Dividend policy

The Company believes that prioritizing strategic investments to attain sustainable profit growth and increase its enterprise value will be the main driver of shareholder value. Also, the Company considers the return of capital to its shareholders to be an important part of its business strategy. The core dividend policy is to provide a stable and sustainable return to shareholders based on a comprehensive evaluation of the results of operations, the internal reserves that the Company expects to need for its future growth, and the ability to establish a stable financial foundation.

In addition, the Company sets a consolidated payout ratio target of approximately 30% of profit attributable to owner of the parent excluding non-recurring income/losses.

In accordance with its dividend policy above, annual dividends for FY2017 will be 23 yen per share, which consists of an interim dividend of 11 yen per share and a year-end dividend of 12 yen per share.

The Company also allocates its retained earnings to strategic investments for growth to increase enterprise value.

The Company's basic policy is to declare dividends twice a year. Matters stipulated in Article 459, Paragraph 1 of the Companies Act, including cash dividends, are not resolved by General Meetings of Shareholders, but by Meetings of the Board of Directors, unless otherwise provided by laws and regulations.

Annual dividend forecasted for FY2018 is expected to be 27 yen per share, which consists of an interim dividend of 13.5 yen per share and a year-end dividend of 13.5 yen per share.

year Dividend per share
Sep. 30th Mar. 31st Total
Results for FY 2013 - Year Ended Mar. 31, 2014 -※ - ¥8.67 ¥8.67
Results for FY 2014 - Year Ended Mar. 31, 2015 - - ¥15.67 ¥15.67
Results for FY 2015 - Year Ended Mar. 31, 2016 - - ¥16.67 ¥16.67
Results for FY 2016 - Year Ended Mar. 31, 2017 - - ¥21.67 ¥21.67
Results for FY 2017 - Year Ended Mar. 31, 2018 ¥11.00 ¥12.00 ¥23.00
Results for FY 2018 - Year Ended Mar. 31, 2019 -(forecast) ¥13.50 ¥13.50 ¥27.00

(Note) We implemented a 10-for-1 stock split on Jul. 31, 2014.

(Note) We implemented a three-for-one stock split of our common stock with a record date of Jun. 30, 2017 and an effective date of Jul. 1, 2017. Accordingly, the above annual dividend for the year ending Mar. 31, 2018 takes into account the said stock split. Annual dividend for the year ending Mar. 31, 2018 without considering the stock split will be ¥69. Then the dividends per share before FY 2016 are computed retrospectively.