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43
HOYA Annual Report 2009
and a total of ¥2,328 million for the write-down of investment securi-
ties due to share price declines.
Return on assets (ROA) was 3.9%, and return on owners’ equity
(ROE) was 6.9%.
Dividends
Hoya determines dividends for each fiscal year by taking into account
the Company’s performance and medium- and long-term capital
requirements. It also tries to strike a balance between returning prof-
its to shareholders, employee welfare benefits, and supplementing
internal reserves to fund future growth. Hoya’s policy regarding
internal reserves is to continue to actively appropriate resources for
marketing for consumer products, primarily in the medical field, while
also making timely investments in corporate mergers and acquisi-
tions and R&D for future growth, as well as investing to ensure suf-
ficient production capacity and to develop next-generation
technologies and new products.
Although business conditions in the fiscal year under review were
severe, after balancing the need for internal reserves for future
growth, Hoya paid an interim dividend of ¥30 per share and a year-
end dividend of ¥35 per share, for an aggregate dividend of ¥65 per
share for the full year, on a par with the previous fiscal year.
Stock Price Data Each Year ended March 31
Dividend per Share Each Year ended March 31
(Times) 2005 2006 2007 2008 2009
Price earnings ratio 20.4 27.7 20.2 12.4 33.3
Price cash flow ratio 17.2 19.7 17.1 8.4 9.2
Price book value ratio 4.7 7.3 4.6 2.6 2.5
Stock price at fiscal year-end
(after adjustment for stock split) (Yen) 2,950 4,750 3,910 2,340 1,930
(Yen) 2005 2006 2007 2008 2009
n Period-end dividend 22.50 30.00 35.00 35.00 35.00
n Interim dividend 15.00 30.00 30.00 30.00 30.00
Total dividend 37.50 60.00 65.00 65.00 65.00
Note: Dividends per share for the fiscal year ended March 31, 2006 and earlier have been retroactively adjusted to reflect a four-for-one split of common shares
implemented on November 15, 2005.
(Times)
(Yen)
(Yen)