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CFO Message

We will focus on optimal resource allocation and establishing the best business structure to achieve sustainable growth, responding to changes in the business environment. Chikashi Takeda Chief Financial Officer

Putting Highest Priority on Business Investments for Future Growth

Astellas prioritizes allocating funds to business investments for future growth in order to achieve a sustainable increase in enterprise value.

The highest priority is on the investments to promptly advance R&D projects that could create high added value, and to acquire promising new drug candidates or cuttingedge technologies. We will also invest in activities to support growth such as leveraging real-world data, while also allocating sufficient funds to investments to deal with new risks, including enhancement of compliance. We will review resource allocation from scratch as appropriate based on environment changes. For example, we will reduce or stop investments for areas that have already matured and are not expected to grow in the future, or for activities that do not lead to a competitive advantage. Through these activities, we will strive to allocate optimal management resources as a whole.

Looking at cash on hand, in addition to the working capital needed to fund day-to-day operations, we will maintain a certain level of cash on hand, in order to respond flexibly to the need to make strategic investments for future growth. Moreover, we are prepared for cases where funding requirements exceed Astellasf internal funding capacity so that we can finance smoothly.

Further Enhancing the Level of Returns to Shareholders

Astellas will target a stable and continuous increase in dividends based on the medium- to long-term growth prospects for consolidated earnings by taking into account dividend on equity attributable to owners of parent (DOE). During Strategic Plan 2015-2017, we are targeting DOE of 6% or more.

We will implement share buybacks flexibly as needed based on an overall consideration of the business environment, investment plans, and the level of cash on hand, among other factors, with a view to further enhancing capital efficiency and the level of returns to shareholders. Our policy is to cancel acquired treasury stock, in principle, except for the portion needed for stock activities such as execution of existing stock options.

Details of Shareholder Returns

Graph: Dividends per share and profit for the year

*1 The Company conducted a stock split of common stock at a ratio of 5 for 1 with an effective date of April 1, 2014. Figures are calculated based on the number of shares issued after the stock split (excluding treasury shares) on the assumption that the stock split was conducted at the beginning of fiscal 2005.
*2 From fiscal 2013, figures are in accordance with International Financial Reporting Standards (IFRS).

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