Konica Minolta 2011 Annual Report Download - page 17

Download and view the complete annual report

Please find page 17 of the 2011 Konica Minolta annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 29

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29

Growth Strategy Q&A
We are projecting R&D costs of approximately ¥250.0 billion cumulative for the three years of the
medium-term business plan, along with capital expenditure and loans of ¥220.0 billion over the same
period. We intend to invest vigorously in an assertive push to achieve growth. We are also ensuring sufficient funds
for investment to carry out M&A and build strategic alliances in growth fields.
With respect to dividends, our policy is to maintain a consolidated dividend payout ratio of 25% or more.
In keeping with this target payout ratio we also hope to raise the dividend to reflect earnings growth, while
giving due consideration to promoting strategic investment. As for other measures, we will also conduct buybacks
of treasury stock as a way of returning profits to shareholders by improving capital efficiency, after taking into
account stock price trends and other factors to determine the appropriate timing.
KONICA MINOLTA HOLDINGS, INC. 16 ANNUAL REPORT 2011