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Shareholders Return

1. Basic Policy for Earnings Distribution
Our basic policy for distribution of earnings to shareholders is:
(1) to allocate an appropriate portion of earnings as a dividend in accordance with business results while retaining the means to strengthen the corporate structure; and
(2) to strive to make continued, stable dividend payments. We will distribute annual dividends from surplus at the end of every fiscal year. Decisions regarding year-end dividends are made by the general meeting of shareholders. Internal reserves are used for reinforcing our financial position and for capital investment and R&D in an effort to improve business performance.

2. Share buyback
We regard the repurchasing of shares as a measure for allocating earnings to shareholders and will effectuate it taking into account stock price levels and market trends. As a general rule, we will retire treasury stock that it holds.

Fiscal year ended 13/3 14/3 15/3 16/3 17/3
Cash dividends per share (Yen) 55.00 60.00 45.00 60.00 60.00
Cash dividends paid (million\) 1,270 1,254 1,816 2,333 2,243
Repurchase of treasury stock (million¥) 1,499 4,999 2,538 3,199 2,699
Payout ratio (%) 26.7 28.6 32.8 45.2 84.0
Total return ratio (%) 57.4 136.6 77.4 105.0 181.4

Notes : Amounts less than the unit expressed are omitted.
Effective January 1, 2015, each share of common stock was split into two shares.
Total return ratio = (Cash dividends paid + Repurchase of treasury stock) / Net income (loss)

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