Selling cross-shareholdings and idle land to fund up to ¥140bn of investment (2024)
A company that wrote its own adjusted figure
ROE excluding gains on sales of 6.6%, cost of capital of 9% — the core of the May 2024 decision lies in putting those two numbers side by side in public. Had it presented only the 10.6% ROE inflated by sale gains, it could have said it had exceeded its cost of capital. What the company chose under President Maezuru Toshiya was to write in the adjusted figure itself, show first the side that fell short, and offer up the cross-held shares and idle land that made up 30% of consolidated net assets as the means of closing the gap.
The results of the replacement have yet to appear in the figures. Net profit of ¥24.8bn in the year to March 2025 was supported by ¥4.7bn of gains on securities sales and ¥8.7bn of gains on fixed asset sales, and with those gone the year to March 2026 fell to ¥21.8bn. Assets that can be sold do not come back once released, and recovery on the ¥25.5bn Chita mill and the new Hatanaka Foods plant is only beginning. Whether the judgment to exchange cross-held shares for factories reaches returns above the cost of capital is likely to be confirmed in results beyond the end of FY2026.
Revenue and net margin, FY2019–FY2026
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY2024 onwards — after it was taken.
Source: securities reports
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