ESPEC Quality is more than a word



Dividend / Shareholder Returns

Dividends (November 10, 2023)

Basic Policy on Profit Distributions

The Company's Board of Directors meeting held on May 13, 2022 decided to revise the Company's basic policy on dividends to clarify the stance of appropriate return of profits to shareholders. The policy following the revision is as follows.

The Company decides that the basic policy on dividends is that the return of profits to shareholders is an important management priority, and constantly raising lasting enterprise value is the key element in ensuring improved shareholder returns, taking into consideration continuity and the dividend payout ratio. Specifically, while retaining a dividend return with a target consolidated dividend payout ratio of around 30%, in cases where the balance of cash and cash equivalents exceeds the planned necessary funds for uses such as dividends, corporate taxes, operating capital, capital investment, and strategic investment, the Company will also add around one third of the excess to the dividend. Moreover, the Company will maintain a dividend of ¥20 as a stable dividend, regardless of the level of profit, but may review this in cases where the Company records consolidated net losses for two consecutive fiscal years.
In addition, the Company will flexibly examine treasury share acquisitions, bearing in mind the necessary level of internal reserves and considering changes in the management environment and its financial position.

Dividend Per Share and Consolidated Payout Ratio

  2020/3 2021/3 2022/3 2023/3 2024/3
Interm (Yen) 22 10 18 24 25
Year-end (Yen) 46 41 42 45 45(forecast)
Total (Yen) 68 51 60 69 70(forecast)
Consolidated Payout Ratio 55.2% 59.4% 70.7% 45.9% 38.2%(forecast)

* Includes a dividend of ¥4 (interim dividend of ¥2 and year-end dividend of ¥2) to commemorate the 75th anniversary of our foundation in FY2022.

Shareholder Benefit Program (March 31, 2023)

ESPEC does not offer such a program at this time.