual report
「① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The conditions requiring net assets to be maintained at 75% or more of the year-earlier level and ordinary profit or loss after deducting foreign exchange gains or losses not to be a loss for 2 consecutive periods remain in place. No breach of the covenants is reported. - FY2019RestatedAnnual report
「If performance deteriorates due to a contraction in product demand caused by worsening market conditions or rising raw material prices, the company may breach the following financial covenants.」
The conditions requiring net assets to be maintained at 75% or more of the same period of the previous year and prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods remain in place as financial covenants. The text does not state that any covenant breach has occurred. - FY2019-Q3RestatedAnnual report
「② To secure stable funding for investment in the construction of a new building at the Mikami facility, the company has entered into a term loan agreement with 4 relationship banks. The agreement includes the following financial covenants for ¥116 million of current portion of long-term borrowings and ¥1,254 million of long-term borrowings. ① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The conditions requiring net assets to be maintained at 75% or more of the same period of the previous year and prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2019-Q2RestatedAnnual report
「(2) To secure stable funding for investment in the construction of a new building at the Mikami facility, the company has entered into a term loan agreement with 4 relationship banks. The agreement includes the following financial covenants for ¥116 million of current portion of long-term borrowings and ¥1,283 million of long-term borrowings. ① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
Borrowings for the new building at the Mikami facility remain subject to financial covenants requiring net assets to be maintained at 75% or more and prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods. The text does not state that any covenant breach has occurred. - FY2019-Q1RestatedAnnual report
「① At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. ② The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The financial covenants requiring net assets to be maintained at 75% or more and prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2018RestatedAnnual report
「(1) At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. (2) The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The new term loan agreement also includes financial covenants requiring net assets to be maintained at 75% or more and prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods. The text does not state that any covenant breach has occurred. - FY2018-Q3RestatedAnnual report
「(1) At the end of each fiscal year, the amount in the net assets section of the consolidated balance sheet must be maintained at 75% or more of the same period of the previous year. (2) The amount obtained by deducting foreign exchange gains and losses recorded in non-operating income and non-operating expenses from ordinary income and loss for the current fiscal year shown on the consolidated income statement must not be a loss for 2 consecutive periods.」
The newly executed term loan also includes a condition requiring net assets to be maintained at 75% or more of the same period of the previous year and a condition prohibiting ordinary income and loss after deducting foreign exchange gains and losses from being a loss for 2 consecutive periods. - FY2018-Q2RestatedAnnual report
「① At the end of each fiscal year from the fiscal year ended March 2015 onward, the amount of adjusted net assets on the consolidated balance sheet must be maintained at 75% or more of the amount in the net assets section in the same period of the previous year.」
The conditions requiring adjusted net assets to be maintained at 75% or more of the same period of the previous year and prohibiting adjusted ordinary income and loss from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2018-Q1RestatedAnnual report
「At the end of each fiscal year from the fiscal year ended March 2015 onward, the amount of adjusted net assets on the consolidated balance sheet must be maintained at 75% or more of the amount in the net assets section in the same period of the previous year.」
The conditions requiring adjusted net assets to be maintained at 75% or more of the same period of the previous year and prohibiting adjusted ordinary income and loss from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2017-Q3RestatedAnnual report
「At the end of each fiscal year, the amount of adjusted net assets on the consolidated balance sheet must be maintained at 75% or more of the amount in the net assets section in the same period of the previous year.」
The conditions requiring adjusted net assets to be maintained at 75% or more of the same period of the previous year and prohibiting adjusted ordinary income and loss from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2017-Q2RestatedAnnual report
「At the end of each fiscal year, the amount of adjusted net assets on the consolidated balance sheet must be maintained at 75% or more of the amount in the net assets section in the same period of the previous year.」
The financial covenants requiring adjusted net assets to be maintained at 75% or more of the same period of the previous year and prohibiting adjusted ordinary income and loss from being a loss for 2 consecutive periods remain in place. The text does not state that any covenant breach has occurred. - FY2017-Q1First statedAnnual report
「At the end of each fiscal year, the amount of adjusted net assets on the consolidated balance sheet must be maintained at 75% or more of the amount in the net assets section in the same period of the previous year.」
The agreement includes a condition requiring adjusted net assets to be maintained at 75% or more of the same period of the previous year and a condition prohibiting adjusted ordinary income and loss from being a loss for 2 consecutive periods. The text does not state that any covenant breach has occurred.