Maximizing Corporate Value through Net D/E Ratio Management and the Use of Leverage
First written in FY2022. 2 of 3 entries say "Advanced", first in FY2023. Latest entry: FY2026.
The whole theme swung hardest in 2017: 3 of 14 companies on the "Worse" side.
8 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「We consider an equity attributable to owners of the parent ratio of at least 50% to be a level at which stable management can be achieved. Going forward, retained earnings for future capital investment will increase, but our policy is to emphasize efficiency while using a certain net debt-to-equity ratio as a benchmark, so that cash and capital do not become excessive.」
The capital policy took concrete form in a management policy that sets an equity attributable to owners of the parent ratio of at least 50% as a stable level, in addition to managing the net debt-to-equity ratio, and in the ¥250 billion investment plan under Dash 35. - FY2023AdvancedAnnual report
「Under the medium-term management plan “Realize 25,” we have established an investment plan totaling ¥150 billion for fiscal 2023 through fiscal 2025. By making active and sustained growth investments, we aim to further improve productivity and strengthen competitiveness, thereby achieving medium- to long-term growth.」
The policy of using leverage while maintaining a certain net debt-to-equity ratio and credit ratings took concrete form in a 3-year, ¥150 billion growth investment plan. - FY2022First statedAnnual report
「Under the current medium-term management plan, we will control the net debt-to-equity ratio at a certain level and seek to maximize enterprise value by using leverage within a range that enables us to maintain our credit ratings.」
We changed from the previous plan, which focused on reducing interest-bearing debt, to a capital structure policy of using a certain level of leverage while maintaining our credit ratings.