Basic Policy for Capital Utilization
Shareholder return is a key element of our capital utilization policy. We aim to ensure an appropriate return to our shareholders, while maintaining a focus on capital efficiency, through a combination of long-term value creation by growing our business, a focus on dividends to shareholders and a flexible strategy around share repurchases (dependent on any changes in the business environment). Future management decisions around dividends to our shareholders will be based on comprehensive consideration of the future investment and cash flow requirements for the business, our current cash position, the financial results of the previous period and our mid- to long-term forecasts for the business.
JGAAP till Year ended March 31, 2013, and IFRS from Year ended March 31, 2014.
*Underlying dividend payout ratio = Cash dividend per share ÷ Underlying profit per share × 100
2015/12 is based on financial reporting (Japan: Apr-Dec, 9months, International: Jan-Dec, 12months.) Proforma (Jan-Dec, 12moths, for both Japan and Internatinal) base Underlying dividend payout ratio is 19.0% and Dividend payout ratio is 26.1%.