Basic Policy on Shareholder Return

(as of February 29, 2016)

Basic Policy Regarding Profit Allocation

MEIKO positions returning profits to our shareholders as an important business management issue. In addition to maintaining an internal reserve to enable investment in new business activities and expansion of operations, our basic policy is to continuously maintain stable dividends and allocate profits commensurate with operating performance growth.
The basic policy is to increase dividends continuously by phasing in a hike in the annual payout ratio from about 35% to 80%.
Moreover, surplus distribution is carried out twice annually as a basic policy: an interim dividend and an annual dividend. With regard to decisions concerning dividends, under MEIKO’s Articles of Incorporation, surplus distribution may be carried out by a resolution of the Board of Directors in accordance with Article 459, Item 1, of the Companies Act.
With regard to treasury share acquisition/retirement and handling of surplus, we will take into account the company’s financial situation and consider appropriate responses accordingly.

Click here for Distribution of Dividends.

Capital efficiency targets

Having ROE (return on equity) as a target ratio, we strive to maintain the current high level of ROE

FY2013 FY2014 FY2015
19.8% 17.6% 17.1%

Share buyback policy

Our basic policy is to flexibly and quickly make decisions on share buybacks, taking into consideration the business environment, investment opportunities, liquidity of the Company’ shares, impact of their market prices, and financial position of the Company.

Situation Regarding Share Splitting

April 20, 2004 1:2 shares
April 20, 2005 1:3 shares

Situation Regarding Treasury Share Acquisition

Acquisition of Treasury Shares: Acquisition Period Number of shares Acquired (Shares) Amount (yen)
October 15, 2015 - December 15 1,046,300 1,499,995,300
February 1, 2011 - February 10 200,000 143,530,000
July 9, 2010 156,800 96,432,000
May 27, 2010 830,000 512,110,000
April 15, 2010 4,863,500 3,355,815,000
October 23, 2008 971,700 374,104,500
October 16, 2008 500,000 207,000,000
September 1, 2007 - September 30 8,400 5,473,300
August 1, 2007 - August 31 93,100 59,945,000
July 1, 2007 - July 31 51,500 32,201,700
June 1, 2007 - June 30 7,300 4,633,500
May 1, 2007 - May 31 41,600 25,089,100
April 1, 2007 - April 30 113,900 69,893,900
March 15, 2007 - March 31 77,100 46,988,300

Situation Regarding Treasury Share Retirement

Retirement of Treasury Shares; Date of Retirement Number of Treasury Shares Retired (Shares)
February 1, 2011 3,300,000
November 8, 2010 3,674,400