Our dividend policy is basically to distribute dividends according to consolidated business performance of each fiscal year. In determining the amount of the dividends, we take into account the trends in business performance, the business development in the future and the amount of the reserves necessary for keeping the financial condition.
Aiming to pay a stable dividend in an aggressive manner irrespective of inventory impact, we formulated a new policy of achieving a payout ratio of 40% and a minimum dividend per share of ¥10/year.
Additionally, our basic policy for acquiring treasury shares is positioned as a complement to dividends.