Management with a Focus on the Cost of Capital and ROE
First written in FY2018. 10 of 25 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2020: 1 of 12 companies on the "Worse" side.
21 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Measures for Management with a Focus on Cost of Capital and Share Price (Toward a PBR of 1x or Higher)」
In addition to management with a focus on cost of capital and ROE, the company continues to promote measures aimed at achieving a PBR of 1x or higher as a priority initiative. - 2026-06-02RestatedGeneral Meetings of Shareholders
「Total limits under overdraft facilities and commitment line agreements: ¥9,200 million」
The Company reiterated its overdraft facilities and commitment line agreements to ensure flexibility and stability in financing. - FY2026-H1RestatedAnnual report
「We have entered into commitment line agreements with financial institutions to address emergency funding needs and are preparing to secure funding liquidity.」
The company restates its policy of securing liquidity through commitment line agreements in preparation for emergency funding needs. - FY2025RaisedAnnual report
「Measures for Management with a Focus on Cost of Capital and Share Price (Toward a PBR of 1x or Higher)」
In addition to its existing policy of focusing on cost of capital and ROE, the company explicitly identifies measures aimed at achieving a PBR of 1x or higher as a priority initiative. - FY2024-Q3AdvancedAnnual report
「Cash and deposits at the end of the nine-month period of the current consolidated fiscal year increased by ¥1,760 million from the end of the previous consolidated fiscal year to ¥12,689 million. This was due to factors including a ¥6,680 million increase in merchandise and finished goods, a ¥1,350 million decrease in other payables, and a ¥1,000 million decrease in current portion of long-term borrowings, offset by a ¥6,185 million decrease in notes and accounts receivable and contract assets and increases of ¥2,508 million in short-term borrowings and ¥1,000 million in long-term borrowings through borrowings under the commitment line and other measures. As working capital is expected to increase, we will prepare to secure funding liquidity.」
While cash and cash equivalents increased by ¥1,760 million from the end of the previous consolidated fiscal year, short-term borrowings increased by ¥2,508 million and long-term borrowings by ¥1,000 million through borrowings under the commitment line and other measures. The company continues its liquidity measures in anticipation of higher working capital. - FY2024-Q2AdvancedAnnual report
「Cash and deposits at the end of the six-month period of the current consolidated fiscal year decreased by ¥152 million from the end of the previous consolidated fiscal year to ¥10,776 million. This was due to factors including increases of ¥6,689 million in merchandise and finished goods and ¥1,790 million in notes and accounts receivable and contract assets, as well as a ¥4,580 million increase in short-term borrowings through borrowings under the commitment line and other measures. As working capital is expected to increase, we will prepare to secure funding liquidity.」
Short-term borrowings increased by ¥4,580 million through borrowings under the commitment line and other measures in response to funding needs associated with increases in inventories and trade receivables. The company continues to secure liquidity in anticipation of higher working capital. - FY2024-Q1Liquidity secured through borrowing facilities and undrawn balances disclosedAnnual report
「To ensure flexibility and stability in funding, we have entered into overdraft and commitment line agreements totaling ¥19,200 million with 4 financial institutions. The undrawn balance under these agreements at the end of the first quarter of the current consolidated fiscal year was ¥13,200 million.」
The company discloses overdraft and commitment line agreements totaling ¥19,200 million with 4 financial institutions and an undrawn balance of ¥13,200 million, to ensure flexibility and stability in funding. - FY2023-Q3AdvancedAnnual report
「Cash and deposits at the end of the nine-month period of the current consolidated fiscal year increased by ¥56 million from the end of the previous consolidated fiscal year to ¥10,766 million. This was due to factors including increases of ¥3,102 million in merchandise and finished goods and ¥4,721 million in notes and accounts receivable and contract assets, and the acquisition of treasury shares for ¥3,079 million, offset by a ¥9,305 million increase in short-term borrowings through borrowings under the commitment line and other measures. As working capital is expected to increase due to inventory build-up associated with higher orders, we will prepare to secure funding liquidity.」
Short-term borrowings increased by ¥9,305 million through borrowings under the commitment line and other measures, securing liquidity in response to funds used for increases in inventories and trade receivables and the acquisition of treasury shares. - FY2023-Q2Liquidity secured through increased short-term borrowingsAnnual report
