Nikon 2008 Annual Report Download - page 8
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related to global warming, setting specific numeri-
cal targets for energy conservation, reductions in
CO2 emissions and other environmental indices, and
actively implementing these throughout the Group.
Shareholder Returns Policy
and Dividends
Nikon has increased its shareholder returns in
recent years in response to the strengthening of its
financial structure. More specifically, our present
goal is to provide a total return ratio of 25% or more.
To achieve this, we make proactive investments for
future growth, while also paying a stable dividend
that increasingly reflects consolidated performance.
At the same time, we acquire treasury stock to
improve capital efficiency and allow for the conduct
of a flexible capital policy. In accordance with a deci-
sion by the Board of Directors meeting on May 12,
20 0 8 , we acq ui r ed 3 ,713 t ho us an d sh ar es of s to ck w it h
a total value of ¥11,997 million. Year-end dividends
for the year ended March 2008 were ¥13.50 per share,
which combined with the interim dividend of ¥11.50
per share is a full-year dividend of ¥25 per share.
This represents an increase of ¥7 per share over the
previous year-end.
Forecast for the Year Ending March 2009,
and Progress of the Medium Term Manage-
ment Plan
We expect conditions for IC steppers and scanners
to be difficult during the year ending March 2009 due
to restraints on capital investment, but anticipate
a recovery for LCD steppers and scanners due to
growth in the market for LCD televisions. We expect
the digital camera market to continue to expand, but
remained concerned over economic slowdown and
lagging consumption due to the impact of the sub-
prime loan crisis in the United States and the earth-
quake in China, and so anticipate sluggish market
growth and increasingly fierce competition. Business
conditions are becoming harsher in the year ending
March 2009, but we are seeking to realize further
increases in revenue and earnings through greater
product competitiveness and cost reductions. Nikon
will retain a sense of alertness in its business and
organizational operations, seeking quick and accu-
rate responses to the drastically changing business
environment, as it works to establish a “Strong
Nikon” able to produce sustainable growth.
Specifically, we will move forward with the prin-
ciples of the medium term management plan:
•Strengthenthecompetitivenessofcorebusinesses
by securing superiority in state-of-the-art technol-
ogies and developing high-value-added products.
•Create and foster new businesses becoming new
pillars that support our group through appropriate
investment of our resources.
•Innovate manufacturing and strengthen sales
capabilities.
•Increasecash owthroughimprovementofasset
efficiency.
In the three years through the year ending March
2011, we plan to carry out capital investments
totaling ¥160 billion and R&D spending totaling
¥220 billion to produce next-generation products,
develop core and basic technologies, and improve
productivity.
Thank you for your continued support of Nikon.
(Yen)
0
5
10
15
20
25
30
Benefit to Shareholders
09 (est.)08070605
Cash dividends per share (Years ended March 31)
Stable dividend payment based on business performance and
flexible execution of acquisition of own shares
Targeted total return ratio equivalent to 25% or more
810
18
25 25 Acquisition of
Own Shares
6 Nikon Annual Report 2008