Dividends

Basic policy on shareholder returns

We aim to increase the level of shareholder returns in line with profit growth based on the following policy.

1.Determining level of shareholder returns based on medium-term free cash flow outlook
2.Shareholder returns basically by dividends, aiming to maintain or increase dividends per share
3.With payout ratio of around 30–40% (3-year total for the medium-term management plan), aiming to steadily increase level of shareholder returns
4.Share buybacks as appropriate based on comprehensive consideration of suitable level of equity, investment items, and share price