Investor Relations

Shareholder Returns
(dividends, acquisition of treasury shares)

Shareholder returns policy
(Mid-Term Business Plan "Towards a further Leap 2020" released in February 2017).

We view profit returns to shareholders as a core management issue.
Our basic policy for shareholder dividends is a dividend payout ratio of 30% to 40%, and will continue to issue stable and continuous dividends.
We also proactively evaluate the acquisition of treasury shares.

Dividend policy

Our basic policy for shareholder dividends is a dividend payout ratio of 30% to 40%, and will continue to issue stable and continuous dividends. Funds for internal retention are used towards capital expenditure investments aimed at improving our corporate value, and growth strategy investments such as investments in new businesses and R&D investments.
Our basic policy is to issue dividends for surplus income twice per year in the form of an interim dividend and a year-end dividend.
For the surplus income dividend, the General Meeting of Shareholders sets the year-end dividend amount and the Board of Directors sets the interim dividend amount. Our Articles of Incorporation outlines that ""In accordance with Article 454, Section 5 of the Companies Act, we may, pursuant to a resolution by the Board of Directors, issue interim dividends with September 30 of each year as the date of reference.

Status of dividends

To meet shareholder expectations and promote profit returns based on our dividend policy, we announced our planned dividend amount in the "Notice Concerning Surplus Dividend" announced on May 8, 2019.

The FY2018 term-end dividend amount will be 25 yen per share. For FY2018, we will increase the full-year dividend amount by 2 yen to 50 yen per share. Our FY2019 forecast is an interim dividend of 27 yen per share and a year-end dividend of 27 yen per share. This will result in a planned full-year dividend amount of 54 yen per share.

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  FY2011
(Actual)
FY2012
(Actual)
FY2013
(Actual)
FY2014
(Actual)
FY2015
(Actual)
FY2016
(Actual)
FY2017
(Actual)
FY2018
(Actual)
FY2019
(Forecast)
Interim dividend
(yen)
12.0 12.0 13.0 17.0 17.0 22.0 23.0 25.0 27.0
Year-end dividend
(yen)
12.0 13.0 13.0 13.0 18.0 22.0 25.0 25.0 27.0
Full-year
(yen)
24.0 25.0 26.0 30.0 35.0 44.0 48.0 50.0 54.0
Dividend payout ratio
(%)
24.9 25.8 27.4 27.6 32.6 31.2 30.0 37.1 30.5

Status of treasury share acquisition

To implement dynamic capital strategies suitable to our management environment, in accordance with the provisions of Companies Act Article 165, Section 2, our Articles of Incorporation allows that our company may, pursuant to a resolution by the Board of Directors, acquire treasury shares via market transactions, etc.

・Status of acquisition for current fiscal year based at General Meeting of Shareholders and the Board of Directors

None in particular.

・Past acquisition history

Acquisition period Acquisition method No. of shares acquired (shares) Amount
(million yen)
September 20, 2006 to October 26 Market purchase on Tokyo Stock Exchange 920,000 994

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