Loss conditions giving rise to substantial doubt about the going-concern assumption
First written in FY2019-Q2. 15 of 29 entries say "Worsened", first in FY2019-Q3. Latest entry: FY2027-H1.
Tokyo Board Industries moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2025: 26 of 48 companies on the "Worse" side.
9 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「The Group recorded operating and ordinary losses for 9 consecutive fiscal years in the previous consolidated fiscal year. In the current interim consolidated period, it also recorded an operating loss of ¥304.017 million and an ordinary loss of ¥353.535 million. As a result, the Group recognises that events or conditions exist that raise significant doubt about the going-concern assumption.」
The consecutive operating and ordinary losses extended from 8 fiscal years through the previous year to 9, and the current interim period also recorded an operating loss of ¥304.017 million and an ordinary loss of ¥353.535 million. Although net income was recorded due to gains on the sale of fixed assets and other factors, going-concern risk at the operating and ordinary income levels has worsened. - 2026-07-13WorsenedOccurring Fact
「The Group recorded operating and ordinary losses for 9 consecutive fiscal years through the previous consolidated fiscal year. During the first quarter of the current consolidated cumulative period, it recorded an operating loss of ¥113,777 thousand, an ordinary loss of ¥148,696 thousand, and a quarterly net loss attributable to owners of the parent of ¥168,012 thousand.」
The consecutive recording of operating and ordinary losses extended from 8 fiscal years through the previous consolidated fiscal year to 9 fiscal years, and the Company recorded an operating loss, ordinary loss, and quarterly net loss attributable to owners of the parent in the current quarter. - FY2026WorsenedAnnual report
「The Group recorded operating and ordinary losses for 8 consecutive fiscal years in the previous consolidated fiscal year. In the current consolidated fiscal year, it recorded an operating loss of ¥81.337 million, an ordinary loss of ¥190.731 million, and a net loss attributable to owners of the parent of ¥777.831 million.」
Following operating and ordinary losses for 8 consecutive fiscal years through the previous consolidated fiscal year, the Group also recorded operating and ordinary losses and a net loss attributable to owners of the parent in the current fiscal year. Significant doubt and significant uncertainty regarding the going-concern assumption continue. - FY2026-H1WorsenedAnnual report
「The Group recorded operating and ordinary losses for 8 consecutive fiscal years in the previous consolidated fiscal year. In the six months ended September 2025, it recorded an operating loss of ¥4.239 million, an ordinary loss of ¥59.214 million, and an interim net loss attributable to owners of the parent of ¥74.822 million.」
Operating and ordinary losses reached 8 consecutive fiscal years in the previous consolidated fiscal year, and the current interim period also recorded operating losses, an ordinary loss, and an interim net loss attributable to owners of the parent. The Group moved from profit attributable to owners of the parent in the same period of the previous year to a loss, and significant doubt about the going-concern assumption continues. - FY2025-H1MitigatedAnnual report
「In the six months ended September 2024, the Group recorded an operating loss of ¥16.638 million, an ordinary loss of ¥47.185 million, and interim net income attributable to owners of the parent of ¥330.055 million.」
Compared with the previous year's operating and ordinary losses for 7 consecutive fiscal years and net losses for 4 consecutive fiscal years, operating and ordinary losses narrowed significantly in the current interim period, while profit attributable to owners of the parent was recorded, indicating improvement in earnings. However, significant doubt and uncertainty and requests for support from financial institutions continue. - FY2024WorsenedAnnual report
「The Group recorded an operating loss of ¥939.572 million, an ordinary loss of ¥891.337 million, and a net loss attributable to owners of the parent of ¥957.041 million in the current consolidated fiscal year. Operating and ordinary losses have been recorded for 7 consecutive fiscal years, and net losses attributable to owners of the parent for 4 consecutive fiscal years. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
The consecutive operating and ordinary losses extended from 6 fiscal years in the previous year to 7, while net losses attributable to owners of the parent extended from 3 to 4 fiscal years. Significant doubt about the going-concern assumption and significant uncertainty while improvement measures are being implemented continue to be disclosed. - FY2024-Q3RestatedAnnual report
「As a result, the Group recognises that events or conditions exist that raise significant doubt about the going-concern assumption.」
Significant doubt about the going-concern assumption continues to be recognised due to operating losses, ordinary losses, quarterly net losses attributable to owners of the parent, high interest-bearing debt, the gap relative to on-hand liquidity, and requests for support from financial institutions. - FY2024-Q2RestatedAnnual report
