Cross-Shareholdings to Strengthen Business Relationships
First written in FY2016. 8 of 15 entries say "Advanced", first in FY2021. Latest entry: FY2026.
The whole theme swung hardest in 2019: 18 of 135 companies on the "Worse" side.
68 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「During the fiscal year, the number of shares held decreased for 22 issues other than unlisted shares, and total proceeds from sales associated with the decrease in shares held were ¥13,313 million.」
The Company sold 22 issues other than unlisted shares for ¥13.313 billion. This represents progress in reducing its holdings in line with its policy of selling at least ¥50 billion over the 3-year period from fiscal 2025 through fiscal 2027. - FY2026-H1AdvancedAnnual report
「Interim net income attributable to owners of the parent increased 78.0% year on year to ¥12.7 billion, due to gains on sales of investment securities recorded as the Company proceeded with the sale of cross-shareholdings.」
The Company proceeded with the sale of cross-shareholdings and recorded gains on sales of investment securities. It described progress in the sales related to its policy of reducing cross-shareholdings alongside the increase in profit. - FY2025RaisedAnnual report
「The Company has adopted a policy of selling at least ¥50 billion of cross-shareholdings, on a market-value basis, over the 3-year period from fiscal 2025 through fiscal 2027.」
The target for reducing cross-shareholdings was raised from at least ¥30 billion for fiscal 2022–2024 to at least ¥50 billion for fiscal 2025–2027. During the fiscal year, the Company sold 18 issues other than unlisted shares for ¥15.856 billion. - FY2024AdvancedAnnual report
「During the fiscal year, the number of shares held decreased for 13 issues other than unlisted shares, and total proceeds from sales associated with the decrease in shares held were ¥16,678 million.」
The Company sold 13 cross-shareholdings for ¥16.678 billion. It is reducing its holdings in line with its policy of selling at least ¥30 billion over the 3-year period from fiscal 2022 through fiscal 2024. - FY2023AdvancedAnnual report
「During the fiscal year, the number of shares held decreased for 10 issues other than unlisted shares, and total proceeds from sales associated with the decrease in shares held were ¥11,577 million.」
The Company sold 10 cross-shareholdings and recorded proceeds of ¥11.577 billion. This represents progress toward its policy of selling at least ¥30 billion over the 3-year period from fiscal 2022 through fiscal 2024. - FY2022AdvancedAnnual report
「In May 2022, the Company announced the Medium-Term Management Plan 2024 Rolling Plan and adopted a policy of selling at least ¥30 billion of cross-shareholdings, on a market-value basis, over the 3-year period from fiscal 2022 through fiscal 2024, in order to secure funding for growth investments while maintaining capital efficiency and financial soundness.」
The Company sold 12 cross-shareholdings during the fiscal year and recorded proceeds of ¥4.52 billion. It also established a policy of selling at least ¥30 billion over the 3-year period from fiscal 2022 through fiscal 2024. - FY2021AdvancedAnnual report
「The Company selected 20 issues for partial or full sale from among individual issues that were below the benchmark and other issues, and decided to begin negotiations with the business partners concerned for their sale from April 2021.」
In line with its policy of reducing cross-shareholdings, the Company identified 20 issues as candidates for sale. During the fiscal year, it sold 21 issues other than unlisted shares, for total proceeds of ¥5.77 billion. - FY2020RaisedAnnual report
「To limit the risks associated with shareholdings and improve capital efficiency, the Company's basic policy is to reduce its holdings of investment securities held for strategic investment purposes after sufficient dialogue with its business partners.」
The Company explicitly stated that its basic policy was to reduce its cross-shareholdings, identified 12 issues as candidates for partial or full sale from among those subject to review, and began negotiations for their sale. - FY2019ReframedAnnual report
「Each year, the Board of Directors comprehensively verifies each issue individually and determines whether to continue holding it, using such indicators as the purpose of holding, the gross margin on construction projects ordered by the shareholding company during the 10 most recent fiscal years through the current fiscal year and the dividends received from that company, whether construction projects are expected to be ordered in the future, and value at risk (VaR), to assess whether the returns and risks associated with the holding are commensurate with the cost of capital.」
In addition to its existing policy of strengthening business relationships, the Company explicitly described its annual individual reviews using construction gross margins, dividends, future orders, VaR and the cost of capital, and stated that it planned to sell 10 issues. - FY2018RestatedAnnual report
「Purpose of holding: To strengthen business relationships between companies」
The Company maintained its policy of holding cross-shareholdings to strengthen business relationships between companies or facilitate financial transactions. It held 182 issues for purposes other than pure investment, with a carrying amount of ¥160.2 billion. - FY2017RestatedAnnual report
「Purpose of holding: To strengthen business relationships between companies」
The purpose of cross-shareholdings remained, as before, to strengthen business relationships between companies or facilitate financial transactions. The Company disclosed 196 issues held, with a balance-sheet carrying amount of ¥156,936 million. - FY2016First statedAnnual report
「Purpose of holding: To strengthen business relationships between companies」
The Company held 207 issues of investment securities for purposes other than pure investment, with a total balance-sheet carrying amount of ¥146,550 million, primarily to strengthen business relationships between companies or facilitate financial transactions.