Dividends

Dividend Policy

The Company has positioned the distribution of profits to shareholders as a key management policy. The Company's policy is to determine dividends based on consolidated financial results, with a target of an annual DOE (dividend on equity) of 2.3% or more from the 19-21 Medium-term Management Plan period, comprehensively considering the enhancement of its financial standing, stability of its management base and future business development.

Dividend on Equity (DOE)

This is the numerical value derived by dividing total dividends by net assets, and is used as a management indicator to measure how much a company is returning to shareholders in the form of dividends relative to capital in terms of investment by shareholders, and net assets, the accumulation of profit gained through business. DOE can also be calculated by multiplying return on equity (profit* divided by net assets) with the dividend payout ratio (total dividend amount divided by profit*). (The amount of net assets used for this calculation is the amount excluding non-controlling interests from the net assets section of the balance sheet.)

* Profit is stated as profit attributable to owners of the parent.