Nikon 1998 Annual Report Download

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ANNUAL REPORT 1998
nikoncoverpdf 00.4.11 4:48 PM ページ 4

Table of contents

  • Page 1
    ANNUAL REPORT 1998

  • Page 2
    ... comprehensive range of high-quality optical equipment. In addition to its lineup of premier single lens reflex (SLR) cameras, Nikon manufactures and markets a diverse range of steppers and other semiconductor manufacturing related equipment and is steadily expanding its industrial product offerings...

  • Page 3
    ... Amounts per share are computed based on the weighted average number of shares outstanding during the year. 2. U.S. dollar figures are translated for reference only at ¥132.10 to $1.00, the exchange rate at March 31, 1998. Industrial Instruments 65.0% Consumer Products 35.0% Nikon Corporation 1

  • Page 4
    ... projects in Japan continued to hamper sales in this field. During the period under review, Nikon worked to boost demand Business Summary Cameras During fiscal 1998, the stellar performance of the Nikon F5-the latest addition and the Company's flagship single lens reflex (SLR) camera-and surging...

  • Page 5
    Shigeo Ono, Chairman Nikon Corporation 3

  • Page 6
    ... of lenses for sale in the European market. Elsewhere, Nikon Precision Europe GmbH's training center, DUV Education & Application Centre, opened in Livingston, Scotland. The center will enhance technical training and support capabilities for excimer steppers. In a related move, a new office at Nikon...

  • Page 7
    Shoichiro Yoshida, President Nikon Corporation 5

  • Page 8
    ...AF zoom lens (AF Zoom Micro Nikkor ED70mm180mm, f4.5-5.6D) suitable for In compact cameras, Nikon introduced the Advanced Photo System Nuvis 160i-which features a received high acclaim from consumers around the world. Coupled with strong performances by the Nikon F50 and Nikon F70 series and the new...

  • Page 9
    ... including new lines of cameras featuring the Advanced Photo System. Ophthalmic Products In eyewear, in the first half of the year Nikon introduced the Nikon Lite Effort high-refraction lens and Nikon Soltes CP I and CPII progressive lenses for nearsightedness. In Japan and elsewhere in Asia, sales...

  • Page 10
    ...a new addition to its top-of-the-line ECLIPSE series of biological microscopes. The ECLIPSE E1000 was designed to offer unparalleled performance to researchers conducting detailed, exacting studies. This fully automated Steppers The market for semiconductor manufacturing related equipment continued...

  • Page 11
    ... sales of COOLPIX 900 digital cameras, which were launched in April 1998, and optics engines, which will be installed in the company's high-resolution, highbrightness LCD projectors. Future Outlook Despite the effects of deteriorating conditions in the semiconductor market, Nikon continues to work...

  • Page 12
    ..., Research & Development Yuji Obana Administration at Headquarters, Public Relations, Safety & Health, Domestic Sales, Advertising, Customer Service Toyohisa Kuramoto Production Engineering, Procurement, Quality Control, Product Liability, Environmental Affairs Yasujiro Hara Corporate Strategy...

  • Page 13
    ...U.S. Dollars) Net sales Outside Customers Intersegment sales/transfer Total Operating expenses Operating income (loss) Assets Depreciation and Capital amortization expenditures For the year ended March 31, 1998 Consumer products Industrial instruments Total (Eliminations) or Corporate Consolidated...

  • Page 14
    ...Nikon Corporation and Consolidated Subsidiaries For the years ended March 31 Millions of Yen 1998 1997 1996 1995 1994 1993 Thousands of U.S. Dollars 1998 For the year Net sales Cost of sales SG&A expenses Operating income (loss) Income (loss) before income taxes* Net income (loss) Amounts per share...

  • Page 15
    ... of the share of non-consolidated net sales by sector. For the years ended March 31, 1998, 1997 and 1996 (% of Non-Consolidated Net Sales) 1998 1997 1996 Cameras Ophthalmic products Semiconductor manufacturing related equipment Microscopes and measuring instruments Surveying instruments and others...

  • Page 16
    ... previous fiscal year-end. Expanded inventories and a rise in sales credits pushed up total current assets 12.8%. In addition, capital investment related to restructuring of the Company's operations caused a 5.2% rise in net property, plant and equipment. On the liabilities side, Nikon redeemed ¥15...

  • Page 17
    ...At March 31, 1998, 1997 and 1996 1998 (% of Total Assets) 1997 1996 Total assets Total current assets Inventories Property, plant and equipment Investments and other assets Total current liabilities Short-term borrowings Long-term debt, less current portion Shareholders' equity 100.0% 69.0 30.4 20...

