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Shareholder Returns Policy and Dividends

Basic Policy for Shareholder Returns

We aim to achieve total shareholder returns, comprising direct returns through dividends and medium-to-long-term share price gains. Based on this approach, our basic policy is to focus on strategic investment for sustainable growth, thus aiming for maximization of corporate value. At the same time, we will enhance capital efficiency with a view to increasing dividends and our share price over the medium to long term.
Upon determining dividends, we aim to achieve long-term, stable, and continuous enhancement of returns with emphasis given to consolidated business results and free cash flow, and set the minimum level of Dividend on Equity (DOE*), which we see as an indicator of our capital policy, at 2.5%. We will also buy back shares flexibly taking the market environment into consideration.

  • *DOE=Annual Cash Dividend / Equity

Dividend Record Dates and Payable Dates

Interim dividend Year-end dividend
Record date June 30th December 31st
Payable date Early September Following the ordinary general meeting of shareholders (late March)

Dividends per Share

Business Term Interim dividend
per share (Yen)
Year-end dividend
per share (Yen)
Annual dividends
per share (Yen)
FY2023 30 30(Forecast) 60(Forecast)
FY2022 25 75
(Ordinary dividend 25)
(Commemorative dividend 50)
FY2021 20 30 50
FY2020 20 20 40
FY2019 30 30 60
FY2018 20 25 45
FY2017 12.50 15 27.50
FY2016 10 10 20
FY2015 10 10 20
FY2014 10 10 20