Our Approach to Shareholder Return

The return of profits to shareholders is a key management issue at Noritz. Our basic approach is to issue dividends on a stable, ongoing basis. Our policy is to maintain a healthy financial constitution and to determine the payout ratio on a consolidated basis, looking at business performance within the current business environment.
With respect to internal reserves, we aim to use reserves efficiently to increase corporate value, focusing on R&D for new environmental technologies, firming up and expanding our quality assurance system, and expanding into new businesses. Furthermore, our basic policy is to issue dividends from surpluses twice a year at midterm and term-end. The decision-making bodies for these dividend payments are the ordinary meeting of shareholders for the year-end dividend and the board of directors' meeting for the midterm dividend.

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Stock Information(As of December 31, 2015)

Total no. of authorized stocks:156,369,000
 Total no. of issued stocks:50,797,651
No. of shareholders:4,706

Status of Major Shareholders

Name of Shareholders No.of shared held Voting ratio(%)
The Dai-ichi Life Insurance Company limited 2,745,700 5.74
Sumitomo Mitsui Banking Corporation 2,199,695 4.60
Noritz Trade Connection Stock Ownership 1,617,309 3.38
Chofu Seisakusho Co., Ltd. 1,520,000 3.18
MSIP Client Securities 1,437,800 3.01
Toshiro Ota 1,350,100 2.82
Noritz Employee Stock Ownership 1,301,915 2.72
Japan Trustee Service Bank, ltd.(trust account) 1,262,500 2.64
CBNY-Government of Norway 1,195,600 2.50
Nippon Electric Glass Co., Ltd. 1,119,300 2.34

NOTE 1: While the company owns 2,984,637 shares of treasury stock, this figure is not listed in the chart above.

NOTE 2: Shareholder ratio is calculated after deducting 2,984,637 shares of treasury stock.

Breakdown by category of shareholder

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Breakdown of ownership among shareholders

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