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Dividend Policy

Our basic policy on the distribution of profits for the fiscal year ended December 31, 2023 (FY2023) is to continue to pay stable dividends, while securing the retained earnings necessary to expand our future business and strengthen our management structure. Based on a consideration of the Group’s consolidated business results, financial and economic conditions, and other factors, as well as our dividend payout ratio target of 40% of consolidated net income, excluding our consolidated subsidiary FCI, we determined to pay a year-end dividend of JPY 41 per share.
In the fiscal year ending December 31, 2024 (FY2024), we will continue to target a payout ratio of 40% of consolidated net income, excluding FCI. This policy has been determined upon consideration of two factors. One is the fact that paying dividends from FCI’s gains and losses, unrealized losses on investment securities, and other gains and losses that do not involve cash flows would deplete the source of dividend payments to shareholders, which we believe would be at odds with our basic policy on dividends. Another is that while any future investment by FCI in a company that then becomes its consolidated subsidiary would result in a temporary increase or decrease in the Company’s consolidated net income on an accounting basis, this would have no actual effect on the Company’s source of dividend payments. We plan to pay dividends based on a consideration of the Group’s full-year consolidated business results, financial and economic conditions, and other factors.
We intend to utilize the Group’s internal reserves effectively for purposes such as business expansion in Japan and overseas, as well as to fund our efforts to secure talented human resources.
Our basic policy is to pay dividends of surplus once per year as year-end dividends. The decision-making body for dividends of surplus is the Shareholders Meeting. The Company’s Articles of Incorporation also provide that the Company may pay interim dividends by resolution of the Board of Directors. The dividend of surplus for the fiscal year ended December 31, 2023 is as follows.