The Company considers maintaining a core policy regarding the distribution of profits linked to the business performance of the Company and aims to pay stable dividends targeting a consolidated dividend payout ratio of 30%. Also, considering the aim to provide stable and continuous dividend payments, the Company deems to maintain an annual dividend of \20 per share regardless of consolidated profits of the Company. However, it is at the discretion of the Board to review this core policy if the Company experiences losses in two consecutive years.


The Companyʼs normal operating procedure is to pay a dividend twice a year. The shareholdersʼ meeting determines the year-end dividend and the Companyʼs Board of Directors decides the interim dividend.


Retained earnings will be used effectively for the research and development and capital investment that are necessary for growing existing businesses and improving our competitiveness, strength and optimization of production and sales activities, expansion of overseas sales, sophistication of information security systems, new business development, and M&A investment.

 

The Company’s acquisition of its own outstanding stock is one of the returns that supplement its dividends from retained earnings. The Company will analyze its cash flows and retained earnings before undertaking stock acquisition.

Dividends (Consolidated)

2015/03 2016/03 2017/03 2018/03 2019/03 2020/03
(Expected)
Dividend Per Share(Yen) 1Q ------
2Q 22.0026.0034.0041.0059.0038.00
3Q ------
FY-End 33.0033.0038.0051.0066.0038.00
Total 55.0059.0072.0092.00125.0076.00
Amount of Dividends(Millions of Yen) 2,2702,4412,9833,8205,195-
Payout Ratio(%) 25.225.230.130.035.435.0
Dividend on Net Assets(%) 3.33.23.64.15.1-