Shareholder Returns & Dividends
Dividends
The Company’s basic policy on dividends is to maintain stable dividends over the long term, keeping in mind the importance of financial soundness and internal reserves. Specifically, the Company aims for a dividend payout ratio of 30% (excluding one-off factors).
Historical Data of Dividends
| Date of resolution | Dividend amount per share (yen) |
Payout ratio(%) |
|---|---|---|
| FYE March 31,2024（Forecast） | 60 (2023/12 Before stock split 120 yen) |
33.6* |
| June 29,2023 Resolution at 100th General shareholders' meeting |
90 | 24.1 |
| June 29, 2022 Resolution at 99th General shareholders' meeting |
80 | 20.5* |
| June 29, 2021 Resolution at 98th General shareholders' meeting |
70 | 18.5 |
| June 26, 2020 Resolution at 97th General shareholders' meeting |
60 | 21.7* |
| June 27, 2019 Resolution at 96th General shareholders' meeting |
55 | 19.4 |
| June 28, 2018 Resolution at 95th General shareholders' meeting |
50 | 15.7 |
* The dividend ratio for FYE March 2024(forecast) excludes the impact of the transfer of the Tokyo plant. The figure is 8.6% when not excluding this impact.
* The dividend ratio for FYE March 2022 excludes the impact of the transfer of the Kinki plant and Morinaga Milk Konan Building. The figure is 11.6% when not excluding this impact.
* The dividend ratio for FYE March 2020 excludes the impact of the transfer of beneficial interests in trust to a consolidated subsidiary. The figure is 15.9% when not excluding this impact.
EPS (net profit per share), Payout Ratio
*The dividend ratio for FYE March 2022 excludes the impact of the transfer of the Kinki plant and Morinaga Milk Konan Building. The figure is 11.6% when not excluding this impact.
*The dividend ratio for FYE March 2020 excludes the impact of the transfer of beneficial interests in trust to a consolidated subsidiary. The figure is 15.9% when not excluding this impact.
Details of Major Acquisition of Own Shares (since FYE Mar.2022)
| Acquisition period | Method of acquisition | Number of shares to be acquired (shares) | Total value of shares to be acquired |
|---|---|---|---|
| May 16, 2023 to October 31, 2023 |
Market purchases on Tokyo Stock Exchange | 1,856,400 shares | 9,999,526,800 yen |
| March 1, 2022 | Purchase through off-hours trading of treasury stock (ToSTNeT-3) on the Tokyo Stock Exchange | 4,300,000 shares | 24,768,000,000 yen (5,760 yen per share) |
Details of the Major Cancellation of Treasury Shares
(since FYE Mar.2022)
| Date of Cancellation | Type of shares to be canceled | Number of shares to be canceled | Ratio of the total number of issued shares prior to cancellation | Note |
|---|---|---|---|---|
| November 17, 2023 | Common shares of the Company | 1,856,400 shares | 3.88% | ー |
| August 16, 2022 | Common shares of the Company | 2,000,000 shares | 4.01％ | ー |
Shareholder Incentive Program
The Company offers a shareholder incentive program with the aim of deepening understanding of our products as well as showing appreciation to those shareholders who always support the Company.
*For domestic shareholders
1. Eligible for Shareholder Incentive Program
This applies shareholders who hold 100 shares (1 unit) or more listed in the shareholder registry as of September 30 of the relevant year.
*For domestic shareholders
2. Shareholder Incentives
Shareholders will have the choice of one from several courses.
A course ：This course offers Company’s products centering on Morinaga Silken TOFU
B course ：This course offers Company’s products other than Morinaga Silken TOFU
C course ：Instead of offering Company's products, this course donates some money.
Content of the shareholder incentives for FY2023
Number of shares held：100-199
Products sent ： Company’s products with a value equivalent to 930 yen or donation 1,000 yen
| A course | 「Morinaga Silken TOFU」 6 blocks |
|---|---|
| B course | 「Lipton Lemon Tea 200ml」2 packs、「Morinaga Mammy L 200ml」2 packs、「Piknik Fruits au lait」2 packs、「Sunkist 100% Orange」2 packs |
| C course | Donation 1,000 yen to the Second Harvest Japan |
Number of shares held：200-499
Products sent ： Company’s products with a value equivalent to 1,860 yen or donation 2,000 yen
| A course | 「Morinaga Silken TOFU」 12 blocks |
|---|---|
| B course | 「Nutritional milk powder (Milk Life) Stick Type」、「Lipton Lemon Tea 200ml」、「Morinaga Mammy L 200ml」、「Piknik Fruits au lait」、「Sunkist 100% Orange」 |
| C course | Donation 2,000 yen to the Second Harvest Japan |
Number of shares held：500 or more
Products sent ： Company’s products with a value equivalent to 3,850 yen or donation 4,000 yen
| A course | 「Morinaga Silken TOFU」 12 blocks and 「Nutritional milk powder (Milk Life Plus) stick type」 |
|---|---|
| B course | 「Supplement Intestinal Live Bifidobacterium longum BB536 (30days)」、「PREMiL Skim」2 bags、「Drink Yogurt with Day's Worth of Iron」2 packs、「Lipton Lemon Tea 200ml」、「Morinaga Mammy L 200ml」、「Piknik Fruits au lait」、「Sunkist 100% Orange」 |
| C course | Donation 4,000 yen to the Second Harvest Japan |
※Shareholders with fewer than 100 shares are not eligible for the shareholder incentive program.
※The equivalent values of the Company’s products are applicable when Course A is selected.
3. Donation Selection System（C course）
From FY2020, The Company have established a donation selection system that allows shareholders to donate some money to organizations working on environmental issues and nurturing the next generation, instead of offering Company's products.
4. Shedule
Postcards with information on shareholder incentives will be sent. Shareholders will be requested to fill in the necessary items and return the postcards within the deadline. The incentive will be scheduled to be delivered in early February of the following year. If there is no application, shareholder incentives will be treated as declined.