Outline of Results Briefing held on May 13, 2013

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I believe our first goal is to achieve operating income level of ¥25 billion as soon as possible, based on the measures and policies that I have just explained. From here, we will aim for higher profit levels, but the first step is to recover a level of operating income of ¥25 billion.

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Next is our dividend policy.

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With respect to year-end dividend payments for the fiscal year ended March 2013, a board resolution is expected to be passed on May 17 to make dividend payments of ¥20 per share, as originally forecasted. This slide shows a summary of the policy for dividend payments for the fiscal year ending March 2014. Given the recent significant fluctuation in earnings, we have considered how to realize stable dividend payments, while maintaining a dividend payout ratio of 30%. In the case where consolidated net income exceeds ¥11.5 billion, dividends will be paid at a targeted dividend payout ratio of 30%. However, if the consolidated net income is at a level in the range of ¥3.5-11.5 billion, or in other words, if the net income per share is in the range of ¥30-100 per share, the dividend payment amount per share will be ¥30 per year. If the consolidated net income is less than ¥3.5 billion, or in other words, if the net income per share is less than ¥30, the dividend payout ratio shall be 100%, however, in such a case the lower limit of the dividend payment will be set to ¥10 per share per year.
Our goal is to achieve consolidated net income of at least ¥11.5 billion, and we would like to realize this target level as soon as possible.

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