Nikon 2001 Annual Report Download

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Innovations in precision
and optical technologies
annual report 2001

Table of contents

  • Page 1
    Innovations in precision and optical technologies annual report 2001

  • Page 2
    ... Balance Sheets Consolidated Statements of Income Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Independent Auditors' Report Organization of Nikon Group Nikon's Global Presence Directors, Auditors and Officers...

  • Page 3
    ... Highlights Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2001 and 2000 Millions of Yen Millions of U.S. Dollars % 2001 For the year Net sales Operating income Net income Per share of common stock (Yen and U.S. dollars): Net income Cash dividends applicable to the year...

  • Page 4
    ... in accordance with the Nikon Group's in-house company system. Previously, just two divisions, Consumer Products and Industrial Instruments, were the basis for reporting. There are now four business segments within the Nikon Group: Precision Equipment, Imaging Products, Instruments, and Other. page...

  • Page 5
    ... into two new sales companies. Nikon Inc. will continue to provide sales and service support for our imaging products. On October 1, 2000, the holding company that controls these subsidiaries and others, Nikon Americas Inc., took on the additional responsibilities of capital funding, management and...

  • Page 6
    ... exciting company, as well as a corporate culture that creates high employee satisfaction and motivation. As our third asset, we have the power of management to turn new ideas and technology quickly into market-leading products. We would like to construct a Nikon Group corporate management system...

  • Page 7
    ... and LCD steppers Imaging products Single-lens reflex (SLR) cameras, compact cameras, interchangeable camera lenses, digital cameras, film scanners Instruments Biological microscopes, industrial microscopes, measuring instruments, inspection equipment Other Binocular & telescope products, surveying...

  • Page 8
    ... at the Kumagaya Plant, substantially boosting production capacity. With the creation of a local subsidiary in Singapore to facilitate support for sales and customer service throughout Southeast Asia, and the strengthening of a more performance-oriented management structure, the Group was able...

  • Page 9
    ArF Excimer Stepper NSR-S305B KrF Excimer Stepper NSR-S205C i-line Stepper NSR-SF100 LCD Stepper FX-21S page 7

  • Page 10
    Optical expertise together with digital technology will create new phases of imaging businesses. Imaging Products The traditional film camera market, encompassing single-lens reflex (SLR) cameras, compact cameras, and interchangeable camera lenses, contracted over this year, but the digital camera ...

  • Page 11
    Digital Camera COOLPIX 995 35mm/IX240 Film Scanner COOLSCAN IV ED Digital Camera COOLPIX 775 page 9

  • Page 12
    ...extremely well, both in Japan and overseas markets. Overlay measuring system also began to enjoy broad market support domestically. Total sales figures easily surpassed those of last year as a result. The Nikon Group worked diligently to restructure its sales and service network in the United States...

  • Page 13
    Biological Microscope ECLIPSE E200 IC Inspection Microscope ECLIPSE L150 CNC Video Measuring System NEXIV VMR-3020 Automatic Macro Inspection System AMI-2000 page 11

  • Page 14
    ...'s binocular and telescope products' operations were spun off in May 2001 into a new Japanese subsidiary Nikon Vision Co., Ltd., which has a mandate to generate profitable performance while more quickly and flexibly meeting the needs of its customers. *Pulse Laser Station NPL-350 in overseas markets...

  • Page 15
    ... in the digital camera market. Net Sales by Industry Segment Years ended March 31, 2001 and 2000 Millions of Yen, % 2001 2000 Thousands of U.S. Dollars 2001 Precision Equipment Share of net sales Imaging Products Share of net sales Instruments Share of net sales Other Share of net sales Total...

  • Page 16
    ... to ¥5.2 billion. In Japan, Precision Equipment capitalized on high levels of capital investment by semiconductor manufacturers to achieve strong sales of IC and LCD steppers. Instruments generated strong sales of industrial microscopes, while Imaging Products expanded its sales as a result of the...

