Shareholder Returns (Dividend)

Notes to Shareholders

We recognize that it is essential to make investment for growth, including constant enhancement of our production and supply capacity through the addition and refurbishment of production lines and strengthening of business portfolio through M&A. We also recognize that, while the enhancement of internal reserves is necessary to stabilize and strengthen our financial position and to provide funds for medium- to long-term growth, the return of profits to shareholders is an important management issue. Therefore, we will decide the level of profit returns flexibly based on available free cash flow at the end of fiscal year after taking all circumstances into consideration, including profit levels and financial conditions. This is our basic policy for profit returns.
We set our target for consolidated dividend payout ratio at around 30%. There will be two payouts of dividends of surplus in a year, an interim dividend and a year-end dividend. The Board of Directors is the decision-making body for the payout of dividend of surplus.