Financial Covenants Relating to Maintaining Net Assets and Avoiding Operating Losses
First written in FY2017-Q1. 11 of 21 entries say "Restated". Latest entry: FY2025-H1.
- FY2025-H1RestatedAnnual report
「• In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥280.0 billion or more. • In the consolidated statements of income for each fiscal year-end, operating income must not be a loss for 2 consecutive fiscal years.」
The financial covenants concerning the net asset maintenance threshold and operating losses continue. Although the balances of some borrowings subject to the covenants have changed, there have been no material changes to the disclosed undertakings. - FY2024-Q3RestatedAnnual report
「• In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥280.0 billion or more. • In the consolidated statements of income for each fiscal year-end, operating income must not be a loss for 2 consecutive fiscal years.」
Financial covenants concerning the net asset maintenance threshold and operating losses continue to be disclosed for multiple borrowing agreements and loan commitment agreements. - FY2023-Q3RestatedAnnual report
「Because operating income in the consolidated statements of income was a loss for 2 consecutive fiscal years in the consolidated results for the fiscal years ended March 2021 and March 2022, the company was in breach of financial covenants relating to 9 of its borrowing agreements, totaling ¥82.786 billion. However, by the end of the previous consolidated fiscal year, the company had obtained written consent from all relevant financial institutions to not apply the clauses concerning loss of the benefit of time.」
The breach status involving 9 agreements totaling ¥82.786 billion and the response of obtaining consent from financial institutions not to apply the clauses concerning loss of the benefit of time continue. - FY2023-Q2Decrease in the amount subject to financial covenant breachesAnnual report
「Because operating income in the consolidated statements of income was a loss for 2 consecutive fiscal years in the consolidated results for the fiscal years ended March 2021 and March 2022, the company was in breach of financial covenants relating to 9 of its borrowing agreements, totaling ¥82.786 billion. However, by the end of the previous consolidated fiscal year, the company had obtained written consent from all relevant financial institutions to not apply the clauses concerning loss of the benefit of time.」
The breach status and consent from the financial institutions continue, but the amount of borrowings subject to the breach decreased from ¥84.463 billion in the previous disclosure to ¥82.786 billion. - FY2023-Q1RestatedAnnual report
「Because operating income in the consolidated statements of income was a loss for 2 consecutive fiscal years in the consolidated results for the fiscal years ended March 2021 and March 2022, the company was in breach of financial covenants relating to 9 of its borrowing agreements, totaling ¥84.463 billion. However, by the end of the previous consolidated fiscal year, the company had obtained written consent from all relevant financial institutions to not apply the clauses concerning loss of the benefit of time.」
The disclosure continues to report the breach status involving 9 agreements totaling ¥84.463 billion and the response of obtaining consent from all financial institutions not to apply the clauses concerning loss of the benefit of time. - FY2022MaterialisedAnnual report
「Because operating income in the consolidated statements of income was a loss for 2 consecutive fiscal years following the consolidated results for the fiscal year ended March 2021, the company was in breach of financial covenants relating to 9 of its borrowing agreements, totaling ¥84.463 billion. However, after requesting that the relevant financial institutions continue the agreements without applying the clauses concerning loss of the benefit of time, the company obtained written consent from all relevant financial institutions by the end of the consolidated fiscal year to not apply those clauses.」
Operating losses for 2 consecutive fiscal years resulted in breaches of financial covenants under 9 agreements totaling ¥84.463 billion. At the same time, consent was obtained from all relevant financial institutions not to apply the clauses concerning loss of the benefit of time. - FY2022-Q3RestatedAnnual report
「• In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥280.0 billion or more. • In the consolidated statements of income for each fiscal year-end, operating income must not be a loss for 2 consecutive fiscal years.」
Financial covenants concerning the net asset maintenance threshold and operating losses continue to be disclosed. - FY2021-Q1WorsenedAnnual report
「In the consolidated balance sheets at each fiscal year-end and quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding quarter-end level, including the fiscal year-end, and at ¥280.0 billion or more.」
A new net asset maintenance covenant of ¥280.0 billion or more applicable at each quarter-end was included in relation to the loan commitment agreement. - FY2020-Q3WorsenedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥317.1 billion or more.」
A net asset maintenance threshold of ¥317.1 billion or more was disclosed as a financial covenant relating to the balance of loan commitments at the end of the third quarter, in addition to the existing ¥296.3 billion threshold. - FY2020-Q2RestatedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥296.3 billion or more.」
Multiple financial covenants concerning the maintenance of net assets and operating losses continue on the same terms as in the previous quarter. - FY2020-Q1RestatedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥296.3 billion or more.」
The financial covenants concerning the maintenance of net assets and operating losses continue on the same terms as in the previous quarterly report. - FY2019-Q3WorsenedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥296.3 billion or more.」
For the financial covenants relating to the loan commitments, a net asset maintenance threshold of ¥296.3 billion or more was included in addition to the existing ¥283.4 billion threshold. - FY2019-Q2RestatedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥283.4 billion or more.」
Multiple financial covenants concerning the maintenance of net assets and operating losses continue unchanged from the previous year's report. - FY2018WorsenedAnnual report
「In the consolidated balance sheets at each fiscal year-end and second-quarter-end, the total net assets must be maintained at no less than 75% of the immediately preceding fiscal year-end level, including the second quarter, and at ¥283.4 billion or more.」
In addition to the existing thresholds, net asset maintenance covenants of ¥270.1 billion and ¥283.4 billion or more were disclosed, broadening the scope of the financial covenants. - FY2018-Q3RestatedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥25.92 billion.」
Multiple financial covenants concerning the maintenance of net assets and operating losses continue unchanged from the previous quarter. - FY2018-Q2RestatedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥25.92 billion.」
Multiple financial covenants concerning the maintenance of net assets and operating losses continue unchanged from the previous year's report. - FY2018-Q1RestatedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥25.92 billion.」
A financial covenant requiring consolidated net assets to be maintained at no less than 75% of the previous fiscal year-end level and at or above each threshold amount from ¥143.0 billion to ¥275.6 billion continues unchanged from the previous year's report. - FY2017WorsenedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥25.92 billion.」
In addition to the existing provisions, provisions based on ¥259.2 billion and ¥275.6 billion were disclosed, further broadening the scope and thresholds of the financial covenants. - FY2017-Q3WorsenedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥25.32 billion.」
In addition to the previous financial covenants, a covenant including a minimum net assets requirement of ¥25.32 billion has been disclosed. - FY2017-Q2WorsenedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥16.13 billion.」
In addition to the financial covenants previously disclosed, multiple covenants based on ¥16.13 billion, ¥18.15 billion, ¥20.08 billion and ¥27.56 billion have been disclosed, broadening the scope of borrowings and other obligations covered. - FY2017-Q1First statedAnnual report
「On the consolidated balance sheet at each fiscal year-end and at the end of the second quarter, total net assets must be maintained at not less than 75% of the amount at the immediately preceding fiscal year-end (including the second-quarter end) and at not less than ¥14.3 billion. On the consolidated income statement at each fiscal year-end, operating income must not be a loss for 2 consecutive periods.」
Financial covenants concerning minimum net assets and operating losses have been disclosed for multiple borrowings and other obligations.