Medium-Term Targets for Operating Cash Flow, Financial Soundness, and ROA
First written in FY2017. 3 of 25 entries say "Reframed", first in FY2019-Q3. Latest entry: FY2026.
Toho Gas moved to the "Worse" side of this theme in 2026, 6 years after the typical company in this theme (2020).
The whole theme swung hardest in 2025: 8 of 35 companies on the "Worse" side.
9 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「① Cash allocation (cumulative for fiscal 2025–2027) Cash inflows Cash flow generation※1 Approximately ¥210 billion Use of borrowing capacity (debt)※2 Approximately ¥130 billion Cash outflows Core business investment Approximately ¥110 billion Strategic business investment Approximately ¥130 billion Shareholder returns Approximately ¥100 billion」
The plan was updated from the previous fiscal 2022–2025 plan to an allocation plan for cash generation, borrowing, core business investment, strategic business investment and shareholder returns over fiscal 2025–2027. Against the fiscal 2027 targets of consolidated ordinary profit of ¥30 billion and ROE of 6% plus, fiscal 2025 results were ¥37.8 billion and 6.8%, respectively. - FY2026-H1Update on operating cash flow and equity ratio for the interim periodAnnual report
「Cash flow from operating activities amounted to ¥46.49 billion, owing to the recognition of interim net income before income taxes and other adjustments, depreciation and amortization, and other items. This represented an increase of ¥284 million in cash inflow compared with the previous interim consolidated accounting period. As a result, the equity ratio changed from 59.1% at the end of the previous fiscal year to 60.0%.」
Operating cash flow for the interim period was ¥46.49 billion, an increase of ¥284 million year on year. The equity ratio rose from 59.1% at the end of the previous fiscal year to 60.0%. The financial results have been updated; the medium-term targets themselves have not changed. - FY2025-H1Update on operating cash flow and equity ratio for the interim periodAnnual report
「Cash flow from operating activities amounted to ¥46.205 billion, owing to the recognition of interim net income before income taxes and other adjustments, depreciation and amortization, and other items. This represented an increase of ¥7.086 billion in cash inflow compared with the previous interim consolidated accounting period. As a result, the equity ratio changed from 62.2% at the end of the previous fiscal year to 61.8%.」
Operating cash flow for the interim period was ¥46.205 billion, an increase of ¥7.086 billion year on year. The equity ratio changed from 62.2% at the end of the previous fiscal year to 61.8%. The financial results have been updated; the medium-term targets themselves have not changed. - FY2024-Q3Third-quarter update to the equity ratioAnnual report
「As a result, the equity ratio rose from 58.0% at the end of the previous fiscal year to 62.5%.」
The equity ratio at the end of the third quarter was 62.5%, up from 58.0% at the end of the previous fiscal year. The reduction in interest-bearing debt and recognition of quarterly net income were cited in the explanation of the financial position. - FY2024-Q2Second-quarter update to operating cash flow and the equity ratioAnnual report
「Cash provided by operating activities was ¥39.119 billion, mainly due to the recognition of quarterly income before income taxes and other adjustments and depreciation. Cash provided increased by ¥34.125 billion year on year. As a result, the equity ratio changed from 58.0% at the previous fiscal year-end to 62.2%.」
Cumulative operating cash flow for the second quarter was ¥39.119 billion, and the equity ratio rose from 58.0% at the end of the previous fiscal year to 62.2%. The reduction in interest-bearing debt was also disclosed. - FY2024-Q1First-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 58.0% at the previous fiscal year-end to 61.4%.」
The equity ratio at the end of the first quarter was 61.4%, up from 58.0% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2023-Q2Second-quarter update to operating cash flow and the equity ratioAnnual report
「Cash provided by operating activities was ¥4.993 billion, mainly due to the recognition of quarterly income before income taxes and other adjustments and depreciation. Cash provided decreased by ¥315 million year on year. As a result, the equity ratio changed from 58.4% at the previous fiscal year-end to 54.4%.」
