Borrowings and Financial Covenant Breaches
First written in FY2016. 16 of 34 entries say "Mitigated", first in FY2017-Q2. Latest entry: 2026-07-30.
Nippon Avionics moved to the "Worse" side of this theme in 2024, 3 years after the typical company in this theme (2021).
The whole theme swung hardest in 2025: 23 of 75 companies on the "Worse" side.
13 other companies' latest entry also says "Worsened".
- 2026-07-30WorsenedEarnings
「Total liabilities increased by ¥3,435 million from the end of the previous consolidated fiscal year to ¥23,407 million. This was mainly because short-term borrowings increased by ¥5,170 million, despite a ¥960 million decrease in income taxes payable.」
Short-term borrowings increased by ¥5,170 million from the end of the previous consolidated fiscal year, indicating greater exposure to borrowings and related financial covenants. - FY2026WorsenedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year was ¥10,490 million.」
The balance of borrowings increased from ¥4,790 million at the end of the previous fiscal year to ¥10,490 million. Financial covenants were also established in connection with financing for the tender offer for the Company's own shares, increasing exposure to borrowings and financial covenants. - FY2026-H1WorsenedAnnual report
「The consolidated ordinary income at each interim period-end and fiscal year-end from the fiscal year ending March 2026 onward, including the fiscal year ending March 2026, must not be negative.」
The Company entered into borrowings subject to financial covenants to finance a tender offer for its own shares. The conditions required it to avoid reporting a loss in ordinary income and maintain net assets above a specified level. The balance of borrowings also increased by ¥3,000 million from the end of the previous fiscal year to ¥7,790 million, increasing exposure to borrowings and financial covenants. - FY2025-H1RestatedAnnual report
「The balance of borrowings at the end of the interim consolidated accounting period was ¥4,790 million, unchanged from the end of the previous consolidated fiscal year.」
The balance of borrowings was ¥4,790 million, unchanged from the end of the previous fiscal year, and no material change in exposure to borrowings and financial covenants was reported. - FY2024WorsenedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year increased by ¥1,140 million from the end of the previous consolidated fiscal year to ¥4,790 million.」
The balance of borrowings increased from ¥3,650 million to ¥4,790 million, increasing exposure to borrowings and financial covenants. - FY2024-Q3WorsenedAnnual report
「Total liabilities increased by ¥949 million from the end of the previous consolidated fiscal year to ¥12,743 million. This was mainly because short-term borrowings increased by ¥1,185 million.」
Short-term borrowings increased by ¥1,185 million, and the balance of borrowings increased from ¥3,650 million at the end of the previous fiscal year to ¥4,790 million. Exposure to borrowings and financial covenants increased. - FY2024-Q2WorsenedAnnual report
「The balance of borrowings at the end of the second-quarter consolidated accounting period increased by ¥1,140 million from the end of the previous consolidated fiscal year to ¥4,790 million.」
The balance of borrowings increased by ¥1,140 million from ¥3,650 million at the end of the previous consolidated fiscal year to ¥4,790 million, increasing exposure to borrowings and financial covenants. - FY2024-Q1WorsenedAnnual report
「Short-term borrowings 1,570 1,825 Long-term borrowings 2,080 2,065」
The balance of borrowings increased by ¥240 million from ¥3,650 million at the end of the previous consolidated fiscal year to ¥3,890 million at the end of the first quarter. Exposure to borrowings and financial covenants increased during the quarter. - FY2023MitigatedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year decreased by ¥220 million from the end of the previous consolidated fiscal year to ¥3,650 million.」
The balance of borrowings decreased from ¥3,870 million to ¥3,650 million, reducing exposure to borrowings and financial covenants. - FY2023-Q3MitigatedAnnual report
「Total liabilities decreased by ¥290 million from the end of the previous consolidated fiscal year to ¥12,003 million. This was mainly because provision for bonuses decreased by ¥392 million, income taxes payable and other liabilities decreased by ¥294 million, and short-term borrowings decreased by ¥220 million, while notes and accounts payable increased by ¥696 million.」
Short-term borrowings decreased by ¥220 million from the end of the previous fiscal year, bringing the balance of borrowings to ¥3,650 million. Exposure to borrowings and financial covenants was reduced. - FY2023-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second-quarter consolidated accounting period decreased by ¥220 million from the end of the previous consolidated fiscal year to ¥3,650 million.」
The balance of borrowings decreased by ¥220 million from ¥3,870 million at the end of the previous fiscal year to ¥3,650 million, reducing exposure to borrowings and financial covenants. - FY2022MitigatedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year decreased by ¥1,330 million from the end of the previous consolidated fiscal year to ¥3,870 million.」
The balance of borrowings decreased from ¥5,200 million to ¥3,870 million, reducing exposure to borrowings and financial covenants. - FY2022-Q3MitigatedAnnual report
「Short-term borrowings 4,320 4,370 Long-term borrowings 880 390」
The balance of borrowings decreased by ¥440 million from ¥5,200 million at the end of the previous consolidated fiscal year to ¥4,760 million, reducing exposure to borrowings and financial covenants. - FY2022-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second-quarter consolidated accounting period decreased by ¥90 million from the end of the previous consolidated fiscal year to ¥5,110 million.」
The balance of borrowings decreased by ¥90 million from the end of the previous fiscal year to ¥5,110 million, reducing exposure to borrowings and financial covenants. - FY2022-Q1MitigatedAnnual report
「The Company also worked to improve cash flow and acquired and cancelled preferred shares without increasing borrowings.」
It was stated that 1 million Class 2 preferred shares were acquired and cancelled without increasing borrowings, while the capital structure was streamlined and exposure to borrowings and financial covenants was contained. - FY2021MitigatedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year decreased by ¥560 million from the end of the previous consolidated fiscal year to ¥5,200 million.」
