Medium-term Management Plan

The CITIZEN Group has formulated CITIZEN Group Vision 2030 as the Group's long-term vision reflecting various future environmental changes that are predicted to occur down the road.
In CITIZEN Group Vision 2030, we have declared Crafting a new tomorrow as our new vision.
The CITIZEN of 2030 will not only make life better around the world, but enrich the soul. We see it as our mission to build that richer world for generations to come.
CITIZEN will strive to deliver reliability, security and emotion to the world.

CITIZEN Group Materiality

Five issues, responding to climate change and contributing to a recyclingoriented society, contributing to high-quality life, providing solutions in industry, increasing job satisfaction and cultivating human resources, and fulfilling social responsibility, were arranged based on their relevance to each business and identified as material issues.
Through initiatives including the introduction and expansion of renewable energy and selling photovoltaic watches and mechanical watches that can be used for a long time, we will pursue solutions to social issues through products and services in each business, as illustrated by efforts to respond to climate change and contribute to a recycling-oriented society.

Responses to climate change

We regard responding to climate change as one of the most important issues for a company.
In fiscal 2020, the CITIZEN Group declared its support for the TCFD recommendations, and aims to acquire SBT certification by fiscal 2024.

CITIZEN Group DX Vision

Through the utilization of a wide range of data and enhancement to user contact points, we aim to be a corporate group that will continue to create and enhance value from the user perspective.
We will accomplish this by transforming into a highly profitable structure through business process transformation, creating new user value by changing products and services, and reforming our corporate culture.

Business Portfolio

the Watches Business and Machine Tools Business will remain as the core businesses that drive the Group's growth, and we will aim for further growth by strategically investing our resources.
With the Devices Business and Electronics and Other Products Business, we will aim for stable growth while continuing with the selection and concentration of businesses and products.
On another front, we will also make progress in exploring and initiating new business areas with growth potential.

Numerical Targets

In terms of numerical targets, we will aim for net sales of 320 billion yen, an operating profit margin of 8%, and an ROE of at least 8% in fiscal 2024.
In fiscal 2024 we will continue to improve profitability, restore net sales to prepandemic levels, and aim for an operating profit margin of 8%.
On a long-term basis, we will also pursue further sales growth after raising profitability.

Cash Allocation

In terms of where funds will be used, our policy will be to allocate 60 - 70 billion yen to investment for growth and rationalization over the cumulative period from FY2022 to FY2024, over 70 percent of which will be allocated to our core businesses, namely Watches and Machine Tools.
For the Watches Business, we will make investments aimed at strengthening our brand presence along with investments in rationalization to boost profitability. In the Machine Tools Business, we will accelerate active investment aimed at bolstering production capacity.
We will also continue investments aimed at advancing digital transformation. In our shareholder return policy we place an emphasis on the continued payment of stable dividends, aiming for a dividend payout ratio of around 50%. We will make flexible decisions on the acquisition of treasury stock to reflect circumstances.
We will also work to enhance our financial structure through measures including the repayment of interest-bearing debt.


In the Watches Business, we will strive to improve profitability and achieve sustainable growth, tackle three key strategies of global brand strategy,
premium brands and mechanical watches strategy and continued enhancement of user contact points and use of data, and aim to achieve net sales of 160 billion yen with an operating profit margin of 9% in fiscal 2024.

Machine Tools

To realize further growth in the Machine Tools Business, we will tackle three key strategies, establishment of business foundations with an eye toward achieving the net sales of 100 billion yen, differentiation by leveraging processing technologies, and expansion of areas where automation/labor-saving measures are applied. As a result, we aim to achieve net sales of 86 billion yen and an operating profit margin of 14.5% by fiscal 2024.

CITIZEN Group Value Creation Story

The CITIZEN Group enjoys various strengths including miniaturization, precision processing, low power consumption and automation technology. How to utilize these strengths and CITIZEN Group capital to bring even more issues to resolution is an important challenge that the Group is united in taking on.