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- 00:32:59.6 Thank you for the presentation. I also have two questions, about the shareholder return policy and the Other segment.
It is my understanding that your policy on returns to date had been to maintain a dividend payout ratio of 30%. However, you have just announced you will maintain the initial absolute dividend per share guidance. This implies a payout ratio of 35-36%. Can you comment on whether you have changed your dividend policy?
- 00:33:34.4 (Ando) We have not changed our basic policy.
As you know, in the interest of maximizing corporate value, our first priority is to invest for future growth. On shareholder returns, our first commitment is to reward shareholders directly through a dividend. For this fiscal year, we have committed to a 30% payout ratio. In the event that there is surplus cash after fulfilling our priorities, we also consider share buybacks.
The target dividend payout ratio does not necessarily represent our total shareholder return ratio. In FY2014, our target was 25% and the actual payout ratio was 25%. In addition to this, we did a ¥15 billion share buyback (2.82 million shares). In FY2015, versus our stated dividend payout ratio target of 30%, the actual ratio was 31.1%. We also conducted a ¥15 billion (3.44 million shares) buyback.
If you look at what we have done over a 10-year period, it will vary from time to time, reflecting the then current operating environment. We take a comprehensive view in determining dividend amounts. For the FY2016 dividend, please bear in mind that the operating environment is different from what we have seen in the last few years and that this is reflected in our dividend guidance.
- 00:35:00.4 (Yamada) I recognize that saying we take a comprehensive view in determining dividend guidance may feel ambiguous. Although we did discuss it internally, given our cash flow is relatively solid, we took the decision to maintain our dividend guidance.
- 00:35:17.6 Thank you.
On the Other segment, can I ask about both the backlight and PV inverter businesses? For the backlight business, am I right that your assumption is that you will continue on with this business?
- 00:35:31.2 Yes, that’s correct.
- 00:35:33.8 Does the ¥10.7 billion impairment loss mean that depreciation expenses will decline by around ¥2-3 billion from next fiscal year?
- 00:35:40.6 Yes, that is about right, isn’t it?
(Nitto) Yes, it will probably decline by slightly less than ¥2 billion.
- 00:35:46.8 Understood.
On the PV inverter business, you made no comments this time around, but given the results of your peers, it seems likely that the operating environment remains challenging. Am I correct in assuming that this business continues to track in-line with your plans and that you remain in the black?
- 00:36:02.7 Yes, that is correct.
Although operating conditions are still tough, we are hunkering down. For us, sales of the hybrid PV inverters enabled for storage are actually running ahead of plan, fully offsetting the declines in conventional models. We are in line with plan and are generating profits. ROIC for this business is close to 10%.
- 00:36:31.1 Thank you.
- 00:36:35.0 Next, the person toward the back of the room, to be followed by the person in front of them, please.