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%).

 

*This matter is scheduled to be discussed at our 56th generalshareholders' meeting on June 21, 2019.

 

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
(Prospect)
2020.3
(Forecast)
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.