Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.
Company name:
Stock exchange listing:
Representative:
Inquiries:

Denyo Co., Ltd.
TokyoPresident
Director & Managing Executive Officer
Chief Executive Administration Division

November 9, 2023
(Stock code: 6517)
Takanori Yoshinaga
Makoto Tanabe

TEL +81-3-6861-1111

Notice of Change in Dividend Policy and Revision of Dividend Forecast (Dividend Increase)
At a meeting of the Board of Directors held on November 9, 2023, we resolved to make the following changes to thedividend policy and to introduce a progressive dividend*. The progressive dividend will be applied from the fiscal
year ending March 31, 2024, and as the consolidated profit forecast for the fiscal year ending March 31, 2024 isexpected to exceed the previously announced forecast, the dividend forecast has been revised as follows in accordancewith this dividend policy.
*Dividend policy of maintaining or increasing dividends without reducing dividends in principle
Description
1. Regarding changes in dividend policy(1) Change details (changed parts are underlined)(Change before)
Denyo recognizes the importance of making further efforts to return profits to shareholders, whileaiming to strengthen future competitiveness and profitability, and we will implement an interim andterm-end dividend payouts of distribution of results comprehensively calculated by achievement andpayout ratio.
(After change)
Denyo recognizes the importance of making further efforts to return profits to shareholders, whileaiming to strengthen future competitiveness and profitability, and we will implement an interim andterm-end dividend payouts of distribution of results comprehensively calculated by achievement andpayout ratio on the premise that progressive dividends will be maintained.
(2)Reasons
From the fiscal year ending March 31, 2011, through the fiscal year ending March 31, 2023, we have not reduced
the dividend in 13 years and have increased the dividend 10 times in those 13 years. To demonstrate ourcommitment to continuing this track record, we have decided to introduce a progressive dividend.
2. Revision of the Dividend Forecast(1) Details
Annual dividends per share
Reference date

2nd quarter-end

Fiscal year-end

Total

Previous forecasts

YenYen

Yen(May 11, 2023)

24.00

27.00

51.00

New forecasts

–

29.00

53.00

24.00

–

–

23.00

27.00

50.00

Actual results for the current
fiscal year
Actual results for theprevious fiscal year
(ended March 31, 2023)

(2)Reasons
Denyo recognizes the importance of increasing the return of profits to our shareholders while striving to improve ourearning power and strengthen our financial position. Comprehensive consideration of business performance, dividend
payout ratio, etc. with the assumption that progressive dividends will continue. This is our basic policy.
Based on this basic policy, and in light of the above revisions to the earnings forecast, the Company has increased theyear end dividend forecast by 2 yen from 27 yen per share to 29 yen per share, and revise d the annual dividend forecast
from 51 yen per share to 53 yen per share.

Notice: The above forecast is based on the information we have got until the announcement date of this material. Please kindly be aware of that actual results
may differ materially from projected values due to various factors.

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