Reviewing the rationale for cross-shareholdings and reducing them
First written in FY2019. 6 of 9 entries say "Advanced", first in FY2021-Q2. Latest entry: FY2026.
1 other company's latest entry also says "Achieved".
- FY2026AchievedAnnual report
「The ratio of cross-shareholdings to consolidated net assets was 9.19% in the fiscal year ending March 2026, representing holdings of ¥46.6 billion and achieving the target. The company will continue reducing cross-shareholdings to further improve capital efficiency.」
Against the target of reducing the cross-shareholding ratio to below 10% in the fiscal year ending March 2028 under the 25-27 Medium-Term Management Plan, the ratio reached 9.19% in the fiscal year ending March 2026, achieving the target level ahead of schedule. The reduction policy itself remains in place. - FY2026-H1AdvancedAnnual report
「At a meeting of the Board of Directors held on 29 September 2025, the company resolved to delegate authority to the representative director and president to sell part of its listed shareholdings, and carried out part of the sale after the end of the interim consolidated accounting period. Reason for sale of investment securities: to reduce cross-shareholdings and improve asset efficiency. Gain on sale of investment securities: approximately ¥15 billion (estimated).」
The policy of reducing cross-shareholdings became more concrete through the Board of Directors’ resolution to sell, the sale carried out from October through the end of December 2025, and an estimated gain on sale of approximately ¥15 billion. - FY2025AdvancedAnnual report
「The total number of issues reduced during the fiscal year and the aggregate sale value related to the reduction in the number of shares are as follows: 1 unlisted issue, ¥0 million; 2 issues other than unlisted shares, ¥535 million.」
The company continued to review the significance of its holdings and the cost of capital, and reduced 1 unlisted issue and 2 listed and other issues among its cross-shareholdings. - FY2025-H1AdvancedAnnual report
「A gain on the sale of cross-shareholdings of ¥5,428 million was recognized as extraordinary income.」
The company sold cross-shareholdings and recorded a gain on sale of ¥5,428 million. - FY2024AdvancedAnnual report
「The total number of issues reduced during the fiscal year and the aggregate sale value related to the reduction in the number of shares are as follows: unlisted shares, none; 2 issues other than unlisted shares, ¥565 million.」
The company reduced 2 listed and other issues among its cross-shareholdings and disclosed sale proceeds of ¥565 million. - FY2023AdvancedAnnual report
「The total number of issues reduced during the fiscal year and the aggregate sale value related to the reduction in the number of shares are as follows: 2 unlisted issues, ¥100 million; 8 issues other than unlisted shares, ¥416 million.」
After reviewing the significance of holdings and the cost of capital for cross-shareholdings, the company reduced 2 unlisted issues and 8 listed and other issues and disclosed the sale values. - FY2021RestatedAnnual report
「The Group's policy on cross-shareholdings is to hold only shares that serve important strategic purposes, such as maintaining and developing sound business and collaboration relationships and creating new business opportunities related to the realization of a "Healthcare Consortium." Shares that do not serve such important purposes are being reduced.」
The company continues to state its policy of limiting cross-shareholdings to shares serving strategically important purposes and reducing holdings whose rationale has weakened. - FY2021-Q2AdvancedAnnual report
「The company received ¥3,099 million in proceeds from the sale of investment securities to reduce its shareholdings.」
The company sold investment securities to reduce cross-shareholdings and recorded ¥3,099 million in proceeds from the sale. - FY2019First statedAnnual report
「For strategic purposes, the group holds only shares that also serve important objectives, and seeks to reduce holdings that do not serve such objectives. Each year, based on this policy, it quantitatively verifies for each investee whether the benefits and risks of holding the shares are commensurate with the cost of capital, and qualitatively verifies whether there is significance in holding them over the medium to long term.」
For cross-shareholdings, the company confirms their relationship to business and collaboration ties and new business opportunities, reviews them annually against the cost of capital and for their significance over the medium to long term, and states that it will reduce holdings that are not material.