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Cash Flow Analysis
For the fiscal year ended March 31, 2014, net cash provided by
operating activities was ¥114,185 million. This growth came
despite a decrease in notes and accounts payable—trade of
¥13,942 million and income taxes—paid of ¥5,777 million,
reflecting the posting of income before income taxes and minority
interests of ¥74,692 million, a decrease in notes and accounts
receivable—trade of ¥13,925 million, and a decrease in inven-
tories of ¥34,684 million.
Net cash used in investing activities was ¥43,194 million,
primarily expenditure of ¥32,681 million for purchases 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.
Basic Policy on Shareholder Returns;
Current and Subsequent Term Dividends
Our policy on shareholder returns is as follows: “Along with
expanding investment (investment in capital and in development)
in business and technology development to ensure future growth
as we take steps to enhance competitiveness, our fundamental
approach is to pay a steady dividend that reflects the perspective
of shareholders, while making adjustments to better reflect
operating performance.” In accordance with this policy, and
in light of a total return ratio of 25% or more as our goal, we
conducted dividend increases and purchases of treasury stock.
In line with the decrease in sales and a rise in profit for the
fiscal year ended March 31, 2014, we increased the year-end
dividend to ¥22 per share, ¥10 higher than in the previous year;
including an interim dividend of ¥10 per share, the full-year
dividend amounted to ¥32 per share. For the current fiscal year,
we plan to pay a full-year dividend of ¥32 per share, of which
the interim dividend will be ¥10 per share.
Balance Sheet Analysis
As of March 31, 2013 and 2014
% of Total Assets
2013 2014
Total assets 100.0% 100.0%
Total current assets 66.5 68.3
Inventories 31.1 25.8
Property, plant and equipment 18.7 16.8
Investments and other assets 14.8 14.9
Total current liabilities 34.6 29.5
Short-term borrowings 2.1 1.5
Long-term debt, less current portion 7.2 10.5
Total equity 56.7 57.6
Total Equity and Equity Ratio
(As of March 31)
Millions of yen %
Total equity (left scale) — Equity ratio (right scale)
2011 2012 2013
600,000
400,000
200,000
0
60
40
20
0
2010 2014
ROE and ROA
(Years ended March 31)
%
— ROE — ROA
2011 2012 2013
15.0
10.0
5.0
0
–5.0 2010 2014
Annual Cash Dividends and
Total Return Ratio
(Years ended March 31)
Yen %
Annual cash dividends (left scale)
— Total return ratio (right scale)
2011 2012 2013
40
30
20
10
02010 2014
40
30
20
10
0
* ROE is calculated as net income (loss) divided by aver-
age shareholders’ equity, and ROA is calculated as net
income (loss) divided by average total assets.
51
NIKON REPORT 2014