「In the six months ended September 2023, the Group recorded an operating loss of ¥548.759 million, an ordinary loss of ¥507.845 million, and a quarterly net loss attributable to owners of the parent of ¥551.522 million. Interest-bearing debt at the end of the second quarter of the current consolidated fiscal year remained high relative to on-hand liquidity, comprising cash and deposits of ¥2,187.069 million, at ¥7,462.798 million, consisting of short-term borrowings of ¥257.039 million, current portion of long-term borrowings of ¥4,705.888 million, and long-term borrowings of ¥2,499.870 million. The Group continues to request support from its financial institutions based on an ongoing business improvement plan. As a result, the Group recognises that events or conditions exist that raise significant doubt about the going-concern assumption.」
The consecutive losses continuing from the previous fiscal year, high interest-bearing debt, the gap relative to on-hand liquidity, and requests for support from financial institutions continued in the second quarter, and significant doubt about the going-concern assumption continued to be recognised. - FY2024-Q1WorsenedAnnual report
「The Group recorded operating and ordinary losses for 6 consecutive fiscal years and net losses attributable to owners of the parent for 3 consecutive fiscal years in the previous consolidated fiscal year. In the three months ended June 2023, it recorded an operating loss of ¥215.346 million, an ordinary loss of ¥229.047 million, and a quarterly net loss attributable to owners of the parent of ¥251.655 million.」
In addition to operating and ordinary losses for 6 consecutive fiscal years and net losses attributable to owners of the parent for 3 consecutive fiscal years in the previous fiscal year, the Group recorded operating, ordinary, and net losses in the current quarter. It moved from a profit to a loss compared with the same period of the previous year, and significant doubt about the going-concern assumption has continued and worsened. - FY2023WorsenedAnnual report
「The Group recorded an operating loss of ¥242.710 million, an ordinary loss of ¥223.993 million, and a net loss attributable to owners of the parent of ¥507.807 million in the current consolidated fiscal year. Operating and ordinary losses have been recorded for 6 consecutive fiscal years, and net losses attributable to owners of the parent for 3 consecutive fiscal years. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Although the loss amounts themselves narrowed from the previous fiscal year, the consecutive periods of operating and ordinary losses extended from 5 to 6 fiscal years, and net losses attributable to owners of the parent from 2 to 3 fiscal years. Significant uncertainty regarding the going-concern assumption also continues to be recognised. - FY2023-Q3MitigatedAnnual report
「In the nine months ended December 2022, the Company recorded operating income of ¥298.212 million, ordinary income of ¥330.597 million, and quarterly net income attributable to owners of the parent of ¥89.769 million, indicating a recovery in performance.」
The Company recorded operating income, ordinary income, and quarterly net income attributable to owners of the parent, and improvement from the consecutive losses through the previous fiscal year continued. However, interest-bearing debt exceeded on-hand liquidity, and significant uncertainty regarding the going-concern assumption remained recognised. - FY2023-Q2MitigatedAnnual report
「In the six months ended September 2022, the Company recorded operating income of ¥142.694 million, ordinary income of ¥187.038 million, and quarterly net income attributable to owners of the parent of ¥57.797 million, indicating a recovery in performance. However, interest-bearing debt at the end of the second quarter of the current consolidated fiscal year remained high relative to on-hand liquidity, comprising cash and deposits of ¥2,032.052 million, at ¥7,472.798 million, consisting of short-term borrowings of ¥257.039 million, current portion of long-term borrowings of ¥3,130.797 million, and long-term borrowings of ¥4,084.961 million. The Company continues to request support from its financial institutions based on an ongoing business improvement plan.」
The Company recorded operating income, ordinary income, and quarterly net income, and cash and operating cash flow also improved, mitigating the risk based on its loss position. However, interest-bearing debt remains substantially higher than on-hand liquidity, and requests for support from financial institutions and significant uncertainty continue. - FY2023-Q1ReframedAnnual report
「The Group recorded operating and ordinary losses for 5 consecutive fiscal years and net losses attributable to owners of the parent for 2 consecutive fiscal years in the previous consolidated fiscal year. In the three months ended June 2022, it recorded operating income of ¥124.578 million, ordinary income of ¥183.474 million, and net income attributable to owners of the parent of ¥115.884 million, indicating a recovery in performance. However, interest-bearing debt at the end of the first quarter of the current consolidated fiscal year remained high relative to on-hand liquidity, comprising cash and deposits of ¥1,772.358 million, at ¥7,482.798 million, consisting of short-term borrowings of ¥257.039 million, current portion of long-term borrowings of ¥2,425.048 million, and long-term borrowings of ¥4,800.710 million. The Group continues to request support from its financial institutions based on an ongoing business improvement plan.」
