Strengthening business relationships and reviewing the rationale for holding cross-shareholdings
First written in FY2019. 3 of 7 entries say "Restated". Latest entry: FY2026.
- FY2026AdvancedAnnual report
「These reviews are deliberated individually for each issue by the Board of Directors and other bodies, and holdings are reviewed whenever the significance of holding the shares is not recognized.」
For cross-shareholdings, in addition to the quantitative criterion of exceeding WACC, the qualitative significance of potential future expansion of transactions is deliberated even where the quantitative criterion is not met, and holdings with no significance are reviewed as needed. During the fiscal year, we sold 1 unlisted issue for ¥24 million and 1 listed issue for ¥742 million. - FY2025AdvancedAnnual report
「Issues with a decrease in the number of shares during the fiscal year: issues other than unlisted shares 3; 631」
For cross-shareholdings, the number of listed issues decreased by 3 during the fiscal year, with total sale proceeds of ¥631 million. This reflects the review of holdings based on verification of economic rationale using WACC and other criteria. - FY2024ReframedAnnual report
「In reviewing the method of verification, we assess the benefits of ancillary transactions in procurement and sales, using dividend payments as a benchmark from the perspective of quantitative economic rationale. We recognize the economic rationale for holding issues where the total of these benefits and expected operating profit exceeds our WACC, or weighted average cost of capital.」
The review of the rationale for cross-shareholdings has been organized around more specific criteria, moving from a comprehensive assessment of dividend yield and business relationships to verification of quantitative economic rationale based on WACC and the benefits of ancillary transactions. - FY2023RestatedAnnual report
「Regarding the method and content of the review, from the perspective of facilitating and strengthening transactions and collaboration with counterparties over the medium to long term, the Board of Directors and other bodies comprehensively consider and verify each issue individually, taking into account factors such as dividend yield and the relationship with our company, including business transactions. We have determined that holding each issue is rational.」
The policy of reviewing each cross-shareholding individually from the perspective of strengthening transactions and collaboration remains in place. - FY2022RestatedAnnual report
「Regarding the method and content of the review, from the perspective of facilitating and strengthening transactions and collaboration with counterparties over the medium to long term, the Board of Directors and other bodies comprehensively consider and verify each issue individually, taking into account factors such as dividend yield and the relationship with our company, including business transactions. We have determined that holding each issue is rational.」
The policy of verifying the rationale for each cross-shareholding individually for the purpose of strengthening transactions and collaboration remains in place. - FY2021RestatedAnnual report
「Regarding the method and content of the review, from the perspective of facilitating and strengthening transactions and collaboration with counterparties over the medium to long term, the Board of Directors and other bodies comprehensively consider and verify each issue individually, taking into account factors such as dividend yield and the relationship with our company, including business transactions. We have determined that holding each issue is rational.」
The policy of verifying the rationale for each cross-shareholding individually for the purpose of strengthening transactions and collaboration remains in place. - FY2019First statedAnnual report
「From the perspective of facilitating and strengthening transactions and collaboration with counterparties over the medium to long term, the Board of Directors and other bodies comprehensively consider and verify each issue individually, taking into account factors such as dividend yield and the relationship with our company, including business transactions. We have determined that holding each issue is rational.」
For shares held for purposes other than pure investment, a policy has been presented for holding them to strengthen transactions and collaboration and for verifying the rationale for each issue individually at the Board of Directors and other bodies.