Shareholders Return

Our policies on shareholders return mentioned in the Medium-Term Management Program AP-G 2025 are as follows:
  • While maintaining stable continuous dividends, aiming to increase dividends based on earning growth
  • Target for dividend payout ratio is 30% or more
We will reduce cross-shareholdings by half in three years from fiscal year 2024 to 2026, and all the proceeds from the sales (about 100 billion yen) will be used for share buybacks.
Policy on Shareholders Return

Dividends

J-GAAP

Yen, %

(FY) 2015 2016 2017 2018 2019
Interim 6.0 7.0 7.0 8.0 8.0
Year-end 7.0 7.0 8.0 8.0 8.0
Total 13.0 14.0 15.0 16.0 16.0
Net Income per Share 56.38 62.17 59.97 49.61 34.83
Payout Ratio 23.1% 22.5% 25.0% 32.3% 45.9%

IFRS

Yen, %

(FY) 2019 2020 2021 2022 2023 2024
Interim 8.0 4.5 8.0 9.0 9.0 9.0
(plan)
Year-end 8.0 4.5 8.0 9.0 9.0
 9.0
(plan)
Total 16.0 9.0 16.0 18.0 18.0
 18.0
(plan)
Earnings per Share 52.65 28.61 52.63 45.49 13.67 50.57
(estimate)
Payout Ratio 30.4% 31.5% 30.4% 39.6% 132%
 36%
(estimate)
  • * Toray Group has applied the International Financial Reporting Standards (IFRS) from the first quarter of the fiscal year ended March 31, 2021.
    The financial figures for the fiscal year ended March 31, 2020 are presented in accordance with IFRS in addition to Japanese generally accepted accounting principles.