Nikon 2015 Annual Report Download - page 47

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NIKON REPORT 2015
Financial and Corporate DataFinancial and Corporate Data
Total Equity and Equity Ratio
(As of March 31)
Millions of yen %
n Total equity (left scale) Equity ratio (right scale)
600,000
400,000
200,000
0
60
40
20
0
2012 2013 20142011 2015
ROE and ROA
(Years ended March 31)
%
ROE ROA
15.0
10.0
5.0
0
2012 2013 20142011 2015
Annual Cash Dividends and
Total Return Ratio (Years ended March 31)
Yen %
n Annual cash dividends (left scale)
Total return ratio (right scale)
40
30
20
10
0
80
60
40
20
0
2012 2013 20142011 2015
* 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.
million, mainly as a result of the impairment that was carried out
for the property, plant and equipment, intangible assets, and invest-
ment and other assets of the Semiconductor Lithography Business.
Liabilities declined ¥1,958 million to ¥400,744 million, princi-
pally because the current portion of bonds decreased ¥10,000 million
due to redemption, although accrued expense and net dened benet
liability increased ¥6,183 million and ¥3,802 million, respectively.
Total equity increased ¥25,388 million to ¥572,201 million.
Despite a ¥6,327 million decrease in retained earnings that
resulted primarily from the payment of cash dividends and changes
in the accounting policy for retirement benets, this rise was
attributable to a ¥30,909 million increase in total accumulated
other comprehensive income, which arose from increases in foreign
currency translation adjustment due to the depreciation of the yen
and in unrealized gain on available-for-sale securities in line with
stock price rises. The equity ratio moved up 1.1 percentage points
from the previous scal year to 58.6%.
Cash Flow Analysis
For the scal year ended March 31, 2015, net cash provided by
operating activities amounted to ¥71,309 million. This was mainly
attributable to the inows from the posting of ¥35,153 million of
income before income taxes and also inows from adjustments on
depreciation and amortization and on impairment loss, and an out-
ow from the income taxes—paid of ¥11,108 million.
Net cash used in investing activities amounted to ¥24,945
million. This was primarily due to the expenditure of ¥22,337
million for the purchases of property, plant and equipment.
Net cash used in nancing activities amounted to ¥24,955
million. This was mainly due to a redemption of bonds by ¥10,000
million and payment of dividend by ¥12,686 million.
Balance Sheet Analysis
As of March 31, 2014 and 2015
% of Total Assets
2014 2015
Total assets 100.0% 100.0%
Total current assets 68.3 70.5
Inventories 25.8 24.7
Property, plant and equipment 16.8 15.2
Investments and other assets 14.9 14.3
Total current liabilities 29.5 29.5
Short-term borrowings 1.5 1.4
Long-term debt, less current portion 10.5 8.7
Total equity 57.6 58.8
Basic Policy on Shareholder Returns;
Current and Subsequent Term Dividends
The Group’s 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 reects the perspective
of shareholders, while making adjustments to better reect operat-
ing performance.” Despite decreases in both sales and prot for
the scal year ended March 31, 2015, the Group decided to pay a
year-end dividend of ¥22 per share, the same as at the end of the
previous scal year. When combined with the interim dividend of
¥10 per share, the full-year dividend amounted to ¥32 per share.
For the current scal year, the Group plans to pay a full-year divi-
dend of ¥16 per share, of which the interim dividend will be ¥8
per share. In the years to come, the Group’s policy will target a
total return ratio of more than 30%.