A strict, phased financing policy limited to growth investment
First written in FY2017-Q1. 5 of 14 entries say "Softened", first in FY2023. Latest entry: FY2026.
ZIGExN moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2026: 2 of 14 companies on the "Worse" side.
1 other company's latest entry also says "Softened".
- FY2026SoftenedAnnual report
「When raising funds, we select the optimal method from these diverse funding sources according to the timing, thereby securing stable sources of funds and optimising the cost of capital. In addition, we have set a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of no more than 1.0x as our target financial benchmarks, and are working to maintain financial soundness. Going forward, however, to further enhance shareholder value through proactive strategic investment using financial leverage, we will set a consolidated equity attributable to owners of the parent ratio of at least 30% as our target financial benchmark.」
The company stated that, due to its intention to use financial leverage for strategic investment, the previous soundness benchmark of a consolidated equity attributable to owners of the parent ratio of at least 40% will change to at least 30%. - FY2025RestatedAnnual report
「There will be no change to the policies or financial benchmarks described above regarding “growth” and “soundness.”」
The company explicitly stated that its financial policy remains unchanged, prioritising growth through M&A and other measures, a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately no more than 1.0x. - FY2023SoftenedAnnual report
「When raising funds, we select the optimal method from these diverse funding sources according to the timing, thereby securing stable sources of funds and optimising the cost of capital. In addition, we have set a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately no more than 1.0x as our target financial benchmarks.」
While the benchmark of a consolidated equity attributable to owners of the parent ratio of at least 40% was maintained, the wording for the goodwill-to-equity ratio changed from “no more than 1.0x” to “approximately no more than 1.0x.” - FY2022Change in the wording of the financial benchmarkAnnual report
「When raising funds, we select the optimal method from these diverse funding sources according to the timing, thereby securing stable sources of funds and optimising the cost of capital. In addition, we have set a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of no more than 1.0x as our target financial benchmarks, and are working to maintain financial soundness.」
The wording of the financial benchmark changed from the previous “goodwill-to-equity ratio of approximately 1.0x” to “no more than 1.0x.” - FY2020RestatedAnnual report
「When raising funds, we select the optimal method from these diverse funding sources according to the timing, thereby securing stable sources of funds and optimising the cost of capital. In addition, we have set a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately 1.0x as our target financial benchmarks, and are working to maintain financial soundness.」
The company continues to prioritise diverse funding sources, stable sources of funds and optimisation of the cost of capital, while maintaining financial benchmarks of a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately 1.0x. - FY2019Quantification of financial benchmarksAnnual report
「When raising funds, we select the optimal method from these diverse funding sources according to the timing, thereby securing stable sources of funds and optimising the cost of capital. In addition, we have set a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately 1.0x as our target financial benchmarks, and are working to maintain financial soundness.」
In addition to a flexible funding policy for growth investments, the company has specified financial benchmarks of a consolidated equity attributable to owners of the parent ratio of at least 40% and a goodwill-to-equity ratio of approximately 1.0x. - FY2018RestatedAnnual report
「As its capital management policy, the company maintains a strong financial base that ensures the flexibility to respond promptly to business investment opportunities and other matters, while maintaining the safety of its funding structure.」
The annual report also sets out a capital management policy that prioritises a financial base capable of supporting investment opportunities such as M&A and the safety of the funding structure. - FY2018-Q3RestatedAnnual report
「The increase in money held in trust from the end of the previous consolidated fiscal year reflects the fact that funds paid in through the exercise of the Fifth Series Share Acquisition Rights are being held in a money trust established with Resona Bank to clarify their use for M&A and capital and business alliance investments.」
The company continues to explain its practice of holding funds raised through stock acquisition rights in money trusts for M&A and capital and business alliance investments. - FY2018-Q2AdvancedAnnual report
「The decrease in cash flows from investing activities during the six-month period ended 30 September amounted to ¥2,772.896 million. This was mainly due to payments of ¥2,593.710 million for the acquisition of money trusts.」
The disclosure states that ¥2,593.710 million of the funds raised for M&A and capital and business alliance investments had been used to acquire money trusts, putting into practice the management of funds restricted to growth investments. - FY2018-Q1AdvancedAnnual report
「The increase in money held in trust from the end of the previous consolidated fiscal year reflects the fact that funds paid in through the exercise of the Fifth Series Share Acquisition Rights are being held in a money trust established with Resona Bank to clarify their use for M&A and capital and business alliance investments.」
Specific procedures have begun for holding the funds raised in a money trust, in line with the policy of restricting their use to growth investments. - FY2017-Q1First statedAnnual report
「The design of these share acquisition rights reflects the company's policy of raising funds strictly for growth investment, rather than indiscriminately strengthening its financial base, and doing so in phases as the company's scale expands.」
The company has stated a policy of limiting the use of funds to growth investments such as M&A and capital and business alliances, rather than general strengthening of the financial base, and raising funds in phases according to its scale.