Shareholder Returns and Dividends

The company is developing its business on a global scale and is constantly aiming to increase its corporate value. Returning part of the fruits of corporate activity to our shareholders is one of our priorities and therefore it is our basic policy to consistently pay out stable dividends while taking a long-term perspective and considering such things as consolidated earnings.

It is our basic policy to pay out surplus dividends once a year at the end of the fiscal year. Although the institution for deciding dividends is the General Meeting of Shareholders, the Articles of Incorporation stipulate that interim dividends as defined in Article 454 Clause 5 of the Company Law can be paid out by resolution of the Board of Directors to shareholders and registered pledgees of shares recorded in the final register of shareholders on December 31 of each year.

With a target consolidated dividend payout ratio of 35%, the amount of dividends is calculated based on a long-term perspective and comprehensively takes into consideration consolidated financial results, future outlooks, the level of internal reserves, etc. By allotting internal reserves to R&D, capital investment and other matters indispensable for future growth, we endeavor to increase earnings and strengthen our financial structure.