Nikon 2002 Annual Report Download
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Table of contents
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Page 1
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Page 2
... optical equipment. Continuing to grow, Nikon manufactures a diverse range of industrial instruments, including our key steppers and other semiconductor manufacturing-related equipment, microscopes and measuring instruments to complement our unique lineup of conventional film and digital cameras...
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Page 3
...Notes: 1. Per share of common stock is computed based on the weighted average number of shares outstanding during the year. 2. U.S. dollar figures are translated for reference only at ¥133.25 to U.S. $1.00, the exchange rate at March 31, 2002.
Net Sales
(Millions of Yen)
2002 2001 2000 1999 1998...
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Page 4
... products and services that deliver complete customer satisfaction. We also devoted considerable effort to entrenching the benefits derived from our in-house company system and focus on consolidated management. We further boosted efforts to slash fixed and variable costs across the Nikon Group...
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Page 5
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Page 6
... of inventories and receivables. In parallel with this drive to cut fixed costs, we are also implementing a plan to reduce variable costs in each business unit. Together, these various initiatives are helping to streamline the Nikon Group and create a more effective business structure capable...
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Page 7
...) cameras, compact cameras, interchangeable camera lenses, digital cameras, film scanners
45.5%
9.4%
Biological microscopes, industrial microscopes, measuring instruments, inspection equipment
4.8%
Binocular & telescope products, surveying instruments, ophthalmic frames and sunglasses
Net Sales...
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Page 8
... ended March 31, 2002. The slump in the semiconductor market, which spread from Taiwan to Japan and then to the United States, resulted in a steep decline in sales at Precision Equipment Company as customers postponed equipment deliveries and canceled orders. Sales fell 15.3% year on year to ¥199...
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Page 9
NSR-S306C
ArF excimer stepper with ultra-high N.A. lens (N.A. of 0.78)
NSR-S205C
KrF excimer stepper applicable to mass production of devices up to 130-nm
FX-701M
LCD stepper for production of medium-sized LCD panels
FX-21S
LCD stepper for production of large LCD panels
07
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Page 10
... Nikon cameras also benefited as the company launched new easy-to-use models designed to expand the market by appealing to young users. The company plans to continue this successful brand strategy in the future. Business development efforts are focused principally on related digital camera services...
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Page 11
D100
SLR-type digital camera for amateur photography enthusiasts
Nikon Us
Ultra-compact, ultra-light SLR camera with advanced functions
COOLPIX 2500
Digital camera with a unique innerswivel lens design
SUPER COOLSCAN 8000 ED
Film scanner featuring high image resolution, multiple film formats
09
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Page 12
... to new technology. In microscopes, Nikon plans to capitalize on its expertise in digital imaging and networked system products to expand sales in the field of advanced research. In the year ended March 2002, the company established a new sales and marketing subsidiary in Europe, Nikon Instruments...
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Page 13
...Inverted research microscope featuring flexible expandability for multiple applications
DIGITAL ECLIPSE C1
Modular confocal microscope system providing a high-contrast image of intercellular structure
NRM-3000
Overlay measuring system for process management support of 300-mm IC wafers
OPTISTATION...
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Page 14
... ophthalmic lenses, such as progressive addition lenses, extensive retail discounting within the market for ophthalmic frames and sunglasses depressed overall results. Nikon plans to expand sales by concentrating on high-valueadded product ranges, both in Japan and in overseas markets. The company...
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Page 15
... Equipment and Instruments of the Nikon Group business. Exceptionally poor business conditions prevailed as the market underwent widespread structural changes. In contrast, the Imaging Products beneï¬ted as the digital camera market continued to expand briskly.
Net Sales by Industry Segment Years...
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Page 16
... of industrial microscopes. Operating proï¬t for the segment amounted to Â¥0.5 billion. In Japan, Imaging Products successfully boosted its sales as a result of ongoing expansion in the digital camera market. Meanwhile Precision Equipment and Instruments deteriorated markedly as the sudden fall-off...
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Page 17
... decrease in total shareholders' equity amounted to Â¥9.2 billion. In terms of cash ï¬,ows, cash and cash equivalents at year-end amounted to Â¥24.6 billion. Net cash used by operating activities totaled Â¥9.5 billion mostly caused by the payments of account receivables, income taxes and collection...
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Page 18
... of U.S. Dollars (Note 1) 2002
Millions of Yen 2002 2001
ASSETS Current assets Cash and cash equivalents Notes and accounts receivable - trade (Note 6): Customers Unconsolidated subsidiaries and associated companies Allowance for doubtful receivables Inventories (Note 5) Deferred tax assets (Note...
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Page 19
...Thousands of U.S. Dollars (Note 1) 2002
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings (Note 6) Current portion of long-term debt (Note 6) Notes and accounts payable - trade: Suppliers Unconsolidated subsidiaries and associated companies Income taxes payable Accrued...
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Page 20
Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2002 and 2001
Consolidated Statements of Operations
Millions of Yen 2002 2001 Thousands of U.S. Dollars (Note 1) 2002
Net sales (Note 3) Cost of sales (Note 3) Gross proï¬t
Â¥ 482,975 306,793 176,182
Â¥ 483,957 301,759 182,...
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Page 21
... Statements of Shareholders' Equity
Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2002 and 2001
Thousands Outstanding Number of Shares of Common Stock Additional Paid-in Capital
Millions of Yen Unrealized Foreign Gain on Currency Available-for- Translation Sale Securities...
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Page 22
... and accounts receivable - trade Increase in inventories Increase (decrease) in notes and accounts payable - trade Other-net Total adjustments Net cash provided by (used in) operating activities Investing activities: Capital expenditures Proceeds from sales of property, plant and equipment Purchases...
