Maintaining an Appropriate Capital Level and Debt-Equity Structure
First written in FY2016. 15 of 33 entries say "Advanced", first in FY2017. Latest entry: FY2027-H1.
The whole theme swung hardest in 2017: 3 of 14 companies on the "Worse" side.
8 other companies' latest entry also says "Advanced".
- FY2027-H1AdvancedAnnual report
「At the end of the current interim consolidated accounting period, net interest-bearing debt was ¥105,362 million, a decrease of approximately ¥600 million from the end of the previous fiscal year, while total equity attributable to owners of the parent increased by approximately ¥5.1 billion. As a result, the net D/E ratio at the end of the current interim consolidated accounting period decreased by 0.12 points from 1.18x at the end of the previous fiscal year, improving to 1.06x.」
The net D/E ratio improved from 1.18x to 1.06x due to a decrease in net interest-bearing debt and an increase in equity attributable to owners of the parent. However, it has not yet reached VISION-W's target of 0.75x or below. - FY2026-H1Net D/E ratio unchangedAnnual report
「As a result, the net D/E ratio at the end of the current interim consolidated accounting period was 0.86x, unchanged from the end of the previous fiscal year.」
While maintaining the medium- to long-term net D/E ratio target of 0.5x, the actual ratio at the end of the interim period was 0.86x, unchanged from the end of the previous fiscal year. - FY2025WorsenedAnnual report
「As a result, the net D/E ratio for the current consolidated fiscal year increased by 0.15 points from 0.71x at the end of the previous fiscal year to 0.86x.」
The net D/E ratio increased from 0.71x to 0.86x due to the consolidation of MC Fashion and other factors. The medium- to long-term target of 0.5x remains unchanged. - FY2025-H1Slight deterioration in the net D/E ratioAnnual report
「As a result, the net D/E ratio at the end of the current interim consolidated accounting period increased by 0.01 points from 0.71x at the end of the previous fiscal year to 0.72x.」
The net D/E ratio rose slightly from 0.71x to 0.72x due to decreases in net interest-bearing debt and equity attributable to owners of the parent. The medium- to long-term target of 0.5x remains unchanged. - FY2025-Q1ReframedAnnual report
「To determine the optimal capital structure of interest-bearing debt and shareholders' equity and continuously improve its ability to repay debt and the profitability and growth potential of its business, the Group uses the net D/E ratio as an indicator of financial soundness and aims for a net D/E ratio of 0.5x over the medium to long term.」
The Group explicitly adopted the net D/E ratio, rather than the conventional D/E ratio, as an indicator of financial soundness and maintained its medium- to long-term target of 0.5x. - FY2024-Q2Deterioration in the D/E ratioAnnual report
「Interest-bearing debt at the end of the second quarter of the current consolidated cumulative period was ¥80,845 million, an increase of approximately ¥2.3 billion from the end of the previous fiscal year, while total equity decreased by approximately ¥3.9 billion.」
Interest-bearing debt increased and total equity decreased due to the reclassification of part of a perpetual subordinated loan from equity to liabilities in connection with its partial redemption, among other factors. - FY2024-Q1AdvancedAnnual report
「As a result, the D/E ratio at the end of the first quarter of the current consolidated cumulative period improved by 0.03 points from 0.88x at the end of the previous fiscal year to 0.85x.」
The D/E ratio improved from 0.88x to 0.85x due to the repayment of borrowings and an increase in total equity. The Group continues to recognize that it has not reached its medium- to long-term target of 0.5x. - FY2023AdvancedAnnual report
「As a result, the D/E ratio for the current consolidated fiscal year improved by 0.1 points from 0.99x at the end of the previous fiscal year to 0.88x.」
The D/E ratio improved from 0.99x to 0.88x, supported by the repayment of borrowings and an increase in retained earnings. The medium-term target of approximately 0.5x has not yet been reached. - FY2023-Q3AdvancedAnnual report
