Toyota 2008 Annual Report Download - page 17

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15
•Annual Report 2008 • TOYOTA
please refer to the “Message from the Executive Vice President Responsible
for Accounting” on page 16.)
Q.What are Toyota’s policies with respect to return of profits
to shareholders?
A.We will meet our shareholders’ expectations through medium-
to-long term growth and the aggressive pursuit of returns
to shareholders.
We consider the return of profits to shareholders to be one of our key
management priorities and will continue to enhance and reinforce our
corporate structure toward this goal. Aiming for the early realization of a
consolidated dividend payout ratio of 30% in the medium-to-long term, we
will make every effort to continuously increase the annual dividend per share.
In fiscal 2008, we paid an annual dividend of ¥140 per share, up ¥20 per share
from the previous fiscal year, and achieved a consolidated payout ratio for
the fiscal year of 25.9%.
We also continue to acquire shares to improve our capital efficiency.
Following the Ordinary General Shareholders’ Meeting last year, we received
authorization to acquire approximately 30 million shares of Toyota stock,
at a total cost of ¥200 billion.
At the end of fiscal 2008, we canceled 162 million treasury stocks. We
will continue to retain the remaining treasury stock of approximately 300
million shares to secure management flexibility. In principle, we plan to
cancel any treasury stocks acquired in the future.
We intend to aggressively invest in research and development to
improve our corporate value and to expand our production facilities and
sales network while consistently returning profits to shareholders. We will
also build a strong yet flexible corporate structure that will enable us to
continue providing products that meet the needs of customers worldwide.
Moving forward, I would like to request our shareholders and investors
to view Toyota from a medium-to-long term standpoint, and ask for your
continued trust, support and understanding.
Policies for Returns to Shareholders
Performance Messages from the Management &
•Overview •Management •Special Feature •Business Overview •Corporate Information •Financial Section •Investor Information •
’04 ’05 ’06 ’07 ’08
0
1,000
500
1,500
2,000
0
10
20
40
30
(¥ Billion) (%)
Consolidated dividend payout ratio
(Right scale)
FY
1,717.8
25.9%
Net Income and Consolidated
Dividend Payout Ratio
Note: Fiscal years ended March 31