Debt Reduction through Profitability Improvement, Working Capital Management and Capital Expenditure Management
First written in FY2016. 22 of 42 entries say "Worsened", first in FY2020. Latest entry: 2026-08-07.
Nippon Sheet Glass moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
3 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「As of 31 March 2026, net debt had increased by ¥29.9 billion from 31 March 2025 to ¥484.1 billion. Most of the increase in net debt was due to an increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥21.0 billion. Total borrowings were ¥548.3 billion.」
Despite the debt reduction policy, net debt increased by ¥29.9 billion from the end of the previous fiscal year to ¥484.1 billion, while total borrowings were ¥548.3 billion. - FY2026-H1WorsenedAnnual report
「As of 30 September 2025, net debt had increased by ¥37.5 billion from 31 March 2025 to ¥491.7 billion. The increase in net debt was mainly due to seasonal working capital fluctuations and foreign exchange effects. The foreign exchange effect increased net debt by ¥10.0 billion.」
Net debt increased by ¥37.5 billion from 31 March 2025 to ¥491.7 billion, continuing to worsen against the debt reduction policy. Seasonal working capital fluctuations and a ¥10.0 billion foreign exchange effect were described as the main drivers of the increase. - FY2025WorsenedAnnual report
「As of 31 March 2025, net debt had increased by ¥6.8 billion from 31 March 2024 to ¥454.3 billion. Most of the increase in net debt was due to an increase in strategic investments, but it was reduced by a decrease in working capital.」
Despite the debt reduction policy, net debt increased by ¥6.8 billion from the end of the previous fiscal year to ¥454.3 billion. The company described the increase in strategic investments as the main factor. - FY2025-H1WorsenedAnnual report
「As of 30 September 2024, net debt had increased by ¥28.0 billion from 31 March 2024 to ¥475.5 billion. Most of the increase in net debt was due to seasonal working capital fluctuations. The foreign exchange effect reduced net debt by ¥8.0 billion.」
Despite the debt reduction policy, net debt increased by ¥28.0 billion from 31 March 2024 to ¥475.5 billion. Most of the increase was due to seasonal working capital fluctuations, while the foreign exchange effect reduced net debt by ¥8.0 billion. - FY2024WorsenedAnnual report
「As of 31 March 2024, net debt had increased by ¥39.6 billion from 31 March 2023 to ¥447.5 billion.」
Despite a debt reduction policy based on earnings improvement, working capital management and capital expenditure management, net debt increased by ¥39.6 billion from the end of the previous fiscal year to ¥447.5 billion. Factors including a ¥25.9 billion foreign exchange effect were cited as drivers of the increase. - FY2024-Q3WorsenedAnnual report
「As of 31 December 2023, net debt had increased by ¥51.2 billion from 31 March 2023 to ¥459.1 billion. The increase in net debt was mainly due to an increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥18.4 billion.」
Despite the debt reduction policy, net debt increased by ¥51.2 billion from 31 March 2023 to ¥459.1 billion. The increase in working capital and a ¥18.4 billion foreign exchange effect were cited as drivers of the increase. - FY2024-Q2WorsenedAnnual report
「As of 30 September 2023, net debt had increased by ¥46.9 billion from 31 March 2023 to ¥454.8 billion. The increase in net debt was mainly due to a seasonal increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥17.6 billion.」
Despite the debt reduction policy, net debt increased by ¥46.9 billion from 31 March 2023 to ¥454.8 billion. The seasonal increase in working capital and a ¥17.6 billion foreign exchange effect were described as drivers of the increase. - FY2024-Q1WorsenedAnnual report
「As of 30 June 2023, net debt had increased by ¥55.2 billion from 31 March 2023 to ¥463.1 billion. The increase in net debt was mainly due to a seasonal increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥16.5 billion.」
Net debt increased by ¥55.2 billion from 31 March 2023 to ¥463.1 billion. The seasonal increase in working capital and a ¥16.5 billion foreign exchange effect drove the increase. - FY2023WorsenedAnnual report
「As of 31 March 2023, net debt had increased by ¥42.8 billion from 31 March 2022 to ¥407.9 billion. The increase in net debt was mainly due to foreign exchange effects and a decrease in derivative financial assets related to energy. The foreign exchange effect increased net debt by ¥15.9 billion.」
Despite a debt reduction policy based on earnings improvement, working capital management and capital expenditure management, net debt increased by ¥42.8 billion from the end of the previous fiscal year to ¥407.9 billion. - FY2023-Q3WorsenedAnnual report
