Nikon 1998 Annual Report Download - page 16

14 Nikon Corporation
Financial Review and Analysis
At fiscal year-end, total assets stood at ¥507.3 billion, up ¥47.0 billion, or 10.2%, from the 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 ¥15.0 billion in bonds during the fiscal year and issued ¥20.0 billion in new bonds,
which—coupled with an increase in short-term borrowings—resulted in growth in total liabilities of ¥41.7 billion at the end of fiscal 1998.
Dividends paid in fiscal 1998 amounted to ¥2.9 billion, while net income totaled ¥8.3 billion and shareholders’ equity rose
¥5.2 billion as of the end of the fiscal year.
Income Analysis
For the years ended March 31, 1998, 1997 and 1996 (% of Net Sales)
1998 1997 1996
Net sales 100.0% 100.0% 100.0%
Cost of sales (60.3) (58.0) (56.7)
Gross profit 39.7 42.0 43.3
SG&A expenses (32.3) (29.6) (28.5)
Operating income 7.4 12.4 14.8
Net interest expense and dividend income (1.3) (1.4) (1.7)
Net other income (expenses) (1.0) (1.3) (2.5)
Income before income taxes* 5.1 9.7 10.6
Income taxes (2.9) (4.4) (5.0)
Minority interest and equity in earnings
of unconsolidated subsidiaries and associated companies 0.0 0.0 0.0
Net income 2.2 5.3 5.6
*Excluding minority interest and equity in earnings of unconsolidated subsidiaries and associated companies
Note: All expenses and subtractive amounts are in parentheses.
Net Sales ( ¥ Billion)
98
97
96
95
94
372.1
379.1
332.8
288.5
246.2
Operating Income ( ¥ Billion)
98
97
96
95
94
27.5
46.9
49.3
18.9
0.2
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