Nikon 2012 Annual Report Download - page 28

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NIKON CORPORATION ANNUAL REPORT 2012
included capital expenditures of ¥4,982 million.
R&D spending amounted to ¥68,701 million, an increase
of ¥7,934 million from the previous fiscal year, and 7.5%
as a proportion of sales. We will maintain the same level
of spending for the fiscal year ending March 31, 2013. By
segment, spending in the Precision Equipment Business
totaled ¥22,252 million, the Imaging Products Business
¥27,059 million, the Instruments Business ¥5,316 million,
and the Other Business ¥14,075 million.
Financial Position
Total assets at March 31, 2012, amounted to ¥860,230
million, an increase of ¥30,321 million from the end of
the previous fiscal year (March 31, 2011). This was mainly
due to increases in notes and accounts receivable—trade
and inventories, as well as the increase in property, plant
and equipment resulting from the flooding in Thailand.
Total liabilities amounted to ¥426,614 million, a decrease
of ¥14,076 million from the end of the previous fiscal year.
This was due mainly to a decline in liability for employees’
retirement benefits in long-term liabilities.
Total equity amounted to ¥433,617 million, an increase
of ¥44,397 million. This mainly reflected the recording of
¥59,306 million in net income, and an increase in retained
earnings. The equity ratio was 50.3%, an increase of 3.5
percentage points from the end of the previous fiscal year.
Cash Flow Analysis
Net cash provided by operating activities amounted to
¥15,073 million in the fiscal year ended March 31, 2012.
This was due mainly to ¥86,168 million in income before
income taxes; offset by a ¥18,681 million increase in notes
and accounts receivable—trade; a ¥27,703 million increase
in inventories; and a ¥15,530 million decrease in notes and
accounts payable—trade.
Net cash used in investing activities amounted to ¥49,145
million, due mainly to ¥35,773 million in expenditures for
purchases of property, plant and equipment.
Net cash used in financing activities amounted to ¥15,150
million, due mainly to ¥12,278 million in dividends paid.
Balance Sheet Analysis
March 31, 2011 and 2012 % of Total Assets
2011 2012
Total assets 100.0% 100.0%
Total current assets 71.2 70.9
Inventories 28.5 30.6
Property, plant and equipment 14.3 15.2
Investments and other assets 14.5 13.9
Total current liabilities 41.2 39.8
Short-term borrowings 1.8 1.6
Long-term debt, less current portion 8.2 7.7
Total equity 46.9 50.4
Basic Policy on Shareholder Returns; Current,
Subsequent Term Dividends
Nikon’s basic dividend policy is to “improve reflection of
business performance based on paying a steady, continuous
dividend emphasizing the standpoint of investors while also
expanding investment for future growth and technological
development (capital expenditures and R&D development), and
striving to strengthen competitiveness.” In accordance with
this policy, the Company aims for a total return ratio of 25% or
more, and to otherwise provide shareholder returns through
dividend increases and the acquisition of treasury stock.
For the fiscal year ended March 31, 2012, Nikon has
increased its year-end dividend by ¥7, to ¥21 per share
which, together with the interim dividend of ¥17 per share,
represents a full-year dividend of ¥38 per share. For the
fiscal year ending March 31, 2013, we plan to pay a full-year
dividend of ¥41 per share (of which the interim dividend will
be ¥19 per share).
Note: ROE is calculated as net income (loss) divided by
average shareholders’ equity, and ROA is calculated as
net income (loss) divided by average total assets.
2008 2010
25
20
15
10
5
0
-5
-10
2009 2011 2012
(%)
2008 2010
10
8
6
4
2
0
-2
-4
2009 2011 2012
(%)
ROE
Years ended March 31
ROA
Years ended March 31