「As of 31 December 2022, net debt had increased by ¥54.3 billion from 31 March 2022 to ¥419.5 billion. The increase in net debt was mainly due to increases in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥11.6 billion. Cash flow excluding the impact of the increase in working capital was positive.」
Despite a debt reduction policy based on earnings improvement, working capital management and capital expenditure management, net debt increased by ¥54.3 billion from the end of the fiscal year to ¥419.5 billion. The company cited working capital and a ¥11.6 billion foreign exchange effect as drivers of the increase. - FY2023-Q2WorsenedAnnual report
「As of 30 September 2022, net debt had increased by ¥9.8 billion from 31 March 2022 to ¥375.0 billion. The increase in net debt was mainly due to a seasonal increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥16.0 billion.」
Net debt increased by ¥9.8 billion from 31 March 2022 to ¥375.0 billion, including a ¥16.0 billion foreign exchange effect. - FY2023-Q1WorsenedAnnual report
「As of 30 June 2022, net debt had increased by ¥22.8 billion from 31 March 2022 to ¥388.0 billion. The increase in net debt was mainly due to a seasonal increase in working capital and foreign exchange effects. The foreign exchange effect increased net debt by ¥10.7 billion.」
Despite the debt reduction policy, net debt increased by ¥22.8 billion from 31 March 2022 to ¥388.0 billion. Seasonal working capital factors and a ¥10.7 billion foreign exchange effect were cited as drivers of the increase. - FY2022AdvancedAnnual report
「At the end of the fiscal year under review, net debt had decreased by ¥46.6 billion from the end of the previous fiscal year to ¥365.2 billion. Most of the decrease in net debt was due to an increase in derivative financial assets, while positive free cash flow also contributed.」
Net debt decreased by ¥46.6 billion from the end of the previous fiscal year to ¥365.2 billion. The increase in derivative financial assets accounted for most of the decrease, and positive free cash flow also contributed. - FY2022-Q3AdvancedAnnual report
「As of 31 December 2021, net debt had decreased by ¥4.2 billion from 31 March 2021 to ¥407.6 billion. The decrease in net debt was mainly due to an increase in derivative financial assets.」
Net debt decreased by ¥4.2 billion from 31 March 2021 to ¥407.6 billion. An increase in derivative financial assets was described as the main factor behind the decrease. - FY2022-Q2AdvancedAnnual report
「As of 30 September 2021, net debt had decreased by ¥8.5 billion from 31 March 2021 to ¥403.2 billion. The decrease in net debt was mainly due to an increase in derivative financial assets, but this was partly offset by negative cash flow associated with an increase in working capital.」
Net debt decreased by ¥8.5 billion from 31 March 2021 to ¥403.2 billion. The company cited an increase in derivative financial assets as the main factor. - FY2022-Q1WorsenedAnnual report
「As of 30 June 2021, net debt had increased by ¥10.5 billion from 31 March 2021 to ¥422.2 billion. The increase in net debt was mainly due to a seasonal increase in working capital.」
Despite targeting net debt reduction, net debt increased by ¥10.5 billion from 31 March 2021 to ¥422.2 billion. The main factor was described as a seasonal increase in working capital. - FY2021WorsenedAnnual report
「At the end of the fiscal year under review, net debt had increased by ¥21.6 billion from the end of the previous fiscal year to ¥411.8 billion. The increase in net debt was due to negative cash flow resulting from deteriorating market conditions caused by the spread of COVID-19 early in the fiscal year and capital expenditures on strategic investment projects.」
Despite a policy of cash generation and debt reduction, net debt increased by ¥21.6 billion from the end of the previous fiscal year to ¥411.8 billion. - FY2021-Q3WorsenedAnnual report
「As of 31 December 2020, net debt had increased by ¥36.6 billion from 31 March 2020 to ¥426.7 billion. The increase in net debt was due to negative cash flow resulting from deteriorating market conditions caused by the spread of COVID-19 early in the fiscal year and capital expenditures on strategic investment projects.」
Despite targeting debt reduction, net debt increased by ¥36.6 billion from 31 March 2020 to ¥426.7 billion. Worsening market conditions due to COVID-19 and strategic investments were cited as the drivers of the increase. - FY2021-Q2WorsenedAnnual report
「As of 30 September 2020, net debt had increased by ¥37.8 billion from 31 March 2020 to ¥428.0 billion. The increase in net debt was due to negative cash flow resulting from deteriorating market conditions caused by the spread of COVID-19 and capital expenditures on strategic investment projects. Total borrowings were ¥469.4 billion.」
