Nikon 2014 Annual Report Download

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NIK
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Year Ended March 31, 2014

Table of contents

  • Page 1
    NIKON REPORT 2014 Year Ended March 31, 2014

  • Page 2
    ... Performance 06 Non-Financial Performance BUSINESS STRATEGY 08 Management Message 09 To Our Stakeholders 14 Medium-Term Management Plan Next 100 - Transform to Grow CSR (SOCIAL AND ENVIRONMENTAL RESPONSIBILITY) 34 Nikon CSR Activities That Support Growth 36 38 39 41 42 Expansion and Promotion...

  • Page 3
    ... markets, product and service demand trends, customer capital expenditure trends, and currency exchange rate ï¬,uctuations. This report covers the activities of domestic and foreign Nikon Group companies, centered on Nikon Corporation. In principle, the terms "the Company" and "Nikon Corporation...

  • Page 4
    ...meet increasing demand for liquid crystal displays 1945 With the end of World War II, production shifts to binoculars, cameras, microscopes, surveying instruments, measuring instruments, ophthalmic lenses, and other consumer optical devices 1948 Nikon Model small-sized camera marketed-first Nikon...

  • Page 5
    ... 1999 D1 digital SLR camera marketed, offering overall picture quality and high-speed performance; priced with general users in mind, it contributed to the popularity of digital SLR cameras Nikon 1 J1 and V1 advanced cameras with interchangeable lenses marketed 2013 Nikon 1 J1 Identified the...

  • Page 6
    ... INTRODUCTION NIKON REPORT 2014 Financial Performance Nikon Corporation and Consolidated Subsidiaries Years ended March 31 2005 2006 2007 2008 For the year: Net sales Precision Equipment Imaging Products Instruments Cost of sales Selling, general and administrative expenses Operating income...

  • Page 7
    ...56.6 0.17 9.2 4.9 71 24,047 57.5 0.23 9.0 5.2 70 23,859 ROE*3 and ROA*3 (Years ended March 31) % 25 20 15 10 5 0 -5 Geographic Sales (Year ended March 31, 2014) Europe Japan China 25.9% 15.3% Others United States 22.7% 21.6% 14.4% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ROA ROE

  • Page 8
    ...886 2014 0.25 0 â- Nikon Corporation â- Group manufacturing companies in Japan Emissions per unit of sales (Index) â- Nikon Corporation â- Group manufacturing companies in Japan Energy use per unit of sales (Index) 3 CO2 Emissions from Group Manufacturing Companies outside Japan (Years ended...

  • Page 9
    NIKON REPORT 2014 07 9 Number of Employees Taking Childcare Leave (Years ended March 31) People 10 Number of Employees Taking Nursing Care Leave (Years ended March 31) People Notes to the graph and table are as follows. 9 10 2010 Nikon Corporation Group companies in Japan Men Women Men Women 2...

  • Page 10
    08 BUSINESS STRATEGY NIKON REPORT 2014 Management Message A Nikon Group Capable of Another Century of Growth In the fiscal year ended March 2014, consolidated net sales declined 3.0% year on year, to ¥980.6 billion, while operating income climbed to ¥62.9 billion, a year-on-year increase of ...

  • Page 11
    ...the Medium-Term Plan), to culminate in the fiscal year ending March 2017. Woven into this title is a determination to resolutely reform our structure to evolve our business model toward sustainable growth. Until now, Nikon was grounded in the idea of using its own technology to develop, manufacture...

  • Page 12
    ..., the FPD Lithography Business, the Imaging Products Business, the Microscope Solutions Business, the Industrial Metrology Business, and the Medical Business. Financial targets set for the entire Company for the year ending March 2017 are net sales of ¥1.2 trillion, operating income of ¥110...

  • Page 13
    ... a hub for the Nikon Group's long-term technical strategy and for undertaking tasks related to developing technology, encouraging horizontal developments, and collaborations. We also place importance on collaborating with venture businesses, which offer cutting-edge technologies that, combined with...

  • Page 14
    ..., everyone, including children, enjoys taking and sharing pictures. Simply put, we have ever-widening latent demand at hand. Our task is to discover how users may take advantage of our products and services. The Imaging Products Business has sown various seeds, including product development of new...

