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We will now explain movements in interest-bearing debt and other items.
The long-term ratio and fixed ratio of interest-bearing debt as of March 31, 2023 was 95.9% and 95.3%, respectively. This indicates that we are keeping up stable financing.
Our target for interest-bearing debt as of March 31, 2024 is 1,650.0 billion yen due largely to the implementation of large-scale projects. Our D/E ratio target is 2.3x and D/E ratio target after taking hybrid finance into consideration is 2.0x. We will continue to control our balance sheet while being mindful to maintain and improve financial soundness.
Additionally, for our long-term issuer rating by JCR, since being rated in January 2019, we have maintained our A-flat rating consistently even through the COVID-19 pandemic.
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