1. NIKON CORPORATION
株式会社ニコン
Corporate Communications & IR Dept.
2006年月5月15日
Aug 5 ,2010
Financial Results for the First Quarter of
the Year Ending March 31, 2011
Conference in Tokyo (Aug 5, 2010)
NIKON CORPORATION
Forward-looking statements for earnings and other performance data contained herein are based on
information currently available to the Company, and all potential risks and uncertainties are taken into
account. The Company asks that investors understand that changes in conditions may cause actual
performance to significantly differ from these projections.
1
2. Agenda
I. Financial Results for the First Quarter of the
Year Ending March 31,2011
II. Estimation for the Year Ending
March 31,2011
Ⅲ．Reference Data
3. Financial Highlights for the First Quarter of the Year Ending
March 31, 2011
Change
10/3 1Q 上期 11/3 1Q
上期
Billions of yen (A) 下期 (B) 下期 (B)-(A)
Net Sales
Net Sales 175.1 205.2 +30.1
Operating Income
Operating Income
% vs Net Sales
0.7 11.3 +10.6
0.4% 5.5%
Ordinary Income
Ordinary Income
% vs Net Sales
-1.3
-%
12.7 6.2%
+14.0
Net Income
Net Income
% vs Net Sales
- 4.0
-%
8.2 +12.2
4.0%
FCF
FCF - 1.9 27.6 + 29.5
Exchange Rate Impact on
Exchange Rate
97 yen 92 yen Net Sales: est. - 9.3
US$
US$
EURO
133 yen 117 yen Op. Income: est. - 3.3
EURO
In spite of the strong yen, net sales increased 17% and operating income showed a
substantial gain, turning ordinary income and net income into the black. FCF posted 27.6
2
billion yen.
4. Precision Equipment Company
10/3 1Q 上期 11/3 1Q Change
上期
Billions of yen (A) 下期 (B) 下期 (B)-(A)
Net Sales
Net Sales 27.3 40.3 +13.0
Operating Income
Operating Income
% vs Net Sales
- 10.1 - 0.6 + 9.5
-% -%
IC Steppers & Scanners
IC Steppers & Scanners
New //Refurbished
New Refurbished 7/- units 10/6 units + 3/ + 6
LCD
LCD
Steppers & Scanners
Steppers & Scanners 3 units 14 units +11
Thanks to the market recovery, both IC and LCD steppers and scanners
increased the sales volume, posting near 50% profit gain and reducing operating
loss dramatically.
3
5. Precision Equipment Company
IC Steppers & Scanners LCD Steppers & Scanners
Sales by Technology Sales by Generation
Units
Units
15
15
14
12 7G~
12 4
10
9
ArF 9
7 4 immersion
5G/6G
6
6
6
4 2 KrF
3
3
3
4 i-line 2 4 ～4G
3
0 1
0
10/6 09/6 10/6
09/6
4
6. Imaging Company
Billions of yen
10/3 1Q 上期 11/3 1Q Change
上期
(A) 下期
Cameras & Lenses
(1,000 of units sold) (B) 下期 (B)-(A)
Net Sales
Net Sales 135.4 148.8 +13.4
Operating Income
Operating Income 12.5 9.2%
14.0 +1.5
% vs Net Sales 9.4%
Single-lens Reflex
Single-lens Reflex
DSC
DSC
840 1,050 +210
Interchangeable
Interchangeable
Lenses
Lenses
1,240 1,560 +320
Compact DSC
Compact DSC 2,540 3,460 +920
The sales volume of SLR cameras increased 25% from the previous 1Q in proportion to the
market growth. Although the compact camera market only showed a slight recovery in the 1Q
from the negative growth of the previous year, Nikon was able to increase the sales volume
36% more from the previous year. This favorable sales trend contributed our market share
expansion. Overall, both sales and income increased 10% and 12%, respectively, in the midst
of the strong yen. 5
7. Instruments Company
10/3 1Q 上期 11/3 1Q Change
上期
Billions of yen (A) 下期 (B) 下期 (B)-(A)
Net Sales
Net Sales 8.2 10.9 + 2.7
Operating Income
Operating Income -1.6-% - 2.6-% - 1.0
% vs Net Sales
The bioscience field, which was affected by the strong yen, maintained the
same level of sales. The industrial instruments field, on the other hand, showed
the sales hike as the customers’ capital expenditure started to recover. The
increase in operating loss, attributable mainly to the strong yen, initial costs for
new products, and amortization of goodwill, are within the assumption.
