Continued revenue and profit growth under ACTIVE-2018
First written in FY2016. 4 of 12 entries say "Softened", first in FY2017. Latest entry: FY2026.
Nippon Carbide Industries Company moved to the "Worse" side of this theme in 2019, 5 years before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 6 of 19 companies on the "Worse" side.
8 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Based on the results achieved during the previous medium-term management plan, the Group is moving into a stage of achieving sustainable growth through its one-of-a-kind products and technologies, and aims to realize its 2030 vision of “a distinctive corporate group that contributes to a sustainable society.” The new medium-term management plan sets 2030 financial targets of net sales of ¥62 billion, operating profit of ¥7 billion, ROE of at least 10% and a D/E ratio of no more than 0.5x.」
The medium-term plan was changed from NCI Kirari 2025 to “NCI Kirari 2nd STAGE 2030,” and financial targets for fiscal 2030 were established. The targets for net sales of ¥62 billion, operating profit of ¥7 billion and a D/E ratio of no more than 0.5x are unchanged, while the ROE target was changed from at least 12% to at least 10%. - 2026-05-27ReframedGeneral Meeting of Shareholders
「「NCIキラリ 2nd STAGE 2030」の全体像」
前中期経営計画から新中期経営計画へ移行し、2030年度の財務目標を売上高620億円、営業利益70億円、ROE10％以上、D/Eレシオ0.5倍以下とした。 - FY2025SoftenedAnnual report
「Achievement of the fiscal 2025 earnings targets is expected to be delayed by more than 1 year, as the delayed recovery in semiconductor market conditions has been compounded by the impact of additional U.S. tariffs. After assessing the impact of tariffs and other factors, the Company will aim to achieve the targets during the period of the next medium-term management plan.」
Achievement of the fiscal 2025 earnings targets under NCI Kirari 2025 is expected to be delayed by more than 1 year due to the delayed recovery in semiconductor market conditions and additional U.S. tariffs. The Company stated that it will aim to achieve the targets during the period of the next medium-term management plan. - FY2024SoftenedAnnual report
「The financial targets for fiscal 2025 are net sales of ¥62 billion, operating profit of ¥7 billion, ROE of at least 12% and a D/E ratio of no more than 0.5x. The Company aims to achieve its fiscal 2024 earnings forecast and return to a growth trajectory by steadily implementing measures to address the key issues on page 13, although achievement of the fiscal 2025 financial targets may be delayed depending on the timing of the market recovery and other factors.」
While maintaining the financial targets for NCI Kirari 2025, the Company stated explicitly that achievement of the fiscal 2025 targets may be delayed depending on the timing of the market recovery and other factors. - FY2023AdvancedAnnual report
「<Financial targets> The financial targets for fiscal 2025 are net sales of ¥62 billion, operating profit of ¥7 billion, ROE of at least 12% and a D/E ratio of no more than 0.5x.」
The financial targets for NCI Kirari 2025 were specified as fiscal 2025 net sales of ¥62 billion, operating profit of ¥7 billion, ROE of at least 12% and a D/E ratio of no more than 0.5x. - FY2022ReframedAnnual report
「From a long-term perspective, the Group has defined its 2030 vision as “a distinctive corporate group that contributes to a sustainable society” and formulated the medium-term management plan “NCI Kirari 2025” by working backward from that vision.」
The planning framework was changed from the previous NCI-2021 to the medium-term management plan “NCI Kirari 2025,” which is based on the 2030 vision. - FY2021RestatedAnnual report
「The numerical targets for fiscal 2021, the final year of the medium-term management plan “NCI-2021” formulated in 2019, are net sales of ¥42 billion, operating profit of ¥4.5 billion and an operating margin of 7.8% in the “core business.”」
The fiscal 2021 numerical targets for the core business under NCI-2021 remain net sales of ¥42 billion, operating profit of ¥4.5 billion and an operating margin of 7.8%. - FY2020SoftenedAnnual report
「The Company has also formulated the medium-term management plan “NCI-2021” toward its “vision for 2025,” with the aim of making a full-scale shift to a growth strategy. Amid this environment, the Company intends to maintain the goals and broad strategy for the “vision for 2025” established last year. Meanwhile, it will consider revising the “NCI-2021” plan in light of the expected timing of the end of the COVID-19 pandemic and market trends. It will also reconsider the timing and tactics for realizing the “vision for 2025.”」
While maintaining the “vision for 2025” and its broad strategy, the Company indicated a policy of reviewing the NCI-2021 plan and the timing and tactics for achieving the 2025 vision in light of the COVID-19 pandemic and market trends. - FY2019ReframedAnnual report
「The Group has also formulated the medium-term management plan “NCI-2021” toward its “vision for 2025,” with the aim of making a full-scale shift to a growth strategy. The targets for fiscal 2021 (the fiscal year ending March 2022), the final year of the medium-term management plan “NCI-2021,” are as follows. Fiscal 2021 (fiscal year ending March 2022) targets: consolidated net sales of ¥57 billion; core business net sales of ¥42 billion; core business operating profit of ¥4.5 billion; consolidated ROA of 4%」
The medium-term plan was changed from ACTIVE-2018 to NCI-2021, whose final year is fiscal 2021. The new plan targets consolidated net sales of ¥57 billion, core business net sales of ¥42 billion, core business operating profit of ¥4.5 billion and consolidated ROA of 4%. - FY2018Lower net sales target and higher ordinary profit targetAnnual report
「The plan for fiscal 2018 (the fiscal year ending March 2019), the final year of “ACTIVE-2018,” was revised as follows, partly due to the withdrawal from the printed wiring board business. Fiscal 2018 (fiscal year ending March 2019) targets: net sales of at least ¥52 billion; ordinary profit of at least ¥3.5 billion」
The net sales target was lowered from at least ¥54 billion to at least ¥52 billion, while the ordinary profit target was raised from at least ¥3 billion to at least ¥3.5 billion. The deadline remains fiscal 2018. - FY2017SoftenedAnnual report
「In light of the expected deviation in fiscal 2017 from the numerical targets established last year, due to factors including the withdrawal from the printed wiring board business and rising raw material prices, the plan for fiscal 2018 (the fiscal year ending March 2019), the final year of “ACTIVE-2018,” has unfortunately been revised by deferring the original targets by 1 year, as follows. Fiscal 2018 (fiscal year ending March 2019) targets: net sales of at least ¥54 billion; ordinary profit of at least ¥3 billion」
The deadline for the fiscal 2018 targets was deferred by 1 year, with the net sales target changed from at least ¥60 billion to at least ¥54 billion and the ordinary profit target changed from at least ¥3.5 billion to at least ¥3 billion. - FY2016First statedAnnual report
「Based on the current economic environment and the outlook for economic conditions, the Group has formulated a new three-year medium-term management plan, “ACTIVE-2018,” beginning in fiscal 2016. Under the basic policy of “realizing a corporate group capable of achieving continued revenue and profit growth,” the Group will pursue its initiatives. For the final year, fiscal 2018 (the fiscal year ending March 2019), the Group aims to achieve the following management targets. Fiscal 2018 (fiscal year ending March 2019) targets: net sales of at least ¥60 billion; ordinary profit of at least ¥3.5 billion」
The medium-term plan for fiscal 2016 through fiscal 2018 and the numerical targets for net sales and ordinary profit can be confirmed for the first time.