Our Capital Policy

1. Shareholders’ equity

PILOT’s basic policy is to maintain the level of shareholders’ equity necessary to adequately capitalize on business opportunities quickly and effectively, with the aim of achieving sustainable growth and improving the corporate value of the Group. We will allocate internal reserves for fostering and investing in human resources; strengthening existing business areas; as well as entering into growth and new business markets, capital and business alliances, and other promising investments.

2. Dividend policy

Overseas sales account for a high proportion of the PILOT Group’s consolidated net sales, so earnings could change significantly due to fluctuating exchange rates and economic trends. We assume that quickly adjusting profit distributions to reflect changes in earnings could result in a misalignment with actual business performance. For this reason, our basic policy is to continue paying stable dividends after careful consideration of the impact of external factors. In 2024, we are aiming for a suitable level of return: a dividend payout ratio of 30% or higher.

3. Acquisition of treasury stock

We will consider repurchasing the company’s stock in response to changes in the business environment and when we determine that a share buyback will contribute to shareholder value. If we decide to set a limit on share buybacks, we will promptly announce this.