Pentax 2013 Annual Report Download - page 28

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Special Features for 2013 What is SVA, that provides for Hoya's sustainable growth?
Copyright 2013 © HOYA CORPORATION
Enhancing competitiveness
and securing stable earnings
SVA is a more challenging measure than ROE, as it incorporates the expected return of shareholders, which is a
kind of cost for the company. However, we believe that the proverb, "Necessity is the mother of invention," has
proven to be true. All of our employees strive hard to come up with ways for overcoming a more challenging
hurdle of achieving the target SVA. By doing so, the Hoya Group has been able to enhance competitiveness and
maintain stable earnings, despite some ups and downs caused by economic fluctuation.
We have set a hurdle rate for each business, based on its characteristics, which results in a portfolio of diverse
businesses ranging from high-risk high-return businesses to middle-risk middle-return businesses.