Joban Kosan Co.,Ltd.

<h3>3. Dividend Policy</h3>
The Company regards shareholder returns as an important management priority. While comprehensively considering business performance and dividend payout ratios, our basic policy is to maintain stable dividends over the long term. Retained earnings will be allocated to strengthen our financial position and to invest in future growth and development, including research and development for attractive product offerings and the reinforcement of production and sales systems.
Our basic policy is to pay dividends once per year as a year-end dividend. The amount is determined by taking into account the operating environment surrounding the Company and business performance.
Our Articles of Incorporation provide that interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act may be paid upon resolution of the Board of Directors.
The decision-making authority for dividend payments is the General Meeting of Shareholders for year-end dividends and the Board of Directors for interim dividends.
Of short-term and long-term borrowings, 9,847 million yen is subject to financial covenants as follows:
(1) Maintain consolidated net assets at the end of each fiscal year at no less than 75% of consolidated net assets as of March 31, 2019, or 75% of consolidated net assets as of the immediately preceding fiscal year-end, whichever is higher.
(2) Maintain non-consolidated net assets at the end of each fiscal year at no less than 75% of non-consolidated net assets as of March 31, 2019, or 75% of non-consolidated net assets as of the immediately preceding fiscal year-end, whichever is higher.
(3) Ensure that consolidated ordinary income does not result in losses for two consecutive fiscal years.
(4) Ensure that non-consolidated ordinary income does not result in losses for two consecutive fiscal years.
The 9,847 million yen mentioned above was in breach of financial covenants at the end of the current fiscal year; however, we have obtained consent from our financial institutions regarding a waiver of the acceleration clause.
For the current fiscal year, we have decided not to pay dividends after comprehensively considering the strengthening of our financial foundation and other factors.

Our basic policy is to maintain stable dividends over the long term, taking into account overall business performance and dividend payout ratios. Dividends are paid primarily as a year-end dividend, with interim dividends also possible. We allocate retained earnings to strengthen our financial position and fund investments for future growth and development.

Joban Kosan Co.,Ltd. (E00033) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)