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68 INTRODUCTION BUSINESS STRATEGY SPECIAL FEATURE BUSINESS CORPORATE SUSTAINABILITY FINANCIAL AND PERFORMANCE GOVERNANCE CORPORATE DATA Management’s Discussion and Analysis Nikon Corporation and Consolidated Subsidiaries For the year ended March 31, 2019 Overview of the Fiscal Year Ended March 31, 2019 Revenue / Operating Profit In the consolidated fiscal year ended March 31, 2019, the domestic Billions of yen economy continued its gradual recovery trend, showing signs of 900 857.7 841.0 improvement in personal consumption and increased capital invest- 749.2 717.0 708.6 ment. In the global economy, the U.S. economy remained solid despite a temporary slowdown in personal consumption, and 600 Europe was on a modest recovery trend. In addition, a moderate slowdown trend was seen in China. 300 Looking at conditions by business segment, in the Imaging Prod- 56.2 82.6 ucts Business, the digital camera-interchangeable lens type market 43.4 35.2 0.7 0 and the compact digital camera market continued to shrink. In the 2015 2016 2017 2018 2019 Precision Equipment Business, capital investments were steady Japanese IFRS in the FPD-related field. Despite solid capital investments in the GAAP semiconductor-related field, investments slowed down in the latter Revenue Operating profit half of the fiscal year. In the Healthcare Business, market conditions Profit Attributable to Owners of the Parent were solid in both the bioscience field and ophthalmic diagnosis Billions of yen field, especially overseas. During the fiscal year ended March 31, 2019, which was the final 90 year of restructuring announced in November 2016, the Group 66.5 tackled its remaining issues taking the post-restructuring period into 60 consideration. 34.7 In specific, the Group promoted a shift to portfolio-based manage- 29.9 30 ment, and strived to spread the understanding of ROE and ROIC, 18.3 which the Group positioned as the management indicators that 3.9 emphasize capital efficiency, to each organization and individual 0 employee. Furthermore, the Group promoted the strengthening of 2015 2016 2017 2018 2019 Japanese IFRS its corporate governance structure, such as implementing improve- GAAP ments in order to address the issues that were identified through the evaluation of the Board of Directors’ effectiveness, which were Profit (Loss) Analysis conducted by a third-party organization. In addition, the Group con- Years ended March 31, 2018 and 2019 tinued to carry out measures to enhance management DNA, such % of revenue as reducing fixed costs. The Group also committed to the development 2018 2019 Revenue 100.0% 100.0% of products with competitive advantages, focusing on the Group’s core technologies of opto-electronics and precision. Cost of sales (56.4) (57.2) As a result of the aforementioned measures, revenue for the fiscal Gross profit 43.6 42.8 year ended March 31, 2019 decreased by ¥8,418 million (1.2%) year SG&A expenses (34.7) (33.7) on year to ¥708,660 million, operating profit increased by ¥26,417 Other income (expenses)—net (1.1) 2.5 million (47.0%) year on year to ¥82,653 million, profit before income Operating profit 7.8 11.7 taxes increased by ¥31,658 million (56.3%) year on year to ¥87,915 Finance income (cost)—net 0.0 0.5 million, and profit attributable to owners of the parent increased by Profit before income taxes 7.8 12.4 ¥31,741 million (91.3%) year on year to ¥66,513 million. Income tax expenses (3.0) (3.0) Profit for the year 4.9 9.4 Profit attributable to owners of the parent 4.8 9.4 Note: Expenses, losses, and subtractive amounts are in parentheses. NIKON REPORT 2019 69 Performance by Business Segment Healthcare Business Imaging Products Business In the bioscience field, sales of biological microscopes increased, For the digital camera-interchangeable lens type, sales of the D850, mainly overseas, and sales of ultra-widefield retinal imaging devices a digital SLR camera, were strong, and the Group made efforts to remained solid in the ophthalmic diagnosis field as well. Both fields increase sales of the new Z 7 and Z 6 full-frame mirrorless cameras, recorded their highest sales ever. which have earned favorable reviews. For the compact digital cameras, Regarding the business as a whole, although strategic investments the Group focused on sales of high-value-added products such as into the ophthalmic diagnosis field and the regenerative medicine- the COOLPIX P1000, which is equipped with a 125x optical zoom lens. related field were made as planned, profitability improved due to However, unit sales of both digital camera-interchangeable lens factors such as reductions of fixed costs. type and compact digital cameras fell amidst the shrinking market. As a result, revenue for the Healthcare Business increased by As a result, revenue