Presentations at quarterly financial results briefings are given by president, and other executives and head of business divisions are also giving presentation on business and financial strategies at business briefings and medium-term management plan briefings.
Furthermore, Maxell is promoting proactive dialogues with domestic and overseas shareholders and investors, by having 1 on 1 and small meetings, and SR meetings attended by executives. At the 1 on 1 meetings, president and financial director are holding dialogues.
In fiscal 2023, the main focus of the dialogue includes the company's approach to the Tokyo Stock Exchange's request for "Action to Implement Management that is Conscious of Cost of Capital and Stock Price," as well as discussions on business strategies, portfolio management, financial strategies, and other related matters. We are making efforts to explain and enhance understanding regarding the concerns of shareholders and institutional investors.

Maxell actively communicates with shareholders and investors through a variety of IR tools, including integrated reports, business reports and financial results briefing materials. In addition, in consideration of fair disclosure, to and to avoid differences in information between domestic and overseas, we make timely disclosures on summary of financial results, both decided and occurred facts important for management, and integrated report in English as well as in Japanese on company websites of Maxell and of Tokyo Stock Exchange . We also post English presentation materials of financial results briefings, business briefings and medium-term management plan briefings on Maxell website.
We will further strengthen the dissemination of this information in light of the medium- to long-term interests of our shareholders and investors.

Systems for Reflecting the Opinions of Shareholders and Investors

The opinions, interests and concerns of shareholders and investors identified through dialogues are reported to our executives in a timely manner according to their content. In addition, information related to our business, such as market and technological trends, is fed back to relevant divisions within the Group as appropriate to assist in business activities.
Since fiscal 2018, we have held various seminars for executives and managers. In the past, we held study sessions on the latest trends in SDGs, inviting experts and heads of sustainability strategies from other companies, and study sessions on the automotive and semiconductor markets, which are closely related to the Group's businesses. Going forward, we will continue to share the opinions of the capital markets, including shareholders and investors, throughout the Group and utilize them in our business strategies and capital policies.

Maxell's basic policy on distribution of profit is to implement three balanced measures: returning profits to shareholders, current short-term investments, and growth investments with an eye to medium- to long-term business development. Our basic policy on direct shareholder returns is to pay continuous and stable dividends, with dividend payout ratio of 30％ to 40％ for ordinary dividends, and to pay dividends twice a year, interim and year-end dividends.
In fiscal 2023, despite challenges such as the downturn in the semiconductor manufacturing equipment market, economic stagnation in certain regions, and soaring energy costs, we were able to secure profits through cost reduction, improvement of product mix, optomizing selling proces, and fixed cost reduction through business reforms. As a result, we implemented an increased dividend of 20 yen per share (interim) and 30 yen per share (year-end), totaling 50 yen per share for the year.