Nikon 1999 Annual Report Download - page 13

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11
Financial Review and Analysis
At fiscal year-end, total assets amounted to ¥475.0 billion, down ¥32.4 billion, or 6.4%, from the previous fiscal year-end.
A decrease in accounts receivable caused by the drop in net sales was the main reason behind the 11.9% drop in current assets
to ¥41.7 billion. Tangible fixed assets increased by 4.3%, or ¥6.8 billion.
On the liabilities side, although borrowings increased slightly, the large drop in accounts payable helped reduce total
liabilities by ¥22.3 billion.
Dividends paid in fiscal 1999 amounted to ¥1.5 billion. Pursuant to the introduction of tax-effect accounting, Nikon made a
prior-year tax adjustment to retained earnings of ¥8.7 billion. In addition, an increase in the number of consolidated
subsidiaries added a further ¥0.9 billion to the retained surplus. However, the net effect of these two moves was more than
offset by the consolidated net loss for the year of ¥18.2 billion, which caused a net decrease in shareholders' equity of ¥10.1
billion.
Nikon Corporation and Consolidated Subsidiaries
For the years ended March 31
Thousands of
Millions of Yen U.S. Dollars
1999 1998 1997 1996 1995 1999
For the year
Net sales ¥ 305,764 ¥ 372,145 ¥ 379,089 ¥ 332,799 ¥288,485 $ 2,536,415
Cost of sales 205,984 224,545 219,791 188,726 187,344 1,708,704
SG&A expenses 108,521 120,122 112,385 94,793 82,235 900,221
Operating income (loss) (8,741) 27,476 46,912 49,279 18,905 (72,510)
Income (loss) before income taxes* (17,447) 18,929 36,740 35,317 7,714 (144,730)
Net income (loss) (18,232) 8,318 19,936 18,581 1,535 (151,247)
Per share of common stock (Yen and U.S. dollars):
Net income (loss) ¥ (49.28) ¥ 22.48 ¥ 53.89 ¥ 50.23 ¥ 4.15 $ (0.41)
Cash dividends applicable to the year 3.00 8.00 8.00 6.50 5.00 0.02
Capital expenditures ¥ 20,718 ¥ 26,168 ¥ 33,757 ¥ 17,206 ¥ 8,054 $ 171,869
Depreciation and amortization 20,110 18,407 15,635 13,715 14,708 166,819
R&D expenses 18,729 21,633 19,681 16,951 12,050 155,368
At year-end
Total assets ¥ 474,964 ¥ 507,326 ¥ 460,271 ¥ 425,083 ¥371,390 $3,939,982
Shareholders' equity 160,990 171,051 165,773 148,657 132,505 1,335,469
* Excluding minority interest
Notes: 1. Per share of common stock is computed based on the weighted average number of shares outstanding during the year.
2. U.S. dollar figures are translated for reference only at ¥120.55 to U.S. $1.00, the exchange rate at March 31, 1999.
five-year summary
1999 18.7
R&D Expenditures
(¥Billion)
1998 21.6
1997 19.7
1996 17.0
1995 12.1
1999 161.0
Shareholders' Equity
(¥Billion)
1998 171.1
1997 165.8
1996 148.7
1995 132.5
1999 (11.0)
Return on Equity (%)
1998 4.9
1997 12.7
1996 13.2
1995 1.1
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