Profit Distribution Policy Balancing Retained Earnings and Stable Dividends
First written in FY2018. 1 of 5 entries say "Reframed", first in FY2023-Q2. Latest entry: FY2025.
51 other companies' latest entry also says "Raised".
- FY2025RaisedAnnual report
「The company will provide stable and recurring dividends based on a consolidated dividend on equity (DOE) benchmark of 5%, acquire treasury shares after taking capital efficiency and market conditions into consideration, and target a total payout ratio of 40–50%. Previously, the DOE benchmark was 4% and the total payout ratio was 30–50%; both have been changed.」
The shareholder return policy has been changed to raise the DOE benchmark from 4% to 5% and the lower end of the total payout ratio from 30% to 40%. - FY2024-Q3RestatedAnnual report
「Based on the shareholder return policy in the medium-term management plan for fiscal 2022 through fiscal 2024, which calls for stable and recurring dividends based on a consolidated dividend on equity (DOE) benchmark of 4% and a total payout ratio of 30–50%, while taking the operating environment, consolidated results for each fiscal year and the target ROE of 15% into consideration, the company aims to expand shareholder returns and improve capital efficiency.」
The shareholder return policy of dividends based on a 4% DOE benchmark and a total payout ratio of 30–50% continues to be cited as the reason for resolutions to acquire treasury shares. - FY2023-Q2ReframedAnnual report
「Stable and recurring dividends based on a consolidated dividend on equity (DOE) benchmark of 4%, and a total payout ratio of 30–50%」
The shareholder return policy for fiscal 2022 through fiscal 2024 has been restructured from the previous policy of using a 30% payout ratio as a benchmark to a combination of dividends based on a 4% DOE benchmark and a total payout ratio of 30–50%. - FY2019Addition of a 30% payout ratio benchmarkAnnual report
「In determining dividends, we will provide stable dividends using a 30% payout ratio as a benchmark.」
In addition to the basic policy of retaining earnings, returning profits to shareholders and maintaining stable dividends, the new medium-term management plan specifies a concrete benchmark based on a 30% payout ratio. - FY2018First statedAnnual report
「Our basic dividend policy is to secure the retained earnings necessary for future business development and further strengthening our financial position, while returning as much profit as possible to shareholders and striving to maintain stable dividends while taking the overall circumstances into consideration.」
The basic dividend policy explicitly provides for retained earnings, shareholder returns and continued stable dividends. For the current fiscal year, the interim dividend was ¥17.50, the year-end dividend was ¥32.50 and the annual dividend was ¥50.