Shareholder Returns Policy

The VALQUA Group strives to establish a solid management foundation while working to ensure stable operating performance. We consider the long-term stable return of profits to shareholders as our most important management policy.

As part of measures to accomplish this, VALQUA issues dividends considering long-term consolidated performance and, as appropriate, purchases treasury stock to improve capital efficiency.

We have adopted the Consolidated Shareholder Return Ratio—which is the ratio of total dividends and treasury share acquisitions to consolidated net income—as the standard for shareholder returns, with a target ratio of 50%.

The VALQUA Group calculates the Consolidated Shareholder Return Ratio as follows.

Consolidated Shareholder Return Ratio = (total fiscal year dividends + treasury stock acquisitions based on fiscal year performance) ÷ fiscal year consolidated net income

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