0(Fiscal years ended / ending March 31)%12020212022202320202021202288114.8887849.449.437.937.952.452.40.920.860.8188888846.346.30.930.65(Ended March 31)expenditures, which includes the expansion of coating facilities for multilayer ceramic capacitor-related tape and semiconductor-related adhesive tape—both of which are seeing growing demand—as well as the construction of a new factory building at the Komatsushima Plant in Tokushima Prefecture and the implementation of smart factory initiatives to improve produc-tion efficiency. In the face of rapid changes in the operating environment, investing proactively will be the key to our success. Doing so builds upon our previous medium-term business plan, and we will quickly put in place a system for responding to increasing demand in such areas as AI and semiconductors. We plan to invest approximately ¥32.0 billion in R&D. This investment is primarily aimed at the swift creation of new products and businesses, as well as quickly putting in place a production system for CNT pellicles for EUV lithography equipment, which are essential for fine circuit formation in next-generation semiconductors. Some of our R&D initia-tives may take time to bear fruit, but we will assess the opti-mal areas to invest in while leveraging marketing data and other information. Additionally, we will consider M&A oppor-tunities while taking financial risks into account. In terms of shareholder returns, in principle we will not reduce dividends through the fiscal year ending March 31, 2027. Additionally, we plan to achieve a dividend payout ratio Constructive Dialogue with Shareholders and Investors Our dialogue with shareholders and investors is a crucial opportunity for us to learn and gain insights. We appreciate the positive expectations for our Advanced Materials Operations and other areas, but we also acknowledge that our price-to-book value ratio (PBR) has remained below 1.0 times. We recognize that our weighted average cost of capi-tal is around 5.3% and feel a strong need to consistently of 40% or higher or a dividend on equity ratio of 3%. We will continue to reinforce our management foundation and strive to enhance shareholder returns by considering the consoli-dated performance during each fiscal year and maintaining a fundamental policy of providing ongoing, stable dividends. We will assess the need for share buybacks based on the available funds and implement such buybacks flexibly as needed.generate return on equity (ROE) that exceeds this level going forward. By diligently implementing the aforementioned initiatives to improve ROE and actively engaging in informa-tion disclosure and dialogue to enhance understanding of our management and efforts, we will strive to enhance cor-porate value and improve our market evaluation. Cash Dividends per Share / Dividend Payout Ratio (Consolidated)¥ 100PBRTimes1.0007550250.750.500.250.00 Cash Dividends per Share Dividend Payout Ratio (right)(Forecast)906030202520242023202422Medium-Term StrategiesFinancial Strategy: A Message from the CFO
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