for the Imaging Products Business decreased 15.2% year on year to ¥65,434 million, and operating loss of ¥1,937 by 17.9% year on year to ¥296,169 million, and operating profit million (operating loss of ¥3,263 million was recorded in the previous decreased by 27.0% year on year to ¥22,069 million. fiscal year) was recorded. Imaging Products Business Healthcare Business Billions of yen Billions of yen 600 586.0 80 520.4 65.4 60 55.7 56.8 400 383.0 360.7 40 296.1 20 200 0 56.6 46.7 (0.6) 17.1 30.2 22.0 (3.2) (1.9) 0 –20 2015 2016 2017 2018 2019 2017 2018 2019 Japanese IFRS GAAP Revenue Operating profit (loss) Revenue Operating profit Precision Equipment Business Industrial Metrology Business and Others In the FPD lithography system field, although unit sales of equipment In the Industrial Metrology Business, profitability improved and profits for mid-to-small size panels decreased, unit sales of equipment for increased, despite a decrease in revenue due to factors such as the large-size panels increased, resulting in substantial increases in transfer of the CMM (Coordinate Measuring Machines) Business as revenue and profits. part of restructuring. In the semiconductor lithography system field, despite factors such In the Customized Products Business, revenue for solid-state lasers as the postponement of sales of some systems to the fiscal year and customized equipment increased. ending March 31, 2020, the business passed the break-even point for In the Glass Business, revenue increased by continuously focusing two consecutive fiscal years, owing to solid sales of ArF immersion on the sales promotion of photomask substrates for FPD and scanners and ArF scanners, and further improvement of efficiency optical materials. through the restructuring. As a result, revenue for the Industrial Metrology and Others As a result, revenue for the Precision Equipment Business increased decreased by 1.0% year on year to ¥72,518 million, and operating by 21.3% year on year to ¥274,540 million. In addition, operating profit profit increased by 38.0% year on year to ¥6,937 million. increased by 53.1% year on year to ¥81,730 million, due to the rise of profit in the FPD lithography system field, as well as the effect of Industrial Metrology Business and Others recording a settlement income regarding litigation over patents in Billions of yen the semiconductor lithography system field, which resulted in the 80 substantial increase of profit in the business as a whole. 73.2 72.5 62.4 60 Precision Equipment Business Billions of yen 40 300 274.5 248.0 20 226.3 200.5 3.7 5.0 6.9 200 170.7 0 2017 2018 2019 Revenue Operating profit 100 81.7 53.3 8.3 9.4 13.4 0 2015 2016 2017 2018 2019 Japanese IFRS GAAP Revenue Operating profit 70 INTRODUCTION BUSINESS STRATEGY SPECIAL FEATURE BUSINESS CORPORATE SUSTAINABILITY FINANCIAL AND PERFORMANCE GOVERNANCE CORPORATE DATA Business Climate and Issues for the Fiscal Year Ending Overview of Financial Position March 31, 2020 The balance of total assets as of March 31, 2019 increased ¥36,642 Regarding future prospects of the business segments of the Group, million from the end of the previous fiscal year to ¥1,134,985 million. in the Imaging Products Business, although the digital camera- This was mainly due to the increase of cash and cash equivalents by interchangeable lens type market is expected to remain solid in the ¥22,617 million, and inventories by ¥17,783 million. full-frame category, the market as a whole is forecast to continue to The balance of total liabilities as of March 31, 2019 decreased ¥6,543 shrink, and the continuing shrinkage of the compact digital camera million from the end of the previous fiscal year to ¥518,259 million. This market is also expected. For the Precision Equipment Business, in the was mainly because despite advances received rose by ¥16,231 million, FPD-related field, although capital investments for mid-to-small size trade and other payables decreased by ¥22,207 million. panels are expected to stabilize, capital investments for large-size The balance of total equity as of March 31, 2019 increased ¥43,185 panels are forecast to remain solid. In the semiconductor-related field, million from the end of the previous fiscal year to ¥616,726 million. capital investments are expected to enter a temporary lull due to a The increase was primarily driven by the increase of retained earn- slowdown in the semiconductor market. For the Healthcare Business, ings by ¥44,495 million as a result of posting profit attributable to market conditions are expected to remain solid in the bioscience field. owners of the parent despite dividends paid. In the ophthalmic diagnosis field, the retinal diagnostic imaging equip- ment market is forecast to remain solid, mainly overseas.
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