Policy on Shareholder Returns

The Company recognizes that enhancing the return of profits to shareholders is one of management’s most important tasks and strives for a stable increase in dividends.
The Company plans a year-end dividend of 45 yen per share for the fiscal year ended March 31, 2023, which together with the interim dividend gives an annual dividend of 90 yen and a dividend payout ratio of 48.3%. Going forward, the Company will aim to achieve a stable dividend payout ratio of 30% in addition to acquiring treasury stock as necessary.
Furthermore, the Company plans an annual dividend of 90 yen per share (interim dividend: 45 yen, year-end dividend: 45 yen) for the fiscal year ending March 31, 2024.
The Company has stipulated that an interim dividend can be offered based on a resolution by our Board of Directors and has established a basic policy to offer two dividends per annum in the form of an interim dividend and year-end dividend. The interim dividend is decided by the Company’s Board of Directors. The year-end dividend is decided at the general shareholders’ meeting.