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.
Although the Company made upward revisions to its consolidated results forecast for the fiscal year ending March 31, 2021 (announced on February 3, 2021) in light of recent trends in business performance and other factors, actual results may deviate from the forecast given the impact of resurgence of COVID-19 in the U.S., Europe, and Japan. Taking such a situation into consideration, the Company will leave the year-end dividend forecast for the current fiscal year undecided at this point, and will again determine and announce its year-end dividend based on the shareholder return policy (payout ratio of 35%) described above when business results for the current fiscal year are determined.