Review of the Rationale for Strategic Shareholdings and Their Sale
First written in FY2018. 4 of 6 entries say "Advanced", first in FY2020. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「(Stocks whose number of shares decreased during the fiscal year) Unlisted stocks: 2, 0; stocks other than unlisted stocks: 2, 570」
The company reduced 2 unlisted stocks and 2 listed stocks whose rationale as cross-shareholdings had diminished, recording total proceeds of ¥570 million from the sale of listed stocks. - 2026-05-13AdvancedFinancial results
「Fiscal year under review (1 April 2025 to 31 March 2026) Category Proceeds from sales (¥ millions) Total gains on sales (¥ millions) Total losses on sales (¥ millions) Shares 570 524 －」
During the fiscal year under review, the Group sold shares with a book value of ¥570 million and recorded a gain on sale of ¥524 million. This provides a specific example of the reduction of cross-held shares. - FY2024No holdings sold during the fiscal yearAnnual report
「(Holdings for which the number of shares decreased during the fiscal year) Unlisted shares — —; Shares other than unlisted shares — —」
The policy of reducing holdings whose rationale has diminished remains in place, but the company did not disclose any reduction or sale of holdings during the fiscal year, indicating weaker execution than in the previous specific reduction results. - FY2021AdvancedAnnual report
「Stocks whose number of shares decreased during the fiscal year: 1 unlisted stock; total sale price: ¥334 million; 23 stocks other than unlisted stocks; total sale price: ¥7,053 million」
The company sold 23 listed stocks and other holdings during the fiscal year, carrying out its policy of reducing cross-shareholdings in specific terms. - FY2020AdvancedAnnual report
「The company has a policy of reducing holdings whose rationale has diminished due to changes in the business environment and other factors. The appropriateness of individual holdings is comprehensively assessed through an individual-stock review, taking into account qualitative factors, including the rationale for holding the shares, such as strengthening business relationships, and confirmation of indications of impairment, as well as quantitative factors, including a comparison between the total return on invested capital, comprising dividends and income arising from business relationships, and the company's cost of capital. The results are reported to the Board of Directors.」
For cross-shareholdings, the company explicitly stated its policy of reducing holdings when their rationale diminishes, along with qualitative and quantitative reviews of individual stocks and an annual confirmation by the Board of Directors. - FY2018First statedAnnual report
「Proceeds from the sale of cross-shareholdings following a review of the rationale for holding them」
The company reviewed the rationale for its holdings and stated explicitly for the first time that proceeds from the sale of cross-shareholdings would be used to rebuild its financial base.