As its basic shareholder returns policy, UNITED ARROWS LTD. recognizes the maximization of shareholder value as one of the most important tasks for management. With this in mind, we will continue to work diligently to achieve ongoing growth and improve operating performance in an effort to raise earnings per share. At the same time, we will actively seek to maximize shareholder value by issuing stable dividends linked to operating performance, conducting stock splits, and acquiring and then cancelling treasury stock.
For the fiscal year ended March 31, 2018, our basic dividend policy is to bolster shareholder returns by issuing stable dividends that result in a dividend payout ratio of more than 35% and dividend on equity (DOE) of 5.5% or more while also achieving return on equity (ROE) of 16% or more. Based on this policy, the Company plans to issue a period-end dividend of ¥58 per share, which will make for an annual dividend of ¥78 per share. This amount will translate to a dividend payout ratio of 42.1% and DOE of 6.6%. In addition, ROE in the fiscal year ended March 31, 2018, was 16.3%.
For the fiscal year ending March 31, 2019, the Company plans to pay an interim dividend of ¥20 per share and a period-end dividend of ¥58 per share for a forecast annual dividend of ¥78 per share. This amount will translate to a consolidated dividend payout ratio of 36.9%.