We believe that maintaining a solid balance sheet is essential for JT Group as it will provide us the ground to continue aggressively pursuing business investment opportunities and cope with any adversity arising out of the volatile environment. At the same time, as we already mentioned, we intend to strike an optimal balance between proﬁt growth and shareholder returns.
This means that we will enhance our shareholder returns based on our proﬁt growth outlook in the mid-to long-term. In particular, we will deliver sustainable and steady increase of dividend per share. Dividend payout ratio is not an indicator for our management target, although it will be taken into consideration when deciding the dividend amounts. As for share buy-back, we will consider it after scrutinizing the mid-to long-term expectations of the company’s business environment as well as ﬁnancial achievements and position, among other factors.
We will continue to monitor trends amongst the global FMCG companies that have a stakeholder model similar to our 4S model and that have achieved strong business growth.