Financial Covenants on Net Asset Maintenance and Continuing Losses
First written in FY2016-Q3. 3 of 6 entries say "Restated". Latest entry: FY2018-Q2.
39 other companies' latest entry also says "Mitigated".
- FY2018-Q2MitigatedAnnual report
「The Group had entered into a syndicated commitment line agreement with 5 financial institutions to secure working capital efficiently, but the agreement had been cancelled as of 31 March 2018.」
The commitment line agreement, which included covenants such as the requirement to maintain net assets, was cancelled. The text does not expressly state that the financial covenants themselves ceased to apply, but it does state that the underlying agreement ended. - FY2018-Q1RestatedAnnual report
「The amount of net assets in the consolidated balance sheet at the end of each fiscal year and at the end of the second quarter, after deducting the foreign currency translation adjustment account and non-controlling interests, must be maintained at not less than 75% of the amount of net assets in the consolidated balance sheet at the end of the fiscal year ended September 2015, after deducting the foreign currency translation adjustment account and non-controlling interests.」
The financial covenants attached to the commitment line, including the requirement to maintain net assets at not less than 75%, continue to be disclosed. - FY2017-Q3RestatedAnnual report
「The amount of net assets in the consolidated balance sheet at the end of each fiscal year and at the end of the second quarter, after deducting the foreign currency translation adjustment account and non-controlling interests, must be maintained at not less than 75% of the amount of net assets in the consolidated balance sheet at the end of the fiscal year ended September 2015, after deducting the foreign currency translation adjustment account and non-controlling interests.」
The financial covenants attached to the commitment line, including the requirement to maintain net assets at not less than 75%, continue to be disclosed. - FY2017-Q2RestatedAnnual report
「The amount of net assets in the consolidated balance sheet at the end of each fiscal year and at the end of the second quarter, after deducting the foreign currency translation adjustment account and non-controlling interests, must be maintained at not less than 75% of the amount of net assets in the consolidated balance sheet at the end of the fiscal year ended September 2015, after deducting the foreign currency translation adjustment account and non-controlling interests.」
The financial covenants attached to the commitment line, including the requirement to maintain net assets at not less than 75%, continue to be disclosed. - FY2016ReframedAnnual report
「Among the Group's short-term borrowings, the syndicated commitment line agreement entered into in March 2016, which remained undrawn at the end of the current consolidated fiscal year, is subject to the following financial covenants.」
The financial covenant agreement changed to the agreement entered into in March 2016, and the base date for the net asset maintenance covenant changed to the end of the fiscal year ended September 2015. Net assets must be maintained at not less than 75% of the base-period level. - FY2016-Q3First statedAnnual report
「The amount of net assets in the consolidated balance sheet at the end of each fiscal year and at the end of the second quarter, after deducting the foreign currency translation adjustment account and non-controlling interests, must be maintained at not less than 75% of the amount of net assets in the consolidated balance sheet at the end of the fiscal year ended September 2015, after deducting the foreign currency translation adjustment account and non-controlling interests.」
The commitment line agreement includes a covenant requiring net assets to be maintained at not less than 75% of the base-period level. It also requires that an ordinary loss before depreciation and amortization not be recorded for 2 consecutive fiscal years from the fiscal year ended September 2016 onward. No breach is disclosed.