Liquidity Risk Related to Borrowings, etc.
First written in FY2019. 6 of 9 entries say "Worsened", first in FY2021-Q1. Latest entry: FY2024.
- FY2024Specification of time-based criteria for financial covenantsAnnual report
「Fiscal year ending February 2024: α≦6.5 Fiscal year ending February 2025: α≦6.2 Fiscal year ending February 2026: α≦5.9 Fiscal year ending February 2027: α≦5.6 Fiscal year ending February 2028: α≦5.3 Fiscal year ending February 2029: α≦5.0 Fiscal year ending February 2030: α≦4.7 Fiscal year ending February 2031: α≦4.4」
For the syndicated loan following the refinancing, the upper limit for the net leverage ratio was specified progressively from the fiscal year ending February 2024 through the fiscal year ending February 2031. - FY2024-Q1Disclosure of financial covenant risk associated with the refinancing agreementAnnual report
「The syndicated loan agreement following the refinancing contains financial covenants, and a breach of any of the following covenants could result in the loss of the benefit of time with respect to all contractual obligations.」
For the syndicated loan following the refinancing, financial covenants relating to net assets, operating income or loss, and the net leverage ratio were disclosed, along with the possibility of losing the benefit of time in the event of a breach. - FY2022-Q1WorsenedAnnual report
「Liabilities increased by ¥23,851 million from the end of the previous consolidated fiscal year to ¥286,181 million. This was mainly due to a ¥19,319 million increase in short-term and long-term borrowings, including ¥20,000 million at VIVA HOME.」
Short- and long-term borrowings increased even after the consolidation of Viva Home, and liabilities including borrowings expanded to ¥286.181 billion. The increase in financing exposure can be confirmed in the actual results. - FY2021WorsenedAnnual report
「Our Group finances funds for M&A and other purposes through borrowings from financial institutions and has a high level of dependence on interest-bearing debt.」
Dependence on interest-bearing debt reached a high level through borrowings to finance M&A, increasing exposure to liquidity risk. - FY2021-Q3WorsenedAnnual report
「This was mainly due to increases of ¥98,040 million in short-term borrowings, ¥30,985 million in fixed lease liabilities, including ¥30,857 million for Viva Home, and ¥25,741 million in long-term borrowings, including ¥25,000 million for Viva Home.」
Short-term borrowings, long-term borrowings, and lease liabilities increased substantially following the consolidation of Viva Home, increasing exposure to liquidity risk related to financing. - FY2021-Q2WorsenedAnnual report
「Liabilities increased by ¥47,168 million from the end of the previous consolidated fiscal year to ¥69,670 million. This was mainly due to increases of ¥41,440 million in short-term borrowings and ¥1,753 million in accounts payable.」
The large-scale borrowing previously presented as planned or scheduled was executed, resulting in a substantial increase in actual short-term borrowings and total liabilities. Exposure to liquidity risk has increased. - FY2021-Q1WorsenedAnnual report
「② Borrowings ¥109.6 billion (maximum)」
Borrowings of up to ¥109.6 billion were planned in connection with the tender offer for LIXILビバ shares, and plans were disclosed to increase exposure to liquidity risk related to existing accounts payable and borrowings. The borrowings were scheduled to be executed in the future and were not actual borrowings as of the end of the quarter. - FY2020RestatedAnnual report
「Accounts payable, accrued corporate taxes and other liabilities, and borrowings are subject to liquidity risk related to financing. The Company addresses this risk by preparing cash flow schedules as appropriate and managing funds appropriately, as well as securing stable borrowing facilities.」
Liquidity risk related to financing arising from accounts payable, accrued corporate taxes and other liabilities, and borrowings, and the measures taken through cash flow schedules and stable borrowing facilities, remain in place. - FY2019First statedAnnual report
「Accounts payable, accrued corporate taxes and other liabilities, and borrowings are subject to liquidity risk related to financing. The Company addresses this risk by preparing cash flow schedules as appropriate and managing funds appropriately, as well as securing stable borrowing facilities.」
The Company recognizes liquidity risk related to financing arising from accounts payable, accrued corporate taxes and other liabilities, and borrowings, and addresses it through cash flow schedules and stable borrowing facilities.