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Dividend & Dividend Policy

Dividend

(yen)

  Interim Year-end Full year
Fiscal Year Ending March 31, 2020
(Plan)
(Plan) 20.0 (Plan) 20.0 (Plan) 40.0
Fiscal Year Ended March 31, 2019 20.0 20.0 40.0
Fiscal Year Ended March 31, 2018 19.0 21.0 40.0
Fiscal Year Ended March 31, 2017 * 24.0 14.0 * 38.0
Fiscal Year Ended March 31, 2016 17.0 17.0 34.0
Fiscal Year Ended March 31, 2015 12.0 16.0 28.0
Fiscal Year Ended March 31, 2014 7.0 9.0 16.0

* Interim cash dividends for the fiscal year ending March 31, 2017 is comprised of ¥14.0 per share as an ordinary dividend and of ¥10.0 per share as the 100th anniversary commemorative dividend.

Dividend Policy

The distribution of returns to shareholders is one of NSK's important corporate policies. During the three years of the Sixth Mid-Term Management Plan (fiscal 2019 to 2021), we aim to deliver stable returns to our shareholders, targeting a dividend payout ratio of approximately 30% to 50% on a consolidated basis, and a per-share annual dividend of 40 yen or higher. We will also adopt a flexible stance to the purchase of treasury shares as one option in our capital policy, aiming to achieve total shareholder returns of 50% over the three-year period.
In implementing the above, we will take into account financial circumstances and other factors as appropriate.