Investor relationsStock informationShareholder return policy and dividend policy
(As of May 9, 2024)
Policy on determining dividends of surplus
The Company considers returning profits to shareholders as a priority management policy and follows a basic policy of maintaining stable dividends while strengthening its corporate structure by improving profitability. Based on this basic policy, we have set a consolidated dividend payout ratio of approximately 50%* and a minimum dividend on equity (DOE) ratio of 5%. The Company also considers repurchasing outstanding shares as an effective method for returning profits to shareholders, and intends to flexibly implement repurchase programs while taking into account the business environment and the company’s financial status.
* Dividend policy implemented in fiscal 2023. The previous dividend policy was based on one-third or more of profits (consolidated dividend payout ratio of 33%).
Management plans to distribute dividends amounting to ¥58 per share (including an interim dividend of ¥28.0) for the fiscal year ending March 2025. As a result, the consolidated dividend payout ratio for the fiscal year ending March 2025 is expected to be 50.1%, and the dividend on equity (DOE) ratio is expected to be 6.0%.
The Company has a basic policy of distributing surplus dividends twice annually in the form of interim and year-end dividend payments. The General Meeting of Shareholders decides the amount of the year-end dividend, and the Board of Directors decides the amount of the interim dividend.
The Company’s Articles of Incorporation stipulate that interim dividends may be distributed by resolution of the Board of Directors.
Dividend amount (per share)
(JPY/share)
| FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 (Forecast) |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interim | 6.25 | 9.375 | 9.375 | 11.25 | 15.00 | 12.50 | 12.50 | 20.00 | 22.50 | 25.00 | 28.00 |
| Year end | 8.75 | 9.375 | 11.875 | 15.00 | 15.00 | 12.50 | 22.50 | 25.00 | 27.50 | 28.00 | 30.00 |
| Full year | 15.00 | 18.75 | 21.25 | 26.25 | 30.00 | 25.00 | 35.00 | 45.00 | 50.00 | 53.00 | 58.00 |
| Consolidated dividend payout ratio |
30.1％ | 37.8％ | 31.7％ | 33.0％ | 33.5％ | 34.5％ | 38.9％ | 39.6％ | 41.4％ | 50.2％ | 50.1％ |
| Dividend on equity (DOE) ratio | 3.7％ | 4.2％ | 4.4％ | 4.9％ | 5.1％ | 3.9％ | 5.0％ | 5.9％ | 5.9％ | 5.8％ | 6.0％ |
- The Company exercised a stock split at a ratio of 4 shares per common share on March 1, 2018. Dividend amounts prior to the second quarter of the fiscal year ended March 2018 are retroactively adjusted to reflect the stock split.
History of share repurchases
| Acquisition period (contract basis) | Acquisition method | Total number of shares acquired | Total value of acquisition |
|---|---|---|---|
| May 11, 2023 to November 15, 2023 | Market purchase on the Tokyo Stock Exchange | 1,433,700 shares | ¥1,999,857,343 |
- Data for fiscal 2013 onward
Shareholder benefits
The Company does not have a shareholder benefit program.