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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 14/3 15/3 16/3 17/3 18/3
Cash dividends per share (Yen) 60.00 45.00 60.00 60.00 60.00
Cash dividends paid (million yen) 1,254 1,816 2,333 2,243 2,202
Repurchase of treasury stock (million yen) 4,999 2,538 3,199 2,699 1,499
Payout ratio (%) 28.6 32.8 45.2 84.0 73.2
Total return ratio (%) 136.6 77.4 105.0 181.4 122.0

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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