Acceleration Following Breach of Financial Covenants
First written in FY2023. 1 of 2 entries say "Restated". Latest entry: FY2024.
- FY2024RestatedAnnual report
「At each fiscal year-end, the total equity shown on the borrower’s consolidated statement of financial position must be maintained at no less than 75% of the total equity shown at the immediately preceding fiscal year-end. The borrower must not allow a condition to arise in which either operating profit or profit for the year shown on its consolidated income statement is negative at any fiscal year-end.」
The company continues to disclose covenants requiring total equity of at least 75% and avoidance of losses in operating profit and profit for the year, and states that they were complied with during the year. - FY2023First statedAnnual report
「These financial covenants establish generally applicable numerical standards concerning the maintenance of net assets and profit. As of the date of submission of this document, none of the financial covenants had been breached. However, if a covenant is breached in the future and the lender makes a demand, our group will lose the benefit of time under the relevant agreement.」
The principal covenants require total equity to be maintained at no less than 75% of the immediately preceding fiscal year-end level and prohibit operating profit or profit for the year from being negative. The company states that no breach has occurred at present.