Epson 2009 Annual Report Download - page 39

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38
6. Dividend policy
The Company believes in distributing profits by maintaining stable dividend payments, and seeks to
increase cash flow through greater management efficiency and improved profitability. On that basis, with
the goal of achieving a consistent consolidated dividend payout ratio of 30% over the medium- to
long-term, The Company distributes profits to shareholders while taking into account its need for capital to
fuel its business strategy and to maintain its business performance and financial standing.
The Company’s dividend policy is to pay cash dividends twice a year. The year-end dividend is determined
by resolution of the general shareholders’ meeting and the interim dividend is determined at a meeting of
the board of directors.
As the Company incurred a substantial net loss due to business structure improvement expenses and an
impairment loss stemming from restructuring, and because it anticipates that challenging business
conditions will continue, it adjusted the total full-year dividend downward ¥6 per share relative to the
previous fiscal year, which made the full-year dividend ¥26 per share (¥19 of which was the interim
dividend).
The Company’s Articles of Incorporation allow the Company to issue an interim dividend with a base date
of September 30 every year by resolution of the board of directors.
The Company’s distribution of retained earnings for the fiscal year under review is as follows:
Distribution of retained earnings for the fiscal year under review
Date approved Cash dividends (Millions
of yen)
Cash dividend per share
(Yen)
October 29, 2008, by resolution
of the board of directors’ meeting 3,730 19
June 24, 2009, by resolution of
the general shareholders’ meeting
1,374 7
* Please refer to the following for historical information about Epson’s share dividends:
http://www.epson.co.jp/e/IR/stock dividends.htm