Review of Strategic Shareholdings Based on Medium- to Long-Term Enhancement of Corporate Value
First written in FY2019. 5 of 6 entries say "Advanced", first in FY2020. Latest entry: FY2024-Q2.
- FY2024-Q2AdvancedAnnual report
「Cash inflows from investing activities amounted to ¥1,457 million, mainly due to proceeds of ¥5,356 million from the sale of investment securities.」
The Company has disclosed proceeds of ¥5,356 million from the sale of investment securities. The text does not establish a direct connection with individual cross-shareholdings or the reasons for their sale. - FY2024-Q1AdvancedAnnual report
「Property, plant and equipment and other non-current assets decreased by ¥2,035 million, mainly due to the sale of investment securities.」
The Company has disclosed that non-current assets decreased by ¥2,035 million due to the sale of investment securities, an executed action consistent with its previous policy of reducing cross-shareholdings and other holdings. However, the individual securities sold cannot be identified from this disclosure. - FY2022AdvancedAnnual report
「The Company has a policy of reducing its holdings when it determines that continuing to hold them is not rational.」
The Company has stated its policy of reviewing the economic rationale of cross-shareholdings and reducing holdings that lack such rationale. The listing of Alvotech shares also resulted in the addition of shares subject to disclosure as specified investment shares. - FY2021AdvancedAnnual report
「Holdings whose number of shares decreased during the fiscal year: shares other than unlisted shares: 6」
The Company has disclosed that, as in the previous fiscal year, it sold multiple listed shares and reduced its cross-shareholdings. - FY2020AdvancedAnnual report
「As all shares were sold in November 2020, the Company held no shares as of the filing date.」
In addition to its policy of reviewing the rationale for cross-shareholdings, the Company has disclosed that it sold all shares of Delta-Fly Pharma, Mitsubishi UFJ Financial Group, Astellas Pharma and Eisai in November 2020. - FY2019First statedAnnual report
「We hold shares as cross-shareholdings only when we determine that doing so will contribute to the medium- to long-term enhancement of our corporate value, from the perspective of maintaining and strengthening stable, long-term relationships with customers and business partners. For material cross-shareholdings, we periodically report to the Board of Directors and verify the economic rationale for each holding by comparing the benefits of holding it, including dividends received and profits from business transactions, with our cost of capital. We then determine whether to continue holding each share after comprehensively considering the maintenance and strengthening of business relationships and the medium- to long-term benefits of holding the shares.」
The Company has disclosed for the first time its policy on the purpose of cross-shareholdings, periodic reporting to the Board of Directors, and verification of their economic rationale by comparing the benefits with the cost of capital.