Cross-Shareholdings to Maintain and Strengthen Business Relationships
First written in FY2017. 3 of 6 entries say "Raised", first in FY2022. Latest entry: FY2026.
The whole theme swung hardest in 2019: 18 of 135 companies on the "Worse" side.
4 other companies' latest entry also says "Raised".
- FY2026RaisedAnnual report
「Under the new medium-term management plan beginning with the fiscal year ending March 2026, the company set a target of cumulative sales of ¥5 billion over the plan period and a ratio of cross-shareholdings to net assets of 15% or less at the end of the fiscal year ending March 2028, the final year of the plan.」
After achieving the former target of less than 20% of net assets at 18.0% in the fiscal year ended March 2025, the company set more stringent new targets of 15% or less at the end of the fiscal year ending March 2028 and cumulative sales of ¥5 billion over the plan period. - 2026-06-02RaisedGeneral Meetings of Shareholders
「In light of the recent rise in share prices, it would be difficult to achieve the target of reducing the ratio of policy-holdings shares to 15% or less of net assets with the previous disposal target of ¥5 billion. Accordingly, the Company revised the disposal target for the 3-year period of the medium-term management plan upward by ¥4.5 billion, to a cumulative ¥9.5 billion.」
The target for sales of policy-holdings shares was raised from a cumulative ¥5 billion to ¥9.5 billion, while the time-bound target of reducing the ratio to 15% or less of net assets by the end of the fiscal year ending March 2028 was maintained. - FY2023AdvancedAnnual report
「(Sales of ¥3,145 million in the fiscal year ended March 2023; 21.8% of net assets at fiscal year-end)」
During the period, the company sold 7 holdings for ¥3,145 million, reducing the ratio of cross-shareholdings to net assets at fiscal year-end to 21.8%. It disclosed progress toward its target of reducing the ratio to less than 20% by the fiscal year ending March 2024. - FY2022RaisedAnnual report
「Specifically, as one of the management targets in the medium-term management plan for the fiscal years ending March 2023 through March 2025, announced on 16 May 2022, the company plans to reduce the value of its holdings to less than 20% of net assets by the fiscal year ending March 2024.」
For cross-shareholdings, in addition to annual reviews of their rationale and reductions in irrational holdings, the company set a quantitative, time-bound target of reducing their value to less than 20% of net assets by the fiscal year ending March 2024. - FY2020ReframedAnnual report
「For cross-shareholdings, the Board of Directors conducts an annual review of each holding, examining from both business and investment perspectives whether the purpose of holding it is appropriate and whether the benefits and risks associated with the holding are commensurate with the cost of capital. The Board also reviews their long-term economic rationality and whether continued ownership is appropriate. Based on these reviews, the company will reduce holdings in a timely and appropriate manner when their purpose or rationale is no longer recognized.」
The company has clearly stated its policy on cross-shareholdings: annual reviews by the Board of Directors, comparison with the cost of capital, and reductions where continued ownership is not considered rational. - FY2017First statedAnnual report
「Investment shares held for purposes other than pure investment」
The company holds 63 non-investment securities with a total balance-sheet carrying value of ¥24.9 billion, most of which are held to maintain and strengthen business relationships.