Shareholders Return

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.
Proceeding with sales of cross-shareholdings since FY 2024 with the aim to reduce the balance by half, all the proceeds from the sales 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) 2020 2021 2022 2023 2024 2025
Interim 4.5 8.0 9.0 9.0 9.0 10.0
(plan)
Year-end 4.5 8.0 9.0 9.0 9.0 10.0
(plan)
Total 9.0 16.0 18.0 18.0 18.0 20.0
(plan)
Earnings per Share 28.61 52.63 45.49 13.67 48.93 52.44
(estimate)
Payout Ratio 31.5% 30.4% 39.6% 132% 37% 38%
(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.