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Dividend Policy

1. Dividend Policy and the dividends of FY2021

JAL regards shareholder returns as one of our most important management matters. Our fundamental policy is to actively implement shareholder returns through continuous and stable dividends and flexible share repurchases, while securing internal reserves for making investments for corporate growth in the future and changing business environments and to build a strong financial structure.

However, the long-lasting COVID-19 spread affected an airline industry including the JAL Group severely, resulting in a huge loss of 398.3 billion yen in EBIT for this fiscal year. And this situation still continues. Considering the above situations, we determined not to propose year-end dividend to the coming General Shareholders Meeting in June 2021 in order to secure liquidity at hand. We regret that we are not able to pay dividends to shareholders, but we would like to ask their understanding in this situation. Also, it is yet very unclear when passenger demand recovers, and our performance for the fiscal year ending March 2022 is unforeseeable. Accordingly, our dividend forecast for the fiscal year ending March 2022 is not determined at this moment. We would like to provide our forecast as soon as the situations become foreseeable.
When the spread of COVID-19 stops and our performance returns to its track as air transportation demand comes back in Japan and the world, we will strive to realize stable and continuous shareholder return again, considering cash flow and other financial situations of that time and going forward.

2. Dividend Forecast

This table can be scrolled horizontally.
  Interim Dividend Year-End-Dividend Total
FY / March 2022 undetermined undetermined undetermined
This table can be scrolled horizontally.

3. Dividend (Result)

This table can be scrolled horizontally.
  Interim Dividend Year-End-Dividend Total
FY / March 2021  -   -   - 
FY / March 2020 JPY 55.00  -  JPY 55.00
FY / March 2019 JPY 55.00 JPY 55.00 JPY 110.00
FY / March 2018 JPY 52.50 JPY 57.50 JPY 110.00
FY / March 2017  -  JPY 94.00 JPY 94.00
FY / March 2016  -  JPY 120.00 JPY 120.00
FY / March 2015  -  JPY 104.00 JPY 104.00
FY / March 2014  -  JPY 160.00
(*1JPY 80.00)
JPY 160.00
(*1JPY 80.00)
FY / March 2013  -  JPY 190.00
(*1JPY 95.00)
JPY 190.00
(*1JPY 95.00)
This table can be scrolled horizontally.

*1 JAL undertook a two-for-one stock split of its common shares as of October 1, 2014, and each dividend recalucurated as such.

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