  • Page 17
    ...management structures, and strengthen the Nikon Group's development, production, and sales functions contributed to a solid increase in income before income taxes and minority interest, to ¥29.8 billion-a new record. Net cash provided by operating activities totaled ¥34.9 billion. In terms of cash...

  • Page 18
    CONSOLIDATED BALANCE SHEETS Nikon Corporation and Consolidated Subsidiaries March 31, 2001 and 2000 Millions of Yen 2001 2000 Thousands of U.S. Dollars (Note 1) 2001 ASSETS Current assets Cash and cash equivalents Notes and accounts receivable - trade (Note 5): Customers Unconsolidated ...

  • Page 19
    ... Yen 2001 2000 Thousands of U.S. Dollars (Note 1) 2001 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings (Note 5) Current portion of long-term debt (Note 5) Notes and accounts payable - trade: Suppliers Unconsolidated subsidiaries and associated companies Income taxes...

  • Page 20
    CONSOLIDATED STATEMENTS OF INCOME Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2001 and 2000 Millions of Yen 2001 2000 Thousands of U.S. Dollars (Note 1) 2001 Net sales Cost of sales Gross profit ¥483,957 301,759 182,198 ¥371,801 247,473 124,328 $3,906,026 2,435,499...

  • Page 21
    ... STATEMENTS OF SHAREHOLDERS' EQUITY Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2001 and 2000 Thousands Outstanding Number of Shares of Common Stock Additional Paid-in Capital Millions of Yen Unrealized Foreign Gain on Currency Retained Available-for- Translation Earnings...

  • Page 22
    CONSOLIDATED STATEMENTS OF CASH FLOWS Nikon Corporation and Consolidated Subsidiaries Years ended March 31, 2001 and 2000 Millions of Yen 2001 2000 Thousands of U.S. Dollars (Note 1) 2001 Operating activities: Income before income taxes and minority interest Adjustments for: Income taxes-paid ...

  • Page 23
    ... instruments, including marketable and investment securities. The standard requires all applicable securities to be classified and accounted for, depending on management's intent, as follows: i) Trading securities, which are held for the purpose of earning capital gains in near term are reported...

  • Page 24
    ... sheet date. Effective April 1, 2000, the Group adopted the new accounting standard for employees' retirement benefits and accounted for the liability for retirement benefits based on the projected benefit obligations and plan assets at the balance sheet date. The full amount of the transitional...

  • Page 25
    ...the computation was 369,924,491 shares for 2001 and 369,918,890 shares for 2000. Cash dividends per share shown in the consolidated statements of income are presented on an accrual basis and include interim dividends paid and year ended dividends to be approved after the balance sheet date. page 23

  • Page 26
    ...AND INVESTMENT SECURITIES Marketable and investment securities at March 31, 2001 and 2000 consisted of the following: Millions of Yen 2001 2000 Thousands of U.S. Dollars 2001 Current: Marketable equity securities Bank debentures and other Total Non-Current: Equity securities Trust bonds, debentures...

  • Page 27
    ...558 258,272 $ 669,864 Millions of Yen 2001 2000 Thousands of U.S. Dollars 2001 Loans, principally from banks and insurance companies: 2001: 0.70%-9.220% due 2001-2006 2000: 1.18%-9.185% due 2000-2006 Bonds Total Less: Current portion Long-term debt, less current portion ¥ 17,155 80,000 97,155...

  • Page 28
    ...follows: Millions of Yen Thousands of U.S. Dollars Other current liabilities Long-term debt, including current portion Total ¥ 94 5,674 $ 759 45,791 ¥ 5,768 $ 46,550 As is customary in Japan, the Company maintains substantial deposit balances with banks with which it has borrowings. Such...

