Use of Retained Earnings for Investment in Facilities, R&D and Acquisitions
First written in FY2016. 3 of 8 entries say "Reframed", first in FY2023. Latest entry: 2026-09-17.
Air Water moved to the "Worse" side of this theme in 2020, 5 years before the typical company in this theme (2025).
The whole theme swung hardest in 2025: 4 of 40 companies on the "Worse" side.
9 other companies' latest entry also says "Reframed".
- 2026-09-17ReframedManagement Planning
「Operating cash flow will be allocated to maintenance and renewal investment, new and growth investment, and ordinary dividends.」
The company has reorganized its policy on retained earnings and capital allocation into allocations for maintenance and replacement investment, new and growth investment, and ordinary dividends, together with additional returns of cash inflows from business restructuring and transfers. - FY2026AdvancedAnnual report
「During the consolidated fiscal year, the company worked to improve the profitability of existing businesses and optimize working capital, while seeking to improve asset efficiency and strengthen its financial base through the sale of investment securities and tangible fixed assets and the securitization of receivables.」
The policy of prioritizing growth investment and financial balance has been translated into concrete measures to improve the profitability of existing businesses, optimize working capital, sell investment securities and fixed assets, and securitize receivables. - FY2025ReframedAnnual report
「We will improve working capital efficiency, including through appropriate inventory management and improvements to the cash conversion cycle. We will also streamline the balance sheet by selling strategic shareholdings, real estate and idle assets, thereby seeking to maximize capital efficiency.」
In addition to its existing policy of using retained earnings for growth investments, the company is shifting toward a policy that emphasizes improving working capital efficiency and streamlining the balance sheet and generating funds through the sale of cross-shareholdings, real estate and idle assets. - FY2023ReframedAnnual report
「Going forward, the company will place greater emphasis on investment efficiency and financial balance and work to generate cash flow from operating activities by improving working capital efficiency.」
The company is reorganizing its investment policy for traditional growth areas to focus on investment efficiency, financial balance and working capital efficiency after reaching the ¥1 trillion-company stage. - FY2020SoftenedAnnual report
「In addition, to maintain sufficient financial stability in preparation for a prolonged period of sluggish economic activity, the company will selectively pursue future M&A and capital investment after carefully assessing changes in the business environment.」
In addition to its policy of continuing investment in facilities, research and development, and acquisitions in existing growth areas, the company has added a policy of selectively pursuing future M&A and capital investment in preparation for a prolonged downturn caused by COVID-19. - FY2018RestatedAnnual report
「The retained earnings will be used for capital investment, R&D investment and business acquisition investment in business fields with high growth and profitability.」
The company continues its capital allocation policy of using retained earnings for capital expenditure, R&D investment and business acquisition investments. - FY2017RestatedAnnual report
「We will use retained earnings for capital investment, R&D investment and business acquisition investment in business fields with high growth potential and profitability.」
The company continues its capital allocation policy of using retained earnings for capital expenditure, R&D investment and business acquisition investments. - FY2016First statedAnnual report
「We will use retained earnings for capital investment, R&D investment and business acquisition investment in business fields with high growth potential and profitability.」
The company has explicitly stated a policy of allocating retained earnings to capital expenditure, R&D and M&A investments in fields with high growth and profitability.