Policy-held shares held to maintain and expand business relationships
First written in FY2018. 5 of 7 entries say "Advanced", first in FY2020. Latest entry: FY2026.
The whole theme swung hardest in 2019: 18 of 135 companies on the "Worse" side.
70 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Regarding the method and details of the review of whether holdings of individual securities are appropriate, the Board of Directors meeting held in September 2025 compared the return on investment, based on each company's contribution to profit generation through construction orders and other activities, with the Company's cost of capital (WACC), and reviewed profitability.」
The disclosure states that the Company reviewed its holdings by comparing return on investment with WACC at the Board of Directors meeting held in September 2025. During the fiscal year, the Company sold 2 unlisted securities and 13 listed securities. - FY2026-H1AdvancedAnnual report
「In terms of profitability, profit increased due to improved project profitability and the sale of cross-shareholdings, among other factors. Gain on sales of investment securities － 1,866」
The sale of cross-shareholdings was explicitly identified as a factor driving higher profit, and a gain on sales of investment securities of ¥1,866 million was also recorded. - FY2024AdvancedAnnual report
「At a Board of Directors meeting held in September 2023, the company compared the return on investment, based on each corporate group's contribution to profit generation through construction orders and other activities, with its cost of capital (WACC) and verified profitability.」
The company states that it compared the return on investment with WACC at a Board of Directors meeting in September 2023 to review its cross-shareholdings, and sold 2 unlisted issues and 8 listed issues during the fiscal year. - FY2022AdvancedAnnual report
「At a Board of Directors meeting held in September 2021, the company compared the return on investment, based on each corporate group's contribution to profit generation through construction orders and other activities, with its cost of capital (WACC) and verified profitability.」
The company states that it compared the return on investment with WACC at a Board of Directors meeting in September 2021 to review its cross-shareholdings. - FY2020AdvancedAnnual report
「At a Board of Directors meeting held in May 2019, the company compared the return on investment, based on each corporate group's contribution to profit generation through construction orders and other activities, with its cost of capital (WACC) and verified profitability.」
The company states that it compared the return on investment with WACC at a Board of Directors meeting in May 2019 to review its cross-shareholdings. It also indicates a policy of selling holdings if continued ownership is not commensurate with the cost of capital. - FY2019ReframedAnnual report
「Investment shares held for purposes other than pure investment are held to contribute to the growth of the group's medium- to long-term corporate value by maintaining and strengthening business relationships. Each year, the Board of Directors verifies for each issue whether the benefits and risks of holding the shares are commensurate with the cost of capital and whether continued ownership is appropriate.」
The company has reframed the purpose of its cross-shareholdings from maintaining and expanding business relationships to increasing medium- to long-term corporate value, and explicitly states that it conducts an annual review of whether continued ownership is appropriate by comparing the benefits and risks with the cost of capital. - FY2018First statedAnnual report
「Purpose of holding: cross-shareholdings held in anticipation of maintaining and expanding business relationships with companies」
The company states that its cross-shareholdings, comprising 129 issues with a total carrying amount on the balance sheet of ¥12,109 million, are held to maintain and expand business relationships with companies.