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DISCO Announces a Dividend Payment for Fiscal Year 2019

DISCO Corporation. (hereafter the "Company") hereby announces that its Board of Directors resolved to pay a dividend from the retained earnings for the date of record on March 31, 2020 as follows.

1. Dividend payment

Resolved Previous Forecast
(Announced on
January 23, 2020)
Results of
the previous term
(FY2018)
Base date March 31, 2020 March 31, 2020 March 31, 2019
Dividend per share 347 yen 320 yen 208 yen
Total amount of dividend 12,474 millions of yen - 7,472 millions of yen
Effective date June 24, 2020 - June 26, 2019
Source of dividend Earned surplus - Earned surplus

2. Reason

The final dividend consists of ¥102, which is equivalent to 25% of the consolidated net income for the second half of the fiscal year, as stated in our dividend policy, together with an additional ¥245 representing one-third of the balance of cash and deposits in excess of the amount required as of the end of the fiscal year. This brings the total year-end dividend to ¥347 per share. The total dividend for the year, consisting of an interim dividend of ¥91 and a final dividend of ¥347, is ¥438.

This proposal will be made at meeting of the 81th ordinary general meeting of shareholders to be held on June 23, 2020.

Dividend Policy
Adopting a performance–linked dividend policy and aiming at giving clearer priority to shareholder returns, our target dividend payout ratio is 25% of the consolidated half-yearly net income.
There will be interim and final dividends, each of which will be equivalent to 25% of the half-yearly consolidated net income. Irrespective of the level of income, we will maintain a reliable dividend of ¥10 per half-year. This means that the minimum yearly dividend will be ¥20.The ¥20 payout stipulated in our stable dividend policy may be reviewed if there are consolidated net losses in three consecutive years.
Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than projected funding requirements for the acquisition of technology resources (such as through patent purchases and investment in venture businesses, facility expansion, the retirement of interest-bearing debt and other purposes), one-third of that surplus will be added to dividends.

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