Nikon 2009 Annual Report Download - page 29

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The decrease in total equity was mostly the result of the acquisition
of treasury stock and of declines in the valuations of other nego-
tiable securities and from foreign exchange translation adjustments.
The equity ratio increased 2.6 percentage points from the end of the
previous fiscal year to 50.5%.
Cash Flow Analysis
Cash flows from operating activities decreased ¥110,728 million to
¥10,112 million. Despite the posting of ¥39,180 million in income
before income taxes and a ¥26,694 million decrease in notes and
accounts receivable—trade, cash flows from operating activities fell
mainly because of a ¥56,885 million decrease in notes and accounts
payable—trade, with ¥53,287 million in income taxes paid.
Cash flows from investing activities declined ¥5,265 million to
¥44,518 million, mostly because of ¥31,035 million in expenditures
for the purchase of property, plant and equipment.
Cash flows from financing activities increased ¥44,438 million
to ¥5,774 million mainly because of a ¥20,000 million increase in
commercial paper and ¥11,700 million in proceeds from long-term
debt, despite the payment of ¥10,338 million in cash dividends and
expenditures of ¥12,338 million for the acquisition of treasury stock
and ¥5,000 million for the redemption of bonds.
As a result of these developments, the balance of cash and cash
equivalents declined ¥33,152 million to ¥79,806 million.
Basic Policy on Shareholder Returns and Current
and Subsequent Term Dividends
Nikon’s basic dividend policy is to improve reflection of business
performance based on paying a steady, continuous dividend empha-
sizing the standpoint of investors while also expanding investment
for future growth and technological development (capital expenditure
and R&D development) and striving to strengthen competitiveness.
Under this basic policy, Nikon has aimed at a total return ratio of
at least 25% and otherwise provided shareholder returns through
dividend increases and the acquisition of treasury stock.
For the fiscal year ended March 31, 2009, with declines in both
sales and income Nikon set the year-end dividends at ¥5.5 per share,
a decrease of ¥8 from the previous fiscal year. As a result, cash
dividends for the full fiscal year ended March 31, 2009 totaled ¥18 per
share, including a ¥12.5 interim dividend.
For the fiscal year ending March 31, 2010, Nikon plans to pay
total dividends of ¥8 per share, including a ¥4 interim dividend.
05 06 07 08 09
(Millions of yen)
Net Sales
638,468
955,792
879,719
730,944
822,813
(Yen)
Basic Net Income Per Share
05 06 07 08 09
65.19
78.16
146.36
189.00
70.76
(Millions of yen)
R&D Costs
05 06 07 08 09
33,561
37,139
47,218
58,373
61,489
(Millions of yen)
Operating Income
102,007
135,169
48,185
05 06 07 08 09
30,545
66,587
(Yen)
Diluted Net Income Per Share
57.84
69.33
05 06 07 08 09
67.91
181.23
131.42
(Millions of yen)
Total Equity
196,030
243,122
348,445
393,126
379,087
05 06 07 08 09
(Millions of yen)
Net Income
24,141
28,945
54,825
75,484
28,056
05 06 07 08 09
(Millions of yen)
Capital Expenditures
05 06 07 08 09
22,459
25,817
30,432
39,829
43,467
(%)
Return on Equity
13.1
13.2
18.5
20.4
7.3
05 06 07 08 09
Nikon Annual Report 2009 27