Dividend policy
We consider it our top priority to provide returns to shareholder while also maximizing our corporate value. Specifically, our basic policy is to comprehensively take into account our business plans, financial condition, operating results, payout ratio, dividend on equity ratio, and so on so that dividends remain stable. As for retained earnings, we plan to allocate them to investment in strengthening our R&D capabilities, to capital expenditure, and to M&A involving golf courses.
| Interim | Final | Full year | Payout ratio | |
|---|---|---|---|---|
| Year to March 2023 | 40 | 40 | 80 | 38.1 |
| Year to March 2022 | 40 | 40 | 80 | 359.7 |
| Year to March 2021 | 40 | 40 | 80 | 912.1 |
| Year to March 2020 | 40 | 40 | 80 | 49.7 |
| Year to March 2019 | 40 | 40 | 80 | 48.3 |
| Year to March 2018 | 40 | 40 | 80 | 115.9 |
| Year to March 2017 | 40 | 40 | 80 | 29.1 |
Payout ratio (%) = dividend per share / net income per share X 100
