Dividend Policy (As of March 31, 2015)

Toyota deems the benefit of its shareholders as one of its priority management policies, and it continues to work to improve its corporate structure to realize sustainable growth in order to enhance its corporate value.

Toyota will strive to continue to pay stable dividends aiming at a consolidated payout ratio of 30% while giving due consideration to factors such as business results for each term, investment plans and its cash reserves.

In order to successfully compete in this highly competitive industry, Toyota plans to utilize its internal funds for the early commercialization of next-generation environment and safety technologies, giving priority to customer safety and reliability.

Toyota normally pays dividends twice per year — including an interim dividend and year-end dividend.  Although Toyota's articles of incorporation provide that retained earnings can be distributed as dividends pursuant to the resolution of its board of directors, Toyota's board of directors recommends the payment of year-end dividends to shareholders and pledgees of record as of March 31 in each year.  Year-end dividends are usually paid to the shareholders immediately following approval of the dividends at the general shareholders' meeting, normally around the middle of June of each year.  In addition to these year-end dividends, Toyota may pay interim dividends in the form of cash distributions from its distributable surplus to shareholders and pledgees of record as of September 30 in each year by resolution of its board of directors.  Toyota normally pays the interim dividend in late November.

Considering these factors, an annual dividend of 200 yen per share was paid for fiscal 2014, consisting of a year-end dividend of 125 yen per share and an interim dividend of 75 yen per share.

Dividends per share