Epson 2014 Annual Report Download - page 32

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6. Dividend policy
The Company believes in distributing profits by maintaining stable dividend payments and seeks to
increase cash flow through greater management efficiency and improved profitability. On that basis, with
the goal of achieving a consistent consolidated dividend payout ratio of 30% over the medium- to
long-term, the Company distributes profits to shareholders while taking into account the need for capital to
fuel its business strategy and to maintain its business performance and financial standing.
The Company’s dividend policy is to pay cash dividends twice a year. The year-end dividend is determined
by resolution of the general shareholders’ meeting and the interim dividend is determined at a meeting of
the board of directors.
Both net sales and operating income significantly surpassed those of the previous year due to the positive
impact of foreign exchange and successful shifts in Epson’s business models, especially in the
information-related equipment segment. As a result, Epson has set its total dividend payment for the fiscal
year at ¥50 per share (an interim dividend of ¥13).
The Company’s Articles of Incorporation allow the Company to issue an interim dividend with a record
date of September 30 every year by resolution of the board of directors.
The Company’s distribution of retained earnings for the fiscal year under review is as follows.
Distribution of retained earnings for the fiscal year under review
Date approved
Cash dividends
(Millions of yen)
Cash dividend per share
(Yen)
October 31, 2013, by resolution
of the board of directors
2,325 13
June 24, 2014, by resolution of
the general shareholders’ meeting
6,618 37
31