About Today’s Article in Nikkei
May 11, 2023
Tokyo (May 11, 2023) – Today the Nikkei morning edition ran an article about our announcement yesterday including the revision of the forecasts for the consolidated financial results for the fiscal year ended March 31, 2023. The article ended with “It [Konica Minolta] expects to breach financial restrictions regarding syndicated loans with financial institutions due to deteriorating business performance.”*
In fact, it is expected, due to the revision of the forecasts for the consolidated financial results, that the Company will breach one of the clauses of financial covenants stipulated in syndicated loan agreements and other agreements executed between the Company and multiple financial institutions. However, the Company has obtained consent from all relevant financial institutions not to request the Company to forfeit the benefit of time due to this breach. There is no significant impact on our sustainable business management.
*Translation by Konica Minolta. The quoted sentence’s original language is Japanese.