With a resolution in the meeting of the board of directors held today,
The Tokyo Electric Power Company Incorporated (TEPCO, TSE: 9501) hereby
announces not to pay out year-end dividend for the fiscal year ending
March 31, 2011. Also, revision of the existing basic dividend policy
was resolved at the meeting.
1. Year-end dividend (no dividend)
(1) Details of the dividend
(2) The reason for no dividend
As we have announced that TEPCO aims to achieve consolidated dividend
payout ratio of 30% based on its constant nominal payment policy and is
committed to sharing earnings with careful consideration of the company's
performance, business environment and financial structure in stages.
However, as announced today, huge net loss was recorded for fiscal year
ended March 31, 2011 mainly due to recognition of extraordinary losses
for restoring facilities damaged by the Great East Japan Earthquake.
TEPCO sincerely regrets to make this notice. We truly appreciate
understanding of our shareholders.
2. Revision of basic dividend policy
Considering current extremely severe business environment and performance,
TEPCO has decided to withdraw its existing basic dividend policy this time.
While we strongly recognize sharing corporate profits to our shareholders
through its value creating management as one of the primary tasks, our
basic dividend policy is to be revised with careful consideration of our
business circumstances and performance.