The Company recorded operating income, ordinary income, and quarterly net income attributable to owners of the parent in the current quarter, indicating improvement in its loss position. However, the basis for significant doubt regarding the going-concern assumption has shifted to high interest-bearing debt, the gap relative to on-hand liquidity, and requests for support from financial institutions. It was stated that significant uncertainty remains recognised. - FY2022WorsenedAnnual report
「The Group recorded an operating loss of ¥938.344 million, an ordinary loss of ¥914.300 million, and a net loss attributable to owners of the parent of ¥1,223.895 million in the current consolidated fiscal year. Operating and ordinary losses have been recorded for 5 consecutive fiscal years, and net losses attributable to owners of the parent for 2 consecutive fiscal years. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Operating and ordinary losses continued for 5 consecutive fiscal years, extending from 4 consecutive fiscal years in the previous year. Although the loss amounts narrowed, significant doubt and uncertainty regarding the going-concern assumption remain. - FY2022-Q3RestatedAnnual report
「The Group recorded operating and ordinary losses for 4 consecutive fiscal years in the previous consolidated fiscal year. In the nine months ended December 2020, it recorded an operating loss of ¥1,138.610 million, an ordinary loss of ¥1,180.383 million, and a net loss attributable to owners of the parent of ¥1,454.628 million. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Although operating and ordinary losses narrowed from the same period of the previous year, significant doubt about the going-concern assumption continues to be explicitly disclosed due to losses for 4 consecutive fiscal years and losses in the current quarter. - FY2022-Q2RestatedAnnual report
「The Group recorded operating and ordinary losses for 4 consecutive fiscal years in the previous consolidated fiscal year. In the six months ended September 2020, it recorded an operating loss of ¥893.032 million, an ordinary loss of ¥921.752 million, and a net loss attributable to owners of the parent of ¥1,122.877 million. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
The significant going-concern matter continues to be explicitly disclosed due to operating and ordinary losses for 4 consecutive fiscal years and losses in the six months ended September 2020. - FY2022-Q1RestatedAnnual report
「The Group recorded operating and ordinary losses for 4 consecutive fiscal years in the previous consolidated fiscal year. In the three months ended June 2020, it recorded an operating loss of ¥300.854 million, an ordinary loss of ¥313.398 million, and a net loss attributable to owners of the parent of ¥400.964 million. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Operating and ordinary losses for 4 consecutive fiscal years, together with losses in the current quarter, were disclosed again, following the previous fiscal year, and the significant going-concern matter continues to be indicated. - FY2021WorsenedAnnual report
「The Group recorded an operating loss of ¥2,536.034 million and an ordinary loss of ¥2,310.837 million in the current consolidated fiscal year, marking 4 consecutive fiscal years of operating and ordinary losses. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Operating and ordinary losses continued for 4 consecutive fiscal years, and significant doubt about the going-concern assumption has continued and become more serious. It was explicitly stated that improvement measures are being implemented and that significant uncertainty is recognised at present. - FY2021-Q3WorsenedAnnual report
「We will continue to promote the measures described above and work to improve profitability and strengthen our financial position. However, these improvement measures and related actions are still being implemented, and significant uncertainty regarding the going-concern assumption is recognised at present.」
With operating and ordinary losses for 3 consecutive fiscal years, losses in the nine months ended December 2019, and the continuing possibility of breaching financial covenants, it was explicitly stated that improvement measures are being implemented and that significant uncertainty regarding the going-concern assumption is recognised at present. - FY2021-Q2RestatedAnnual report
「The Group recorded operating and ordinary losses for 3 consecutive fiscal years in the previous consolidated fiscal year. In the six months ended September 2019, it recorded an operating loss of ¥1,479.819 million, an ordinary loss of ¥1,355.806 million, and a net loss attributable to owners of the parent of ¥1,524.425 million. In addition, as of the end of the current consolidated fiscal year, the Group may breach the financial covenants in its loan agreements with financial institutions. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