「This was due to factors including increases of ¥3,872 million in merchandise and finished goods and ¥6,610 million in notes and accounts receivable and contract assets, a ¥254 million decrease in notes and accounts payable, and the acquisition of treasury shares for ¥2,563 million, offset by a ¥7,226 million increase in short-term borrowings through borrowings under the commitment line and other measures. As working capital is expected to increase due to inventory build-up associated with higher orders, we will prepare to secure funding liquidity.」
While funds were used for increases in inventories and trade receivables and the acquisition of treasury shares, short-term borrowings increased by ¥7,226 million through borrowings under the commitment line and other measures. The company continues to prepare to secure liquidity in anticipation of working capital needs associated with higher orders. - FY2023-Q1AdvancedAnnual report
「Cash and deposits at the end of the three-month period of the current consolidated fiscal year increased by ¥2,290 million from the end of the previous consolidated fiscal year to ¥13,001 million. This was due to factors including increases of ¥4,026 million in merchandise and finished goods and ¥3,420 million in notes and accounts receivable and contract assets, and a ¥1,299 million decrease in notes and accounts payable and the acquisition of treasury shares for ¥2,282 million, offset by a ¥9,628 million increase in short-term borrowings through borrowings under the commitment line and other measures. As working capital is expected to increase due to inventory build-up associated with higher orders, we will prepare to secure funding liquidity.」
Short-term borrowings increased by ¥9,628 million through borrowings under the commitment line and other measures, advancing the response to working capital needs associated with higher orders and inventory build-up. - FY2022-Q3AdvancedAnnual report
「Cash and deposits at the end of the nine-month period of the current consolidated fiscal year decreased by ¥4,182 million from the end of the previous consolidated fiscal year to ¥13,515 million. This was due to factors including a ¥6,016 million increase in notes and accounts payable and a ¥5,834 million increase in short-term borrowings, including borrowings under the commitment line agreement, despite increases of ¥1,743 million in notes and accounts receivable and contract assets, ¥4,032 million in other receivables, and ¥10,079 million in merchandise and finished goods.」
While cash and deposits decreased by ¥4,182 million from the end of the previous fiscal year due to increases in inventories, accounts receivable and other items, short-term borrowings increased by ¥5,834 million through borrowings under the commitment line agreement and other measures. Liquidity measures have progressed from executing the agreement to drawing on the facility. - FY2022-Q2Liquidity secured through a commitment line agreementAnnual report
「To prepare for liquidity needs arising from increased working capital, we entered into a ¥5,000 million commitment line agreement effective 1 November 2021.」
As a measure to address working capital needs arising from increased inventories and other factors, the company entered into a commitment line agreement totaling ¥5,000 million effective 1 November 2021, adding a specific liquidity measure. - FY2022-Q1Liquidity secured in preparation for higher ordersAnnual report
「Cash and deposits at the end of the three-month period of the current consolidated fiscal year increased by ¥1,527 million from the end of the previous consolidated fiscal year to ¥19,224 million. This was due to factors including a ¥2,038 million increase in merchandise and finished goods, a ¥2,288 million decrease in notes and accounts receivable and contract assets, and a ¥2,197 million increase in notes and accounts payable. As working capital is expected to increase due to higher orders, including inventory build-up, we will prepare to secure funding liquidity.」
While cash and deposits increased by ¥1,527 million from the end of the previous fiscal year, the company indicates a policy of preparing to secure liquidity in anticipation of inventory build-up and increased working capital associated with higher orders. - FY2021-Q3Continued liquidity secured through cash and cash equivalentsAnnual report
「Cash and deposits at the end of the nine-month period of the current consolidated fiscal year decreased by ¥877 million from the end of the previous consolidated fiscal year to ¥15,225 million, due to factors including an increase in inventories and payment of dividends. Although funding will continue to be required to hold EOL and BCM inventories and to accommodate temporary inventory increases, the group maintains sufficient liquidity primarily through cash and cash equivalents.」
While cash and deposits decreased by ¥877 million from the end of the previous fiscal year, the company explains that it maintains sufficient liquidity, primarily through cash and cash equivalents, for funding required for EOL and BCM inventories. - FY2021-Q2Liquidity secured through cash and cash equivalentsAnnual report
