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Cash Flows
Capital Policies (Dividends, Share Buybacks and Cancellations)
Capital Expenditures
FY2011 FY2012 FY2013 FY2014 FY2015
5.5
24.6
47.9
37.5
17.1
31.9
-26.5 -28.5 -31.1
-39.5
-67.1
53.1
79.0 77.1
84.2
(Billions of yen)
0
10
20
30
40
50
60
70
80
90
-70
-60
-50
-40
-30
-20
-10
■ Net cash from operating activities ■ Net cash from investing activities
Free cash flow
Our policy for profit distribution is to secure
sufficient internal capital for future growth,
while at the same time providing consistent
shareholder returns. In fiscal 2015, we applied
our medium-term business plan target for fiscal
2016 of a payout ratio of 30% a year earlier.
During fiscal 2015, the Omron Group made a
total capital investment of ¥36.9 billion, which
was a 3.4% decrease compared to fiscal 2014.
Our Industrial Automation Business engaged in
active capital investment in infrastructure and
productivity improvements to serve as the basis
Cash and cash equivalents at the end of fiscal
2015 amounted to ¥82.9 billion, a decrease of
¥19.7 billion compared to the end of the prior
fiscal year. Net cash provided by operating
activities amounted to ¥84.2 billion for fiscal
2015. This was an increase of ¥7.2 billion over the
prior year, resulting mainly from increased
depreciation and amortization and decreases in
accounts receivable and inventories. Net cash
used in investing activities amounted to ¥67.1
billion, an increase of ¥27.6 billion year over year.
While we maintained capital expenditures (¥37.9
billion) at the same level as fiscal 2014, we also
spent ¥33.4 billion in cash for mergers and
acquisitions. Free cash flow based on net cash
provided by operating activities and used in
investing activities amounted to ¥17.1 billion,
which was a decrease of ¥20.4 billion. Net cash
used in financing activities increased ¥2.2 billion
over the prior year, reaching ¥31.6 billion. The
Omron Group paid ¥16.1 billion in dividends (¥3.1
billion increase over fiscal 2014) and ¥15.0 billion
for stock buybacks (nearly level with prior year).
Our actual payout ratio for fiscal 2015 was
31.1% (6.1-point increase compared to fiscal
2014), which translated into a ¥68 per share
dividend for the year. Our dividend on equity
ratio was 3.1%, which was a 0.3-point
decrease compared to the prior year.
for future growth. On the other hand, the Other
Businesses segment revised its investments in
response to dramatic changes in the external
environment. As a whole, the Group spent ¥1.3
billion less in capital investment than the prior
year.
Cash Flows
Integrated Report 2016 89
Where We
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