SHAREHOLDER RETURN

Basic Policy of Shareholder Return

The Company recognizes profit return to shareholders as an important management issue and its basic policy is to target a consolidated payout ratio of 45-50%, considering capital needs for investments in business growth and improving internal reserves for strengthening the business foundation.
The Company’s dividends of surplus are paid twice a year as an interim dividend and year-end dividend as a basic policy, and the body for making decisions regarding these dividends of surplus is the Board of Directors for interim dividends and the shareholder meeting for year-end dividends. The Company’s Articles of Incorporation stipulate that it may pay an interim dividend with October 31 every year as a record date by a resolution of the Board of Directors.

Change in Dividends

Interim dividend (yen) Year-end dividend (yen) Annual dividend (yen) Payout ratio (%)
FY4/2024 9.00 5.00 14.00 92.4
FY4/2023 9.00 9.00 18.00 59.5
FY4/2022 10.00 10.00 20.00 125.2
FY4/2021 8.00 9.00 17.00 46.2
FY4/2020 6.50 6.50 27.4
FY4/2019 6.00 6.00 28.5
FY4/2018 5.20 5.20 32.4
FY4/2017 4.50 4.50 30.9
FY4/2016 4.50 4.50 32.5
FY4/2015 2.27 2.27 19.7
FY4/2014 1.42 1.42 19.5
FY4/2013 1.33 1.33 16.3
FY4/2012 1.11 1.11 16.5
FY4/2011 0.92 0.92 9.3
FY4/2010 0.89 0.89 13.4
FY4/2009 0.81 0.81 14.7

* The Company conducted a 2-for-1 share split on May 1, 2011, a 300-for-1 share split on May 1, 2013, and a 3-for-1 share split on August 1, 2015. The calculation of dividends in the table is based on the assumption that these share splits were conducted.

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