  • Page 15
    ... that people use daily, so we are supporting our customers' lives. As we go forward, especially as we move away from hardware toward solutions, Nikon products will most certainly be recognized in various types of places. Under the Medium-Term Plan, we are aiming to expand with new businesses in...

  • Page 16
    14 BUSINESS STRATEGY NIKON REPORT 2014 Medium-Term Management Plan Next 100 - Transform to Grow Announced in June 2014, this Medium-Term Management Plan comprises measures for solidifying and realizing our vision for the Nikon Group. The plan calls for sweeping structural reforms, among them ...

  • Page 17
    ... costs in design and manufacturing processes • Reduce overhead at headquarters and in business units • Fundamentally review production regime to reï¬,ect the rebuilding of the business portfolio Management Numerical Targets Net Sales / Operating Income / Operating Margin (Years ended / ending...

  • Page 18
    ... demand with a ï¬,exible production regime Imaging Products Business Business Lines Development and manufacture of interchangeable lens-type digital cameras, compact digital cameras, and other products Current State • Digital camera market is maturing • Technology supporting basic functions is...

  • Page 19
    ...fiscal year ending March 2017 are as of the announcement of the Medium-Term Management Plan on June 17, 2014. Future Growth Drivers Microscope Solutions Business Business Lines Development and manufacture of a broad lineup of microscopes, ranging from those for cutting-edge research to microscopes...

  • Page 20
    18 BUSINESS STRATEGY NIKON REPORT 2014 Interviews with Key People on the Strategy Going Forward Corporate Strategy Division Close consultation between business units is essential to well-balanced management resource allocation, but no less so than careful, and occasionally bold, decision making ...

  • Page 21
    ...gap emerges between what a business unit and management decide is of value, we would want to be in a position to present an objective and appropriate resolution for both sides. How do you view the initial fiscal year, ending March 2015, of the Medium-Term Management Plan? Through changes from this...

  • Page 22
    ...BUSINESS STRATEGY NIKON REPORT 2014 Interviews with Key People on the Strategy Going Forward Precision Equipment Business Refer to "Management's Discussion and Analysis" for details on performance. P. 48-51 Semiconductor Lithography Business Unit In the rapidly changing semiconductor industry...

  • Page 23
    ... customer base: by giving customers solutions of greater precision in the entire production process and making it easier for them to use our products. Also, in the Medium-Term Management Plan we have set a goal of at least a 30% market share for ArF immersion scanners, featuring our newly developed...

  • Page 24
    22 BUSINESS STRATEGY NIKON REPORT 2014 Interviews with Key People on the Strategy Going Forward Precision Equipment Business FPD Lithography Business Unit Refer to "Management's Discussion and Analysis" for details on performance. P. 48-51 To be positioned to revitalize the display market, we...

  • Page 25
    ... medium-to-long term for the FPD Lithography Business Unit? We have made it our goal to be an operation that supports the advances of the display industry. To achieve this goal means becoming a catalyst to activate the display market, foreseeing future needs, and launching the right products. Needs...

  • Page 26
    ... STRATEGY NIKON REPORT 2014 Interviews with Key People on the Strategy Going Forward Imaging Products Business Imaging Business Unit Refer to "Management's Discussion and Analysis" for details on performance. P. 48-51 In this challenging market environment, we find it is important to use...

  • Page 27
    ... of data and information technology to ascertain the "lifecycle" events of customers, such as new purchases, repairs, upgrading, or adding lenses, to prompt the timing of cross-sales or to make fuller contact through support services, for example, thereby enhancing purchases of Nikon products. and...

  • Page 28
    26 BUSINESS STRATEGY NIKON REPORT 2014 Interviews with Key People on the Strategy Going Forward Instruments Business Microscope Solutions Business Unit Refer to "Management's Discussion and Analysis" for details on performance. P. 48-51 While strengthening the business structure in existing ...

  • Page 29
    ... an effective network of key people at universities and other research organizations to promote sales of our systems, including super resolution microscopes and confocal microscopes. We managed to find out our customers' needs in detail and devise optimal solutions in software as well as hardware...

