NTN Consolidated Financial Results for FY 2020-1Q
NTN Consolidated Financial Results for FY 2020-1Q
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NTN Recovery Scenario from COVID-19
Global Web Meeting with NTN Senior Managers around The World < Subject: NTN Recovery Scenario from COVID-19 > Please look at P31 of PPT “NTN Consolidated Financial Results for 2019” . This is the final page of my explanation, and I believe this is the most important page. This chart shows the Basic Concept and Target of our Recovery Scenario that is the Precondition for the Commitment Line of 100 billion yen. First of all, I would like to make a clear definition of Recovery. What is Recovery? Definition of Recovery is the Capability for NTN to Create Corporate Value, which has to be achieved in 2023, at the end of our next Mid-Term Management Plan. Assuming that the Expected Return of our Shareholders in Japanese Stock Market is 8%, as you know, we designed that our Consolidated WACC, Cost of Capital is 5%, so our commitment of Consolidated ROIC, Return on Invested Capital is 5% in 2023. Our Main Bank, Mitsubishi agreed to this target, as the minimum requirement. Our final ...