Shareholder Returns / Dividends

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We believe in the importance of returning profits to shareholders in the form of dividends. While it is our basic policy to provide stable, sustainable dividends, when determining dividend amounts we take into consideration such factors as operating performance trends, the need for investment to enhance our corporate value and secure funding for R&D to reinforce our competitiveness, and strengthening our financial standing.
Taking profit distribution in line with operating performance trends into account, we aim for a long-term total return ratio of 30% or more. However, we have made certain changes to our dividend policy for the period of our mid-term management plan, which begins in fiscal 2018, ending March 31, 2019, and we aim for a consolidated dividend payout ratio of 20–30%, based on income for the year. Our goal in clarifying dividend levels for the period of the plan is based on our aims of prioritizing the allocation of cash flow in order to invest in enhancing corporate value, primarily by enhancing production capacity at overseas manufacturing bases and responding to needs for automotive materials in Japan.

Note: Fiscal years are from April 1 of the indicated year to March 31 of the following year.


  FY2015 FY2016 FY2017 FY2018 FY2019(Forecast)
Dividend per share (full-year) 6.00 6.00 60.00* 60.00 NA
Interim dividend 3.00 3.00 3.00 0.00 0.00
Payout ratio (%) 50.3 29.8 23.6 259.3 -

* The Company conducted a 1-for-10 reverse stock split on common shares with an effective date of October 1, 2017. The indicated dividend per share for the fiscal year ended March 31, 2018 (full-year) takes this reverse stock split into account.

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