Nikon 2013 Annual Report Download - page 29

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NIKON CORPORATION A N N U A L R E P O R T 2 0 13
2010
150
100
50
0
2009 2011 2012 2010
60,000
50,000
40,000
30,000
20,000
10,000
0
2009 2011 2012 2010
60,000
40,000
20,000
0
2009 2011 2012 2010
80
60
40
20
0
400,000
300,000
200,000
100,000
0
2009 2011 2012
2013 2013 2013 2013
200
(Yen)
70,000
(Millions of yen)
80,000
(Millions of yen)
500,000 100
(Millions of yen) (%)
Diluted Net Income
per Share
Years ended March 31
Capital Expenditures
Years ended March 31
R&D Costs
Years ended March 31
Total Equity and
Equity Ratio
March 31
■ Total Equity (Left scale)
Equity Ratio (Right scale)
for interchangeable lens-type digital cameras had been
expanding steadily, but deteriorated sharply from the middle
of the third quarter. Because of the temporary stockpiling of
inventory in response to the flood risk in Thailand, along with
the downturn in market conditions, we were forced to lower
prices on entry models. However, the stockpiled inventory
was gradually cleared, and by the end of the fiscal period
we were able to realign performance with our plan. The
Nikon 1 interchangeable lens-type advanced digital camera
gained a large market share in North America and Europe,
expanding the brand recognition for the series. In compact
digital cameras, while the market continues to shrink, Nikon
gained a leading market share in all geographical regions
as a result of aggressive releases of competitive products,
such as the COOLPIX A incorporating the Nikon DX format
sensor. In interchangeable lenses, cumulative production of
NIKKOR lenses, which marked their 80th anniversary since
the launch of the first product, reached 75 million units in
November 2012 on an increase in sales of interchangeable
lens-type digital cameras. Nikon also took steps to expand
its sales and production structure with the establishment of
a sales subsidiary in Indonesia, and a new production facility
in Laos. As a result, net sales in the Imaging Products
Business segment rose 28.0% year on year to ¥751,241
million, with operating income up 12.5% to ¥60,711 million.
In the Instruments Business segment, although the
market for bioscience instruments is being affected by
shrinking public spending and project delays, Nikon’s sales
expanded, centered on microscopes for research. We also
worked to expand sales of BioStation, used for cultivation
and observation of iPS cells, but performance was affected
by price competition for system products. In the industrial
instruments market, Nikon launched new products including
the ECLIPSE LV-N Series of industrial microscopes, and
focused on sales of such products as non-contact 3D
measuring instruments. We also worked to reduce costs
and shorten lead times throughout the business. As a
result, net sales in the Instruments Business declined 3.8%
year on year to ¥53,877 million, and the segment posted an
operating loss for the period of ¥4,978 million.
In terms of the component proportion ratio of sales, the
Imaging Products Business segment accounted for a larger
proportion of sales compared to the previous fiscal year. The
Precision Equipment Business accounted for 17.7% of sales
(compared to 27.0% the previous fiscal year); the Imaging
Products Business for 74.4% (63.9%); the Instruments Business
for 5.3% (6.1%); and the Other Business for 2.6% (3.0%).
Net Sales by Business Segment
Years ended March 31, 2012 and 2013 Thousands of
U.S. DollarsMillions of Yen, %
2012 2013 2013
Precision Equipment ¥248,145 ¥179,013 $1,903,382
Share of net sales 27.0% 17.7%
Imaging Products 587,127 751,241 7,987,674
Share of net sales 63.9 74.4
Instruments 56,000 53,877 572,856
Share of net sales 6.1 5.3
Other 27,380 26,363 280,309
Share of net sales 3.0 2.6
Total ¥918,652 ¥1,010,494 $10,744,221
Capital Expenditures and R&D Spending
Capital expenditures for the fiscal year ended March 31,
2013, increased 7.6% from the previous fiscal year to ¥60,158
million, mainly for the renewal of production equipment
following the flooding in Thailand. By business segment,
expenditures for the Precision Equipment Business totaled
¥8,302 million, for the Imaging Products Business ¥34,449
million, for the Instruments Business ¥1,512 million, and
for the Other Business ¥10,733 million. Expenditures for
corporate assets not allocated to any segment amounted to
¥5,162 million.