■Shareholder return policy

Regarding dividends, Shibusawa Warehouse ＜9304＞ is based on actively making growth investments on the premise of maintaining financial soundness and then implementing them stably while considering business results and future prospects, and the basic policy is to implement dividends twice a year based on the end of the 2nd quarter and the end date of the fiscal year. The body that decides dividends is stipulated in the articles of incorporation to the effect that it is a resolution of the board of directors, except when there is a separate provision in laws and regulations. As a result, the annual dividend per share for the fiscal year ending 2024/3 was 100.0 yen (45.0 yen at the end of the 2nd quarter, 55.0 yen at the end of the fiscal year), an increase of 15.0 yen from the previous fiscal year.

As a new shareholder return policy, the company decided to introduce a progressive dividend policy with an annual dividend of 100.0 yen as a guide for dividends per share of 40.0% as a guide, and an annual dividend of 100.0 yen as a lower limit. For this reason, an annual dividend per share for the fiscal year ending 2025/3 is planned to be 110.0 yen (55.0 yen at the end of the 2nd quarter, 55.0 yen at the end of the fiscal year). Furthermore, treasury stock acquisitions will be carried out in a flexible manner by comprehensively considering the market environment, capital conditions, etc., and treasury stock acquisition of 4.5% of issued shares was carried out in 2024/5. Furthermore, in order to improve capital efficiency, efforts to reduce policy holdings have already been implemented, and in order to reduce consolidated net assets to 20% or less within the next 5 years, they are planning to sell policy holdings of 800 million yen or more per year during the “Mid-Term Management Plan 2026” period.

(Written by FISCO Visiting Analyst Miyata Hitomitsu)