Nikon 2008 Annual Report Download - page 29

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Nikon Annual Report 2008 27
Cash Flow Analysis
During the fiscal year under review, net cash provided by
operating activities totaled ¥120,840 million. While notes
and accounts receivable—trade and inventories rose and
income taxes—paid increased, income before income
taxes and minority interests was at a high level, and notes
and accounts payable—trade increased.
Net cash used in investing activities totaled ¥49,783 mil-
lion, with expenditures for the purchase of property, plant
and equipment and investment securities.
Net cash used in financing activities totaled ¥38,664
million with expenditures for the repayment of short-term
borrowings and the redemption of corporate bonds.
As a result of these cash flows, cash and cash equiva-
lents totaled ¥112,958 million at the end of the fiscal year,
up ¥29,109 million from a year earlier.
Basic Dividend Policy and Fiscal 2008 and 2009
Dividends
Nikon is expanding investments in business and technol-
ogy development for future growth (capital expenditures
and research and development costs) and working to
enhance competitive strengths. While adopting the stable
distribution of dividends to shareholders as a basic policy,
Nikon aims to better reflect business performance in
shareholder compensation, returning profits to sharehold-
ers through dividend increases and other measures.
With the increase in earnings power and strengthening
of Nikon’s financial foundation in recent years, the time
has come to enhance the return of profits to shareholders.
Specifically, while continuing to actively invest for future
growth as in the past based on management emphasizing
cash flow and implementing stable dividends that bet-
ter reflect consolidated performance, Nikon is now also
acquiring treasury stock to boost capital efficiency and
flexibly execute capital policies.
For the time being, we have set a target of a total return
ratio of at least 25%.
Based on the above policy, Nikon issued a fiscal 2008
year-end dividend of ¥13.50 per share. Combined with the
interim dividend of ¥11.50 per share, the total fiscal 2008
dividend was ¥25.00 per share, which was an increase of
¥7.00 per share over the previous fiscal year. The Company
expects to issue a total dividend of ¥25.00 per share for
fiscal 2009 (ending March 31, 2009), which includes an
interim dividend of ¥12.50 per share.
04
05
06
07
08
(Millions of yen)
Net Sales
506,378
638,468
730,944
822,813
955,792
04
05
06
07
08
(Millions of yen)
Net Income
2,410
24,141
28,945
54,825
75,484
04
05
06
07
08
(Millions of yen)
Operating Income
3,675
30,545
66,587
102,007
135,169
04
05
06
07
08
(Millions of yen)
R&D Costs
30,165
33,561
37,139
47,218
58,373
04
05
06
07
08
(%)
Return on Equity
1.4
13.1
13.2
18.5
20.4
04
05
06
07
08
(Millions of yen)
Total Equity
171,194
196,030
243,122
348,445
393,126
04
05
06
07
08
(Yen)
Basic Net Income Per Share
6.52
65.19
78.16
146.36
189.00
04
05
06
07
08
(Millions of yen)
Capital Expenditures
22,267
22,459
25,817
30,432
39,829
04
05
06
07
08
(Yen)
Diluted Net Income Per Share
6.02
57.84
69.33
131.42
181.23