Nikon 2016 Annual Report Download - page 51

49
NIKON REPORT 2016
exchange impacts on translating the property, plant and equipment
of overseas subsidiaries. On the other hand, investments and other
assets increased ¥17,176 million primarily due to increases in
goodwill and intangible assets that arose from the acquisition of
100% ownership of Optos Plc. As a result, total assets as of March
31, 2016 decreased ¥27,118 million to ¥945,827 million.
Total liabilities increased ¥4,075 million to ¥404,819 million.
Current liabilities rose ¥7,160 million principally due to an increase
in advances received associated with the anticipated increase in
sales of FPD lithography equipment despite a decline in current
liabilities of overseas subsidiaries, brought about by the effects of
foreign currency translation adjustments.
Total net assets decreased ¥31,193 million to ¥541,008 million.
Although retained earnings were up ¥10,214 million as a result of
posting net income attributable to owners of the parent, accumu-
lated other comprehensive income decreased ¥40,707 million
mainly due to the decrease in foreign currency translation adjust-
ments associated with the ongoing appreciation of the yen.
The equity ratio fell 1.6 percentage points from the end of the
previous scal year to 57.0%.
Cash Flow Analysis
Net cash provided by operating activities for the scal year ended
March 31, 2016, increased ¥33,906 million year on year to
¥105,215 million. The increase was primarily attributable to a rise
in advances received as a result of the increase in orders of FPD
lithography equipment, as well as the posting of income before
income taxes.
Net cash used in investing activities increased ¥55,936 million
year on year to ¥80,881 million. In addition to the expenditure
of purchase of property, plant and equipment, the increase was
mainly due to the purchase of shares associated with the
acquisition of 100% ownership of Optos Plc.
Net cash used in nancing activities decreased ¥6,781 million
year on year to ¥18,174 million, as the corporate bond was
redeemed in the previous scal year.
Basic Policy on Shareholder Returns; Current and Subsequent Term Dividends
The Group’s policy on shareholder returns is as follows: “Along
with expanding investment (in capital and in development) in
business and technology development to ensure future growth as
we take steps to enhance competitiveness, our fundamental
approach is to pay a steady dividend that reects the perspective
of shareholders.” Based on this policy, the Group provided share-
holder returns, aiming from the previous scal year to provide a
total return ratio of more than 30% to better reect business
performance. For the scal year under review, the Group set the
year-end dividend at ¥10 per share. When combined with the
interim dividend of ¥8 per share, the full-year dividend amounted
to ¥18 per share. Dividends for the scal year ending March 31,
2017, have yet to be determined.
Management’s Discussion and Analysis
Balance Sheet Analysis
As of March 31, 2015 and 2016
% of Total Assets
2015 2016
Total assets 100.0% 100.0%
Total current assets 70.5 70.0
Inventories 24.7 26.2
Property, plant and equipment 15.2 13.5
Investments and other assets 14.3 16.5
Total current liabilities 29.5 31.1
Short-term borrowings 1.4 1.4
Long-term debt, less current portion 8.7 9.0
Total equity 58.8 57.2
Total Equity / Equity Ratio
(As of March 31)
Millions of yen %
■ Total equity Equity ratio (right)
600,000
400,000
200,000
0
60
40
20
0
2013 2014 20152012 2016
ROE / ROA
(Years ended March 31)
%
ROE ROA
15.0
10.0
5.0
0
2013 2014 20152012 2016
Cash Dividends per Share /
Total Return Ratio
(Years ended March 31)
Yen %
■ Cash dividends per share
Total return ratio (right)
40
30
20
10
0
80
60
40
20
0
2013 2014 20152012 2016
* ROE is calculated as net income (loss) attributable to owners
of the parent divided by average shareholders’ equity, and ROA
is calculated as net income (loss) attributable to owners of the
parent divided by average total assets.
FINANCIAL AND CORPORATE DATA