Dividend

The Company places particular emphasis on shareholder return.
Under the 7th Consolidated Medium-Term Management Plan, we aim to maximize enterprise value through a three-pronged approach that places equal emphasis on shareholder returns, financial health and capital efficiency.
The Company intends to maximize shareholder returns during the 7th Consolidated Medium-Term Management Plan by implementing capital policies, with a payout ratio of at least 60% of net profit excluding impact of inventory valuation (cumulative three-year) and stable dividends of at least 300 yen per share.
In principle, provide additional returns if financial health targets are achieved. Timing of additional returns to be decided during the three-year period of the Med-Term Mgmt. Plan.

* FY2004-FY2014: Before Transforming to Holding Company System

* In FY2005, we paid a dividend for the second half year at ¥7 per share consisting of an ordinary dividend of ¥5 and a bonus dividend of ¥2 to commemorate the 20th anniversary of the merger into the Cosmo Oil Group.