Shareholder Return Information

Shareholder Return Policy

    Regarding our policy on shareholders returns for FY2023, we will decide the amount of annual dividends within a DOE (dividend on equity ratio) range of 3.5% to 4.5% by taking into consideration fundamental earnings capacity, cash flows, and other factors with a consolidated payout ratio of 30% as a guideline. If 30% of the profit for the year exceeds the above range, we will pay dividends or repurchase shares for the excess portion in a flexible and agile manner.

    Profit for the year attributable to owners of the parent in FY2023 was 386.4 billion yen, and we plan to pay an annual dividend of 125 yen per share, as forecasted at the time of the announcement of financial results for the third quarter of FY2023 (announced on February 5, 2024). The interim dividend for the fiscal year was 62.5 yen per share, and accordingly, the year-end dividend will be 62.5 yen per share.

    The policy on shareholder returns under the Medium-Term Management Plan 2026 starting in FY2024 will be as follows, comprehensively considering the improvement of basic profitability through SHIFT 2023, continuously strengthening our financial position and securing funds for investments for sustainable growth,

  • Pay dividends and repurchase our shares in a flexible and agile manner with a total payout ratio of 40% or higher; and
  • Further improve dividend stability and increase dividends in line with profit growth through progressive dividend payments*1.

    In accordance with this policy, we plan to increase the FY2024 dividend by 5 yen per share compared to the previous fiscal year to a total of 130 yen per share.

    Furthermore, we decided on May 2, 2024 to execute share repurchase (from May 7 to July 19, 2024) in the amount of 50billion yen. We plan to cancel all of the shares acquired through the repurchase on August 28, 2024. For further details, please refer to the release issued on May 2, 2024 titled “Notice Regarding Share Repurchases and Cancellation of Treasury Stock.”

    We will continue pursuing sustainable profit growth and further strengthening our earnings base to enhance shareholder returns and increase shareholder value.

*1 Dividends to be maintained or increased.

Dividend per Share

*2 For details, please see "Shareholder Return Policy" at the top of this page.
For the years ended March 31  Cash dividends per share (Total)   Interim   Year-end 
FY2015 50yen 25yen 25yen
FY2016 50yen 25yen 25yen
FY2017 62yen 28yen 34yen
FY2018 75yen 37yen 38yen
FY2019 80yen
(ordinary didivend 70yen+
100 anniversary commemorative dividend 10yen)
(ordinary dividend 35yen+
100 anniversary commemorative dividend 10yen)
(ordinary dividend 35yen)
FY2020 70yen 35yen 35yen
FY2021 110yen 45yen 65yen
FY2022 115yen 57.5yen 57.5yen
FY2023 (Forecast)*2 125yen 62.5yen 62.5yen
FY2024 (Forecast)*2 130yen - -
*2 For details, please see "Shareholder Return Policy" at the top of this page.

Progress of the Share Repurchases

Period for repurchases  Method of repurchases   Total number of shares to be repurchased   Aggregate repurchases amount*3 
From Feb. 7, 2023 to Apr. 28, 2023 Purchase on the TSE 21,268,200 shares 50.0 billion yen
From May 10, 2023 to Jun. 9, 2023 Purchase on the TSE 7,478,000 shares 20.0 billion yen
From May 7, 2024 to Jun. 17, 2024 Purchase on the TSE 12,288,300 shares 50.0 billion yen
*3 Amounts of less than hundred million yen are rounded off.

Cancellation of Treasury Stock

Cancellation period  Number of shares 
Jun. 2, 2023 21,268,200 shares
Jul. 24, 2023 7,478,000 shares
Aug. 28, 2024 (plan) 12,288,300 shares