（執筆：フィスコ客員アナリスト 水田雅展）■Kawabe ＜8123＞ Shareholder Return Policy
The basic policy of dividend policy is to allocate results supported by performance while strengthening the management base and financial position, and it is decided by considering profit levels and dividend payout ratios. The dividend for the fiscal year ending 2024/3, including the commemorative dividend, was 80.0 yen (consolidated year-end dividend, 50.0 yen, normal dividend of 50.0 yen+dividend of 30.0 yen for the 100th anniversary of the company's founding), which is an increase of 65.0 yen compared to the previous fiscal year. The payout ratio is 54.7%. The dividend forecast for the fiscal year ending 2025/3 was 50.0 yen (year-end lump-sum, normal dividend of 50.0 yen), with the commemorative dividend reduced by 30.0 yen from the previous fiscal year. On a regular dividend basis, it is the same amount as the fiscal year ending 2024/3, and the expected dividend payout ratio is 34.2%. Note that the “Mid-Term Management Plan 2023 NEXT” targets a dividend payout ratio of 40% or more for the fiscal year ending 2026/3.
The shareholder benefit program is implemented for shareholders holding shares as of the end of March every year. Our products (100 shares or more are equivalent to a retail price of 2,000 yen; 300 shares or more are equivalent to 5,000 yen; 500 shares or more are equivalent to 7,000 yen; 1,000 shares or more are equivalent to 10,000 yen) will be presented.
(Author: FISCO Visiting Analyst Masashi Mizuta Exhibition)
