2018_2q_omron_e
33/45 ■Shareholder Returns (Dividends)
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00:36:39.5
Thank you, Mr. Miyanaga. I would now like to talk about shareholder returns. On our dividends, please see slide 33. As I noted at the outset, we have raised our full-year dividend guidance to ￥76. We changed our dividend policy from this fiscal year, so I would like to take some time to explain the process in more detail. Up until last fiscal year, our dividends under the Earth-Stage 1 medium-term management plan were linked to earnings, where we committed to a payout ratio of 30％. Specifically, we announced our guidance for the full year at the beginning of each fiscal year. The dividend guidance would then change if we revised our projections during the fiscal year, either rising or falling in line with guidance. Under VG2.0, we changed our dividend policy in order to avoid having to adjust our dividend forecast multiple times during the course of a fiscal year. Specifically, we announce the full-year guidance at the beginning of the year based on the payout ratio, but in the event of forecast revisions, we adjust our dividend forecast using the DOE standard. Our target payout ratio is approximately 30％ and our DOE target level is approximately 3％. As a result, on the back of our earnings revision, we have adjusted our full-year dividend guidance from ￥68 to ￥76, and also set the interim dividend at ￥38. The dividend to be paid at the end of the fiscal year is a forecast at this stage, but even if we were to make further revisions to our earnings guidance, our policy is to not adjust our dividend forecast at that time. The ￥76 dividend for FY2017 is a new record high, exceeding the ￥71 paid in FY2014. It is also an ￥8 increase both on a YoY basis as well as versus the initial forecast. We note that we have already announced a share buyback program of ￥20 billion yen at the end of Q1. We will continue to focus on shareholder returns along with a stable dividend. As of today, we have already bought back ￥3.7 billion worth of shares.
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