Tillkännagivande • 11h
Bunka Shutter Co., Ltd. Announces Change of Independent Committee Members At the 80th Ordinary General Meeting of Shareholders of Bunka Shutter Co., Ltd. (the Company) held on June 17, 2026 Proposal No.4, "Approval of the Conditional Implementation of Countermeasures Taking into Consideration the (Emergency) Circumstances of a High Probability of a Large-scale Purchase, etc. of Company Share Certificates, by Dalton Parties" was approved. As a result of the approval of the Proposal, the Response Policies continue to apply only to the extent necessary for the implementation of the countermeasures as approved by the shareholders (however, at the longest, this shall be until the conclusion of the first meeting of the Company's board of directors held after the Company's ordinary general meeting of shareholders to be convened in 2027). As Ms. Kazue Shimamura, one of the five members of the Independent Committee, which was established by the board of directors in introducing the Response Policies for purposes of preventing arbitrary decisions by the board of directors and further enhancing the fairness and objectivity of the operation of the Response Policies, resigned from her position as a member of the Independent Committee as of June 17, 2026, the Company hereby announced that Mr. Yoshihiko Hayasaka, an independent outside director of the Company, was appointed as a member of the Independent Committee at the board of directors meeting held June 17, 2026. The name and career summary of the new member of the Independent Committee is set forth in the Exhibit. As a result, the Independent Committee consists of five members as of June 17, 2026: Ms. Reiko Kusunose, Ms. Kayo Murakami, Mr. Shozo Fujita, Mr. Kazufumi Abe, and Mr. Yoshihiko Hayasaka, all of whom are independent outside directors of the Company. Yoshihiko Hayasaka, March 5, 1953: Career Summary: April 1975 — Joined Maeda Corporation; April 1999 — General Manager of Building Construction Department of Higashi-Kanto Branch of Maeda Corporation; April 2005 — General Manager of Higashi-Kanto Branch of Maeda Corporation; January 2007 — Executive Officer and General Manager of Kanto Branch of Maeda Corporation; June 2008 — Managing Executive Officer, General Manager of Tokyo Branch of Maeda Corporation; June 2010 — Director, Managing Executive Officer, Tokyo Branch Manager of Maeda Corporation; April 2011 — Director, Managing Executive Officer, General Manager of Tokyo Construction Branch of Maeda Corporation; April 2012 — Director, Senior Managing Executive Officer, General Manager of Construction Business Division of Maeda Corporation; July 2017 — Executive Managing Director of Maeda Corporation; July 2017 — Chairman of Board of Directors of FBS Miyama Corporation (currently FBS Corporation); April 2019 — Director and Advisor of FBS Miyama Corporation (currently FBS Corporation); July 2019 — Advisor of Maeda Corporation; June 2021 — Outside Director – Audit and Supervisory Committee Member of the Company (present position); July 2021 — Advisor of FBS Corporation. Tillkännagivande • Jun 05
Bunka Shutter Co., Ltd. to Report Q1, 2027 Results on Aug 04, 2026 Bunka Shutter Co., Ltd. announced that they will report Q1, 2027 results on Aug 04, 2026 Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥179 (vs JP¥185 in FY 2025) Full year 2026 results: EPS: JP¥179 (down from JP¥185 in FY 2025). Revenue: JP¥236.3b (up 3.4% from FY 2025). Net income: JP¥12.6b (down 3.9% from FY 2025). Profit margin: 5.3% (down from 5.8% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Tillkännagivande • May 15
Bunka Shutter Co., Ltd., Annual General Meeting, Jun 17, 2026 Bunka Shutter Co., Ltd., Annual General Meeting, Jun 17, 2026. Tillkännagivande • May 09
Bunka Shutter Co., Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Bunka Shutter Co., Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Tillkännagivande • Dec 05
