Nikon 2000 Annual Report Download - page 13

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11
FINANCIAL REVIEW AND ANALYSIS
At fiscal year-end, total assets amounted to ¥502.2 billion, up ¥27.2 billion, or 5.7%, from the previous fiscal year-end. This was pri-
marily due to a rise in accounts receivable caused by a sharp increase in sales of industrial instruments towards the end of the year.
As a result, current assets increased by 7.8%, or ¥23.9 billion.
On the liabilities side, while accounts payable rose sharply as a consequence of heightened production levels arising from increased
sales, a slight drop in borrowings resulted in total liabilities increasing by just ¥21.7 billion.
Dividends paid in fiscal 2000 amounted to ¥2.0 billion. Although an increase in the number of consolidated subsidiaries caused
retained earnings to fall by ¥0.2 billion, the return to profitability at the net income level boosted shareholders’ equity by ¥7.8 billion. In
net terms, total shareholders’ equity increased by ¥5.5 billion.
Cash and cash equivalents at the year-end amounted to ¥32.6 billion. As a result of the various measures taken to boost earn-
ings, to reform management structures and to strengthen Nikon’s development, production and sales functions, net income for the
year before income taxes and minority interest recovered from the previous year’s loss to a relative high of ¥11.5 billion.
In terms of cash flows, net cash provided by operating activities increased by ¥15.4 billion to ¥37.5 billion, while net cash used in
investing activities fell from ¥23.5 billion to ¥4.4 billion. As a result of a net reduction in the issuance of commercial paper, net cash
used in financing activities amounted to ¥22.8 billion, compared with ¥5.5 billion provided by financing activities in the previous year. As
a result, after accounting for a ¥1.1 billion decrease due to the effect of exchange rate changes, cash and cash equivalents rose ¥9.2
billion over the previous year.
2000 17.8
R&D Expenditures
(¥Billion)
1999 18.7
1998 21.6
1997 19.7
1996 17.0
2000 166.5
Shareholders' Equity
(¥Billion)
1999 161.0
1998 171.1
1997 165.8
1996 148.7
2000 4.7
Return on Equity (%)
1999 (11.0)
1998 4.9
1997 12.7
1996 13.2
2000 371.8
Net Sales
(¥Billion)
1999 305.8
1998 372.1
1997 379.1
1996 332.8
2000 18.4
Operating Income (Loss)
(¥Billion)
1999 (8.7)
1998 27.5
1997 46.9
1996 49.3
2000 7.8
Net Income (Loss)
(¥Billion)
1999 (18.2)
1998 8.3
1997 19.9
1996 18.6
2000 21.0
Net Income (Loss)
per Share (¥)
1999 (49.3)
1998 22.5
1997 53.9
1996 50.2
2000 13.9
Capital Expenditures
(¥Billion)
1999 20.7
1998 26.2
1997 33.8
1996 17.2