Cumulative operating cash flow for the second quarter was ¥4.993 billion, and the equity ratio decreased from 58.4% at the previous fiscal year-end to 54.4%. - FY2023-Q1First-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 58.4% at the previous fiscal year-end to 58.1%.」
The equity ratio at the end of the first quarter was 58.1%, down 0.3 percentage points from 58.4% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2022ReframedAnnual report
「Accelerate investment for sustainable growth while maintaining the ability to generate operating cash flow. Management indicators: operating cash flow of ¥210.0 billion or more, cumulative for FY2022–FY2025; ROA of approximately 3% in FY2025; D/E ratio of approximately 0.6 in FY2025.」
Under the previous plan, cumulative operating cash flow was ¥168.2 billion, city gas business investment was ¥87.5 billion, and growth business investment was ¥65.7 billion, each exceeding the respective previous target, while average ROA was 2.3%, below the 3% target. The targets were updated to operating cash flow of ¥210.0 billion or more for FY2022–FY2025, ROA of approximately 3% in FY2025, and a D/E ratio of approximately 0.6. - FY2022-Q3Third-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 59.7% at the previous fiscal year-end to 58.4%.」
The equity ratio at the end of the third quarter was 58.4%, down from 59.7% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2022-Q2Second-quarter update to operating cash flow and the equity ratioAnnual report
「Cash provided by operating activities was ¥5.309 billion, mainly due to the recognition of quarterly income before income taxes and other adjustments and depreciation. As a result, the equity ratio changed from 59.7% at the previous fiscal year-end to 62.0%.」
Cumulative operating cash flow for the second quarter was ¥5.309 billion, and the equity ratio changed from 59.7% at the previous fiscal year-end to 62.0%. This was an update to financial results, not a change to the medium-term targets themselves. - FY2022-Q1First-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 59.7% at the previous fiscal year-end to 62.4%.」
The equity ratio at the end of the first quarter was 62.4%, up from 59.7% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2021AdvancedAnnual report
「Operating cash flow: ¥68.3 billion, ¥64.3 billion, ¥28.0 billion; cumulative target: ¥160.0 billion or more. City gas business investment: ¥27.7 billion, ¥27.7 billion, ¥35.0 billion; cumulative target: ¥80.0 billion or more. Growth business investment: ¥20.7 billion, ¥16.7 billion, ¥34.0 billion; cumulative target: ¥60.0 billion or more. ROA: 2.9%, 1.5%, approximately 1.5%; average target: 3% or higher.」
Results for the second year of the medium-term management plan were operating cash flow of ¥64.3 billion, city gas business investment of ¥27.7 billion, growth business investment of ¥16.7 billion and ROA of 1.5%, updating progress toward the three-year cumulative and average targets. - FY2021-Q3Third-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 57.2% at the previous fiscal year-end to 60.4%.」
The equity ratio at the end of the third quarter was 60.4%, up from 57.2% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2021-Q2Second-quarter update to operating cash flow and the equity ratioAnnual report
「Cash provided by operating activities was ¥36.495 billion, mainly due to the recognition of quarterly income before income taxes and other adjustments and depreciation. Cash provided increased by ¥623 million year on year. As a result, the equity ratio changed from 57.2% at the previous fiscal year-end to 60.2%.」
Cumulative operating cash flow for the second quarter was ¥36.495 billion, and the equity ratio changed from 57.2% at the previous fiscal year-end to 60.2%. This was an update to financial results, not a change to the new medium-term targets. - FY2021-Q1First-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 57.2% at the previous fiscal year-end to 59.4%.」
The equity ratio at the end of the first quarter was 59.4%, up from 57.2% at the previous fiscal year-end. This was an update to financial results, not a change to the medium-term targets themselves. - FY2020AdvancedAnnual report