Bunka Shutter Co., Ltd. to Report Q3, 2026 Results on Feb 06, 2026 Bunka Shutter Co., Ltd. announced that they will report Q3, 2026 results on Feb 06, 2026 Tillkännagivande • Sep 09
Bunka Shutter Co., Ltd. to Report Q2, 2026 Results on Nov 05, 2025 Bunka Shutter Co., Ltd. announced that they will report Q2, 2026 results on Nov 05, 2025 Tillkännagivande • Jun 03
Bunka Shutter Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Bunka Shutter Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Tillkännagivande • May 15
Bunka Shutter Co., Ltd. (TSE:5930) announces an Equity Buyback for 1,150,000 shares, representing 1.61% for ¥2,000 million. Bunka Shutter Co., Ltd. (TSE:5930) announces a share repurchase program. Under the program, the company will repurchase up to 1,150,000 shares, representing 1.61% of its issued share capital (excluding treasury stock), for a total purchase price of ¥2,000 million. The purpose of the program is to increase corporate value, improve capital efficiency and enhance shareholder returns. The program will continue through March 31, 2026. As of March 31, 2025, the company had 71,454,633 issued shares (excluding treasury stock) and 741,854 treasury shares. Tillkännagivande • May 14
Bunka Shutter Co., Ltd., Annual General Meeting, Jun 17, 2025 Bunka Shutter Co., Ltd., Annual General Meeting, Jun 17, 2025. Tillkännagivande • Mar 06
Bunka Shutter Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Bunka Shutter Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Tillkännagivande • Dec 10
Bunka Shutter Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Bunka Shutter Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥20.18 (vs JP¥42.17 in 2Q 2024) Second quarter 2025 results: EPS: JP¥20.18 (down from JP¥42.17 in 2Q 2024). Revenue: JP¥56.0b (up 5.2% from 2Q 2024). Net income: JP¥1.44b (down 48% from 2Q 2024). Profit margin: 2.6% (down from 5.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥10.85 (vs JP¥4.85 in 1Q 2024) First quarter 2025 results: EPS: JP¥10.85 (up from JP¥4.85 in 1Q 2024). Revenue: JP¥46.3b (up 1.8% from 1Q 2024). Net income: JP¥772.0m (up 160% from 1Q 2024). Profit margin: 1.7% (up from 0.7% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 11
Final dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 327%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: JP¥157 (vs JP¥122 in FY 2023) Full year 2024 results: EPS: JP¥157 (up from JP¥122 in FY 2023). Revenue: JP¥221.1b (up 11% from FY 2023). Net income: JP¥10.6b (up 34% from FY 2023). Profit margin: 4.8% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Tillkännagivande • Jun 08
Bunka Shutter Co., Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Bunka Shutter Co., Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥157 (vs JP¥122 in FY 2023) Full year 2024 results: EPS: JP¥157 (up from JP¥122 in FY 2023). Revenue: JP¥221.1b (up 11% from FY 2023). Net income: JP¥10.6b (up 34% from FY 2023). Profit margin: 4.8% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Tillkännagivande • May 16
Bunka Shutter Co., Ltd., Annual General Meeting, Jun 18, 2024 Bunka Shutter Co., Ltd., Annual General Meeting, Jun 18, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 29% and the cash payout ratio is 87%. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (5.3%). Tillkännagivande • Mar 02
Bunka Shutter Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Bunka Shutter Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥36.50 (vs JP¥35.17 in 3Q 2023) Third quarter 2024 results: EPS: JP¥36.50 (up from JP¥35.17 in 3Q 2023). Revenue: JP¥55.5b (up 9.8% from 3Q 2023). Net income: JP¥2.60b (up 15% from 3Q 2023). Profit margin: 4.7% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Tillkännagivande • Dec 06
