Basic Policy Concerning Profit Distribution

Recognizing that one of the key management issues is the return of profits to shareholders, the Group endeavors to increase its earnings power and improve its financial position. In addition, our basic policy on the payment of dividends is to “maintain stable dividends, with a dividend payout ratio of at least 30% on a consolidated basis excluding the effects of extraordinary income/losses arising from business combination and the amortization of goodwill as a standard,” comprehensively considering the consolidated business results and the business plans, among other aspects.

In terms of internal reserves, the Group seeks to use such reserves to fund investment in manufacturing equipment, research and development, and new businesses development, to prepare for future business.

For This fiscal year, the Group expects to pay an annual dividend of 46 yen (an interim dividend of 23 yen).

*Trend of Dividends and Payout Ratio

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(Unit: Yen/%)
  Fiscal year
ended March
31, 2011
Fiscal year
ended March
31, 2012
Fiscal year
ended March
31, 2013
Fiscal year
ended March
31, 2014
Fiscal year
ended March
31, 2015
Interim 11 13 15 15 15
Year-end 11 15 15 20 15
Annual Total 22 28 30 35 30
Consolidated
Dividend
Payout Ratio
45.5 37.7 38.6 42.1 44.4
  Fiscal year
ended March
31, 2016
Fiscal year
ended March
31, 2017
Fiscal year
ended March
31, 2018
Fiscal year
ending March
31, 2019
Fiscal year
ending March
31, 2020
Interim 15 15 18 22 23(forecast)
Year-end 15 17 20 22(forecast) 23(forecast)
Annual Total 30 32 38 44(forecast) 46(forecast)
Consolidated
Dividend
Payout Ratio
13.6 37.9 41.7 32.8(forecast) 42.5(forecast)
Payout ratio
based on profit
distribution policy
32.0 30.4 30.4 26.2(forecast) 32.4(forecast)

NOTE: An interim dividend system was introduced and started in the fiscal year ended March 31, 2008.
Breakdown of annual dividend for the fiscal year ended March 31, 2014: Ordinary dividend of 30 yen + Commemorative dividend of 5 yen (celebrating 100th company anniversary)

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