864200020182019202020202019 Cash Dividends per Share Dividend Payout Ratio (right)20212021202280604020202220236.96.56.56.26.26.25.15.078787858.658.658.649.449.443.543.543.543.58.27.86.05.9888837.937.938.9 In addition to looking at the sales and profitability levels of each business operation, we are creating balance sheets for each to draw more attention to capital efficiency. This move will make it possible to ascertain fixed asset turnover, inven-tory turnover, and receivables turnover on a quarterly basis to allow an understanding of each business operation’s strengths and weaknesses, enabling comparison of business operations against competitors. From the upcoming fiscal year, we will set and manage KPIs based on balance sheets for each busi-ness operation. As a result, we will strive to manage assets properly, eliminate unprofitable factors, and further enhance ROE and ROA throughout the Group.LINTEC’s basic policy for shareholder returns is to provide stable and continued dividends with consideration for each fiscal year’s consolidated performance, while also working to strengthen its management foundation. In line with this policy, for the fiscal year ended March 31, 2022, we awarded annual dividends of ¥88 per share—the highest level to date—for a dividend payout ratio of 37.9%. To enhance shareholder returns and improve capital efficiency, from November 2021 to July 2022 we acquired 4,000,000 of the Company’s shares. For the fiscal year ending March 31, 2023, we forecast annual dividends of ¥88 per share, resulting in a dividend payout ratio of 38.9%. We consider the distribution of profits to shareholders to be one of our most important management issues. To appropriately distribute the cash we generate, we will continue to consider various ways to further enhance shareholder returns.As of March 31, 2022, the Group’s equity ratio was high, at 69.1%, which demonstrates financial soundness. The chal-lenge is how to increase capital efficiency while maintaining this strong financial base. In the fiscal year ended March 31, 2022, ROE was 8.2%. This level exceeds the cost of sharehold-ers’ equity, which we currently see as being less than 6%, but the price-to-book value ratio (PBR) currently remains below 1x. We need to improve this situation as soon as possible by enhancing corporate value. To achieve sustainable growth, we will boost profitability by aggressively investing cash where it is needed, such as in systems to improve R&D efficiency and operational efficiency, as well as in M&A, not to mention facilities to increase production, reduce costs, and respond to environmental issues. In addition, we work toward achieving the management indicator of an ROE of 10% or more ahead of our target date in the fiscal year ending March 31, 2030. We are also committed to meeting the expectations of our share-holders and investors by enhancing our corporate value and further improving shareholder returns.ROE / ROA%Cash Dividends per Share / Dividend Payout Ratio¥ %100100 ROE 1080604020 ROA(Fiscal years ended / ending March 31)(Fiscal years ended / ending March 31)(Forecast)28A Message from the CFOEnhancement of Shareholder ReturnsMy Mission as CFO
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