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Return to shareholders

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Dividend

Dividend Trends

(yen)  

Fiscal year200220032004200520062007200820092010 20112012(projection)
   Interim----1518242425 2527.5
   Year-End2022223021302426252527.5
   Annual2022223036484850505055

Dividend Trends
We have steadily increased dividend per share to shareholders. For instance, despite a significant decline in net income in FY2008 affected by Lehman shock, we maintained dividend per share unchanged from the previous fiscal year.
Dividend Policy

We aim steadily growing return to shareholders and the target payout ratio level is 40% to 50% of average adjusted earnings (excluding EV).
*The definition of "Adjusted earnings"

Trends in pay-out ratio

unit: bn yen  

Fiscal Year200620072008200920102011
 Average adjusted earnings (excluding EV)90.0100.080.085.070.080.0
 Dividend total29.838.738.039.438.638.3
 Payout ratio33%39%48%46%55%48%

Share repurchases

Past results

(On a repurchase year basis, unit : bn yen)  

Fiscal Year20042005200620072008200920102011
   Share repurchases92.470.185.090.050.0-50.0-