6
8. Balance Sheet
Assets Liabilities & Equity 55%
50%
Billions of yen Billions of yen 49.1% 50.2% 48.8%
900 900 45%
Capital ratio
776.0 776.0
740.6 759.5 759.5
740.6
93. 6
Cash & time
107. 7 123. 7 deposit
125.8 Notes &
600 accounts 600 394.6
113. 8 115. 2 Receivable- 388.7 Total
368. 6 Liabilities
trade
263.9 207. 0 213. 8 Inventories
300 56.1 Other current 300
54. 2 62.7 assets
381.4 372. 0 370.8 Total Equity
238.6 256. 0 244. 1 Fixed Assets
0 0
09/6 10/3 10/6 09/6 10/3 10/6 7
9. Summary for the First Quarter of the Year Ending
March 31,2011
Sales 17% up from the previous 1Q, increasing operating income
dramatically (x16) turning ordinary income and net income into the black.
Precision Equipment Company
- Thanks to the recovery of customers’ capital expenditure, both IC and LCD
steppers and scanners increased the sales volume.
- Net sales increased 48%, shrinking operating loss dramatically.
Imaging Company
- Both SLR cameras and interchangeable lenses remained on a steady
upturn. Brisk compact camera sales contributed to the market share
expansion.
- The vigorous sales absorbed the impact by strong yen, posting 10%
sales increase and 12% income gain.
Instruments Company
- Sales increased 33%, thanks mainly to consolidated operations of the
industrial instruments field and the market recovery.
- Operating loss expanded, but within the assumption.
8
10. Agenda
I. Financial Results for the First Quarter of the
Year Ending March 31,2011
II. Estimation for the Year Ending
March 31,2011
Ⅲ．Reference Data
11. Estimation for the Year Ending March 31, 2011
Previous Change Change
10/3 1H 1H New est. 1H 1H
est. (B)
Actual (A) 2H 2H (C) 2H ( C )-(A) ( C )-(B) 2H
Billions of yen （May 11）
368.1 395.0 398.0 + 3.0
785.5 890.0 + 104.5 + 10.0
Net Sales
Net Sales 417.4 880.0 485.0 492.0 + 7.0
- 19.5 7.5 13.5 + 6.0
Operating
Operating -13.9 52.0 52.0 + 65.9 -
Income
Income 5.6 5.9%
44.5 5.8%
38.5 - 6.0
% vs Net Sales -%
- 22.3 7.0 15.0 + 8.0
Ordinary
Ordinary -15.3 50.0 50.0 + 65.3 -
Income
Income 7.0 5.7%
43.0 5.6%
35.0 - 8.0
% vs Net Sales -%
- 17.7 4.0 9.0 + 42.6 + 5.0
Net Income
Net Income
-12.6 30.0 30.0 -
% vs Net Sales -%
5.1 3.4%
26.0 3.4%
21.0 - 5.0
56.4 15.6 58.0 +1.6 +8.0
FCF
FCF 50.0
40.8
96 91
Exchange Rate
Exchange Rate 93 yen 90 90 yen 91 yen 90
US$
US$
EURO 131yen 133 120 yen 112 yen 114
EURO 129 110
The fiscal year sales forecast is revised 10 billion yen upward despite the higher yen rate against Euro. The
operating income for the first half is revised upward, but not for the whole year due to unforeseeable outlook in the
second half. 9
12. Estimation for Precision Equipment Company
10/3 1H Previous est. 1H 1H
New est. 2H
Billions of yen Actual 2H （May 11） 2H
66.3 80.0 83.0
Net Sales
Net Sales 150.1 83.8 210.0 130.0 220.0 137.0
- 44.0 - 8.0 - 4.5
Operating Income
Operating Income - 58.6
- 14.6
3.0 11.0
6.0 10.5
% vs Net Sales -% 1.4% 2.7%
18/4 17/ 9 17/12
IC Steppers & Scanners
IC Steppers & Scanners
36/13 units 48/22 units 31/13
54/22 units 37/10
New //Refurbished
New Refurbished 18/9
16 24 25
LCD
LCD
Steppers & Scanners 45 units 58 units 34
62 units 37
Steppers & Scanners 29
IC Steppers &
IC Steppers &
半導体露光装置
半導体露光装置
Scanners
Scanners
市場規模
市場規模
Market Scale
112 units Approx.200 units Approx.220 units
Market Scale
LCD Steppers &
液晶露光装置
LCD Steppers &
液晶露光装置
Scanners
Scanners
市場規模 74 units Approx.110 units Approx.110 units
市場規模
Market Scale
Market Scale
The sales volume expects to increase both for IC and LCD steppers and scanners. Net sales
and operating income for the fiscal year are revised upward partly because of service income
improvement and cost reduction effects.