Bunka Shutter Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024 Bunka Shutter Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥42.17 (vs JP¥33.85 in 2Q 2023) Second quarter 2024 results: EPS: JP¥42.17 (up from JP¥33.85 in 2Q 2023). Revenue: JP¥53.2b (up 12% from 2Q 2023). Net income: JP¥2.78b (up 23% from 2Q 2023). Profit margin: 5.2% (up from 4.8% in 2Q 2023). The increase in margin was driven by higher revenue. New Risk • Nov 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Upcoming Dividend • Sep 21
Upcoming dividend of JP¥21.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.7%). Tillkännagivande • Sep 08
Bunka Shutter Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023 Bunka Shutter Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 06
First quarter 2024 earnings released: EPS: JP¥4.85 (vs JP¥5.78 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥4.85 (up from JP¥5.78 loss in 1Q 2023). Revenue: JP¥45.5b (up 16% from 1Q 2023). Net income: JP¥297.0m (up JP¥685.0m from 1Q 2023). Profit margin: 0.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Reported Earnings • Jun 22
Full year 2023 earnings released: EPS: JP¥122 (vs JP¥97.96 in FY 2022) Full year 2023 results: EPS: JP¥122 (up from JP¥97.96 in FY 2022). Revenue: JP¥199.2b (up 9.3% from FY 2022). Net income: JP¥7.90b (up 18% from FY 2022). Profit margin: 4.0% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Tillkännagivande • Jun 07
Bunka Shutter Co., Ltd. to Report Q1, 2024 Results on Aug 04, 2023 Bunka Shutter Co., Ltd. announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥122 (vs JP¥97.96 in FY 2022) Full year 2023 results: EPS: JP¥122 (up from JP¥97.96 in FY 2022). Revenue: JP¥199.2b (up 9.3% from FY 2022). Net income: JP¥7.90b (up 18% from FY 2022). Profit margin: 4.0% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Tillkännagivande • May 12
Bunka Shutter Co., Ltd. (TSE:5930) agreed to acquire Windsor Doors and Windsor Doors (South Island) and Jones Door Company (2005) and Doors 2000. Bunka Shutter Co., Ltd. (TSE:5930) agreed to acquire Windsor Doors and Windsor Doors (South Island) and Jones Door Company (2005) and Doors 2000 on May 11, 2023. Through the collaboration, BX Group and the Windsor Group will be able to expand global scope and product lineup, strengthen customer base, and diversify profit model in the building materials field, with a focus on the Japanese, Vietnamese, Australian, and New Zealand markets, and will aim to create high synergy effects in contribution to the customers. Tillkännagivande • May 11
Bunka Shutter Co., Ltd., Annual General Meeting, Jun 20, 2023 Bunka Shutter Co., Ltd., Annual General Meeting, Jun 20, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥21.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥35.17 (vs JP¥30.96 in 3Q 2022) Third quarter 2023 results: EPS: JP¥35.17 (up from JP¥30.96 in 3Q 2022). Revenue: JP¥50.5b (up 14% from 3Q 2022). Net income: JP¥2.25b (up 7.8% from 3Q 2022). Profit margin: 4.5% (down from 4.7% in 3Q 2022). Tillkännagivande • Dec 10
Bunka Shutter Co., Ltd. to Report Q3, 2023 Results on Feb 07, 2023 Bunka Shutter Co., Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Yoshihiko Hayasaka was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥33.85 (vs JP¥22.39 in 2Q 2022) Second quarter 2023 results: EPS: JP¥33.85 (up from JP¥22.39 in 2Q 2022). Revenue: JP¥47.4b (up 11% from 2Q 2022). Net income: JP¥2.26b (up 48% from 2Q 2022). Profit margin: 4.8% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.4%). Tillkännagivande • Sep 07
Bunka Shutter Co., Ltd. to Report Q2, 2023 Results on Nov 08, 2022 Bunka Shutter Co., Ltd. announced that they will report Q2, 2023 results on Nov 08, 2022 Reported Earnings • Aug 05
First quarter 2023 earnings released: JP¥5.78 loss per share (vs JP¥4.24 loss in 1Q 2022) First quarter 2023 results: JP¥5.78 loss per share (down from JP¥4.24 loss in 1Q 2022). Revenue: JP¥39.1b (down 5.4% from 1Q 2022). Net loss: JP¥388.0m (loss widened 29% from 1Q 2022). Tillkännagivande • Jul 06
Bunka Shutter Co., Ltd. (TSE:5930) acquired Max Door Solutions Pty Ltd Bunka Shutter Co., Ltd. (TSE:5930) acquired Max Door Solutions Pty Ltd on July 4, 2022.
