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NIKON
REPORT
2016
Year Ended March 31, 2016

Table of contents

  • Page 1
    NIKON REPORT 2016 Year Ended March 31, 2016

  • Page 2
    ... in 1917. In the fiscal year ended March 31, 2016, the Company made progress with the transformation needed to make the Group grow by means of its six-business portfolio based on its Medium-Term Management Plan, "Next 100-Transform to Grow." Nikon Report 2016 brings together the main thrusts of the...

  • Page 3
    ... Directors and Officers Progress of the Medium-Term Management Plan BUSINESS PERFORMANCE 18 Performance Highlights 22 Business Review for the Fiscal Year Ended March 31, 2016 24 Overview of Divisions and Business Units 24 26 28 30 32 34 36 Corporate Strategy Division Semiconductor Lithography...

  • Page 4
    ... of digital SLR cameras 1945 Following the end of World War , production shifts to civilian-use optical equipment 1959 Nikon F 4 single-lens reflex (SLR) camera marketed Nikon's first interchangeable lens SLR camera 1986 NSR-L7501G 6 large substrate exposure system marketed Nikon's first...

  • Page 5
    ... optical microscopes HN-6060 11 non-contact multi-sensor 3D metrology system marketed Enabled non-contact acquisition of measurement data at high speed, precision, and density 2005 Nikon Imaging (China) Sales Co., Ltd. starts operations in China 2007 BioStation CT 9 cell culture observation system...

  • Page 6
    ...8.3 14.6 2012 2013 2014 2015 2016 IMAGING PRODUCTS BUSINESS Development, manufacture, sales, and service of digital cameras-interchangeable lens type, interchangeable lenses and compact digital cameras, and other products CHARACTERISTICS Nikon has been developing high-performance products by...

  • Page 7
    ...1.1 2.8 2012 2013 2014 2015 2016 MEDICAL BUSINESS Sales and service of Optos Plc's products, such as retina diagnostic imaging equipment CHARACTERISTICS OTHER BUSINESSES CHARACTERISTICS Based on its core competencies of opto-electronics and precision technologies, Nikon is developing a new...

  • Page 8
    ..., Nikon continues to enrich lives around the world and support cutting-edge industries that are shaping the future. We would like to introduce some of our mainstay products. © Matthias Hangst Semiconductor Lithography System FPD Lithography System Digital Single-Lens Reflex (SLR) Camera NSR...

  • Page 9
    Basic Technologies that Support Nikon ABOUT NIKON Optics Precision Measurement and Manufacturing Opto-electronics Image Processing Precision Materials Software and Systems * Retina image taken by California Super Resolution Microscope X-Ray / CT Inspection System Ultra-Widefield Imaging ...

  • Page 10
    ...year increases in revenues and profits, the Imaging Products Business was sluggish under the effects of an overall shrinkage of its markets. An important year, the fiscal year under review is said to have been the turning point for the revised Medium-Term Management Plan Update announced in May 2015...

  • Page 11
    ...year ended March 31, 2016, are viewed by main business, although sales of semiconductor lithography systems did not increase as much as planned, the market responded to activation from capital investment in small and medium-sized high-definition panels, there was a significant increase in the number...

  • Page 12
    ... the progress made so far. Basic Policy of Medium-Term Management Plan Update Announced in May 2015 Next 100 - Transform to Grow Transforming into a corporate entity that grows by means of its six-business portfolio By maintaining the stable earnings of the FPD Lithography Business and the Imaging...

  • Page 13
    ..., the Imaging Products Business plans to have recovered, including its full production system of its mainstay digital SLR, in the second half of the fiscal year, and I would like to minimize the extent of the decrease in profit over the full year. Under the Medium-Term Management Plan Update, we...

  • Page 14
    ... General Shareholders' Meeting held in June 2016. The important thing is to change the substance. For example, until now medium-term management plans compiled by the management team have been passed by resolutions made at Board of Directors. From now on, plans will be discussed from the initial...

  • Page 15
    ...to come. Without sticking to a final product, I am thinking we will aim for a variety of business categories in which our technologies will be embedded in a wide number of areas. First, in addition to implementing measures cited in the Medium-Term Management Plan Update, I have now been charged with...

