Capital Efficiency Management and Review of Cash Allocation
First written in FY2022. 7 of 8 entries say "Advanced", first in FY2023. Latest entry: FY2026.
The whole theme swung hardest in 2025: 4 of 17 companies on the "Worse" side.
8 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「The group’s working capital and capital expenditure are funded primarily from internal funds and bank borrowings. … Cash outflows from investing activities have remained within operating cash flow.」
As part of the execution of capital efficiency management, the company continued investment in equipment and decarbonization within operating cash flow of ¥18,347 million and repaid ¥4,022 million in long-term borrowings. - FY2026-H1AdvancedAnnual report
「Net cash used in investing activities for the interim consolidated accounting period was ¥2,804 million (¥10,587 million in the same period of the previous year). This reflected a decrease in funds due to expenditures including ¥2,811 million for the acquisition of fixed assets and ¥256 million for the acquisition of investment securities. Net cash used in financing activities for the interim consolidated accounting period was ¥5,711 million (net cash provided of ¥4,534 million in the same period of the previous year). This reflected a decrease in funds due to expenditures including ¥2,009 million for the repayment of long-term borrowings and ¥3,649 million in dividend payments.」
While continuing growth investments, the company acquired fixed assets for ¥2,811 million, repaid ¥2,009 million in long-term borrowings, and paid ¥3,649 million in dividends, thereby proceeding with its capital allocation. - FY2025AdvancedAnnual report
「The Group's working capital and capital investments are funded primarily by internal funds and bank borrowings. During the consolidated fiscal year, in addition to the acquisition and replacement of production equipment, expenditures related to investments in the Seto Plant were incurred and were a major factor behind the decrease in cash flow.」
As part of the execution of capital efficiency management and cash allocation, the company continued capital investment while raising ¥12,000 million in long-term borrowings to meet funding needs, including growth investments and dividend resources. - FY2025-H1AdvancedAnnual report
「This reflected a decrease in funds due to factors including dividend payments of ¥6,003 million, partly offset by an increase in funds due to factors including an ¥8,649 million increase in short-term borrowings and ¥2,000 million in proceeds from long-term borrowings.」
As part of the execution of capital efficiency management and cash allocation, the company increased short-term borrowings by ¥8,649 million and raised ¥2,000 million in long-term borrowings alongside its dividend payments. - FY2024-Q3AdvancedAnnual report
「The undrawn balance and other details relating to the committed credit facility as of the end of the third quarter of the current consolidated accounting period are as follows. Total committed credit facility ¥20,000 million Drawn balance ¥18,000 million Undrawn balance ¥2,000 million」
As part of the execution of capital efficiency management and cash allocation, borrowings drawn under committed credit facilities increased to ¥18,000 million out of a total limit of ¥20,000 million, supporting the financing of large-scale investments. - FY2024-Q2AdvancedAnnual report
「This resulted from a decrease in funds due to items including dividend payments of ¥2,161 million, despite an increase in funds due to items including proceeds of ¥5,000 million from long-term borrowings.」
As part of the execution of capital efficiency management and cash allocation, the company raised ¥5,000 million in long-term borrowings alongside its dividend payments. - FY2023AdvancedAnnual report
「Under the 2 fiscal years of the 2023 Medium-Term Management Plan, the fiscal years ending March 2023 and March 2024, dividends will be paid with a consolidated payout ratio target of 100% in order to restrain further increases in equity and improve ROE.」
As part of capital efficiency management, the company paid an annual dividend of ¥145 per share, totaling ¥5,513 million, and used bank borrowings and green loans for investments including the Seto Plant. - FY2022First statedAnnual report
「The medium-term management policy adds capital efficiency management as a foundation supporting the basic policy of "Consolidating our foundation and pursuing growth," and raises the consolidated ROE target for fiscal 2023, the final year of the plan, from at least 7.0% to at least 8.5%. For the remaining 2 years of the 2023 Medium-Term Management Plan, fiscal 2022 and fiscal 2023, the payout ratio will be 100%, with the aim of improving capital efficiency (ROE) by restraining increases in equity. At the same time, the 3-year capital allocation plan (cash allocation) is being revised.」
Capital efficiency management has been added to the existing business growth and investment plan as a foundation supporting the approach, with an increased ROE target, a 100% payout ratio for 2 years, a revised capital allocation plan, and optimization of the capital structure through the use of interest-bearing debt.