Bunka Shutter Co., Ltd. (TSE:5930) completed the acquisition of Max Door Solutions Pty Ltd on July 4, 2022. Reported Earnings • Jun 24
Full year 2022 earnings released: EPS: JP¥97.96 (vs JP¥117 in FY 2021) Full year 2022 results: EPS: JP¥97.96 (down from JP¥117 in FY 2021). Revenue: JP¥182.3b (up 5.3% from FY 2021). Net income: JP¥6.71b (down 20% from FY 2021). Profit margin: 3.7% (down from 4.9% in FY 2021). The decrease in margin was driven by higher expenses. Tillkännagivande • Jun 01
Bunka Shutter Co., Ltd. to Report Q1, 2023 Results on Aug 04, 2022 Bunka Shutter Co., Ltd. announced that they will report Q1, 2023 results on Aug 04, 2022 Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥97.96 (vs JP¥117 in FY 2021) Full year 2022 results: EPS: JP¥97.96 (down from JP¥117 in FY 2021). Revenue: JP¥182.3b (up 5.3% from FY 2021). Net income: JP¥6.71b (down 20% from FY 2021). Profit margin: 3.7% (down from 4.9% in FY 2021). The decrease in margin was driven by higher expenses. Tillkännagivande • May 12
Bunka Shutter Co., Ltd., Annual General Meeting, Jun 21, 2022 Bunka Shutter Co., Ltd., Annual General Meeting, Jun 21, 2022. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Yoshihiko Hayasaka was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 08
Bunka Shutter Co., Ltd. to Report Fiscal Year 2022 Results on May 12, 2022 Bunka Shutter Co., Ltd. announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 06
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥30.96 (up from JP¥28.04 in 3Q 2021). Revenue: JP¥44.4b (up 2.5% from 3Q 2021). Net income: JP¥2.09b (up 3.8% from 3Q 2021). Profit margin: 4.7% (up from 4.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Tillkännagivande • Feb 05
Bunka Shutter Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2022 Bunka Shutter Co., Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2022. For the year, the company expects net sales of JPY 181,500 million, operating profit of JPY 10,300 million, Profit attributable owners of parent of JPY 7,600 million, Basic earnings per share of JPY 113.14. Tillkännagivande • Feb 04
Bunka Shutter Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2022 Bunka Shutter Co., Ltd. provided dividend guidance for the fiscal year ending March 31, 2022. For the year, the company expects dividend of JPY 20.00 per share compared to JPY 27.50 per share a year ago. Reported Earnings • Nov 05
Second quarter 2022 earnings released: EPS JP¥22.39 (vs JP¥25.55 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥42.7b (up 3.9% from 2Q 2021). Net income: JP¥1.53b (down 17% from 2Q 2021). Profit margin: 3.6% (down from 4.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 05
First quarter 2022 earnings released: JP¥4.24 loss per share (vs JP¥0.59 profit in 1Q 2021) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: JP¥41.3b (up 11% from 1Q 2021). Net loss: JP¥301.0m (down JP¥343.0m from profit in 1Q 2021). Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥117 (vs JP¥92.10 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥173.1b (down 6.0% from FY 2020). Net income: JP¥8.40b (up 27% from FY 2020). Profit margin: 4.9% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥117 (vs JP¥92.10 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥173.1b (down 6.0% from FY 2020). Net income: JP¥8.40b (up 27% from FY 2020). Profit margin: 4.9% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Tillkännagivande • May 14
Bunka Shutter Co., Ltd. (TSE:5930) announces an Equity Buyback for 6,500,000 shares, representing 9.06% for ¥5,000 million. Bunka Shutter Co., Ltd. (TSE:5930) announces a share repurchase program. Under the program, the company will repurchase up to 6,500,000 shares, representing 9.06% of its issued share capital (excluding treasury stock), for a total purchase price of ¥5,000 million. The purpose of the program is to expand shareholder returns and improve capital efficiency. The program will continue through April 28, 2022. As of March 31, 2021, the company had 71,716,477 issued shares (excluding treasury stock) and 480,010 treasury shares.