Policies on the Distribution of Surplus
Based on the premise that a sustainable level of business development and mid-to-long term enhancement of corporate value is fundamental to the creation of shareholder value, the Company practices management that is conscious of both capital cost and financial soundness.
With respect to the distribution of surplus, the Company makes dividend payouts based on semi-annual business performance with a target semi-annual payout ratio of 30%.
Retained earnings are devoted to business investments for growth such as M&A, R&D, facility enhancements, with an aim to strengthen the Company’s business position and enhance its corporate value. If residuals are retained for a long time, the company will consider flexibly reviewing its dividend payout ratio and improving total shareholder returns by, for instance, repurchasing stock, taking into consideration our projected growth investments.
Dividend per share (Past 5 years)
|Record date||Interim||Year-end||Annual total|
|FY2019 (2020/3)||41 yen||–||–|
|FY2018 (2019/3)||50 yen||42 yen||92 yen|
|FY2017 (2018/3)||9 yen||23 yen||32 yen|
|FY2016 (2017/3)||13 yen||12 yen||25 yen|
|FY2015 (2016/3)||10 yen||10 yen||20 yen|
Shareholder Benefit Plan
We do not have a shareholder benefit plan.