Previous Dividends and Forecast
| Dividend per share (in yen) |
Annual dividends in total (in mil yen) |
Consolidated payout ratio (%) |
Consolidated dividends on net assets (%) |
Adopted standard for annual dividends in total [Dividend Policy] |
|||
|---|---|---|---|---|---|---|---|
| Interim (End of 2nd quarter) |
Year-end | Annual | |||||
| The 66th Fiscal Year (Year ended Mar. 2006) |
70 (*1) |
320 | 390 | 49,886 | 51.2 | 5.3 | 50% consolidated payout ratio |
| The 67th Fiscal Year (Year ended Mar. 2007) |
70 (*1) |
620 | 690 | 88,253 | 50.6 | 8.5 | 50% consolidated payout ratio |
| The 68th Fiscal Year (Year ended Mar. 2008) |
140 (*1) |
1,120 | 1,260 | 161,141 | 62.6 | 13.8 | 33% of consolidated operating income |
| The 69th Fiscal Year (Year ended Mar. 2009) |
660 | 780 | 1,440 | 184,154 | 66.0 | 14.8 | 33% of consolidated operating income |
| The 70th Fiscal Year (Year ended Mar. 2010) |
270 | 660 | 930 | 118,930 | 52.0 | 9.2 | 33% of consolidated operating income |
| The 71st Fiscal Year (Year ended Mar. 2011) |
140 | 310 |
450 |
57,545 | 74.1 |
4.4 | 33% of consolidated operating income |
| The 72nd Fiscal Year (Year ended Mar. 2012) |
0 | 100 (*2) |
100 (*2) |
12,787 | - | 1.0 | - |
| The 73nd Fiscal Year (Year ending Mar. 2013) |
0 (*3) |
100 (*3) |
100 (*3) |
- | 63.9 (*3) |
- | 33% of consolidated operating income (*3) |
(*1) For those fiscal years, interim dividends per share were not performance based.
(*2) No year-end dividends are supposed to be distributed based on the following dividend policy. However, as the minimum dividend was set for the 72nd fiscal year during the term, 100 yen per share will be distributed.
(*3) Forecasts are based on the following dividend policy and 
the financial forecasts contained in the earnings release dated April 26, 2012. The minimum annual dividends per share are set to be 100 yen for the 73rd fiscal year.
Dividend Policy
As for direct profit returns to our shareholders, our basic policy is to pay out dividends upon considering our profit level for the fiscal year.
Determination Method of Dividend
Interim and year-end dividends per share are established as follows:
Interim Dividend
Year-end Dividend
Year-end dividend per share will be established by deducting the paid interim dividend per share from the annual dividend per share, which will be established at the higher of the amount calculated by the following standards:
(*) The annual dividend per share will be established at the higher of the amount calculated by dividing 33% of consolidated operating income by the total number of outstanding shares (excluding treasury stock) as of the end of the fiscal year rounded up to the 10 yen digit ("33% of consolidated operating income" standard), or the amount calculated by dividing 50% of consolidated net income by the total average number of outstanding shares (excluding treasury stock) for the fiscal year rounded up to the 10 yen digit ("50% consolidated net income" standard). This diagram is applicable if the total number of outstanding shares (excluding treasury stock) as of the end of the fiscal year is equal to the total average number of outstanding shares (excluding treasury stock) for the fiscal year.