  • Page 16
    ... 2013 Director, Member of the Board & Senior Executive Vice President, Officer in charge of Intellectual Property Headquarters, President of Precision Equipment Company, Vice Officer in charge of Corporate Planning Headquarters 2014 President and Director, Overseeing Medical Business Development...

  • Page 17
    ... Manager of Semiconductor Lithography Business Unit Officers who are not Directors are listed below. Atsumi Nakamura Corporate Vice President General Manager of Microscope Solutions Business Unit Tadashi Nakayama Corporate Vice President Sector Manager of Development Sector, Imaging Business...

  • Page 18
    ...year ending March 31, 2017, onward. Basic Policy of the Medium-Term Management Plan Update Next 100 - Transform to Grow Transforming into a corporate entity that grows by means of its six-business portfolio By maintaining the stable earnings of the FPD Lithography Business and the Imaging Products...

  • Page 19
    ...year ended March 31, 2016 BUSINESS STRATEGY FPD Lithography Business Imaging Products Business Microscope Solutions Business Industrial Metrology Business • Utilizing M&As and alliances centered on X-ray inspection • Invested approximately $10 million in U.S. venture company and non-contact...

  • Page 20
    ... Medical Cost of sales Selling, general and administrative expenses Operating income (loss) Precision Equipment Imaging Products Instruments Medical EBITDA*1 Income (loss) before income taxes Net income (loss) attributable to owners of the parent Per share of common stock (yen and U.S. dollars...

  • Page 21
    ...2011 to 2015 includes seven Group manufacturing companies in Japan and two Group manufacturing companies outside Japan. Data for 2016 includes 15 Group companies in Japan and five Group companies outside Japan. For more details, please refer to "The Nikon Group's Environmental Management Systems and...

  • Page 22
    ...2010 2011 2012 2013 2014 2015 2016 4 Cash Flow (Years ended March 31) Millions of yen 150,000 100,000 50,000 0 -50,000 -100,000 Net income (loss) attributable to owners of the parent ROE % 25 20 15 10 5 0 -5 Net cash provided by operating activities Net cash used in investing activities Free cash...

  • Page 23
    ... 2013 2014 2015 2016 Cash dividends per share Total return ratio % 80 60 40 20 0 Awards Won Related to Products Host Content of Commendation Subject of Award Year ended March 31, 2016 Technical Image Press Association European Imaging and Sound Association Japan Institute of Design Promotion...

  • Page 24
    ... resolution and high alignment accuracy, the latest system for small and medium-sized high-definition panels, the FX-68S, was launched in March 2016. IMAGING PRODUCTS BUSINESS Summary for the Fiscal Year Ended March 31, 2016 Year-on-year drops in unit sales of digital cameras-interchangeable lens...

  • Page 25
    ...operating income of the Microscope Solutions Business grew mainly in biological microscopes, driven by increases in market share primarily in the United States and China. With the aim of entering the business of contract manufacturing of cells for regenerative medicine use in Japan, the Group signed...

  • Page 26
    ...the business units, the Corporate Strategy Division will accelerate the growth of the Nikon Group. Tomohide Hamada Senior Vice President and Director, General Manager of Corporate Strategy Division Message Q In the Medium-Term Management Plan announced in June 2014, M&A, R&D, human resources, and...

  • Page 27
    ... time promote the increased efficiency and strengthening of our existing cash cow businesses. I believe that the Corporate Strategy Division's most important role lies in devising the initiatives to realize sustainable growth by means of the Company's six-business portfolio. NIKON REPORT 2016 25

  • Page 28
    ... in which the Company's Semiconductor Lithography Business operates remained harsh. We worked to enhance the performance of advanced equipment, primarily ArF immersion scanners, and improved product competitiveness, but the increased severity in aspects such as prices and trade conditions did not...

  • Page 29
    ... human resource development systems to enable flexible operations. In relation to system development, we are addressing the automation of the performance management of our equipment. I recognize that this is being improved according to plan and to a level that compares favorably with other companies...