The significant going-concern matter continues to be explicitly disclosed due to operating and ordinary losses for 3 consecutive fiscal years, losses in the six months ended September 2019, and the possibility of breaching financial covenants. - FY2021-Q1WorsenedAnnual report
「The Group recorded operating and ordinary losses for 3 consecutive fiscal years in the previous consolidated fiscal year. In the three months ended June 2019, it recorded an operating loss of ¥828.607 million, an ordinary loss of ¥687.342 million, and a net loss attributable to owners of the parent of ¥787.302 million. In addition, as of the end of the current consolidated fiscal year, the Group may breach the financial covenants in its loan agreements with financial institutions. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
In addition to operating and ordinary losses for 3 consecutive fiscal years, the Company recorded a loss in the first quarter, and the possibility of breaching financial covenants was newly disclosed. Significant doubt about the going-concern assumption continues. - FY2020WorsenedAnnual report
「The Company recorded an operating loss of ¥3,294.807 million and an ordinary loss of ¥3,342.859 million in the current consolidated fiscal year, marking 3 consecutive fiscal years of operating and ordinary losses. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Regarding the significant going-concern matter, operating and ordinary losses continued for 3 consecutive fiscal years, and significant uncertainty was explicitly disclosed. - FY2020-Q3RestatedAnnual report
「The Group recorded operating and ordinary losses for 2 consecutive fiscal years in the previous consolidated fiscal year. In the nine months ended December 2018, it recorded an operating loss of ¥1,999.357 million, an ordinary loss of ¥1,892.305 million, and a net loss attributable to owners of the parent of ¥1,361.355 million. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
Significant doubt about the going-concern assumption continues to be explicitly disclosed due to operating and ordinary losses for 2 consecutive fiscal years and losses in the nine months ended December 2018. - FY2020-Q2MaterialisedAnnual report
「The Group recorded operating and ordinary losses for 2 consecutive fiscal years in the previous consolidated fiscal year. In the six months ended September 2018, it recorded an operating loss of ¥1,278.149 million, an ordinary loss of ¥1,175.262 million, a net loss attributable to owners of the parent of ¥626.133 million, and negative operating cash flow of ¥1,289.635 million. As a result, conditions exist that raise significant doubt about the going-concern assumption.」
The significant going-concern matter, which had disappeared as a separate disclosure in the previous fiscal year, was explicitly stated again, with specific disclosure of operating and ordinary losses for 2 consecutive fiscal years, losses for the current quarter, and negative operating cash flow. - FY2019DroppedAnnual report
「Net income attributable to owners of the parent was ¥95.702 million, compared with a loss of ¥1,402.877 million in the same period of the previous year.」
The annual securities report for the fiscal year contains no separate statement regarding the events or conditions that had been described in the previous quarterly securities report as raising significant doubt about the going-concern assumption. Operating and ordinary losses, however, have continued. - FY2019-Q3WorsenedAnnual report
「The Group recorded an operating loss of ¥877.164 million, an ordinary loss of ¥972.821 million, and a net loss attributable to owners of the parent of ¥1,402.877 million in the fiscal year ended March 2018. In the nine months ended December 2017, it also recorded an operating loss of ¥1,967.554 million, an ordinary loss of ¥2,019.304 million, and a net loss attributable to owners of the parent of ¥2,172.960 million. The Group recognises that events or conditions exist that raise significant doubt about its ability to continue as a going concern.」
Losses associated with significant doubt about the going-concern assumption widened further from the previous year-to-date period, reaching an operating loss of ¥1,967.554 million, an ordinary loss of ¥2,019.304 million, and a net loss attributable to owners of the parent of ¥2,172.960 million. - FY2019-Q2First statedAnnual report
「The Group recorded an operating loss of ¥877.164 million, an ordinary loss of ¥972.821 million, and a net loss attributable to owners of the parent of ¥1,402.877 million in the fiscal year ended March 2018. In the six months ended September 2017, it also recorded an operating loss of ¥1,512.172 million, an ordinary loss of ¥1,567.659 million, and a net loss attributable to owners of the parent of ¥1,663.675 million. The Group recognises that events or conditions exist that raise significant doubt about its ability to continue as a going concern.」
The Company reported operating losses, ordinary losses, and net losses attributable to owners of the parent for the fiscal year ended March 2018 and the six months ended September 2017, and itself recognises the existence of events or conditions that raise significant doubt about its ability to continue as a going concern.