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The Pigeon Group regards the return of income to shareholders as an important management priority. Our policy is to actively return income to shareholders through appropriation of retained earnings and other means, while reinforcing our financial position based on considerations of medium-term changes in business conditions and the Group’s business strategies. In addition to strengthening our financial position, we effectively use retained earnings in a number of ways to fortify our operational base and improve future Group earnings. These include investing in new businesses for further growth and research and development, as well as investing in production facilities to raise production capacity, reduce costs, and enhance product quality.

With respect to targets of shareholder return, under the Sixth Medium-Term Business Plan announced in March 2017, we aim to increase dividends every fiscal year compared to previous year. We are also targeting a consolidated total shareholder return of 55%. To this end, we have sought to further strengthen and upgrade measures for returning profits to all shareholders.

The distribution of interim dividends in the period under review (fiscal year ended January 31, 2018) reflects the above policies and targets. The Group distributed an interim dividend of ¥31 per share (ordinary dividend of ¥31). For the year-end dividend, the Group distributed a dividend of ¥35 per share (ordinary dividend of ¥35). This amount is ¥4 higher than the dividend forecast of ¥31 announced on September 4, 2017, due to better-than-expected consolidated operating results. As a result, the annual dividend for the term under review totaled ¥66 per share (ordinary dividend of ¥66), a per-share increase of ¥13 from the previous fiscal year.


FY 2015 FY 2016 FY 2017 FY 2018 FY 2019(E)
Annual Dividend per Share 35 42 53 66 (E)68
(Interim Dividend per Share) 15 20 25 31 34
Consolidated Dividend Payout Ratio(%) 49.6 49.3 57.1 54.5 (E)57.8

(Note) The Company carried out a 2-for-1 split of common stock, effective August 1, 2013, and a 3-for-1 split of common stock, effective May 1, 2015. Figures have been calculated assuming that those stock splits were conducted at the beginning of the year ended January 31, 2014.