  • Page 30
    ... units or processes outside our business unit will enable us to divert personnel to other units and processes. By integrating these measures with normal activities designed to reduce the number of construction period man-hours we will build a more efficient production system. 28 NIKON REPORT 2016

  • Page 31
    ... medium to long term. As we plan to sell 90 units in the current fiscal year, an increase of 39 units over the number sold in the fiscal year ended March 31, 2016, our primary issue is gearing up for the increase in production. Currently, new production plants are being built at both Tochigi Nikon...

  • Page 32
    ... operational processes and building a more robust Imaging Business Unit. Nobuyoshi Gokyu Senior Vice President General Manager of Imaging Business Unit Q How would you summarize the fiscal year ended March 31, 2016? The environment in each of the markets for digital cameras-interchangeable lens...

  • Page 33
    Overview of Divisions and Business Units Digital SLR camera D500 Advanced camera-interchangeable lens type Nikon 1 J5 Compact digital camera COOLPIX B500 BUSINESS PERFORMANCE In August 2015, we established a Global Marketing Strategy Department in Singapore. The aim is to respond rapidly to ...

  • Page 34
    ... steadily nurture the seeds of business. Atsumi Nakamura Corporate Vice President General Manager of Microscope Solutions Business Unit Q How would you summarize the fiscal year ended March 31, 2016? The market for biological microscopes fell more than was expected in Japan but was steady overseas...

  • Page 35
    ... at which the system is used by other facilities as well. Q Please provide us with the main points of your achievements toward the Medium-Term Management Plan. The most important point in the current fiscal year will be our start in the regenerative medicine-related business. To steadily nurture...

  • Page 36
    ... results. The primary problem was that the sales targets for Nikon Metrology* products in the Asian market have not yet been achieved. Even in Europe, there are sales targets that remain slightly unachieved. Having been positioned as a growth business under the Medium-Term Management Plan, if viewed...

  • Page 37
    ...year ending March 31, 2017, that are geared toward further growth. I feel that there is a need to broadly address sales channel expansion. As part of this initiative, we will approach customers for whom Nikon products and solutions are expected to be a best fit, create a worldwide list, and promote...

  • Page 38
    ...of America (NRCA), the R&D base that the Company owns. Having designated the United States-the prime mover of global medical business-as a priority area, we are promoting human resource placements and exchanges, while working to accelerate the creation of synergies with Optos. 36 NIKON REPORT 2016

  • Page 39
    ...First, I would like to develop new products that leverage Nikon's and Optos' technologies and bring them to market as soon as possible, to assist in the detection and prevention of chronic diseases in the early stage. In particular, the number of people that are losing their sight due to the effects...

  • Page 40
    ... towards stakeholders including customers, employees, business partners, and society, etc., with a sincere and diligent attitude. The Nikon Group will strive to achieve sustainable growth and enhancement of its corporate value over the medium to long term, through improving management efficiency and...

  • Page 41
    ...) CORPORATE GOVERNANCE Reasons for Appointment of External Director, except Audit and Supervisory Committee Members Name Reasons for Appointment Akio Negishi Akio Negishi has served as Representative Executive Officer of Meiji Yasuda Life Insurance Company and possesses many years of management...

  • Page 42
    ...related systems so as to ensure objectivity, transparency, and linkage with performance in the process of determining executive compensation. Compensation for Directors and Corporate Auditors Monthly compensation Category Number of persons (Year ended March 31, 2016) Subscription rights to shares...

  • Page 43
    ... on related systems in order to determine the level and system appropriate to the duties on account of compensation levels of major Japanese companies that globally develop their businesses so as to determine the compensation amount consistent with the performance of the Group and its business scale...

  • Page 44
    ... Code of Conduct, the Nikon Group also supports the United Nations Global Compact and takes into account related international codes in the pursuit of its business activities. Customers Shareholders Employees Business partners Society Our Aspirations Nikon's High-Level Policy and Stakeholders Our...

  • Page 45
    ...the Nikon Group High Development of CSR infrastructure Environmental management Compliance Human rights, labor, diversity Social contributions Supply chain SUSTAINABILITY * Customers, shareholders, employees, business partners, and society Priority Issues in the CSR Medium-term Plan (Three-year...