  • Page 18
    ... T S Nikon Corporation and Consolidated Subsidiaries At March 31, 1998 and 1997 Millions of Yen 1998 1997 Thousands of U.S. Dollars (Note 1) 1998 ASSETS Current assets Cash and time deposits Marketable securities (Notes 3 and 5) Notes and accounts receivable-trade (Note 5): Customers Unconsolidated...

  • Page 19
    ... U.S. Dollars (Note 1) 1998 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings (Notes 5 and 6) Current portion of long-term debt (Notes 5 and 7) Notes and accounts payable-trade: Suppliers Unconsolidated subsidiaries and associated companies Accrued income taxes Accrued...

  • Page 20
    ...O L I D AT E D S TAT E M E N T S O F I N C O M E Nikon Corporation and Consolidated Subsidiaries For the years ended March 31, 1998, 1997 and 1996 Millions of Yen 1998 1997 1996 Thousands of U.S. Dollars (Note 1) 1998 Net sales Cost of sales Gross profit Selling, general and administrative expenses...

  • Page 21
    ...D AT E D S TAT E M E N T S O F S H A R E H O L D E R S ' E Q U I T Y Nikon Corporation and Consolidated Subsidiaries For the years ended March 31, 1998, 1997 and 1996 Number of Shares 1998 1997 1996 Shares of common stock (Note 9) Balance at beginning of year Balance at end of year 369,927,584 369...

  • Page 22
    ... by (used in) operating activities: Depreciation and amortization Loss on sales or disposal of property, plant and equipment Deferred income taxes Equity in earnings of unconsolidated subsidiaries and associated companies Other Total adjustments Changes in assets and liabilities: Increase in notes...

  • Page 23
    ... in the Japanese Securities and Exchange Law and its related accounting regulations, and in conformity with accounting principles and practices generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of International Accounting Standards...

  • Page 24
    ...(j) Research and Development Costs Expenditures for research and development activities are charged to income as incurred. (k) Stock Splits The Commercial Code of Japan permits Japanese companies, upon approval by the Board of Directors, to issue shares in the form of a "stock split" to shareholders...

  • Page 25
    ... at March 31, 1998: Notes and accounts receivable-trade Property, plant and equipment (net of accumulated depreciation) Marketable securities and investments in securities ¥14,676 517 6,618 ¥21,812 $111,100 3,916 50,106 $165,122 Thousands of U.S. Dollars Liabilities secured by the above assets...

  • Page 26
    ...90,000 $681,300 ᕨ Income Taxes The Company is subject to a number of taxes based on income, such as corporate income tax, inhabitants tax and enterprise tax, which in the aggregate resulted in a normal statutory tax rate of approximately 51% for 1998 and 1997. The effective tax rates reflected...

  • Page 27
    ...($75,700 thousand). (b) On June 26, 1998, the Company's shareholders approved appropriations of retained earnings as follows: Millions of Yen Thousands of U.S. Dollars Cash dividends Transfer to legal reserve Bonuses to directors and corporate auditors ¥1,479 150 20 ¥1,649 $11,201 1,136 151 $12...

  • Page 28
    ... the Board of Directors of NIKON CORPORATION: We have examined the consolidated balance sheets of NIKON CORPORATION and consolidated subsidiaries as of March 31, 1998 and 1997, and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the...

  • Page 29
    ...0015 Tel: 03-3775-6823 Nikon Sales-Promotion Co., Ltd.* 9-10, Hamamatsucho 1-chome, Minato-ku, Tokyo 105-0013 Tel: 03-5470-6850 Nikon Logistics Corporation* 13-17, Nishiohi 4-chome, Shinagawa-ku, Tokyo 140-0014 Tel: 03-3773-0351 Domestic Office Osaka Domestic Plants Ohi Plant 6-3, Nishiohi 1-chome...

  • Page 30
    ...-622 Nikon Research Corporation of America* 1399 Shoreway Road, Belmont, CA 94002-4107, U.S.A. Tel: (1) 650-508-4674 Nikon Ventures Corporation 1399 Shoreway Road, Belmont, CA 94002-4107, U.S.A. Tel: (1) 650-508-4674 Nikon Optical Canada Inc.* 5075 Fullum Street, Suite 100, Montreal, Quebec, Canada...

  • Page 31
    ... Common Stock Authorized: 1,000,000,000 shares Issued: 369,927,584 shares ¥36,660 million Number of Shareholders 15,253 Major Shareholders Number of shares held (thousands) Percentage of total shares issued Meiji Life Insurance Company The Mitsubishi Trust and Banking Corporation The Bank of...

  • Page 32
    NIKON CORPORATION FUJI BLDG., 2-3, MARUNOUCHI 3-CHOME, CHIYODA-KU, TOKYO 100-8331, JAPAN TEL: 03-3214-5311 CABLE: NIKKO TOKYO TELEX: J22601 NIKON FAX: 03-3201-5856 Printed in Japan