The balance of borrowings decreased from ¥5,760 million at the end of the previous fiscal year to ¥5,200 million, reducing exposure to borrowings and financial covenants. - FY2021-Q3MitigatedAnnual report
「Short-term borrowings 4,030 4,000 Long-term borrowings 1,270 1,760」
The balance of borrowings decreased by ¥460 million from ¥5,760 million at the end of the previous consolidated fiscal year to ¥5,300 million at the end of the third quarter, reducing exposure to borrowings and financial covenants. - FY2021-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second-quarter consolidated accounting period decreased by ¥840 million from the end of the previous consolidated fiscal year to ¥4,920 million.」
The balance of borrowings decreased from ¥5,760 million at the end of the previous fiscal year to ¥4,920 million, reducing exposure to borrowings and financial covenants. - FY2020WorsenedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year increased by ¥420 million from the end of the previous consolidated fiscal year to ¥5,760 million.」
The balance of borrowings increased from ¥5,340 million to ¥5,760 million, increasing exposure to borrowings and financing subject to financial covenants. - FY2020-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second-quarter consolidated accounting period decreased by ¥40 million from the end of the previous consolidated fiscal year to ¥5,300 million.」
The balance of borrowings decreased by ¥40 million from ¥5,340 million at the end of the previous consolidated fiscal year to ¥5,300 million, slightly reducing exposure to borrowings and financial covenants. - FY2019MitigatedAnnual report
「The balance of borrowings at the end of the consolidated fiscal year decreased by ¥1,385 million from the end of the previous consolidated fiscal year to ¥5,340 million.」
The balance of borrowings decreased by ¥1,385 million from ¥6,725 million to ¥5,340 million, reducing exposure to borrowings and financial covenants from the previous year. - FY2019-Q3WorsenedAnnual report
「Short-term borrowings 3,205 4,275 Long-term borrowings 3,520 3,030」
The balance of borrowings increased by ¥580 million from ¥6,725 million at the end of the previous consolidated fiscal year to ¥7,305 million at the end of the third quarter, and exposure related to borrowings and financial covenants increased. - FY2019-Q2WorsenedAnnual report
「The balance of borrowings at the end of the second quarter of the current consolidated fiscal year increased by ¥147 million from the end of the previous consolidated fiscal year to ¥6,872 million.」
The balance of borrowings increased by ¥147 million from the end of the previous fiscal year to ¥6,872 million, and exposure related to borrowings and financial covenants increased. No breach of financial covenants itself was described. - FY2019-Q1WorsenedAnnual report
「Total liabilities decreased by ¥765 million from the end of the previous consolidated fiscal year to ¥17,835 million. This was mainly because, although short-term borrowings increased by ¥262 million, notes and accounts payable decreased by ¥461 million and provision for bonuses decreased by ¥404 million.」
Short-term borrowings increased by ¥262 million from the end of the previous consolidated fiscal year. Including the decrease in long-term borrowings, the balance of borrowings was ¥6,937 million, up from ¥6,725 million at the end of the previous fiscal year. - FY2018WorsenedAnnual report
「The balance of borrowings at the end of the current consolidated fiscal year increased by ¥2,191 million from the end of the previous consolidated fiscal year to ¥6,725 million.」
The balance of borrowings increased from ¥4,533 million at the end of the previous fiscal year to ¥6,725 million, and exposure related to borrowings and financial covenants increased. - FY2018-Q3MitigatedAnnual report
「Short-term borrowings 3,608 4,526 Long-term borrowings 925 25」
The balance of borrowings at the end of the third quarter was ¥4,551 million, ¥18 million higher than the ¥4,533 million at the end of the previous consolidated fiscal year, but ¥37 million lower than the ¥4,588 million at the end of the immediately preceding second quarter. Exposure related to borrowings and financial covenants had decreased from the immediately preceding quarter. - FY2018-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second quarter of the current consolidated fiscal year increased by ¥55 million from the end of the previous consolidated fiscal year to ¥4,508.8 million.」
The balance of borrowings decreased from ¥6,095 million at the end of the previous quarter to ¥4,588 million, reducing exposure related to borrowings and financial covenants from the immediately preceding period of increase. Meanwhile, it was ¥55 million higher than at the end of the previous consolidated fiscal year. - FY2018-Q1WorsenedAnnual report
「Short-term borrowings 3,608 5,608 Long-term borrowings 925 487」
The balance of borrowings increased from ¥4,533 million at the end of the previous consolidated fiscal year to ¥6,095 million at the end of the first quarter, an increase of ¥1,562 million, and exposure related to borrowings and financial covenants increased. - FY2017MitigatedAnnual report
「The balance of borrowings at the end of the current consolidated fiscal year decreased by ¥4,105 million from the end of the previous consolidated fiscal year to ¥4,533 million.」
The balance of borrowings decreased from ¥8,638 million to ¥4,533 million, a decrease of ¥4,105 million, further reducing exposure related to borrowings and financial covenants. - FY2017-Q2MitigatedAnnual report
「The balance of borrowings at the end of the second quarter of the current consolidated fiscal year decreased by ¥4,661 million from the end of the previous consolidated fiscal year to ¥3,977 million.」
The balance of borrowings decreased from ¥8,638 million at the end of the previous consolidated fiscal year to ¥3,977 million, reducing exposure related to borrowings and financial covenants. - FY2016First statedAnnual report
「The balance of borrowings at the end of the current consolidated fiscal year decreased by ¥8 million from the end of the previous consolidated fiscal year to ¥8,638 million.」
The syndicated loans and commitment lines contain financial covenants relating to the parent's ownership ratio and consolidated operating profit, among other matters.