Konica Minolta 2013 Annual Report Download - page 22

benchmark for dividends is a consolidated payout ratio of 25%
or higher. The Company also considers factors such as fi nancial
position and share price in making decisions about share
repurchases as another means of distributing earnings to
shareholders.
Dividends for the Fiscal Year Ended
March 31, 2013 and Planned
Dividendsfor the Fiscal Year Ending
March 31, 2014
Business results for the fi scal year ended March 31, 2013
recorded a decline in fi nal profi t despite increased sales, and the
Company paid the scheduled year-end cash dividend of ¥7.50
per share. In conjunction with the interim cash dividend, cash
dividends per share for the year ended March 31, 2013 totaled
¥15.00
For the fi scal year ending March 31, 2014, the Company
assumes it will achieve its performance forecasts and plans to
pay an interim and a year-end ordinary cash dividend per share
of ¥7.50 each.
In August 2013, the Group will mark the tenth anniversary
of the management integration between Konica and Minolta in
2003. In response to the constant support of shareholders, the
Company will pay a commemorative cash dividend of ¥2.50 per
share with the interim cash dividend for the fi scal year ending
March 31, 2014 and therefore plans to pay a cash dividend of
¥10.00 per share combined with the ordinary dividend of ¥7.50
per share. As a result, the Company plans to pay a total cash
dividend of ¥17.50 per share for the fi scal year ending March
31, 2014.
Outlook for the Fiscal Year Ending
March 31, 2014
Looking at the global economic conditions surrounding the
Group, the outlook for the European economy remains uncertain
due to its fi scal problems. We expect that a trend of recovery in
personal consumption underpinned by better employment
conditions and rising asset prices will push up the economy in
the United States. Growth in emerging economies is expected
to remain high in the ASEAN countries and some others
although ongoing monitoring will be required for the Chinese
economy, which showed signs of slowing down in the second
half of 2012. A marked recovery in the Japanese economy is
expected from the second half of 2013 with the correction of the
strong yen and a recovery in personal consumption in
anticipation of rising prices.
In demand forecasts for the Company’s principal markets,
we expect that in the Business Technologies Business, demand
for color MFPs will continue to expand in developed countries
both in the offi ce fi eld and the production print fi eld. Demand is
also expected to increase in parallel with GDP growth in the
emerging economies. In the Industrial Business, while demand
associated with the growth of the small and medium LCD
market, which includes tablets, a slowdown in growth in the
television market and negative growth in the PC market are
alsoforecast, and we expect moderate growth for total TAC
fi lmdemand.
In the Healthcare Business, demand for cassette-style digital
X-ray systems is expected to maintain a high growth rate,
primarily in Japan, the Americas and Asia.
Considering the above circumstances, we have made the
following forecasts for the fi scal year ending March 31, 2014.
We assume exchange rates of JPY93 to USD 1 and JPY
123 to EUR 1.
Performance Forecast for the Fiscal Year
Ending March 31, 2013 (As of May 10, 2013) (Billions of yen)
Net sales 900.0
Operating income 55.0
Operating income ratio 6.1%
Net income 26.0
Capital expenditure 47.0
Depreciation 50.0
Research and development costs 76.0
Free cash fl ow 2.5
CF from operating activities – CF from investing
activities 32.5
Cash dividends per share 17.50 yen
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