「Operating cash flow: ¥68.3 billion; cumulative target: ¥160.0 billion or more. City gas business investment: ¥27.7 billion; cumulative target: ¥80.0 billion or more. Growth business investment: ¥20.7 billion; cumulative target: ¥60.0 billion or more. ROA: 2.9%; average target: 3% or higher.」
Results for operating cash flow, city gas business investment, growth business investment and ROA in the first year of the medium-term plan were presented, clarifying progress toward the three-year cumulative and average targets. - FY2020-Q3Third-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 59.5% at the previous fiscal year-end to 59.3%.」
The equity ratio at the end of the third quarter was 59.3%, down 0.2 percentage points from 59.5% at the previous fiscal year-end. - FY2020-Q2Second-quarter update to operating cash flow and the equity ratioAnnual report
「Cash provided by operating activities was ¥35.872 billion, mainly due to the recognition of quarterly income before income taxes and other adjustments. As a result, the equity ratio changed from 59.5% at the previous fiscal year-end to 62.0%.」
Cumulative operating cash flow for the second quarter was ¥35.872 billion, and the equity ratio changed from 59.5% at the previous fiscal year-end to 62.0%. This was an update to financial results, not a change to the new medium-term targets. - FY2020-Q1First-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 59.5% at the previous fiscal year-end to 60.6%.」
The equity ratio at the end of the first quarter was 60.6%, up from 59.5% at the previous fiscal year-end. - FY2019Performance review of the previous medium-term management planAnnual report
「Operating cash flow for the fiscal year was ¥32.6 billion, the D/E ratio was 0.4, and ROA was 2.7%. Although results varied by fiscal year, overall progress over the plan period was broadly in line with the plan. For example, cumulative operating cash flow over the five years from the fiscal year ended March 2015 exceeded ¥300.0 billion, above the ¥260.0 billion assumed when the plan was formulated. The cash generated will be allocated to investment for further growth and shareholder returns.」
Against the FY2019 targets of ¥58.0 billion in operating cash flow and approximately 3% ROA, actual results were ¥32.6 billion and 2.7%, respectively. Meanwhile, cumulative operating cash flow over five years exceeded ¥300.0 billion, above the assumed ¥260.0 billion. - FY2019-Q3ReframedAnnual report
「FY2019–FY2021 operating cash flow: Execute 3 priority strategies and generate operating cash flow. Cumulative: ¥160.0 billion or more. Cash flow allocation: While maintaining a sound financial base, accelerate investment in growth businesses in addition to investment in the city gas business. Shareholder returns: Maintain stable dividends as the basic policy while flexibly conducting share repurchases. City gas business investment: Cumulative ¥80.0 billion or more. Growth business investment: Cumulative ¥60.0 billion or more. ROA: Average of 3% or higher.」
The framework was updated from the previous medium-term targets to new capital allocation and profitability targets: cumulative operating cash flow of ¥160.0 billion or more, city gas business investment of ¥80.0 billion or more, growth business investment of ¥60.0 billion or more, and average ROA of 3% or more for FY2019–FY2021. The equity ratio changed from 60.3% at the previous fiscal year-end to 58.6%. - FY2019-Q2Second-quarter update to the equity ratioAnnual report
「As a result, the equity ratio changed from 60.3% at the previous fiscal year-end to 61.7%.」
As a second-quarter financial soundness result, the equity ratio changed from 60.3% at the previous fiscal year-end to 61.7%. - FY2019-Q1Quarterly update to the equity ratioAnnual report
「As a result, the equity ratio changed from 60.3% at the previous fiscal year-end to 61.7%.」
As a quarterly financial soundness result, the equity ratio changed from 60.3% at the previous fiscal year-end to 61.7%. No update to the medium-term target itself was disclosed. - FY2017First statedAnnual report
「Operating cash flow: ¥48.2 billion, ¥37.2 billion, ¥58.0 billion, ¥60.0 billion; D/E ratio: 0.7, 0.4, 1.0 or below, 1.0 or below; ROA: 2.1%, 3.3%, approximately 3%, 3% or higher」
Looking ahead to FY2018 and FY2022, the company presented specific medium-term management plan and vision targets for operating cash flow, the D/E ratio and ROA as independent management indicators for the first time.