Nikon 2013 Annual Report Download - page 30

28
2010
-4
2009 2011 2012 2010
12 6
8 4
4 2
0 0
-2
2009 2011 2012
2013 2013
16
(%)
8
(%)
ROE
Years ended March 31
ROA
Years ended March 31
Note: ROE is calculated as net income (loss) divided by
average shareholders’ equity, and ROA is calculated as
net income (loss) divided by average total assets.
R&D spending amounted to ¥76,497 million, an increase
of ¥7,795 million from the previous fiscal year, and
representing 7.6% of sales. By segment, spending in the
Precision Equipment Business totaled ¥25,745 million,
the Imaging Products Business ¥29,064 million, the
Instruments Business ¥5,520 million, and the Other
Business ¥16,170 million.
Financial Position
Total assets at March 31, 2013, amounted to ¥865,020
million, an increase of ¥4,789 million from the end of the
previous fiscal year (March 31, 2012). This was mainly due to
increases in property, plant and equipment resulting from
investment to restore facilities damaged by the flooding in
Thailand. Total liabilities amounted to ¥373,695 million, a
decrease of ¥52,918 million from the end of the previous
fiscal year. This was due mainly to declines in notes and
accounts payable—trade, and income taxes payable. Total
equity amounted to ¥491,325 million, an increase of ¥57,708
million. This mainly reflected ¥42,459 million recorded in
net income, and an increase in retained earnings. The equity
ratio was 56.7%, an increase of 6.4 percentage points from
the end of the previous fiscal year.
Cash Flow Analysis
Net cash provided by operating activities amounted to ¥51,891
million. This was due mainly to ¥61,857 million in income
before income taxes; along with decreases of ¥19,790 million
in notes and accounts receivable—trade; ¥12,082 million in
inventories; and ¥17,067 million in accrued expenses; offset by
a ¥35,821 million decrease in notes and accounts payable—
trade; and ¥30,284 million in income taxes—paid.
Net cash used in investing activities amounted to ¥65,110
million, due mainly to ¥61,856 million in expenditures for
purchases of property, plant and equipment.
Net cash used in financing activities amounted to ¥18,198
million, due mainly to ¥15,842 million in dividends paid.
Basic Policy on Shareholder Returns; Current,
Subsequent Term Dividends
Nikon’s basic dividend policy is to “improve reflection of
business performance based on paying a steady, continuous
dividend emphasizing the standpoint of investors, while also
expanding investment for future growth and technological
development (capital expenditures and R&D) and striving to
strengthen competitiveness.” In accordance with this policy,
Nikon Corporation (the Company) aims for a total return
ratio of 25% or more, and to otherwise provide shareholder
returns through dividend increases and the acquisition of
treasury stock.
For the fiscal year ended March 31, 2013, Nikon has
decreased its year-end dividend by ¥9, to ¥12 per share
which, together with the interim dividend of ¥19 per share,
represents a full-year dividend of ¥31 per share. For the
fiscal year ending March 31, 2014, we plan to pay a full-year
dividend of ¥41 per share (of which the interim dividend will
be ¥10 per share).
Balance Sheet Analysis
March 31, 2012 and 2013 % of Total Assets
2012 2013
Total assets 100.0% 100.0%
Total current assets 70.9 66.5
Inventories 30.6 31.1
Property, plant and equipment 15.2 18.7
Investments and other assets 13.9 14.8
Total current liabilities 39.8 34.6
Short-term borrowings 1.6 1.6
Long-term debt, less current portion 7.7 7.5
Total equity 50.4 56.8