Policy on Dividend Payment of the Company and the Subsidiaries
The Company has a policy to pay dividends to shareholders in each year at a rate of not less than 35% of the net profit according to the Consolidated Financial Statements. Such dividend payment will consider key factors including operating performance, financial position, cash flows, investment and business expansion plans, liquidity, terms and conditions of rights of debentures, and relevant loan agreement conditions. However, the actual dividend payment shall not exceed the retained earnings appearing in the Separate Financial Statements and shall comply with applicable laws and the Company’s Articles of Association.
Nevertheless, the Board of Directors may pay interim dividends to shareholders from time to time when it is deemed that the Company has sufficient profit to do so, and shall report such payment to the Shareholders’ Meeting at the next meeting.
Regarding subsidiaries, the Company has not specified a particular dividend payout ratio. Dividend payments will be determined based on the operating results, liquidity, and capital requirement of each subsidiary, subject to the discretion and approval of each subsidiary’s Board of Directors on a case-by-case basis.