<h3>3. Dividend Policy</h3>
The Company is able to pay dividends based on shareholder resolutions with reference dates of March 31 and September 30 each year.
However, since its founding, the Company has consistently chosen not to distribute surplus earnings as dividends to shareholders. Instead, it has made it a key management priority to provide member benefits through membership (shareholders) and to maintain and improve facilities, including golf courses, in place of cash dividends.
Based on this policy, the Company will continue to return earnings to shareholders by using retained earnings to improve facilities, thereby consistently providing high-quality golf courses. Accordingly, no dividend will be paid in the current fiscal year.

Since our founding, we have maintained a basic policy of not paying cash dividends to shareholders. Instead, we provide shareholder benefits through our membership program and reinvest profits into the maintenance and improvement of our facilities. Going forward, we will continue to consider each period's business performance and use retained earnings to enhance our facilities, thereby returning value to shareholders through facility improvements rather than cash dividends.

(E04637) Dividends

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Dividend History (Forecasts, Revisions, Actuals)