Shareholder Returns and Dividends
Shareholder Returns and Dividends
Our shareholder return policy is to pay out the greater of either 6% DOE (ratio of annual dividends to shareholders' equity at the end of the previous fiscal year) or a 50% payout ratio. Interim dividends are based on 3% DOE (ratio of annual dividends to shareholders' equity at the end of the previous fiscal year). In addition to the above dividend policy, we will reduce the necessary funds for business continuity of around ¥60 billion (after deducting interest-bearing debts, accrued taxes, and expected dividend payments at the end of March of each fiscal year) in stages and consider allocating any excess funds for shareholder returns.
Status of Total Shareholder Return Yield
Dividend per share
(¥Billion)
*Figures reflect a 3-for-1 stock split conducted in the fiscal year ended March 31, 2022
*The current dividend policy is as indicated in Policy on Shareholder Returns, in line with the review of the shareholder return policy announced in November 2022 (updated December the same year). However, for the fiscal year ended March 31, 2023 only, the dividend per share was the larger of the following:
a. 150 yen; or
b. The amount calculated by dividing the Company's net income attributable to JAFCO Group Co., Ltd. shareholders for the fiscal year ended March 31, 2023, including the gain on the sale of shares in Nomura Research Institute, Ltd. and after deducting the total acquisition price of shares bought back in the tender offer announced on December 21, 2022, by the number of Company shares outstanding on the record date of the dividend (excluding treasury shares then held by the Company)
Dividends, Share Buybacks, Total Payout Ratio and Total Shareholder Return Ratio
Period |
Dividends (¥ billion) |
Share buybacks |
Total payout ratio (%) |
Total shareholder return ratio (%) |
|---|---|---|---|---|
|
2025.3 |
4.8 | 5 | 102.3 | 8.7 |
|
2024.3 |
3.8 | - | 50.1 | 3.7 |
|
2023.3 |
8.2 | 42.4 | 124.6 | 49.1 |
|
2022.3 |
3.6 | 39.5 | 285.7 | 32.2 |
|
2021.3 |
4.1 | 10.2 | 36.9 | 7.3 |
|
2020.3 |
3.7 | - | 30.8 | 4.2 |
|
2019.3 |
3.5 | - | 34.1 | 2.8 |
|
2018.3 |
3.3 | 61.3 | 266.5 | 41.4 |
|
2017.3 |
4.4 | - | 40.1 | 2.7 |
|
2016.3 |
4.4 | - | 26.1 | 2.9 |
- Total shareholder return ratio = (Total dividends + Total amount of share buybacks) ÷ Term-end market capitalization (excluding treasury shares)
- Total payout ratio = (Total dividends + Total amount of share buybacks) ÷ Net income
- 2018.03: Bought back all shares (27.8%) held by Nomura Holdings, Inc. and Nomura Research Institute, Ltd.
- 2025.03 Total payout ratio: Share buybacks are based on FY March 2025 results and are therefore counted as shareholder returns for this fiscal year
Status of Share Buybacks
Share buybacks | Share buybacks | |
|---|---|---|
2023.03 | 17,002,200 treasury shares | 24,850,000 treasury shares |
2022.03 | 16,975,300 treasury shares | ー |
2021.03 | 4,532,100 treasury shares | ー |
2018.03 | 40,308,600 treasury shares | 47,233,008 treasury shares |
- In FY 2018.03, the Company bought back all of its shares held by Nomura Holdings, Inc. and Nomura Research Institute, Ltd. as treasury shares.
- Figures from FY 2018.03 to FY 2022.03 reflect a 3-for-1 stock split conducted in FY 2022.03.
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