Improving ROE and capital efficiency through management that is conscious of the cost of capital and share price

「The company has been working to improve capital efficiency, including by selling cross-held shares. Going forward, it will advance business portfolio restructuring, asset replacement and the setting of ROIC targets by business, while steadily making investments related to safety and stable supply and taking into account the balance with growth investment. It will also organise its views on the feasibility, timing and scale of share buybacks and consider capital policy, with the aim of achieving ROE of at least 8%.」

「The company has been working to improve capital efficiency, including by selling cross-held shares. Going forward, it will pursue an optimal capital structure, including consideration of share buybacks, while advancing business portfolio restructuring, asset replacement and more sophisticated target management by business, and keeping in mind the appropriate level of equity capital in response to changes in medium-term business risks. It will also work to improve ROE.」