Financial Covenants Attached to Borrowings
First written in FY2016. 2 of 5 entries say "Restated". Latest entry: FY2020.
- FY2020MitigatedAnnual report
「Among borrowings, the syndicated loan, totaling ¥10,000 million at the end of the previous consolidated fiscal year and ¥7,000 million at the end of the current consolidated fiscal year, is subject to a covenant requiring net assets in the balance sheet at each fiscal year-end and at the end of the second quarter to be maintained at ¥78,400 million or more, and net assets in the consolidated balance sheet to be maintained at ¥90,300 million or more.」
The threshold under the net worth maintenance covenant is unchanged, but the balance of the syndicated loan subject to the covenant declined from ¥10,000 million to ¥7,000 million. - FY2019MitigatedAnnual report
「Among borrowings, the syndicated loan, totaling ¥17,000 million at the end of the previous consolidated fiscal year and ¥10,000 million at the end of the current consolidated fiscal year, is subject to a covenant requiring net assets in the balance sheet at each fiscal year-end and at the end of the second quarter to be maintained at ¥78,400 million or more, and net assets in the consolidated balance sheet to be maintained at ¥90,300 million or more.」
While the threshold under the financial covenant remains unchanged, the balance of the syndicated loan subject to the covenant declined from ¥17,000 million to ¥10,000 million. - FY2018RestatedAnnual report
「Among borrowings, the syndicated loan, totaling ¥22,000 million at the end of the previous consolidated fiscal year and ¥17,000 million at the end of the current consolidated fiscal year, is subject to a covenant requiring net assets in the balance sheet at each fiscal year-end and at the end of the second quarter to be maintained at ¥78,400 million or more, and net assets in the consolidated balance sheet to be maintained at ¥90,300 million or more.」
The company continues to disclose the net worth maintenance covenant and thresholds for the syndicated loan. The loan balance declined from ¥22,000 million to ¥17,000 million. - FY2017RestatedAnnual report
「Among borrowings, the syndicated loan, totaling ¥22,000 million at both the end of the previous consolidated fiscal year and the end of the current consolidated fiscal year, is subject to a covenant requiring net assets in the balance sheet at each fiscal year-end and at the end of the second quarter to be maintained at ¥78,400 million or more, and net assets in the consolidated balance sheet to be maintained at ¥90,300 million or more.」
The net worth maintenance covenant and thresholds for the syndicated loan remain in place. - FY2016First statedAnnual report
「A covenant requires the amount of net assets in the balance sheet at each fiscal year-end and at the end of the second quarter to be maintained at ¥78,400 million or more, and the amount of net assets in the consolidated balance sheet to be maintained at ¥90,300 million or more.」
The company discloses that the syndicated loan is subject to a net worth maintenance covenant.