Toyota 2015 Annual Report Download - page 8

For a further discussion of Model AA Class Shares, please see “Additional Information — Memorandum
and Articles of Association.”
In addition, under the Companies Act of Japan (the “Companies Act”), dividends may be paid to holders of
common shares and pledgees of record of common shares as of any record date, other than those specified above,
as set forth in Toyota’s articles of incorporation or as determined by its board of directors from time to time.
Under the Companies Act, dividends may be distributed in cash or (except in the case of interim dividends
mentioned in the third preceding paragraph) in kind, subject to limitations on distributable surplus and to certain
other conditions.
The following table sets forth the dividends declared per common share by Toyota for each of the periods
shown. The periods shown are the six months ended on that date. The U.S. dollar equivalents for the cash
dividends shown are based on the noon buying rate for Japanese yen on the last date of each period set forth
below.
Cash Dividends per Common
Share
Period Ended Yen U.S. dollars
September 30, 2011 ................................................... 20.0 0.25
March 31, 2012 ....................................................... 30.0 0.36
September 30, 2012 ................................................... 30.0 0.38
March 31, 2013 ....................................................... 60.0 0.63
September 30, 2013 ................................................... 65.0 0.66
March 31, 2014 ....................................................... 100.0 0.97
September 30, 2014 ................................................... 75.0 0.68
March 31, 2015 ....................................................... 125.0 1.04
September 30, 2015 ................................................... 100.0 0.83
March 31, 2016 ....................................................... 110.0 0.97
Toyota deems the benefit of its shareholders as one of its priority management policies, and it continues to
work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.
Toyota will strive to continue to pay stable dividends on its common shares aiming at a consolidated dividend
payout ratio, defined as dividends per common share divided by net income attributable to Toyota Motor
Corporation per common share, of 30% while giving due consideration to factors such as business results for
each term, investment plans and its cash reserves. Toyota will pay dividends on the First Series Model AA Class
Shares in accordance with a prescribed calculation method.
In order to successfully compete in this highly competitive industry, Toyota plans to utilize its internal funds
for the early commercialization of technologies for next-generation environment and safety giving priority to
customer safety and sense of security. Considering these factors, with respect to the dividends for fiscal 2016,
Toyota has determined to pay a year-end dividend of 110 yen per common share by a resolution of the board of
directors pursuant to Toyota’s articles of incorporation. As a result, combined with the interim dividend of 100
yen per common share, the annual dividend will be 210 yen per common share, and the total amount of the
dividends on common shares for the year will be 645.5 billion yen. Furthermore, through repurchasing shares,
Toyota will return capital to shareholders and promote capital efficiency and agile capital policy in view of the
business environment.
In fiscal 2016, Toyota repurchased 39 million common shares, for an aggregate purchase price of 293.3
billion yen, in order to return to shareholders the profits derived from Toyota’s business operations in the fiscal
year ended March 31, 2015 and repurchased 23 million common shares, for an aggregate purchase price of 139.3
billion yen, in order to return to shareholders the profits derived from Toyota’s business operations in the interim
period ended September 30, 2015.
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