Policy of a 50% Total Payout Ratio and Stable Dividends
First written in FY2017. 4 of 6 entries say "Restated". Latest entry: FY2022.
- FY2022SoftenedAnnual report
「The company’s basic policy on profit allocation is to pursue more proactive returns to shareholders by securing retained earnings needed for future internal structural reforms and capital investment, recognizing that dividends are an important means of returning profits to shareholders, and, in light of recent developments in the capital markets, introducing a total payout ratio policy in addition to its stable dividend policy.」
The basic wording of the shareholder return policy was maintained, but this filing does not state the previously disclosed numerical target of a 50% total payout ratio. - FY2021RestatedAnnual report
「Specifically, the company’s near-term target total payout ratio is 50%. In addition, unless performance fluctuates sharply, the company will seek to maintain the previous fiscal year’s dividend level as consistently as possible.」
The wording of the policy calling for a 50% total payout ratio and stable dividends was maintained. However, no dividend was paid for the fiscal year. - FY2020RestatedAnnual report
「Specifically, the company’s near-term target total payout ratio is 50%. In addition, unless performance fluctuates sharply, the company will seek to maintain the previous fiscal year’s dividend level as consistently as possible.」
The wording of the policy calling for a 50% total payout ratio and stable dividends continues to be used. - FY2019RestatedAnnual report
「Specifically, the company’s near-term target total payout ratio is 50%. In addition, unless performance fluctuates sharply, the company will seek to maintain the previous fiscal year’s dividend level as consistently as possible.」
The wording of the policy calling for a 50% total payout ratio and stable dividends was maintained. However, the actual dividend for the fiscal year was ¥10 per share. - FY2018RestatedAnnual report
「Specifically, the company’s near-term target total payout ratio is 50%. In addition, unless performance fluctuates sharply, the company will seek to maintain the previous fiscal year’s dividend level as consistently as possible.」
The company continues to target a 50% total payout ratio for the time being and to maintain the previous fiscal year’s dividend level as long as performance does not fluctuate sharply. - FY2017First statedAnnual report
「While securing retained earnings needed for future internal structural reforms and capital investment, the company recognizes that dividends are an important means of returning profits to shareholders. In light of recent developments in the capital markets, it will pursue more proactive returns to shareholders by introducing a total payout ratio policy in addition to its stable dividend policy. Specifically, the company’s initial target total payout ratio is 50%. In addition, unless performance fluctuates sharply, the company will seek to maintain the previous fiscal year’s dividend level as consistently as possible.」
The company first explicitly stated a policy of more proactive shareholder returns by setting a 50% total payout ratio as its near-term target alongside stable dividends.