Dividend policy

We believe that placing priority on the implementation of strategic investments to attain sustainable profit growth and improve corporate value will in turn contribute to profits shared with our shareholders. In addition, we recognize returning profits to our shareholders as one of our key management policies and have the principle of paying consistent and sustainable dividends. In line with this, our basic policy is to return profits, comprehensively taking into account trends of business results and ensuring sufficient internal reserves, which are necessary for investment in future growth, and the reinforcement of our financial base.

In addition, we set a consolidated payout ratio of approximately 30% of net income before amortization of goodwill excluding the effects of extraordinary income/losses, etc. (Note)

We will improve corporate value by allocating internal reserves to strategic investments for growth.

Starting from the year ending March 31, 2018, we will be paying interim dividends and, accordingly, our policy is to pay dividends from surplus twice a year. The record dates thereof are September 30 and March 31 of each year.

Matters stipulated by Article 459, Paragraph 1 of the Companies Act, including cash dividends, are resolved not by General Meetings of Shareholders, but by Meetings of the Board of Directors, unless otherwise provided by laws and regulations.

(Note) Net income before amortization of goodwill is calculated by adding amortization of goodwill to net income attributable to owners of the parent.
We will voluntarily adopt the International Financial Reporting Standards (IFRS) starting from the first quarter ending June 30, 2017. The consolidated payout ratio after transition to IFRS is set at approximately 30%, upon excluding the effects of non-recurring income/losses from profit attributable to owners of the parent.

year Dividend per share
Sep. 30th Mar. 31st Total
Results for FY 2013 - Year Ended March 31, 2014 -※ - ¥8.67 ¥8.67
Results for FY 2014 - Year Ended March 31, 2015 - - ¥15.67 ¥15.67
Results for FY 2015 - Year Ended March 31, 2016 - - ¥16.67 ¥16.67
Results for FY 2016 - Year Ended March 31, 2017 - - ¥21.67 ¥21.67
Results for FY 2017 - Year Ended March 31, 2018 -(forecast) ¥11.00 ¥11.00 ¥22.00

(Note) We implemented a 10-for-1 stock split on July 31, 2014. Accordingly, the dividend per share for FY 2013 is computed retrospectively.

(Note) We plan to implement a three-for-one stock split of our common stock with a record date of June 30, 2017 and an effective date of July 1, 2017. Accordingly, the above annual dividend forecast for the year ending March 31, 2018 takes into account the said stock split. Annual dividend forecast for the year ending March 31, 2018 without considering the stock split will be ¥66. Then the dividends per share before FY 2016 are computed retrospectively.