Nikon 2001 Annual Report Download - page 17

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page 15
FINANCIAL REVIEW AND ANALYSIS
At fiscal year-end, total assets amounted to ¥593.5 billion, up ¥91.3 billion, or 18.2% from the previous fiscal year-end. These figures
reflected strong semiconductor-related demand, increased production levels and higher sales across the company, all of which substan-
tially boosted levels of trade receivables and inventories. Current assets increased by ¥83.6 billion, or 25.2% over the previous year-
end.
Interest-bearing liabilities decreased over the year, but these reductions were offset by higher payables incurred by expanded pro-
duction levels, together with an increase in the liability for employees’ retirement benefits. Overall, total liabilities increased by ¥71.5 bil-
lion.
Final cash dividend payments in 2001 totaled ¥2.4 billion. Net income for the year amounted to ¥20.9 billion. After accounting for
an increase of ¥0.1 billion in the adjustment of retained earnings for newly consolidated subsidiaries and other factors, the net
increase in total shareholders’ equity amounted to ¥19.6 billion.
In terms of cash flows, cash and cash equivalents at year-end amounted to ¥33.7 billion. Measures taken to boost earnings and
profitability, reform management structures, and strengthen the Nikon Group’s development, production, and sales functions con-
tributed 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 outflows, net cash used in investing activities to fund capital expenditure and
other factors amounted to ¥15.7 billion, while net cash used in financing activities for repayments related to both corporate bonds and
borrowings was ¥20.6 billion. After a positive foreign currency translation adjustment on cash and cash equivalents of ¥1.5 billion,
cash and cash equivalents rose ¥0.1 billion higher than at the previous year-end.
2000 17.8
R&D Costs
(¥Billion)
1999 18.7
1998 21.6
1997 19.7
2001 22.8
2000
186.1
Shareholders' Equity
(¥Billion)
1999
166.5
1998
161.0
1997
171.1
2001
165.8
2000 4.7
Return on Equity (%)
1999 (11.0)
1998 4.9
1997 12.7
2001 11.9
2001
371.8
Net Sales
(¥Billion)
2000
305.8
1999
372.1
1998
379.1
1997
484.0
2000 18.4
Operating Income (Loss)
(¥Billion)
1999 (8.7)
1998 27.5
1997 46.9
2001 61.4
2000 7.8
Net Income (Loss)
(¥Billion)
1999 (18.2)
1998 8.3
1997 19.9
2001 20.9
2000 21.0
Net Income (Loss)
per Share (¥)
1999 (49.3)
1998 22.5
1997 53.9
2001 56.5
2000 13.9
Capital Expenditures
(¥Billion)
1999 20.7
1998 26.2
1997 33.8
2001 26.0