「As described in the cash flow section, cash and cash equivalents at the end of the six-month period of the current consolidated fiscal year decreased by ¥5,021 million from the end of the previous consolidated fiscal year to ¥18,902 million, due to factors including an increase in inventories, a decrease in trade payables and payment of dividends. Although funding will continue to be required to hold EOL and BCM inventories and to accommodate temporary inventory increases, the group maintains sufficient liquidity primarily through cash and cash equivalents.」
While cash and cash equivalents decreased by ¥5,021 million from the end of the previous fiscal year due to an increase in inventories and other factors, the company explains that it maintains sufficient liquidity, primarily through cash and cash equivalents, for funding required for EOL and BCM inventories. - FY2021-Q1Reduced financial flexibilityAnnual report
「Considering our current capital and cash, funding needs are increasing due to gaps between payments and collections, as well as the holding of EOL and BCM inventories. Although we cannot say that we have ample financial flexibility, we believe this capital is necessary to balance future growth and sustainability amid current industry trends.」
The company explicitly states that funding needs have increased due to gaps between payments and collections and the holding of EOL and BCM inventories, leaving limited flexibility in capital and cash. - FY2020Actual ROE falls below targetAnnual report
「In a separately announced medium-term plan, we set a current ROE target of 5%. ROE for the current consolidated fiscal year was 2.5%, compared with 2.8% in the same period of the previous year.」
While maintaining the 5% ROE target, current-period ROE was 2.5%, down from 2.8% in the same period of the previous year. - FY2020-Q3RestatedAnnual report
「Considering our current capital and cash, we cannot say that we have ample financial flexibility, but we believe this capital is necessary to balance future growth and sustainability amid current industry trends.」
The company restates its policy of securing the capital and cash necessary to balance growth and sustainability amid the industry environment. - FY2020-Q2RestatedAnnual report
「Considering our capital and cash, we cannot say that we have ample financial flexibility, but we believe this capital is necessary to balance future growth and sustainability amid current industry trends.」
The company indicates a management policy, based on capital and cash considerations, of securing the capital necessary to balance growth and sustainability amid the industry environment. - FY2020-Q1RestatedAnnual report
「In addition, the increase in inventory held to address EOL and BCM requirements remains an important management issue. We will continue to make prudent management decisions that balance securing cash to preserve the value of the trading company, an appropriate capital cost, risk avoidance to the extent possible, and appropriate accounting treatment.」
The company continues to make prudent management decisions based on inventory risk, cash retention and the balance with an appropriate capital cost. - FY2019RestatedAnnual report
「We consider the appropriate cost of capital and ROE required of a trading company to be objective indicators for assessing progress toward management policies, strategies and targets.」
The company restates its policy of emphasizing cost of capital and ROE as management indicators, stating that current-period ROE was 2.8% against a target of 5.0%. - FY2019-Q3RestatedAnnual report
「We will continue to make prudent management decisions that balance securing cash to preserve the value of the trading company, appropriate capital costs, risk avoidance to the extent possible, and appropriate accounting treatment.」
The company indicates a policy of continuing to make management decisions based on risk avoidance, appropriate accounting treatment, cash retention and the balance with an appropriate cost of capital. - FY2019-Q2RestatedAnnual report
「We will continue to make prudent management decisions that balance securing cash to preserve the value of the trading company, appropriate capital costs, risk avoidance to the extent possible, and appropriate accounting treatment.」
The company indicates a policy of continuing to make management decisions that take into account the balance between cash retention and an appropriate cost of capital. - FY2019-Q1RestatedAnnual report
「We will continue to make prudent management decisions that balance securing cash to preserve the value of the trading company, appropriate capital costs, risk avoidance to the extent possible, and appropriate accounting treatment.」
The company restates its policy of making management decisions that take into account the balance between cash retention and an appropriate cost of capital. - FY2018First statedAnnual report
「We consider the appropriate cost of capital and ROE required of a trading company to be objective indicators for assessing progress toward management policies, strategies and targets.」
The company presents higher ROE through share buybacks, management with a focus on cost of capital, and a 5% ROE target as an integrated policy.