- カテゴリ： バーチャル提案
- 作成日： 2009/07/24 21:23:25
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- 6. Shareholder Returns and Capital Policy
Q. KDDI’s competitors increased their payout ratios in FY 2009.3. What is KDDI’s policy regarding shareholder returns? A. Within five years’ time, we target a steady increase in payout ratio to between 25% and 30%.
The first management priority for KDDI following the three-way merger of DDI, KDD and IDO in 2000 was reducing interest-bearing debt. As growth potential increased, centered on the Mobile Business, we set a target for a payout ratio of 20% or higher. However, with the increase in capital expenditures in recent years as a result of the reorganization of the 800MHz band and other factors, we have maintained the payout ratio at the same level so far, opting instead to increase the dividend amount in line with the steady growth in earnings. In FY 2009.3, free cash flow amounted to a negative ￥63.2 billion as a result of the buy-back of four securitized buildings, and an increase in installment liabilities stemming from the introduction of an installment payment plan in the Mobile Business. As a result, full-year dividends for FY 2009.3 were increased ￥500 from the previous fiscal year to ￥11,000 per share, for a consolidated payout ratio of 22.0%. KDDI considers dividends to be its main method of shareholder returns. We recognize, however, that the current payout ratio is not necessarily adequate. While we need to improve profitability in the Fixed-line Business, there is sufficient basis for stabilizing free cash flow and revising the payout ratio in FY 2010.3 or FY 2011.3. We plan to steadily increase the payout ratio, targeting between 25% and 30% within five years’ time.
0 3,000 6,000
21.2 20.8 22.4 21.5 22.0
Cash Dividends/ Dividend Payout Ratio
(Years ended March 31)
Dividend payout ratio
KDDI CORPORATION Annual Report 2009