To Our Shareholders and Investors

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


We recognize the distribution of profits to shareholders as a key management topic. We make decisions on dividends in consideration of the need to ensure adequate internal reserves to strengthen management foundations. At the same time, we strive to provide returns to shareholders while keeping in mind the dividend on equity ratio so that we can maintain our dividend payout ratio while increasing capital productivity.


Our basic policy is to enhance distribution to shareholders by maintaining a consolidated payout ratio of 50% while continually improving profits, the source of dividends, by achieving the goals of the current 2019 Five-Year Mid-Term Management Plan.


We revised upward the interim dividend for the fiscal year ending March 2022 (dividend per share with a basis date of September 30, 2021) of ¥14.00 per share by ¥13.50 per share to ¥27.50 per share, through the payment of a special dividend of ¥13.50 per share, funded by 50% of the increase in net income attributable to owners of the parent resulting from gains on sales of investment securities included in the projected consolidated results for the fiscal year ending March 2022.

And the year-end dividend was \14.00 per share.
As a result, the annual dividend was \41.50 per share(a consolidated payout ratio of 51.0%).

For the fiscal year ended March 2023, we expect an interim dividend and year-end dividend are both \14.00 per share, meaning a prospective annual dividend of \24.00 per share(a consolidated payout ratio of 50.7%).

* The interim dividend for the fiscal year ending 2022 shown above consists of an ordinary dividend of ¥14.00 and a special dividend of ¥13.50.

2018.3 2019.3 2020.3 2021.3 2022.3* 2023.3
Interim dividend (Yen) 11.00 11.50 12.50 12.50 27.50
[Ordinary dividend 14.00]
[Special dividend 13.50]
Year-end dividend (Yen) 12.00 14.50 15.50 16.00 14.00
[Ordinary dividend 14.00]
[Special dividend 00.00]
Total (Yen) 23.00 26.00 28.00 28.50 41.50
[Ordinary dividend 28.00]
[Special dividend 13.50]

* Breakdown indicated in brackets

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 2022

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