November 14, 2023
Press Release
Company name: Idemitsu Kosan Co.,Ltd.
Representative Director & Chief Executive Officer:
Shunichi Kito
(Company Code: 5019, TSE Prime Market)
Contact person: Daisuke Mogi, General Manager, Investor Relations Office, Finance & Accounting Department
(TEL: +81-3-3213-9307)
(Change of Disclosure Matters)
Announcement on the Revision of the Medium-term Management Plan
(Fiscal Years 2023-2025)
Idemitsu Kosan Co., Ltd. ("Idemitsu" or the "Company") hereby announces that its board of directors adopted a resolution to revise its medium-term management plan for fiscal years 2023-2025, which was announced on November 16, 2022, as follows.
1. Reason for the Revision
Since the Company's announcement of its medium-term management plan in November 2022, it
has focused on engaging in dialogue with investors and the capital markets, and its board has engaged in ongoing discussions on analyses aimed at enhancing enterprise value and on the feasibility of medium-term plan targets and cost of capital.
As a result of such discussions, Idemitsu has revised its ROE target for FY 2025 and its shareholder return policy for FY 2023-2025.
2. Nature of the Revision (underlined parts)
Item | Before Revision | After Revision | ||||||
FY 2025 | 8% | ≥ 10% | ||||||
ROE target | ||||||||
FY 2023-2025 | Total payout ratio of at least | Total payout ratio of at least | ||||||
Shareholder return | 50% of cumulative net income | 50% of cumulative net income | ||||||
policy | excluding inventory impact in | excluding inventory impact in | ||||||
FY 2023-2025 | FY 2023-2025 | |||||||
Provide stable dividends of 120 | Increase dividends to 160 yen | |||||||
yen per share | per share *1 and set this as the | |||||||
new minimum dividend | ||||||||
Execute share repurchases in a | ||||||||
flexible manner while | ||||||||
monitoring the stock price |
*1: In light of the 5-for-1 stock split of common shares effective January 1, 2024, the Company anticipates 32 yen per share for annual dividend after the stock split and set this as the minimum dividend. For details of the stock split, please refer to "Announcement on Stock Split and Partial Amendment of the Articles of Incorporation, as well as Acquisition of Treasury Shares and Interim Dividends, and Revision of Dividend Forecasts."
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Disclaimer
Idemitsu Kosan Co. Ltd. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 00:04:12 UTC.