  • Page 46
    ... in the fiscal year ended March 31, 2016, Nikon set a new target of doubling the number of female managers (55) as of March 31, 2015, to 110 by the end of March 2020. Nikon will focus on expanding its mentor Under the mentor system, both mentors and mentees gather to hold interim debriefing meetings...

  • Page 47
    ...together with their families and friends since 2013. The Nikon-EDF Japan Scholarship and the Nikon-JICA Scholarship are also supporting the school attendance of junior high, high school, and university students in Laos. Scholarship awards ceremony in Bangkok (November 2015) Implementation of Survey...

  • Page 48
    ..., the Group set a new goal to restructure into a corporate entity with a portfolio of six businesses- Semiconductor Lithography, FPD Lithography, Imaging Products, Microscope Solutions, Industrial Metrology, and Medical-under the Medium-Term Management Plan announced in May 2015 to achieve...

  • Page 49
    ... 300,000 Imaging Products Business (Years ended March 31) Millions of yen 800,000 Instruments Business (Years ended March 31) Millions of yen 80,000 60,000 40,000 FINANCIAL AND CORPORATE DATA 600,000 200,000 400,000 20,000 100,000 200,000 0 -20,000 0 0 2012 2013 2014 2015 2016 â- Net sales...

  • Page 50
    ...Precision Equipment â- Imaging Products â- Instruments â- Medical â- Other â- Corporate expenses 2012 2013 2014 2015 2016 * The "Other" segment comprises businesses not included in reportable segments, such as the Glass Business and Customized Products Business. Beginning with the fiscal year...

  • Page 51
    ...(Years ended March 31) % 15.0 % 80 FINANCIAL AND CORPORATE DATA 30 400,000 40 10.0 20 200,000 20 5.0 10 60 40 20 0 0 2012 2013 2014 2015 2016 â- Total equity Equity ratio (right) 0 0 0 2012 2013 2014 2015 2016 ROE ROA 2012 2013 2014 2015 2016 â- Cash dividends per share Total return...

  • Page 52
    Financial Information Consolidated Financial Statements Consolidated Balance Sheet Nikon Corporation and Consolidated Subsidiaries Year ended March 31, 2016 Thousands of U.S. Dollars (Note 1) Millions of Yen 2015 2016 2016 ASSETS Current assets: Cash and cash equivalents (Note 15) Notes and ...

  • Page 53
    ...shares in 2015 and 2016 Capital surplus (Note 9) Stock acquisition rights (Note 10) Retained earnings (Note 9) Treasury stock-at cost (Notes 2 (k) and 9): 4,152,366 shares in 2015 and 4,687,767 shares in 2016 Accumulated other comprehensive income (loss): Unrealized gain (loss) on available-for-sale...

  • Page 54
    Consolidated Statement of Income Nikon Corporation and Consolidated Subsidiaries Year ended March 31, 2016 Thousands of U.S. Dollars (Note 1) Millions of Yen 2015 2016 2016 Net sales Cost of sales Gross profit Selling, general and administrative expenses (Note 11) Operating income Other income ...

  • Page 55
    ... Hedge Translation Sale Securities Accounting Adjustments Common Stock Capital Surplus Stock Acquisition Rights Retained Earnings Treasury Stock Defined Retirement Benefit Plans Total NonControlling Interests Total Equity BALANCE, March 31, 2015 Net income attributable to owners of the...

  • Page 56
    Consolidated Statement of Cash Flows Nikon Corporation and Consolidated Subsidiaries Year ended March 31, 2016 Thousands of U.S. Dollars (Note 1) Millions of Yen 2015 2016 2016 Operating activities: Income before income taxes Adjustments for: Income taxes-paid Depreciation and amortization Loss...

  • Page 57
    ... into U.S. dollars at that or any other rate. 2. Summary of Significant Accounting Policies (a) Consolidation The consolidated financial statements as of March 31, 2016 include the accounts of the Company and its 84 (75 in 2015) significant subsidiaries (together, the "Group"). Changes include...

  • Page 58
    ... of the consolidated balance sheet and (iii) presentation of the consolidated statement of income, the applicable line items in the 2015 consolidated financial statements have been accordingly reclassified and presented in line with those in 2016. The Company acquired 100% of the shares of Optos Plc...