  • Page 30
    ... our non-contact inspection system into the production line of Nikon digital cameras in the hopes of using the data we obtain to enable us to propose solutions to our customers. We have already begun to work on analytic technologies by consulting with the Microscope Solutions Business Unit. These...

  • Page 31
    ...those involved in manufacturing, sales, and services, then analyze the entire supply chain to design optimal processes. We may further increase output by deepening collaborations between worksites in Japan and those in Europe and the United States. As a concrete example, the markets for X-ray and CT...

  • Page 32
    ... use business alliances, M&A, and corporate venture capital to place our business on the fast track. What is the role of the Medical Business Development Division in the Medium-Term Management Plan? As I said previously, we are researching methods of applying our core competences to offer products...

  • Page 33
    ...Although speed is important for developing business in a rapidly changing world, steadiness and strategic effort are indispensable, as ï¬,edgling ventures are known to have a low rate of success. Developing a project into a business takes at least two or three years, and five years may be necessary...

  • Page 34
    ... as upholding the brand value of Nikon's products in markets worldwide. Basic Approach In close cooperation with its intellectual property divisions, operations divisions, and R&D divisions, Nikon Corporation is formulating an intellectual property strategy designed to generate growth in existing...

  • Page 35
    ...and Red Dot Design Awards-for models from its various product lines, such as cameras and microscopes. As of April 2014, Nikon had applied for trademark registrations in 195 countries-every country (including emerging nations) that provides trademark protection-to further protect the Nikon brand. To...

  • Page 36
    ... that include Group company presidents from those regions as members. In the year ended March 31, 2014, in addition to activities under way in Greater China* and the European region, we implemented a structure to manage and promote CSR in the Asia region,* the Americas region, and Korea. Plans call...

  • Page 37
    ... CSR activities in the supply chain Results for the Year Ended March 31, 2014 [Summary] Priority issues Targets Provide employee education in a localized manner through regional holding companies outside Japan Formulate and implement the action plans on CSR promotion systems in the Americas through...

  • Page 38
    ... Nikon Environmental Action Plan, which outlines our medium-term goals, we set environmental targets for each fiscal year, evaluate our performance, and identify and review any issues. Product-Related Activities Environmental Management System â-† Eco-Friendly Product Development The Nikon Group...

  • Page 39
    ... all products of the Nikon Group, and we have already assessed more than 1,000 products and units. â-† Eco-Friendliness of Key Products • Digital SLR camera: D3300 (Released in February 2014) The D3300 is a Nikon DX-format digital SLR camera, an entrylevel model that offers an optical viewfinder...

  • Page 40
    ... point of contact for employees of the 22 Group companies in Japan, including five non-consolidated Group companies. In the year ended March 31, 2014, the hotline was used 50 times to report concerns related to harassment, alleged noncompliance, and other issues. These concerns are addressed and...

  • Page 41
    ... and in 2013 we established the Nikon Group HR Vision, which provides guidelines for talent development, training, and performance management. This vision was delivered to all Nikon Group employees through the Intranet, internal newsletters, internal training, and other means in the year ended March...

  • Page 42
    ...to support the career development of female employees, Nikon Corporation was selected as a Nadeshiko Brand company for the second consecutive year by the Japan's Ministry of Economy, Trade and Industry and the Tokyo Stock Exchange, Inc. * Including those in positions other than department manager or...

  • Page 43
    ...supported 174 students in the year ended March 2014, bringing the total number of participants to date to 1,192 students. From 2013, Nikon has launched the Gift from Nikon Project, whereby scholarship students receive framed pictures of themselves with important people in their lives, such as family...

  • Page 44
    ... partners year ended March 31, 2014, we conducted questionnaire-style CSR surveys of all 2,382 procurement partners of the Nikon Group in Japan. Taking into account the quality of the survey results, we identified high-priority procurement partners and conducted on-site inspections at 36 companies...

  • Page 45
    ... REPORT 2014 43 Results of the CSR Survey of Procurement Partners in Japan (Total data: 1,039 companies Unit: %) Sound corporate activities 100 Promoting Green Procurement â-† Green Procurement Promotion System Fact-finding survey 80 Quality, safety, and business continuity The Nikon Group...

