Stock Information
(As of December 31, 2019)

We aim to achieve total returns, comprising direct returns to shareholders through dividends and medium-to-long term share price gains. Based on this approach, our basic policy is to focus on making strategic investment for sustainable growth, thus aiming for maximization of corporate value.At the same time we will enhance capital efficiency exceeding capital costs, with a view to increasing dividends and our share price over the medium-to-long term.
Upon determining dividends, we will 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*) of 2.5%, which we see as an indicator that reflects our capital policy. We will also buy back shares flexibly taking the market environment into consideration.
*DOE＝Annual Cash Dividend/ Equity

The global spread of COVID-19 is causing a decline in consumption and changes in consumer purchasing behavior. Business economic activities are stagnating, and the environment differs considerably from our initial expectations. Going forward, business results are still subject to uncertainties, such as the viral spread and the timing of resumption of economic activities depending on regulatory measures taken by each country. It is currently very difficult to assess trends and the impact of these uncertainties.
Given such circumstances, the Company has withdrawn its consolidated forecast for the fiscal year ending December 31, 2020 and will provide a new forecast at the time of the second quarter results announcement.
The same applies to the dividend forecast.

In addition to common shares, our ADRs are traded over-the-counter (OTC) in the U.S.