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Page 23
... which Nikon Corporation (the "Company") is incorporated and operates. The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of ¥133.25 to U.S.$1, the rate of exchange at March 31, 2002. Such...
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Page 24
... 1, 2000, the Company and domestic subsidiaries adopted the new accounting standard for employees' retirement beneï¬ts and account for the liability for retirement beneï¬ts based on the projected beneï¬t obligations and plan assets at the balance sheet date. The full amount of the transitional...
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Page 25
... herein because the Company has not issued any securities that are potentially dilutive for the year ended March 31, 2001, and because of the Company's net loss position for the year ended March 31, 2002.
3. ACCOUNTING CHANGE
Effective April 1, 2001, service revenue and the related cost, which were...
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Page 26
...552
¥ 11,090 0 ¥ 11,090
¥ 2,961 0 ¥ 2,961
¥ 47,895 786 ¥ 48,681
March 31, 2002
Cost
Thousands of U.S. Dollars Unrealized Unrealized Gains Losses
Fair Value
Securities classiï¬ed as: Available-for-sale: Equity securities Debt securities Total
$293,541 358 $293,899
$ 48,121 0 $ 48,121...
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Page 27
...Sale for Sale
Due in one year or less Due after one year through ï¬ve years Total
¥ ¥
0 4 4
¥ ¥ 4 4
$ $
5 34 39
5. INVENTORIES
Inventories at March 31, 2002 and 2001 consisted of the following:
Millions of Yen 2002 2001 Thousands of U.S. Dollars 2002
Finished and semi-ï¬nished products...
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Page 28
... Company may at any time purchase at any price in the open market or otherwise. The bonds purchased or otherwise acquired by the Company may be held or resold or, at the discretion of the Company, may be canceled (together with any unmatured coupons attached thereto or purchased therewith). Issued...
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Page 29
... rates of pay at the time of termination, length of service and certain other factors. Effective April 1, 2000, the Group adopted a new accounting standard for employees' retirement beneï¬ts. The liability for employees' retirement beneï¬ts at March 31, 2002 and 2001 consisted of the following...
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Page 30
Â¥5,412 million as of March 31, 2002 and 2001, respectively. Under the Code, companies may issue new common shares to existing shareholders without consideration as a stock split pursuant to a resolution of the Board of Directors. Prior to October 1, 2001, the amount calculated by dividing the total...
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Page 31
... of Yen 2002 2001
Thousands of U.S. Dollars 2002
Deferred tax assets: Inventories write down Warranty reserve Liability for employees' retirement beneï¬ts Depreciation and amortization Net operating loss carryforwards Other Total Deferred tax liabilities: Deferred gains on sales of property...
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Page 32
... of operations, computed by the straight-line method, was Â¥3,533 million ($26,518 thousand) and Â¥3,492 million for the ï¬scal years ended March 31, 2002 and 2001, respectively.
13. DERIVATIVES
The Group enters into derivative contracts, including foreign exchange forward contracts, currency...
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Page 33
...2002 Contract or Notional Amount Net Unrealized Gain (Loss) Thousands of U.S. Dollars 2002 Contract or Net Notional Unrealized Amount Fair Value Gain (Loss)
Fair Value
Foreign Exchange Forward Contracts: Selling JPY Selling USD Selling EUR... qualiï¬ed for hedge accounting and related amounts were...
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Page 34
...The management introduced the program in order to streamline the structure of the Company in light of harsh economic conditions. Candidates for the plan were limited to those employees who are 45 years of age or older, and the period of application was speciï¬ed from April 15 to May 10, 2002 during...
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Page 35
...camera lenses, Digital cameras, etc. Microscopes, Measuring instruments, etc. Binocular and telescope products, Ophthalmic frames, Surveying instruments, etc.
Notes: 1. Effective April 1, 2000, the Group changed its segment classiï¬cation in line with the introduction of a decentralized management...
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Page 36
...834 1,643
3. The effect of the change in the accounting method of service revenue and related cost was to increase (decrease) net sales in the segment of Japan, North America, Europe, Asia and Eliminations or Corporate for the ï¬scal year ended March 31, 2002 by Â¥16,791 million ($126,009 thousand...
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Page 37
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Page 38
... Nikon Ophthalmic Products Co., Ltd.* 0 Nikon-Essilor Co., Ltd.*
Ofï¬ce of Management Strategy
Ofï¬ce of Corporate Technology Management
Corporate Strategy Center
A Nikon Systems Inc. B Nikon Americas Inc. C Nikon Holdings Europe B.V.
Business Administration Center
D Nikon Sales-Promotion...
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Page 39
Nikon's Global Presence
T 9 n a KL BSk d c e O b ` P] N
W MX CUl \ Y Z [ V ij m h
2 1 f 7AG
Q I
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345 680 DEF JRg
37
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Page 40
... Core Technology Center General Manager of Sales & Marketing Headquarters, Precision Equipment Company General Manager of Customized Products Division General Manager of Marketing Management Department, Imaging Company General Manager of Development Management Department, Imaging Company
*indicates...
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Page 41
... 2.1
Stock Exchange Listings Tokyo, Osaka, Fukuoka, Sapporo Transfer Agent and Registrar The Mitsubishi Trust and Banking Corporation 11-1, Nagatacho 2-chome, Chiyoda-ku, Tokyo 100-8212, Japan (As of March 31, 2002)
Price Range of Common Stock (Â¥)
4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200...
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FUJI BLDG., 2-3, MARUNOUCHI 3-CHOME, CHIYODA-KU, TOKYO 100-8331, JAPAN tel +81-3-3214-5311 fax +81-3-3216-1454 URL: http://www.nikon.co.jp/eng/ Printed in Japan