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Shareholder Returns

As of March 31, 2017

Stable, long-term dividend increases in conjunction with income growth
targeting a payout ratio of 40% or more

MARUI GROUP positions returning profits to shareholders as an important management priority. Our basic policy is to issue stable and appropriate returns, based on which we have continued to increase dividend levels while considering performance trends and financial conditions. We had previously targeted a consolidated payout ratio of 30% or more. However, we have since received numerous requests from long-term investors and private shareholders stating that they want the Company to reconsider dividend levels, rather than focusing only on share buybacks.

Based on this feedback, MARUI GROUP has incorporated into the medium-term management plan set to conclude with the fiscal year ending March 31, 2021, a policy of effectively utilizing the cash flows generated though its business activities to conduct growth investments and enhance shareholder returns. Beginning with the fiscal year ended March 31, 2017, the Company has chosen to target a consolidated payout ratio of more than 40%. Accordingly, we will work toward achieving high growth coupled with high returns to be realized through ongoing dividend increases based on long-term growth in earnings per share.

High Growth Coupled with High Returns

Cash dividends per share ¥18.0 ¥19.0 ¥22.0 ¥33.0 ¥37.0
Interim dividends ¥9.0 ¥9.0 ¥11.0 ¥16.0 ¥18.0
Year-end dividends ¥9.0 ¥10.0 ¥11.0 ¥17.0 ¥19.0
Consolidated payout ratio 30% or more 40% or more
Share buybacks ¥15.0 billion ¥35.0 billion ¥20.7 billion ¥15.0 billion
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