「As a result, the D/E ratio at the end of the third quarter of the current consolidated cumulative period was 0.89x, below 1x, improving by 0.14 points from 1.03x at the end of the previous fiscal year.」
The D/E ratio improved from 1.03x to 0.89x due to the repayment of borrowings and an increase in total equity, showing progress toward the medium- to long-term D/E ratio target of 0.5x. - FY2023-Q2AdvancedAnnual report
「As a result, the D/E ratio at the end of the second quarter of the current consolidated cumulative period was 0.95x, below 1x, improving by 0.08 points from 1.03x at the end of the previous fiscal year.」
The D/E ratio improved from 1.03x to 0.95x due to the repayment of borrowings and an increase in total equity. Improvement toward the medium- to long-term target of 0.5x is continuing. - FY2023-Q1AdvancedAnnual report
「As a result, the D/E ratio at the end of the first quarter of the current consolidated cumulative period was 0.96x, below 1x, improving by 0.06 points from 1.03x at the end of the previous fiscal year.」
The D/E ratio improved from 1.03x to 0.96x due to the repayment of borrowings and an increase in total equity. The medium- to long-term target of 0.5x remains unchanged. - FY2022WorsenedAnnual report
「The Group's D/E ratio at the end of the current consolidated fiscal year was 1.03x, deteriorating from 1.00x at the end of the previous fiscal year. Excluding the impact of making Narumiya International a consolidated subsidiary, however, the D/E ratio improved from the end of the previous fiscal year and was below 1x.」
The D/E ratio deteriorated from 1.00x to 1.03x due to an increase in borrowings associated with making Narumiya International a consolidated subsidiary, among other factors. The medium-term target of approximately 0.5x remains unchanged. - FY2022-Q3AdvancedAnnual report
「As a result, the D/E ratio at the end of the third quarter of the current consolidated accounting period improved by 0.07 points from 1.00x at the end of the previous fiscal year to 0.93x.」
The D/E ratio improved from 1.00x to 0.93x due to the repayment of borrowings and an increase in total equity. The Group continues to recognize that it has not reached its medium- to long-term target of 0.5x. - FY2022-Q2Further deterioration in the D/E ratioAnnual report
「As a result, the D/E ratio at the end of the second quarter of the current consolidated accounting period deteriorated by 0.04 points from 1.00x at the end of the previous fiscal year to 1.04x. The Group recognizes that its financial condition has diverged from its medium- to long-term target, partly due to the COVID-19 pandemic, but will work to achieve steady improvement toward the target again by restoring profitability at an early stage.」
The D/E ratio deteriorated from 1.00x to 1.04x due to an increase in interest-bearing debt and a decrease in equity. The Group recognizes that it has diverged from its medium- to long-term target of 0.5x and aims to improve it again by restoring profitability. - FY2022-Q1AdvancedAnnual report
「As a result, the D/E ratio at the end of the first quarter of the current consolidated cumulative period improved by 0.02 points to 0.98x, from 1.00x at the end of the previous fiscal year.」
While maintaining the medium- to long-term D/E ratio target of 0.5x, the D/E ratio improved from 1.00x to 0.98x. - FY2021Deterioration in the D/E ratio to 1.0xAnnual report
「The Group's D/E ratio at the end of the fiscal year was 1.00x, deteriorating from 0.94x at the end of the previous fiscal year.」
Although the Group raised capital through perpetual subordinated loans, the D/E ratio deteriorated from 0.94x to 1.00x due to an increase in short-term borrowings and a decrease in equity. The medium- to long-term target of 0.5x remains unchanged. - FY2021-Q3Further deterioration in the D/E ratioAnnual report
「As a result, the D/E ratio at the end of the third quarter deteriorated by 0.1 points from 0.9x at the end of the previous fiscal year to 1.1x.」
