Dividend policy The Company is aware that returning profits to shareholders is an important measure for management. On the other hand, it also considers it important to comprehensively take into account returning profits to shareholders, enhancing internal reserves required for future growth investments and establishing its financial foundation. Therefore, where there are investments which provide a return greater than the Company’s cost of capital, the Company implements strategic investments which will lead to an increase in the corporate value, realizes sustainable growth in revenues and profits and prioritizes establishment of a sound financial foundation which enables them. The Company considers that those will contribute to the achievement of its and its shareholders’ common interests. Therefore, with targeting consolidated dividend payout ratio of around 20-30% in the long-term, for the time being, the Company makes it its basic policy to make dividends of surplus to its shareholders in the form of realizing steady and continuous increase in dividends within the scope of the policy above. Regarding the purchase of treasury stock, we plan to consider it flexibly as part of our profit distribution measures, comprehensively taking into account our business development, investment plans, level of retained earnings and trends in business performance. Moreover, since the Company’s Articles of Incorporation provide that “Unless otherwise stipulated, the matters set forth in the respective items of Article 459, Paragraph 1 of the Companies Act such as dividends of surplus shall be determined by a resolution of the Board of Directors, not by the resolution of the general meeting of shareholders”, the Company is able to make dividends and repurchase its own share in an agile manner.
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