  • Page 59
    ... service period of employees, to the method using a single weighted average discount rate reflecting the period up to the expected timing of retirement benefits payment, as well as the amount of retirement benefits payment for each such period. FINANCIAL AND CORPORATE DATA NIKON REPORT 2016...

  • Page 60
    ... of the conversion value of those shares will be conducted every three years based on the degree of accomplishment of business performance in the final fiscal year of the Medium-Term Management Plan. The Executive Compensation BIP Trust is accounted for in accordance with "Practical Solution on...

  • Page 61
    ... revision of an accounting standard, the new policy is applied retrospectively, unless the revised accounting standard includes specific transitional provisions, in which case the entity shall comply with the specific transitional provisions. FINANCIAL AND CORPORATE DATA NIKON REPORT 2016 59

  • Page 62
    .... (iii) Date of business combination May 22, 2015 (iv) Legal form of business combination Acquisition of shares (v) Name of company after acquisition Optos Plc (vi) Percentage of voting rights acquired 100% (vii) Primary basis for determination of acquiring company Nikon Corporation paid cash in...

  • Page 63
    ... Pro forma impact on the consolidated statement of income assuming the business combination was completed at the beginning of the fiscal year (Unaudited) Pro forma impact on the consolidated statement of income is omitted due to its immateriality. FINANCIAL AND CORPORATE DATA NIKON REPORT 2016 61

  • Page 64
    ...and ¥1,009 million ($8,955 thousand), respectively. Gross realized gains for the year ended March 31, 2015 were ¥4,982 million. Gross realized gains on these sales computed on a moving-average cost basis for the year ended March 31, 2016 were ¥573 million ($5,083 thousand). 62 NIKON REPORT 2016

  • Page 65
    ... furniture and structures in Japan, China, and Thailand, as no specific use is expected in the future for these assets. Millions of Yen Place Usage Type Thousands of U.S. Dollars 2015 2016 2016 Kumagaya, Saitama and others Assets for business Buildings and structures Machinery, equipment and...

  • Page 66
    ... of U.S. Dollars 2015 2016 2016 Balance at beginning of year (as previously reported) Cumulative effect of accounting changes Balance at the beginning of the year (as restated) Current service cost Interest cost Actuarial gains and losses Benefits paid Others Balance at end of year ¥118,130...

  • Page 67
    ...(4) The components of net periodic benefit costs for the years ended March 31, 2015 and 2016 were as follows: Millions of Yen Thousands of U.S. Dollars 2015 2016 2016 Service cost Interest cost Expected return on plan assets Amortization of past service cost Recognized actuarial gains and losses...

  • Page 68
    ... forth mainly as follows: 2015 2016 Discount rate Expected rate of return on plan assets 1.0% 1.3% 0.5% 1.0% 9. Equity Japanese companies are subject to the Companies Act of Japan (the "Companies Act"). The significant provisions in the Companies Act that affect financial and accounting matters...

  • Page 69
    ... The stock option activities are as follows: 2005 Stock Options 2007 Stock Options 2007 Stock Options 2008 Stock Options 2009 Stock Options 2010 Stock Options 2012 Stock Options 2012 Stock Options 2013 Stock Options 2014 Stock Options 2015 Stock Options For the year ended March 31, 2015 Non-vested...

  • Page 70
    ... assumptions used to measure the fair value of 2016 Stock Options which were granted on July 28, 2015: Estimate method: Black-Scholes option pricing model Volatility of stock price: 44.086% Estimated remaining outstanding period: 15 years Estimated dividend: ¥32.00 per share Risk-free interest rate...

  • Page 71
    ... The Group leases certain machinery and equipment for manufacturing. The minimum rental commitments under non-cancelable operating leases at March 31, 2015 and 2016 were as follows: Millions of Yen Thousands of U.S. Dollars FINANCIAL AND CORPORATE DATA 2015 2016 2016 Due within one year Due...

  • Page 72
    ... Group restricts fund management to short-term deposits, and funding is procured mainly through bank loans and bond issuance. Derivatives are used, not for speculative purposes, but to hedge foreign exchange risk and interest rate exposures. Payment terms of payables, such as trade notes and trade...

