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Shareholder Return Policy

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

  • Investment for future development (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 cash dividends.

Kao has raised annual dividends to 140 yen per share for the fiscal year ended December 31, 2020, the 31st consecutive increase in cash dividends.

FY2020: 31st consecutive increase in dividends


  • * Impacts of share splits are retroactively reflected.

Aggregated to December 31, 2020, Kao Corporation repurchased 180.0 million shares at a cost of 593.8 billion yen.

Total cost of share repurchases: 593.8 billion yen


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