  • Page 29
    ...: Discount rate Expected rate of return on plans assets Recognition period of actuarial gain (loss) Amortization period of transitional obligation 3.0% 4.0% 10 years 2 years 7. SHAREHOLDERS' EQUITY The Japanese Commercial Code (the "Code") requires at least 50% of the issue price of new shares...

  • Page 30
    ...management's discretion, up to 35 million shares of the Company's stock for the purpose of canceling the shares by charging repurchased amounts to retained earnings. Under the Code, the amount available for dividends is based on retained earnings as recorded on the Company's books. At March 31, 2001...

  • Page 31
    ... on an "as if capitalized" basis for the years ended March 31, 2001 and 2000 was as follows: Millions of Yen Thousands of U.S. Dollars 2001 Machinery and Equipment Furniture and Fixtures Machinery and Equipment 2001 Furniture and Fixtures Total Total Acquisition cost Accumulated depreciation...

  • Page 32
    ... rate swap contracts to hedge foreign exchange risk and interest rate exposures. The Group does not hold or issue derivatives for trading purposes. Derivatives are subject to market risk and credit risk. Market risk is the exposure created by potential ï¬,uctuations in market conditions, including...

  • Page 33
    ... on the balance sheet at March 31, 2000, were excluded from disclosure of market value information. 12. CONTINGENT LIABILITIES Contingent liabilities at March 31, 2001 were as follows: Millions of Yen Thousands of U.S. Dollars As the endorser of trade notes receivable discounted with banks As the...

  • Page 34
    ... of U.S. Dollars Precision Equipment For the year ended March 31, 2001 Imaging Products Instruments Other Total (Eliminations) or corporate Consolidated Net sales Outside customers Intersegment sales/transfer Total Operating expenses Operating income Assets Depreciation and amortization Capital...

  • Page 35
    ... ¥ 428,786 ¥ 73,389 ¥ 502,175 Thousands of U.S. Dollars Japan For the year ended March 31, 2001 North America Europe Asia Total (Eliminations) or corporate Consolidated Net sales Outside customers Intersegment sales Total Operating expenses Operating income $ $ 2,028,686 1,395,109 3,423...

  • Page 36
    (c) Export Sales For the years ended March 31, 2001 and 2000 Millions of Yen, % (A)/(B) 2000 Thousands of U.S. Dollars 2001 2001 (A)/(B) Export sales (A) North America Europe Asia Other Area Total ¥ 141,829 75,536 114,677 4,643 ¥ 336,685 29.3% 15.6 23.7 1.0 69.6% ¥ ¥ 95,557 52,002 95,195 4,...

  • Page 37
    page 35

  • Page 38
    ... Business Development Center Nikon-Essilor Co., Ltd.* Corporate Strategy Center Nikon Systems Inc. Nikon Americas Inc. Nikon Holdings Europe B.V. Business Administration Center Nikon Sales-Promotion Co., Ltd. Nikon Logistics Corporation Nikon Life Co., Ltd. Nikon Tsubasa Inc.* Core Technology...

  • Page 39
    NIKON'S GLOBAL PRESENCE page 37

  • Page 40
    ... Equipment Division, Precision Equipment Company Vice President of Core Technology Center General Manager of Sales & Marketing Headquarters, Precision Equipment Company General Manager of Customized Products Division General Manager of Strategic Planning Department, Imaging Company & General Manager...

  • Page 41
    ... Common Stock Authorized: 1,000,000,000 shares Issued: 369,927,584 shares ¥36,661 million Number of Shareholders 27,142 Major Shareholders Number of shares held (thousands) Percentage of total shares issued Meiji Life Insurance Company The Mitsubishi Trust and Banking Corporation The Bank of Tokyo...

  • Page 42
    FUJI BLDG., 2-3, MARUNOUCHI 3-CHOME, CHIYODA-KU, TOKYO 100-8331, JAPAN tel +81-3-3214-5311 fax +81-3-3216-1454 URL: http://www.nikon.co.jp/eng/ Printed in Japan