I would like to express our sincere gratitude to our shareholders and investors for their continued support.
I am pleased to provide an overview of our consolidated business results for the fiscal year from January 1, 2020 through December 31, 2020 as follows.
During the fiscal year under review, the world economy was sluggish, reflecting social disruption and economic stagnation caused by the COVID-19 pandemic. In the digital camera market, where the Group operates, sales of digital SLR cameras, interchangeable lenses and compact digital cameras declined significantly due to restrictions on travel and going out around the world and the cancellation and postponement of events. In this challenging business environment, net sales in the fiscal year under review fell 23.6% year-on-year. The Group strove to reduce selling, general and administrative expenses, but operating income fell by half on a year-on-year basis due to the significant impact of a decrease in gross profit caused by the fall in net sales. The Group encouraged voluntary early retirement at its production bases in Japan to restructure its business base from a medium- to long-term perspective and posted an extraordinary loss related to that. Due to the loss and other factors, profit attributable to owners of parent decreased 63.3% year-on-year.
Despite the significant decrease in profit attributable to owners of parent, we will pay year-end dividends per share of 25 yen to ensure stable dividends. Full year dividends per share are 50 yen, including the interim dividends per share of 25 yen. The payout ratio is 56.3%.
On November 1, 2020, we celebrated the 70th anniversary of our founding. We would like to express our heartfelt gratitude to our stakeholders, particularly our customers and shareholders, for their support. The business environment is reaching a turning point. We are accelerating our response to the changes in the external environment, and accordingly, on the occasion of the 70th anniversary, we have changed the structure of the corporate mission, which is the basis of our activities. Under the new corporate mission, we will first strive to achieve the new Medium Term Management Plan, Vision23, for the period up to 2023 to achieve rapid growth in the next ten years leading to our 100th anniversary.
We look forward to the continued support of our investors and shareholders.