Emphasis on ROA based on core operating profit as a profitability indicator
First written in FY2021. 7 of 15 entries say "Advanced", first in FY2022. Latest entry: FY2027-H1.
The whole theme swung hardest in 2018: 3 of 13 companies on the "Worse" side.
3 other companies' latest entry also says "Advanced".
- FY2027-H1AdvancedAnnual report
「For ROIC in the current interim consolidated accounting period, total equity attributable to owners of the parent, which forms part of invested capital, increased by approximately ¥4.4 billion, while net interest-bearing debt decreased by approximately ¥4.3 billion, resulting in a net increase of approximately ¥100 million. NOPAT, the numerator, increased by approximately ¥400 million. As a result, ROIC rose 0.2 percentage points from 7.0% in the previous consolidated fiscal year to 7.2%.」
ROIC improved from 7.0% to 7.2%, and the company explicitly stated that NOPAT would be used as the numerator in ROIC management. This fell short of VISION-W’s ROIC target of 8.5%. - FY2026ReframedAnnual report
「Under the next medium-term management plan, VISION-W, the company plans to use net interest-bearing debt including lease liabilities arising under IFRS 16. Accordingly, for the net D/E ratio and ROIC, which use net interest-bearing debt, it will review actual results calculated under the new formula from the next consolidated fiscal year, together with the targets set under VISION-W.」
The company presented a policy to change the calculation formula for financial metrics, including ROIC, under VISION-W to one using net interest-bearing debt including lease liabilities. - FY2026-H1AdvancedAnnual report
「ROIC on a 12-month basis, reflecting the results for the current interim consolidated accounting period, was 9.3%, up 0.8 percentage points from 8.5% in the previous consolidated fiscal year.」
ROIC improved from 8.5% to 9.3%, exceeding the 8.5% target for the final year of PLAN-W. - FY2025AchievedAnnual report
「ROIC for the consolidated fiscal year improved by 3.7 percentage points from 4.8% in the previous consolidated fiscal year to 8.5%, reaching the target, although there were also temporary factors that pushed it higher. The company will continue to pursue further improvement.」
ROIC was raised to the 8.5% target. However, as temporary factors contributed to the increase, the company stated that it would continue to pursue ongoing improvement. - FY2025-H1AdvancedAnnual report
「Accordingly, the company set ROIC as a management metric in place of its previous ROA based on core operating profit, and aims to reach a target of 8.5% in the final year of its medium-term management plan, PLAN-W. It has also begun preparing to set ROIC by business, and will pursue sustainable growth by ensuring that ROIC consistently exceeds WACC through coordinated efforts by management and operating divisions. ROIC on a 12-month basis, reflecting the results for the current interim consolidated accounting period, was 7.5%, an improvement of 2.7 percentage points from 4.8% in the previous consolidated fiscal year.」
As the company began using ROIC as a new management metric, 12-month ROIC improved from 4.8% to 7.5%. It also began preparing to set ROIC by business. - FY2025-Q1ReframedAnnual report
「The company has newly adopted ROIC as a management indicator in place of ROA based on core operating profit and will work to bring it within reach of the target of 8.5% in the final year of the medium-term management plan "PLAN-Ｗ."」
The company switched from its previously emphasized ROA based on core operating profit to ROIC as a new management metric and presented a target of 8.5% for the final year of PLAN-W. - FY2023AdvancedAnnual report
「As a result, ROA based on core operating profit improved to 5.4% at the end of the consolidated fiscal year, up 3.2 percentage points year on year.」
As core operating profit recovered and asset efficiency improved, ROA rose 3.2 percentage points year on year to 5.4%. - FY2022AdvancedAnnual report
「As a result, ROA based on core operating profit improved to 2.2% at the end of the consolidated fiscal year, up 4.7 percentage points year on year.」
As core operating profit turned positive and asset efficiency improved, ROA improved from negative 2.5% in the previous fiscal year to 2.2%, an improvement of 4.7 percentage points. - FY2021First statedAnnual report
「We use ROA based on core operating profit, defined as core operating profit as a percentage of total assets, as a profitability indicator.」
Explicitly identifies ROA based on core operating profit as a management indicator of profitability. ROA was negative 2.6% in the current fiscal year, down 8.1 percentage points year on year, making a sustained return to positive core operating profit an urgent priority.