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Having said that, the tough competition also means we may have upside potential, and we shall try to outperform our targeted range. We expect recurring income to be between ¥17-25 billion, and net income to be between ¥11-18 billion, considering tax expenses. As for dividends, we are planning to pass a resolution regarding the year-end dividend of ¥20 per share at the Board of Directors meeting to be held on May 18th. Together with the interim dividend, which has already been paid out, the total annual dividend will be ¥30 per share.
This is our dividend policy for FY2016/3. We have been saying that we will set ¥30 per share as the floor, and will target a consolidated dividend payout ratio of 30%. For FY 2016/3, our forecasted income level should allow us to increase dividends based on this 30% payout ratio. We will make every effort possible to achieve this dividend increase.
This is the breakdown by business segment for FY2016/3. In FY 2015/3, we had some ups and downs between the segments, due to some parts of the business outperforming and underperforming our initial forecasts. We expect the same to happen in FY 2016/3. However, if we continue our efforts to release strong titles consistently, we have a chance to produce big hit titles. We will make sure to work steadily on title development.