  • Page 46
    ... system. Number of Female and Non-Japanese Directors, Corporate Auditors, and Officers of Nikon Corporation Females: 0, Non-Japanese: 0 Attendance at Meetings of the Board of Directors and Board of Corporate Auditors by External Directors and External Corporate Auditors (Year ended March 31, 2014...

  • Page 47
    ... holding companies. Each of these sections performs audits and J-SOX evaluations of its local companies from an independent standpoint, supervised by the Internal Audit Department of Nikon Corporation. Under this globalized internal audit system, which covers four world regions including Japan...

  • Page 48
    ... Board & Senior Vice President, President of Imaging Company 2014 Senior Vice President and Director, Overseeing Imaging Business Unit and Business Support Division (to present) 1975 Joined the Company 2005 Corporate Vice President, General Manager of Financing & Accounting Department 2009 Director...

  • Page 49
    ...Semiconductor Lithography Business Unit, Microscope Solutions Business Unit, Industrial Metrology Business Unit and Customized Products Business Unit (to present) Standing Corporate Auditor 1978 Joined the Company 2008 General Manager of Internal Audit Department 2014 Standing Corporate Auditor (to...

  • Page 50
    48 FINANCIAL INFORMATION NIKON REPORT 2014 Management's Discussion and Analysis Nikon Corporation and Consolidated Subsidiaries For the year ended March 31, 2014 Business Environment During the consolidated fiscal year ended March 31, 2014, Japan showed signs of a slight recovery aided by a ...

  • Page 51
    ..., thus allowing the Company to retain its high market share. We also strengthened the profit structure by shortening production times and cutting costs throughout the business. Net sales thus increased 14.8% from the previous fiscal year, to ¥205,447 million, and operating income surged 53...

  • Page 52
    ... 2014 Imaging products Corporate expenses 0 2010 2011 2012 2013 2014 Precision equipment Instruments Other * The "Other" segment comprises businesses not included in reportable segments, such as the Glass-Related Business and Customized Products Business. Beginning with the fiscal year ended...

  • Page 53
    ... of property, plant and equipment. Net cash provided by financing activities was ¥31,869 million. After taking into account ¥8,722 million in dividends paid, cash was derived from long-term debt of ¥27,000 million and the issuance of ¥19,889 million of bonds. Balance Sheet Analysis As of...

  • Page 54
    ...FINANCIAL INFORMATION NIKON REPORT 2014 Consolidated Balance Sheet Nikon Corporation and Consolidated Subsidiaries March 31, 2014 Millions of Yen Thousands of U.S. Dollars (Note 1) 2013 2014 2014 ASSETS Current assets Cash and cash equivalents (Note 14) Notes and accounts receivable - trade...

  • Page 55
    ... stock-at cost: 4,279,760 shares in 2013 and 4,219,304 shares in 2014 Accumulated other comprehensive income (loss): Unrealized gain on available-for-sale securities Deferred loss on derivatives under hedge accounting Foreign currency translation adjustments Remeasurements of defined benefit plans...

  • Page 56
    54 FINANCIAL INFORMATION NIKON REPORT 2014 Consolidated Statement of Income Nikon Corporation and Consolidated Subsidiaries Year ended March 31, 2014 Millions of Yen Thousands of U.S. Dollars (Note 1) 2013 2014 2014 Net sales Cost of sales Gross profit Selling, general and administrative ...

  • Page 57
    ... Year ended March 31, 2014 Thousands Accumulated Other Comprehensive Income (Loss) Number of Shares of Common Stock Outstanding Unrealized Gain on Deferred Loss Foreign Available-for- on Derivatives Remeasurement Currency Sale of Defined under Hedge Translation Securities Benefit Plans Accounting...

  • Page 58
    56 FINANCIAL INFORMATION NIKON REPORT 2014 Consolidated Statement of Cash Flows Nikon Corporation and Consolidated Subsidiaries Year ended March 31, 2014 Millions of Yen Thousands of U.S. Dollars (Note 1) 2013 2014 2014 Operating activities: Income before income taxes and minority interests...

  • Page 59
    ... 31, 2014 include the accounts of the Company and its 70 (71 in 2013) significant subsidiaries (together, the "Group"). Changes include the addition of HIKARI GLASS (HK) LIMITED; Hikari Glass (Changzhou) Optics Co., Ltd.; Nikon Sales (Thailand) Co., Ltd.; exclusion of Nikon Precision Singapore Pte...

