Financial covenants under borrowing agreements
First written in FY2024-Q2. 2 of 6 entries say "Reframed", first in FY2024-Q3. Latest entry: FY2027-H1.
- FY2027-H1MitigatedAnnual report
「The financial covenants had not been breached as of the end of the current interim consolidated accounting period.」
Although a consolidated subsidiary had breached its covenants at the end of the previous consolidated fiscal year, the Company disclosed that neither the Company nor its consolidated subsidiaries was in breach of its financial covenants as of the end of the current interim period. Meanwhile, the conditions requiring net assets of at least 80% and at least goodwill, EBITDA and an interest coverage ratio of at least 1.50 times, among others, remain in effect. - FY2026-H1MaterialisedAnnual report
「(2) The loan commitment line agreement (US$25,000 thousand) entered into by a consolidated subsidiary of the Company with a financial institution contains the following financial covenants. Although the covenants were breached as of the end of the previous consolidated fiscal year, the lending financial institution has agreed not to exercise its rights relating to acceleration of the loans.」
A consolidated subsidiary actually breached its financial covenants at the end of the previous consolidated fiscal year and obtained the financial institution's agreement not to exercise its rights. Meanwhile, the Company's agreements and other arrangements as of the end of the current interim period were not in breach. - FY2025-H1RestatedAnnual report
「The above financial covenants were not breached as of the end of the current interim consolidated accounting period.」
The conditions requiring consolidated net assets to be maintained at no less than 80% of the amount at the end of the immediately preceding fiscal year and at no less than goodwill, and prohibiting ordinary losses for 2 consecutive periods, remain in effect and were not breached as of the end of the interim period. - FY2025-Q1ReframedAnnual report
「(Syndicated loan agreement) ① Maintain, at the end of each fiscal year, the amount of net assets on the consolidated balance sheet at not less than 80% of the amount of net assets on the consolidated balance sheet at the end of the immediately preceding fiscal year and at not less than the amount of goodwill at the end of the fiscal year. ② Ensure that ordinary profit or loss reported in the consolidated income statement does not remain a loss for 2 consecutive fiscal years.」
The financial covenants are stated on a consolidated basis, specifying that net assets must be maintained at 80% or more and at or above the amount of goodwill. There was no breach as of the end of the quarter. - FY2024-Q3ReframedAnnual report
「① Maintain, at the end of each fiscal year, the amount of net assets on the non-consolidated balance sheet at not less than 80% of the amount of net assets on the non-consolidated balance sheet at the end of the immediately preceding fiscal year. ② Ensure that ordinary profit or loss reported in the non-consolidated income statement does not remain a loss for 2 consecutive fiscal years.」
While the requirement to maintain net assets at 80% or more remains in effect, this disclosure specifies that ordinary profit or loss must not be a loss for 2 consecutive fiscal years. The previously stated DSCR requirement of 1.05x or more is not included. There was no breach. - FY2024-Q2First statedAnnual report
「Maintain, at the end of each fiscal year, the amount of net assets on the non-consolidated balance sheet at not less than 80% of the amount of net assets on the non-consolidated balance sheet at the end of the immediately preceding fiscal year.」
The company disclosed a covenant requiring net assets to be maintained at 80% or more, as well as a DSCR of 1.05x or more, under its syndicated loan agreement and other arrangements. The covenants were not breached as of the end of the quarter.