Despite policies to reduce net debt through earnings improvement, working capital management and capital expenditure management, net debt increased by ¥37.8 billion from 31 March 2020 to ¥428.0 billion. The company cited worsening market conditions due to COVID-19 and capital expenditures on strategic investment projects as the drivers of the increase. - FY2021-Q1WorsenedAnnual report
「As of 30 June 2020, net debt had increased by ¥50.5 billion from 31 March 2020 to ¥440.7 billion. The increase in net debt was due to negative cash flow resulting from deteriorating market conditions caused by the spread of COVID-19 and capital expenditures on strategic investment projects.」
Despite targeting cash generation and net debt reduction, net debt increased by ¥50.5 billion from the end of March to ¥440.7 billion. The company cited worsening market conditions due to COVID-19 and strategic investments as the drivers of the increase. - FY2020WorsenedAnnual report
「At the end of the consolidated fiscal year, net debt was ¥390.2 billion, up ¥72.5 billion from the end of the previous consolidated fiscal year. The increase in debt was due to the initial adoption of IFRS 16 and capital expenditure for strategic investments.」
Although the Group maintains a policy of reducing debt, net debt increased by ¥72.5 billion from the previous fiscal year-end to ¥390.2 billion. - FY2020-Q3Continued increase in net debtAnnual report
「As of the end of December 2019, net debt was ¥411.4 billion, up ¥93.7 billion from the end of March 2019. The increase in net debt was due to the adoption of IFRS 16 and an increase in working capital.」
Net debt increased by ¥93.7 billion from the end of March 2019 to ¥411.4 billion. The company cites the adoption of IFRS 16 and an increase in working capital as factors behind the increase. - FY2020-Q2Continued increase in net debtAnnual report
「As of the end of September 2019, net debt was ¥388.1 billion, up ¥70.4 billion from the end of March 2019. The increase in net debt was due to the adoption of IFRS 16 and a seasonal increase in working capital. Foreign exchange movements reduced net debt by approximately ¥4.1 billion.」
Net debt increased by ¥70.4 billion from the end of March 2019 to ¥388.1 billion. The company cites the adoption of IFRS 16 and a seasonal increase in working capital as factors behind the increase, while foreign exchange movements reduced net debt by approximately ¥4.1 billion. - FY2020-Q1Increase in net debt due to the adoption of IFRS 16 and other factorsAnnual report
「As of the end of June 2019, net debt was ¥388.3 billion, up ¥70.6 billion from the end of March 2019. The increase in net debt was due to the adoption of IFRS 16 and a seasonal increase in working capital.」
Net debt increased by ¥70.6 billion from the previous fiscal year-end to ¥388.3 billion. The company cites the adoption of IFRS 16 and a seasonal increase in working capital as factors behind the increase. - FY2019Continued increase in net debtAnnual report
「At the end of the consolidated fiscal year, net debt was ¥317.7 billion, up ¥11.2 billion from the end of the previous consolidated fiscal year.」
Although the Group targets cash generation and debt reduction through improved profitability, working capital and capital expenditure management, and the sale of non-core assets, net debt at fiscal year-end increased by ¥11.2 billion from the previous fiscal year-end. - FY2019-Q3Increase in net debtAnnual report
「As of the end of December 2018, net debt was ¥336.8 billion, up ¥30.3 billion from the end of March 2018. The increase in net debt was primarily due to an increase in working capital.」
Net debt increased by ¥30.3 billion from the end of March 2018 to ¥336.8 billion, with the company attributing the main factor to an increase in working capital. - FY2019-Q2Increase in net debt due to seasonal factors and foreign exchange movementsAnnual report
「As of the end of September 2018, net debt was ¥320.1 billion, up ¥13.6 billion from the end of March 2018. The increase in net debt was primarily due to a seasonal increase in working capital. Foreign exchange movements also increased net debt by approximately ¥3.0 billion.」
Net debt increased by ¥13.6 billion from the end of March 2018 to ¥320.1 billion. The main factor was a seasonal increase in working capital, while foreign exchange movements also contributed approximately ¥3.0 billion to the increase. - FY2019-Q1Increase in net debt due to seasonal factorsAnnual report
「As of the end of June 2018, net debt was ¥319.8 billion, up ¥13.3 billion from the end of March 2018. The increase in net debt was primarily due to a seasonal increase in working capital.」
