Dividends and Shareholder Return

Dividend Policy

The Company aims at 30%+α payout ratio in 2025 as a basic policy for the purpose of improving and making stable shareholder returns in its long-term business plan, Vision 2025.

Dividends per share (Unit: Yen)

	FY2015 (For the Year Ended March, 2016)	FY2016 (For the Year Ended March, 2017)	FY2017 (For the Year Ended February, 2018)	FY2018 (For the Year Ending February, 2019)	FY2019 (For the Year Ended March, 2020)
Annual Dividends per Share	20.0	20.0	40.0	52.0	(Forecast) 52.0
Interim Dividends	10.0	10.0	20.0	26.0	(Forecast) 26.0
Year-end Dividends	10.0	10.0	20.0	26.0	(Forecast) 26.0
Payout Ratio (%)	23.6	26.1	26.8	33.4	(Forecast) 38.9

*No stock splits or consolidations were made during the period above.

The record dates for dividends are as follows.

Year-end dividends	Record date for payment	: End of February
Interim dividends	Record date for payment	: August 31

Annual Dividend per Share

Share Buyback

Buyback Period	Number of Shares	Total Value*
April 15, 2019 – May 20, 2019	2,000,000 shares	7.74 billion yen
April 13, 2018- April 23, 2018	2,000,000 shares	9.39 billion yen

* Figures less than 100 million yen are rounded.

Excluding acquired shares disposed of in response to a request for additional purchase of shares less than one unit