While the policy of targeting a medium-term D/E ratio of 0.5x remains in place, the D/E ratio deteriorated from 0.9x to 1.1x due to an increase in borrowings and a decrease in retained earnings. - FY2021-Q1Temporary deterioration in the D/E ratioAnnual report
「As a result, the D/E ratio at the end of the first quarter deteriorated by 0.3 points from 0.9x at the end of the previous fiscal year to 1.2x.」
While the policy of targeting a medium-term D/E ratio of 0.5x remains in place, the D/E ratio deteriorated from 0.9x to 1.2x due to an increase in borrowings and a decrease in equity. - FY2020-Q3AdvancedAnnual report
「As a result, the D/E ratio at the end of the third quarter was 0.86x, below 1.0x, improving from 0.96x at the end of the previous fiscal year.」
The D/E ratio improved further from 0.88x at the end of the second quarter to 0.86x due to an increase in retained earnings and the repayment of borrowings, remaining below 1.0x. - FY2020-Q2AdvancedAnnual report
「As a result, the D/E ratio at the end of the second quarter was 0.88x, below 1.0x, improving from 0.96x at the end of the previous fiscal year.」
The D/E ratio improved from 0.96x to 0.88x due to the repayment of borrowings and an increase in retained earnings, demonstrating progress toward the medium-term target of 0.5x. - FY2020-Q1RaisedAnnual report
「The Group uses the debt-to-equity ratio, or D/E ratio, defined as interest-bearing debt divided by total equity, as an indicator of financial soundness and aims to achieve a D/E ratio of 0.5x over the medium term.」
After achieving the previous near-term target of a D/E ratio below 1.0x, the Group specified a medium-term target of 0.5x. - FY2019AchievedAnnual report
「As a result, the D/E ratio at the end of the fiscal year fell below the near-term target of 1.0x and declined sharply from 3.9x at the end of the previous fiscal year, substantially improving financial soundness.」
The Group achieved its near-term target of a D/E ratio below 1.0x through the increase in capital from the listing, the repayment of borrowings, and the acquisition and cancellation of preferred shares. - FY2019-Q3AdvancedAnnual report
「As a result, the D/E ratio at the end of the third quarter improved significantly to 0.9x from 3.9x at the end of the previous fiscal year.」
The D/E ratio improved from 3.9x to 0.9x due to the increase in capital from the listing, the increase in retained earnings, the repayment of borrowings, and the acquisition and cancellation of preferred shares. - FY2019-Q2AdvancedAnnual report
「Interest-bearing debt at the end of the second quarter comprised borrowings of ¥71,013 million and preferred shares of ¥6,099 million, including unpaid dividends, for a total of ¥77,113 million, down ¥28,825 million from the end of the previous fiscal year. Total equity increased by ¥43,873 million from the end of the previous fiscal year to ¥70,986 million, due to an increase in capital surplus from the funds raised through the listing and the retention of quarterly profits. As a result, the D/E ratio at the end of the second quarter improved significantly to 1.1x from 3.9x at the end of the previous fiscal year.」
The D/E ratio improved from 3.9x to 1.1x due to the increase in capital from the listing and the repayment of borrowings. - FY2018AdvancedAnnual report
「Interest-bearing debt decreased from ¥119,025 million to ¥111,219 million, while the ratio of equity attributable to owners of the parent increased from 10.50% to 13.30%.」
Interest-bearing debt decreased, and the ratio of equity attributable to owners of the parent improved. - FY2017AdvancedAnnual report
「The ratio of equity attributable to owners of the parent increased from 6.86% to 10.50%.」
Under its policy of maintaining appropriate capital levels and a suitable debt-to-equity structure, the Group's ratio of equity attributable to owners of the parent has improved. - FY2016First statedAnnual report
「Our basic policy is to maintain an appropriate level of capital and an appropriate debt-equity structure commensurate with the risks of our business in order to maintain financial soundness and efficiency and achieve sustainable growth.」
The ratio of equity attributable to owners of the parent was 6.86%, and interest-bearing debt was ¥116,449 million.