Expanding financing with a debt-to-equity ratio of approximately 1x as a benchmark
First written in FY2020. 1 of 6 entries say "Softened", first in FY2024. Latest entry: FY2026.
The whole theme swung hardest in 2024: 3 of 14 companies on the "Worse" side.
6 other companies' latest entry also says "Other".
- FY2026Debt-to-equity ratio declinedAnnual report
「The debt-to-equity ratio of our group at the end of the fiscal year, calculated as interest-bearing debt divided by equity, was 0.60x, down 0.20 points from 0.80x at the end of the previous fiscal year.」
The debt-to-equity ratio declined from 0.80x to 0.60x as a result of repaying long-term borrowings, and the wording now states that the company aims to maintain an appropriate level. - FY2025Debt-to-equity ratio roseAnnual report
「The debt-to-equity ratio at the end of the fiscal year, calculated as interest-bearing debt divided by equity, was 0.80x, up 0.38 points from 0.42x at the end of the previous fiscal year.」
The debt-to-equity ratio rose as a result of raising funds through long-term borrowings and acquiring treasury shares, and the wording now states that the company will seek to maintain an appropriate level. - FY2024SoftenedAnnual report
「Going forward, there is ample potential to expand funding depending on investment and financial conditions, but we will make careful decisions while taking capital efficiency into account.」
The previous wording referring to approximately 1.0x as the debt-to-equity benchmark has been removed. Although the company continues to indicate room to expand funding, the wording has been softened to state that decisions will be made carefully in light of capital efficiency. - FY2022Debt-to-equity ratio declined, but the funding benchmark of approximately 1.0x was maintainedAnnual report
「The debt-to-equity ratio of our group at the end of the fiscal year, calculated as interest-bearing debt divided by equity, was 0.57x, down 0.13 points from 0.70x at the end of the previous fiscal year. This resulted from repaying borrowings and bonds while not raising funds from financial institutions. Going forward, we believe there is ample room to expand funding, with approximately 1.0x as the target level, depending on investment and financial conditions, but we will make careful decisions while taking asset efficiency into account.」
The debt-to-equity ratio declined from 0.70x to 0.57x as a result of repaying borrowings and bonds, but the policy of maintaining room to expand future funding to approximately 1.0x remains unchanged. - FY2021Debt-to-equity ratio rose, but the funding benchmark of approximately 1.0x was maintainedAnnual report
「The debt-to-equity ratio of our group at the end of the fiscal year, calculated as interest-bearing debt divided by equity, was 0.68x, up 0.04 points from 0.64x at the end of the previous fiscal year. We believe there is room to expand funding to approximately 1.0x while monitoring investment and financial conditions, but we will make careful decisions, also taking asset efficiency into account.」
The debt-to-equity ratio rose from 0.64x to 0.68x, but the policy of maintaining room to expand funding with approximately 1.0x as a benchmark remains unchanged. - FY2020First statedAnnual report
「We believe there is room to expand funding to approximately 1.0x while monitoring investment and financial conditions, but we will make careful decisions, also taking asset efficiency into account.」
Regarding the debt-to-equity ratio of interest-bearing debt to equity, the company has indicated that there is room to expand funding with approximately 1.0x as a benchmark.