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Message to Shareholders and Investors

Image:Masanori Togawa

On behalf of the Daikin Group, I would like to express our sincerest condolences to those who have lost loved ones to the novel coronavirus disease (COVID-19) along with our deepest sympathies to those who have been affected by it.

Faced with the uncertain future of the COVID-19 pandemic, management took the position for fiscal year 2020 that Daikin immediately would confront the crisis, and it ensured that all measures led to the creation of results.
The global spread of COVID-19 substantially impacted our company, which has expanded worldwide, and it decreased our revenue and profits, but we believe that we have further strengthened our management structure for future growth and development.

Fiscal year 2021 marks the first year of the strategic management plan “Fusion 25” targeting fiscal year 2025 as its final fiscal year.
While there is a risk of further reemergence of the coronavirus, there is also the possibility that COVID-19 can be brought under control with extensive vaccinations and that the large-scale economic measures in each country will lead to economic recovery.
Furthermore, in addition to COVID-19, severe conditions are expected to continue because of soaring prices in the raw materials market and high logistics costs, sluggish demand for residential-use air conditioners, and slow recovery in the commercial-use air conditioner market.
In this type of business environment, we intend to continue implementing measures with an “aggressive” and “challenging” mindset based on the lean, robust management structure that has been strengthened up to now and achieve a V-shaped recovery that surpasses the financial results prior to the appearance of COVID-19.

As currently announced, Daikin plans an annual dividend of 160 yen for fiscal year 2020 (interim 80 yen and term-end 80 yen).
For fiscal 2021, we plan to pay an annual dividend of 180 yen (interim 90 yen and year-end 90 yen), taking into consideration the ratio of dividends to shareholder equity (DOE) and consolidated dividend payout ratio.
In the future, we will continue to expand our business while implementing upfront investments for further growth and development as we strive to improve corporate value, increase market capitalization, and further enhance the return of profits to shareholders.

For now, and in the future, I respectively ask for your continued understanding and support of Daikin management.

Masanori Togawa
President and CEO
Daikin Industries, Ltd.

May 2021

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