The Company's basic policy is to provide stable shareholder returns while taking into consideration maintaining internal reserves needed for investment in future growth, the status of cash flows, and other factors.
Under CS B2021, the new medium-term business strategy which ends in FY2021, we will make investments to build the foundations for future growth while providing stable shareholder returns with a target consolidated payout ratio of 35%. We have also set a minimum annual dividend of 60 yen per share, except during periods when financial results decline substantially as a result of rapid deterioration in the business environment.
With regard to internal reserves, in accordance with the management strategy set in the CS B2021 medium-term business strategy, we will carry out financial measures to build the foundations for future growth. We will also conduct dynamic share buybacks in cases where we determine it is necessary to improve capital efficiency.
With regard to dividends in the fiscal year ended March 2020, a year-end dividend of 30 yen per share will be paid, and in combination with the dividend already paid at the end of the second quarter, a total dividend of 60 yen will be paid.
With regard to dividends in the fiscal year ended March 2021, the effects of the spread of COVID-19 cannot reasonably be calculated at this time, and in conjunction with the postponement of the forecast for the year, the dividend forecast is undetermined.