To Our Shareholders and Investors

We would like to take this chance to thank you for your continued support. 


We recognize that one of our primary business challenges is to return shareholder profits. So while enhancing internal reserves to strengthen our business foundation, we devote ourselves to determining how profits will be distributed. 


With regard to our Group’s basic policy of profit redistribution, the 2016 Mid-Term Three-Year Management Plan we established in 2016 set out our intention of gradually raising the level of our dividend payout, with the aim of increasing our consolidated dividend payout ratio to 50% by the end of March 2018, and maintaining it at that level. 

Our newly-established 2019 Five-Year Mid-Term Management Plan also sets out our intention to maintain a consolidated dividend payout ratio of 50%, thus improving returns to all shareholders.

For FY03/2019, we paid an interim dividend of ¥11.5 per share. And the year-end dividend, after a comprehensive consideration of performance for the year ending March 2019, the most recent dividend forecast of ¥11.5 per share increased by ¥3 to ¥14.5. As a result, we declared a total annual dividend of ¥26.0 (a consolidated dividend payout ratio of 50.9%).


For FY03/2020, we expect interim dividend and year-end dividend are both ¥12.5 per share, meaning a prospective annual dividend of ¥25.0 per share (a consolidated payout ratio of 50.1%).

2015.3 2016.3 2017.3 2018.3 2019.3 2020.3
Interim Dividends (Yen) 5.00 7.50 10.00 11.00 11.50 12.50
Year-end Dividends (Yen) 7.50 7.50 12.00 12.00 14.50 12.50
Total (Yen) 12.50 15.00 22.00 23.00 26.00 25.00

* On April 1, 2014 and April 1, 2016 a common stock split of 2-for-1 came into effect. 
* For dividends before March 2016, the recorded values are adjusted to reflect stock split above.

We will continue to adopt a sound management approach so that shareholders and investors will invest with peace of mind. Further, through improved investor relations, we will seek sympathetic investors with an understanding of our management philosophy and corporate culture.

June 2019

President and Representative Director
Nippon Air Conditioning Services Co., Ltd.