  • Page 73
    ... the quoted market price of the stock exchange. The carrying values of investment securities and investments in and advances to unconsolidated subsidiaries and associated companies whose fair value is not readily determinable were ¥1,672 million and ¥10,972 million as of March 31, 2015 and ¥4,140...

  • Page 74
    ...are measured at the quoted prices provided by financial institutions. The currency swap amounts are notional amounts, which are shown in the above table, and do not represent the amounts exchanged by the parties and do not measure the Group's exposure to credit or market risk. 72 NIKON REPORT 2016

  • Page 75
    ... Liabilities FINANCIAL AND CORPORATE DATA At March 31, 2016, the Group had the following contingent liabilities: Millions of Yen Thousands of U.S. Dollars 2016 2016 As the guarantor of bank loans and indebtedness, principally of employees, unconsolidated subsidiaries and associated companies...

  • Page 76
    ... to Owners of the Parent Thousands of Shares Weighted-Average Shares Yen EPS U.S. Dollars For the year ended March 31, 2015: Basic EPS Net income available to common shareholders Effect of dilutive securities Warrants (Stock option) Diluted EPS Net income for computation For the year ended March...

  • Page 77
    ... 354,281 shares for the year ended March 31, 2016. 20. Restructuring Expenses The expenses for merging sales sites in an effort to optimize the business operational structure mainly in Europe and in the Americas, as well as the premium retirement benefits paid to maintain an optimal number of staff...

  • Page 78
    ... "Imaging Products," and "Instruments" to "Precision Equipment," "Imaging Products," "Instruments," and "Medical" by adding the "Medical" segment. Under the Medium-Term Management Plan, "Next 100-Transform to Grow," announced in June 2014, the Group added the Medical Business to its main operations...

  • Page 79
    Notes to Consolidated Financial Statements Millions of Yen Precision Equipment Reportable Segments Imaging Products Instruments Medical Total Other Total Reconciliations Consolidated For the year ended March 31, 2016 Sales: Sales to external customers Intersegment sales or transfers Total ...

  • Page 80
    ... Japan North America Europe China Thailand Thousands of U.S. Dollars Other Total For the year ended March 31, 2016 $669,706 $48,093 $36,708 $104,267 $256,130 $18,037 $1,132,941 2. Information for impairment loss of non-current assets by business segments reported as of March 31, 2015...

  • Page 81
    ... of U.S. Dollars Reportable Segments Precision Equipment Imaging Products Instruments Medical Total Other Corporate or Elimination Total For the year ended March 31, 2016 Balance of goodwill at March 31, 2016 $21,233 $163,059 $184,292 $184,292 FINANCIAL AND CORPORATE DATA NIKON REPORT 2016 79

  • Page 82
    Independent Auditor's Report 80 NIKON REPORT 2016

  • Page 83
    ... Division Semiconductor Lithography Business Unit FPD Lithography Business Unit Imaging Business Unit Microscope Solutions Business Unit FINANCIAL AND CORPORATE DATA Industrial Metrology Business Unit Customized Products Business Unit Glass Business Unit Encoder Business Unit NIKON REPORT 2016 81

  • Page 84
    ... of shares 100,000 80,000 60,000 40,000 20,000 0 Please refer to the Nikon website for a variety of additional information, including financial results and presentation materials. Investor Relations http://www.nikon.com/about/ir/ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Year ended March 31, 2015 * Trading...

  • Page 85
    ... Corporation and Group companies in Japan • CO 2 emissions from Group companies outside Japan • Water use by Nikon Corporation and Group companies in Japan FINANCIAL AND CORPORATE DATA Period of Assurance Fiscal year ended March 31, 2016 (April 1, 2015, to March 31, 2016) NIKON REPORT 2016...

  • Page 86
    This eco-friendly booklet was produced using FSC®-certified paper; non-VOC (volatile organic compound), vegetable-oil Shinagawa Intercity Tower C, 2-15-3, Konan, Minato-ku, Tokyo 108-6290, Japan ink; and waterless printing technology. www.nikon.com Printed in Japan