  • Page 60
    ... expected to be held to maturity with the positive intent and ability to hold to maturity, are reported at amortized cost; and ii) Marketable available-for-sale securities, which are not classified as held-to-maturity securities, are reported at fair value, with unrealized gains and losses, net of...

  • Page 61
    ... companies to measure options at their intrinsic value if they cannot reliably estimate fair value. (n) Foreign Currency Financial Statements The balance sheet accounts of the consolidated foreign subsidiaries are translated into Japanese yen at the current exchange rate as of the balance sheet...

  • Page 62
    ... ï¬,uctuations of long-term debt denominated in foreign currencies are measured at fair value and the unrealized gains or losses are included in the carrying amounts of the debt. Interest rate swaps, which qualify for hedge accounting, are measured at market value at the balance sheet date, and...

  • Page 63
    ...respectively, for the fiscal year ended March 31, 2013. Proceeds from sales of available-for-sale securities were ¥4,087 million ($39,706 thousand) for the fiscal year ended March 31, 2014. Gross realized gains and losses on these sales computed on a moving-average cost basis were ¥1,485 million...

  • Page 64
    ... impairment of long-lived assets" for machinery, equipment, furniture and structures in Japan, China and Thailand. This is because these assets were no longer expected to be used in the future. 6. Short-Term Borrowings and Long-Term Debt Short-term borrowings at March 31, 2013 and 2014 consisted of...

  • Page 65
    ... subsidiaries also have a defined-benefit plan and a defined-contribution pension plan. The Group accounted for the liability for retirement benefits based on the projected benefit obligations and plan assets at the balance sheet date. Year Ended March 31, 2014 (1) The changes in defined bene...

  • Page 66
    64 FINANCIAL INFORMATION NIKON REPORT 2014 Notes to Consolidated Financial Statements (2) The changes in plan assets for the year ended March 31, 2014 were as follows: Millions of Yen Thousands of U.S. Dollars 2014 2014 Balance at beginning of year Expected return on plan assets Actuarial ...

  • Page 67
    ... Discount rate Expected rate of return on plan assets 1.8% 2.0 Year Ended March 31, 2013 The liability for employees' retirement benefits at March 31, 2013 consisted of the following: Millions of Yen 2013 Projected benefit obligation Fair value of plan assets Unrecognized prior service cost...

  • Page 68
    ...time during the fiscal year in addition to the year-end dividend upon resolution at the shareholders' meeting. For companies that meet certain criteria, such as: (1) having the Board of Directors, (2) having independent auditors, (3) having the Audit & Supervisory Board, and (4) the term of service...

  • Page 69
    ... used to measure the fair value of 2014 Stock Options which were granted on August 1, 2013: Estimate method: Black-Scholes option pricing model Volatility of stock price: 47.238% Estimate of remaining outstanding period: 15 years Estimate dividend: Risk-free interest rate: ¥31.00 per share...

  • Page 70
    68 FINANCIAL INFORMATION NIKON REPORT 2014 Notes to Consolidated Financial Statements 10. Selling, General and Administrative Expenses Selling, general and administrative expenses for the fiscal years ended March 31, 2013 and 2014 principally consisted of the following: Millions of Yen ...

  • Page 71
    ... 12. Research and Development Costs Research and development costs charged to income were ¥76,497 million and ¥74,552 million ($724,369 thousand) for the fiscal years ended March 31, 2013 and 2014, respectively. 13. Leases The Group leases certain machinery and equipment for manufacturing. The...

  • Page 72
    ... managed by monitoring market values and the financial position of issuers on a regular basis. In addition, securities other than held-to-maturity securities are continually reviewed as to the situation, taking into account the relationship between the Group and trading partners. (3) Fair Values...

  • Page 73
    ... The fair values of bonds are determined by the market price, if it is available, or by discounting the future cash ï¬,ows related to the debt at the rate assumed based on interest rates on government securities and credit risk. Bonds are included in long-term debt in the consolidated balance sheet.

  • Page 74
    ..., foreign currency swap contracts and interest 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...

