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Shareholder Return Policy

Shareholder return is one of the highest priorities among the Inabata’s policies. Effective the fiscal year ending March 31, 2015, the Company’s policy on dividends has been changed with a view to placing an even greater emphasis on returning profits to shareholders and carrying out shareholder returns with more clarity. Specifically, the policy is now based on a total amount of shareholder returns consisting of the amount of dividends combined with the amount of treasury shares acquired. The Company will target a total return ratio (*) that is mainly in the range of approximately 30% to 35%, and determine it based on comprehensive judgments that take into account such considerations as medium- and long-term investment for future enhancement of corporate value.

(*) Total return ratio = (amount of dividends + amount of treasury shares acquired) ÷ consolidated net income x 100

Previous Policy on dividends :The Company has hitherto aimed to pay dividends of approximately 20% to 30% of consolidated net income and has maintained a stable dividend amount by striving to maintain annual dividends of at least ¥10 regardless of profit levels.

Inabata’s  Management philosophy