Shareholder returns and using retained earnings for growth investments
First written in FY2016. 2 of 3 entries say "Restated". Latest entry: FY2020.
- FY2020RestatedAnnual report
「At the same time, we regard returning profits to shareholders as one of our key management priorities. Our basic policy is to continue stable dividends while considering the strengthening of retained earnings, the dividend payout ratio and other factors, and to return profits in line with earnings.」
We continued our capital allocation policy of maintaining stable dividends and using retained earnings for research and development and equipment to stabilise the quality of high-difficulty products. - FY2019RestatedAnnual report
「We intend to use retained earnings efficiently to further strengthen our management foundation, including through investment in research and development of new technologies and products and capital investment to stabilize the quality of highly complex products.」
Continued the policy of returning profits to shareholders and using retained earnings for R&D and capital investment in highly complex products. - FY2016First statedAnnual report
「At the same time, because we regard returning profits to shareholders as an important management initiative, our basic policy is to return profits in line with earnings while taking into account the strengthening of retained earnings, the payout ratio and other factors. We intend to use retained earnings efficiently to further strengthen our management foundation, including through investment in research and development of new technologies and products and capital investment to stabilize the quality of highly complex products.」
Explicitly stated a capital allocation policy of allocating retained earnings not only to dividends but also to R&D and equipment to stabilize quality.