  • Page 75
    NIKON REPORT 2014 73 Derivative transactions to which hedge accounting was not applied at March 31, 2013 and 2014 were as follows: Millions of Yen Contract Amount Contract Amount Due after One Year Unrealized (Loss) Gain Fair Value 2013 Forward exchange contracts: Selling USD Selling EUR ...

  • Page 76
    ... the above table, and do not represent the amounts exchanged by the parties or measure the Group's exposure to credit or market risk. In addition, the fair value of such interest rate swaps in Note 14 is included in that of hedged items (i.e., long-term debt). 16. Contingent Liabilities At March 31...

  • Page 77
    NIKON REPORT 2014 75 17. Comprehensive Income The components of other comprehensive income for the years ended March 31, 2013 and 2014 were as follows: Millions of Yen Thousands of U.S. Dollars 2013 2014 2014 Unrealized gain (loss) on available-for-sale securities: Gains arising during the ...

  • Page 78
    76 FINANCIAL INFORMATION NIKON REPORT 2014 Notes to Consolidated Financial Statements 18. Net Income per Share Reconciliation of the differences between basic and diluted net income per share ("EPS") for the years ended March 31, 2013 and 2014 was as follows: Millions of Yen Net Income Thousands...

  • Page 79
    ...services of imaging products and their peripheral domain, such as digital SLR cameras, compact digital cameras and interchangeable camera lenses. The Instruments Business provides products and services including microscopes, measuring instruments and inspection equipments. 2. Methods of Measurement...

  • Page 80
    ...INFORMATION NIKON REPORT 2014 Notes to Consolidated Financial Statements Millions of Yen Precision Equipment Reportable Segment Imaging Products Instruments Total Other Total Reconciliations Consolidated For the year ended March 31, 2014 Sales: Sales to external customers Intersegment sales...

  • Page 81
    ...374,870 $2,061,601 $9,527,362 Note: Sales are classified in countries or regions based on location of customers. (2) Property, plant and equipment Japan North America Europe China Thailand Other Millions of Yen Total For the year ended March 31, 2013 ¥92,511 ¥6,211 ¥4,370 ¥17,447 ¥39...

  • Page 82
    80 FINANCIAL INFORMATION NIKON REPORT 2014 Independent Auditor's Report

  • Page 83
    ... Board of Directors President Representative Director Internal Audit Department Corporate Strategy Division Medical Business Development Division Business Development Division Information Security Division A Finance & Accounting Division Human Resources & Administration Division Business Support...

  • Page 84
    ...servicing of cameras in the Middle East, Africa, and Western and Southern Asia H PT Nikon Indonesia*2 Import, sales, and servicing of cameras H Nikon Imaging Korea Co., Ltd. Import, sales, and servicing of cameras H Nikon (Thailand) Co., Ltd. Manufacture of digital cameras, interchangeable lenses...

  • Page 85
    ... H Nikon Imaging Japan Inc. Sales and servicing of cameras H Nikon Vision Co., Ltd. Development, manufacture, sales, and servicing of sport optics products *1. Nikon-Essilor Co., Ltd., and Nikon-Trimble Co., Ltd., are equity-method affiliates. *2. Nikon Asia Pacific Pte. Ltd., Nikon Middle East...

  • Page 86
    ... website for a variety of additional information, including financial results, presentation materials, and CSR reports. Investor Relations http://www.nikon.com/about/ir/ Responsibility http://www.nikon.com/about/csr/ 4,000 3,000 2,000 1,000 0 1st 2nd 3rd 4th 1st 2nd 3rd 4th Year ended...

  • Page 87
    ... and other elements used for the quantification are simply scientific assumptions today, and errors generated by measuring equipment and other sources are inevitable. This uncertainty does not mean that quantified values are inappropriate. The ISAE 3410 stipulates that information can be assured...

  • Page 88
    ... address on Nov. 25, 2014: Shinagawa Intercity Tower C, 2-15-3, Konan, Minato-ku, Tokyo 108-6290 Japan) This eco-friendly booklet was produced using FSC®-certified paper; non-VOC (volatile organic compound), vegetable-oil ink; and waterless printing technology. www.nikon.com Printed in Japan