Global English

Shareholder Return Policy

Use steadily generated cash flow effectively as shown below from an EVA standpoint toward further growth.

  • Investment for future growth (capital expenditures, M&A, etc.)
  • Steady and continuous cash dividends (40% payout ratio target)
  • Share repurchases and early repayment of interest-bearing debt including borrowings

Kao places priority on providing shareholders with stable, continuous dividends.

Kao has raised annual dividends to 130 yen per share for the fiscal year ended December 31, 2019, the 30th consecutive increase in dividends.

FY2019: 30th consecutive increase in dividends


  • * Impacts of share splits are retroactively reflected.

In addition, to raise capital efficiency and further enhance shareholder returns, Kao Corporation repurchased 5.78 million shares of the Company's common share for a total of 50.0 billion yen in the fiscal year ended December 31, 2019.

Aggregated to December 31, 2019, Kao Corporation repurchased 180.0 million shares at a cost of 593.8 billion yen. The resulting improvement in EVA was 29.7 billion yen.

Total cost of share repurchases: 593.8 billion yen (Improvement in EVA: 29.7 billion yen)


Kao Corporation retired 6.7 million shares of treasury shares on July 12, 2019. The total number of outstanding shares after the retirement of treasury shares is 482.0 million shares.

Page Top