Net debt increased by ¥13.3 billion from the fiscal year-end to ¥319.8 billion, with the company attributing the main factor to a seasonal increase in working capital. - FY2018AdvancedAnnual report
「During the consolidated fiscal year, steady improvements in profitability, together with stringent management of capital expenditure and working capital and the sale of non-core assets, enabled the Group to maintain positive free cash flow and make significant progress toward establishing a stable financial base.」
The Group maintained positive free cash flow through improved profitability, capital expenditure and working capital management, and the sale of non-core assets, advancing the establishment of a financial base. - FY2018-Q3Increase in net debt due to seasonal factorsAnnual report
「As of the end of December 2017, net debt was ¥334.8 billion, up ¥21.5 billion from the end of March 2017. The increase in net debt was primarily due to a seasonal increase in working capital and included a ¥10.2 billion impact from foreign currency translation as the yen weakened.」
Net debt increased by ¥21.5 billion from the end of March 2017 to ¥334.8 billion. The company cites working capital seasonality and the ¥10.2 billion impact of foreign currency translation as the yen weakened as factors behind the increase. - FY2018-Q2Increase in net debt due to seasonal factorsAnnual report
「As of the end of September 2017, net debt was ¥329.6 billion, up ¥16.3 billion from the end of March 2017. The increase in net debt was primarily due to a seasonal increase in working capital, with the ¥7.8 billion impact of foreign currency translation as the yen weakened also contributing.」
Net debt increased from the previous fiscal year-end, with the company attributing the main factors to a seasonal increase in working capital and foreign currency translation as the yen weakened. - FY2018-Q1Increase in net debt due to seasonal factorsAnnual report
「As of the end of June 2017, net debt was ¥331.9 billion, up ¥18.7 billion from the end of March 2017. The increase in net debt was primarily due to a seasonal increase in working capital, with the ¥5.5 billion impact of foreign currency translation as the yen weakened also contributing.」
Net debt increased from the previous fiscal year-end, with the company attributing the main factors to a seasonal increase in working capital and foreign currency translation as the yen weakened. - FY2017AdvancedAnnual report
「Since acquiring Pilkington in June 2006, the Group has worked to reduce its debt. During the consolidated fiscal year, it reduced debt through improvements in the performance of each business, reductions in working capital, restraint in capital expenditure, improvements in cash flow through the sale of assets held and the issuance of Class A preferred shares, and made significant progress toward establishing a stable financial base.」
The company describes progress in reducing debt through a combination of improved performance, working capital reductions, restrained capital expenditure, asset sales and the issuance of Class A preferred shares. - FY2017-Q3RestatedAnnual report
「As of the end of December 2016, net debt was ¥371.7 billion, down ¥9.3 billion from the end of March 2016. The decrease in net debt was due primarily to the ¥3.0 billion impact of foreign currency translation as the yen strengthened, as well as an overall improvement in cash flow.」
Net debt continued to decline from the fiscal year-end, but increased from ¥366.1 billion at the end of the second quarter. - FY2017-Q2AdvancedAnnual report
「As of the end of September 2016, net debt was ¥366.1 billion, down ¥15.0 billion from the end of March 2016. The decrease in net debt was primarily due to the ¥9.2 billion impact of foreign currency translation as the yen strengthened, as well as an overall improvement in cash flow.」
Net debt decreased by ¥15.0 billion from the end of March 2016 to ¥366.1 billion. - FY2017-Q1AdvancedAnnual report
「As of the end of June 2016, net debt was ¥374.1 billion, down ¥6.9 billion from the end of March 2016. The decrease in net debt was primarily because the ¥8.6 billion impact of foreign currency translation as the yen strengthened exceeded the impact of a seasonal increase in working capital.」
Net debt declined, with the company explaining that the main factors were the impact of foreign currency translation and seasonal changes in working capital. - FY2016First statedAnnual report
「The Group will continue working to ensure financial sustainability, meaning a stable financial position, by generating cash and reducing net debt through further improvements in business profitability and continued stringent management of working capital and capital expenditure.」
The policy is to generate cash and reduce net debt through improved profitability, working capital management and capital expenditure management.