Dividends and Shareholder Returns

Basic Dividend Policy Stock Splits Shareholder Benefits Dividends

Basic Dividend Policy

In terms of profit distribution, Artner comprehensively considers future business developments, earnings, the management environment, as well as the strengthening of its management foundations, and positions the supply of stable dividends to its shareholders as top-priority management task. In addition, our basic approach is to continue to grow our profit this year, ensuring that the dividend remains at least at the same amount as the previous year and continues to increase.

While taking into account earnings trends and other factors, Artner’s basic policy calls for the biannual distribution of retained earnings in the form of interim and year-end dividends. The distributions of retained earnings are decided by the general shareholders meeting in the case of the year-end dividend and by the board of directors in the case of the interim dividend.

Internal reserves are set aside to address projected future changes in the management environment and invest efficiently in enriching our pool of human resources, etc.

Stock Splits

*Fiscal year ended January 31

Results Period	Effective Date	Split Ratio
FY2019 (Reporting Period 57)	April 1, 2018	2-for-1
FY2018 (Reporting Period 56)	February 1, 2017	2-for-1
FY2012 (Reporting Period 50)	February 1, 2011	3-for-1
FY2008 (Reporting Period 46)	June 22, 2007	4-for-1

Shareholder Benefits

Artner’s basic policy is to reward shareholders through shareholder dividends, and the company offers no shareholder benefits.

Dividends

※Fiscal year ended January 31

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Results Period	Dividend per share (DPS; ¥)	Payout Ratio (%)	Dividend Yield (%)	Dividend on equity (DOE; %)	Share price (period- start/ opening price; ¥)	Dividend per share (¥) before retroactive adjustment
FY2026 (Reporting Period 64; estimated)	84.00	70.0	4.63	–	1,813	–
FY2025 (Reporting Period 63)	82.00	69.1	3.79	19.4	2,161	–
FY2024 (Reporting Period 62)	75.00	75.8	7.45	19.2	1,000	–
FY2023 (Reporting Period 61)	60.00	71.2	6.86	16.7	874	–
FY2022 (Reporting Period 60)	34.50	50.3	4.00	10.9	862	–
FY2021 (Reporting Period 59)	23.00	38.9	2.89	8.4	797	–
FY2020 (Reporting Period 58)	20.50	35.5	2.22	8.6	923	–
FY2019 (Reporting Period 57)	18.00	35.4	1.67	8.9	1,081	–
FY2018 (Reporting Period 56)	15.00	33.1	3.61	8.9	416	30.00
FY2017 (Reporting Period 55)	11.25	32.9	3.75	8.0	300	45.00
FY2016 (Reporting Period 54)	8.75	33.6	4.97	7.4	176	35.00
FY2015 (Reporting Period 53)	6.25	31.5	4.24	6.2	148	25.00
FY2014 (Reporting Period 52)	5.00	44.7	2.69	5.4	186	20.00
FY2013 (Reporting Period 51)	8.75	32.4	9.86	10.9	89	35.00
FY2012 (Reporting Period 50)	5.00	26.9	8.13	8.2	62	20.00
FY2011 (Reporting Period 49)	–	–	–	–	50	–
FY2010 (Reporting Period 48)	–	–	–	–	88	–
FY2009 (Reporting Period 47)	6.67	35.5	5.23	7.2	128	80.00
FY2008 (Reporting Period 46)	7.50	30.2	2.25	4.9	334	90.00
FY2007 (Reporting Period 45)	3.13	17.0	–	6.8	–	150.00

Payout ratio (%) = Dividend per share (total) / net profit per share × 100

Dividend yield (%) = Dividend per share (total) / Share price (period-start/opening price) × 100

Dividends on equity (%) = Dividend per share (total) / (Net assets per share at period-start + Net assets per share at period-end) / 2 × 100

Dividend per share and share price (period-start/opening price) data were retroactively revised to factor in the impact of stock splits conducted as follows.

・ June 22, 2007 (4-for-1 stock split)
・ February 1, 2011 (3-for-1 stock split)
・ February 1, 2017 (2-for-1 stock split)
・ April 1, 2018 (2-for-1 stock split)