Dividends
Dividend Policy
In connection with the appropriation of profits, the Company takes into consideration the funds required to engage in new businesses and capital investments aimed at fulfilling the Company's responsibilities to continuously develop the growing human resources business market, to strengthen the Company's operating platform and earnings capacity and to expand shareholders’ returns by enhancing corporate value. On this basis and for the foreseeable future, the Company has adopted the basic policy to implement a consolidated dividend payout ratio target of 25% in an effort to continuously deliver adequate and stable returns to shareholders taking into consideration its operating performance.
It is our fundamental policy to pay two dividends annually, an interim and year-end dividend. The Company's articles of incorporation stipulate that retained earnings can be distributed as dividends pursuant to the resolution of the board of directors.
Dividends per Share for Current Fiscal Year
| Interim | Year-end | Annual | Payout Ratio (consolidated) | |
| Fiscal year ending May 31, 2012 (Forecast) | - | 1,200 | 1,200 | 69.1% |
| Fiscal year ended May 31, 2011 | - | 1,000 | 1,000 | 90.8% |
Past Records of Dividends per Share
| Interim | Year-end | Annual | Payout Ratio (consolidated) | |
| Fiscal year ended May 31, 2010 | - | 500 | 500 | 88.5% |
| Fiscal year ended May 31, 2009 | 600 | 650 | 1,250 | 149.8% |
| Fiscal year ended May 31, 2008 | 1,200 | 1,300 | 2,500 | 35.2% |
| Fiscal year ended May 31, 2007 | 1,000 | 1,000 | 2,000 | 20.0% |
| Fiscal year ended May 31, 2006 | - | 1,800 | 1,800 | 21.7% |
| Fiscal year ended May 31, 2005 | - | 1,500 | 1,500 | 15.1% |
| Fiscal year ended May 31, 2004 | - | 667 | 667 | 7.8% |
Following the shift to a pure holding company, the data for the periods commencing the fiscal year ended May 31, 2008 and beyond are consolidated data for Pasona Group Inc.
