Described below is the summary 最新 カジノ 初回入金不要ボーナス Q&A session with institutional investors and securities analysts at Conference Call regarding Decision 最新 カジノ 初回入金不要ボーナス Share Repurchases held on June 28, 2021.
- Q1Regarding the timing 最新 カジノ 初回入金不要ボーナス the share repurchases, please explain what discussions were held by the Board 最新 カジノ 初回入金不要ボーナス Directors, including the share price movement since the business result announcement in May.
- A1
We cannot disclose the details 最新 カジノ 初回入金不要ボーナス the discussions held at the Board meeting, but we wished to make the capital level adjustment under the new approach as soon as possible, and also believed that communicating the management’s view on the share price was important, including the signaling effect.
- Q2Are you likely to increase 最新 カジノ 初回入金不要ボーナス capital level adjustment budget for fiscal 2021 depending on 最新 カジノ 初回入金不要ボーナス share price?
- A2
We are not considering making changes to 最新 カジノ 初回入金不要ボーナス total budget for fiscal 2021 at 最新 カジノ 初回入金不要ボーナス moment.
- Q3Will capital level adjustment decisions which were previously made only in May and November be made flexibly throughout 最新 カジノ 初回入金不要ボーナス year based on 最新 カジノ 初回入金不要ボーナス bolt-on M&A pipeline and share price?
- A3
Yes. The most significant element for deciding the timing under the new approach will be the pipeline 最新 カジノ 初回入金不要ボーナス bolt-on M&A deals. We made the capital level adjustment at this time as there are no M&A deals due to be announced. Status 最新 カジノ 初回入金不要ボーナス the pipeline will change with time, so we may not necessarily make half 最新 カジノ 初回入金不要ボーナス the adjustment during the first half 最新 カジノ 初回入金不要ボーナス the fiscal year. The pipeline information will become more accurate with progress 最新 カジノ 初回入金不要ボーナス the deals, so we would like to spread the timing 最新 カジノ 初回入金不要ボーナス the capital level adjustment to a certain degree. As we explained in May, we never intended the capital level adjustments previously announced together with business results to correspond to the second half 最新 カジノ 初回入金不要ボーナス the previous fiscal year. However, if we apply such assumption, the adjustment to be made in 1H21 will be for 2H20.
- Q4You stated that the timing 最新 カジノ 初回入金不要ボーナス capital level adjustments will be spread across the year. Are two or more adjustments highly likely for this fiscal period?
- A4
It will depend on the status 最新 カジノ 初回入金不要ボーナス the bolt-on M&A pipeline, but unless we have a pipeline 最新 カジノ 初回入金不要ボーナス 70 billion yen or more, that will be the case.
- Q5Are there set criteria for proportion 最新 カジノ 初回入金不要ボーナス one-time dividends and share buybacks?
- A5
No. We will make the optimal decision considering the share price and investor opinions among other things, within the total budget 最新 カジノ 初回入金不要ボーナス 100 billion yen.
- Q6With respect to the share price signaling effect, what market reaction would you consider as successful result 最新 カジノ 初回入金不要ボーナス the share price signaling?
- A6
We cannot disclose our target share price, but we will determine by observing the impact 最新 カジノ 初回入金不要ボーナス the announcement and 最新 カジノ 初回入金不要ボーナス the share buyback on the share price for a certain period.
- Q7Why did you set the share buyback period to expire at the end 最新 カジノ 初回入金不要ボーナス August?
- A7
Previous capital level adjustments were made once every six months. We shortened 最新 カジノ 初回入金不要ボーナス period to enable more flexible decision making.
- Q8About a month has passed since the announcement 最新 カジノ 初回入金不要ボーナス the new capital level adjustment scheme on May 20, 2021. Could you explain the investor feedback to the extent possible?
- A8
The investors I frequently communicate with have generally been supportive 最新 カジノ 初回入金不要ボーナス the new scheme, and I have not encountered much negative opinions.
- Q9With the total budget 最新 カジノ 初回入金不要ボーナス 100 billion yen, were some investors disappointed that there will be no adjustments exceeding that amount?
- A9
Our approach to capital level adjustment has not changed, and we believe 100 billi最新 カジノ 初回入金不要ボーナス yen calculated by deducting dividends and budget for large-scale M&A from adjusted net income is appropriate for fiscal 2021.
- Q10As we enter the second half 最新 カジノ 初回入金不要ボーナス 2021, what is the management’s view on the fact that there are no visible bolt-on M&A deals in the pipeline?
- A10
M&A deals are not our objective per se, so we do not believe the lack 最新 カジノ 初回入金不要ボーナス good investment opportunity is a significant problem considering the current state 最新 カジノ 初回入金不要ボーナス economy. M&A is an effective tool for enhancing growth and diversification, so our policy remains that we will make active investments if there are good opportunities.
- Q11What was the reason for choosing 30 billion yen as the amount 最新 カジノ 初回入金不要ボーナス capital level adjustment?
- A11
The decision was made based on comprehensive consideration 最新 カジノ 初回入金不要ボーナス the bolt-on M&A pipeline and current share price among other things.
These information materials are prepared based on the currently available information for us and described subject to our predictions and forecasts carried out at the time 最新 カジノ 初回入金不要ボーナス preparation.
It must be noted that what is described therein does not guarantee our future business performance and carries certain risk 最新 カジノ 初回入金不要ボーナス misjudgment or uncertainty.
Accordingly, you are kindly requested to bear in mind that there may be a possibility 最新 カジノ 初回入金不要ボーナス sizable divergence between the actual business performance in the future and that 最新 カジノ 初回入金不要ボーナス our predictions or forecasts described therein.