10
13. Estimation for Precision Equipment Company
IC Steppers & Scanners LCD Steppers & Scanners
Sales by Technology Sales by Generation
Units Units
60
70 62
54
58
50
48 60
36 27 ArF 50 45 7G~
40
Immersion 33
27 40
33
30 19
15
2 ArF 30
20 1 2 11 KrF 5 5G/6G
7 20 19
16 19
10
14 i-line 10 21
12
10 ~4G
4 6
0 0
10/3 Previous New 10/3 Previous New
Actual Est. Est. Actual Est. Est.
11
14. Estimation for Imaging Company
Billions of yen 10/3 1H Previous est. 1H 1H
New est. 2H
Cameras & Lenses Actual 2H （May 11） 2H
(1,000 of units sold)
275.3 280.0 280.0
Net Sales
Net Sales 569.5 294.2
590.0 310.0 590.0 310.0
26.5 20.0 21.0
Operating Income
Operating Income 52.1 52.0 32.0
48.0 27.0
% vs Net Sales 9.1% 25.6 8.8% 8.1%
Single-lens Reflex 1,660 1,900 1,950
Single-lens Reflex
DSC
DSC
3,670 2,010 4,200 2,300 4,250 2,300
2,450 2,800 2,850
Interchangeable
Interchangeable 5,450 6,150 3,350
6,200
Lenses
Lenses 3,000 3,350
5,130 5,700 6,200
Compact DSC
Compact DSC 11,510 12,500 13,500
6,380 6,800 7,300
SLR-DSC
SLR-DSC
Market Scale
Market Scale 10,880 12,000 12,200
IL
IL
Market Scale
Market Scale 17,720 20,000 20,000
C-DSC
C-DSC
Market Scale
Market Scale
102,740 105,000 110,000
As the exchange rate is revised, the operating income forecast for the fiscal year is
revised downward: however, efforts for sales expansion and cost reduction are made to
minimize the income reduction. 12
15. Estimation for Instruments Company
10/3 1H Previous est. 1H 1H
New est. 2H
Actual 2H （May 11） 2H
Billions of yen
17.8 25.0 25.0
Net Sales
Net Sales 45.1 27.3
60.0 60.0 35.0
35.0
- 2.6 - 5.5 - 4.0
Operating Income
Operating Income - 9.3 - 5.0 - 4.5
% vs Net Sales -% - 6.7 -% - 0.5 -% - 0.5
Billions of yen
60 Semiconductor
5% 6% Inspection Equipment
26% Measuring In the bioscience field that is
29%
3% Instruments
affected by the strong yen, the
40 18%
14% Industrial sales forecast is revised
15%
16% Microscopes
downward. In the industrial
instruments field, the Japanese
55% 50%
20
Biological and Asian markets started to
Microscopes
63% recover, expecting the sales hike.
0
10/3 New
Actual
Previous est.
Est.
13
16. Estimation for Capital Expenditure, Depreciation and R&D
[Capital Expenditure & Depreciation] [R&D]
Billions of yen Billions of yen
Capital
50 Expenditure 70 R&D Ratio of R&D 10%
Depreciation
43.5 61.5 60.3
39.8 60 58.4 57.0
40 37.5 9%
36.0
33.0 50 47.2
30.4 36.0
30 32.9 8%
40 7.7
7.0
25.7 30
20 22.6 7%
6.4
20 6.1
5.7
10 6%
10
0 0 5%
New
07/3 08/3 09/3 10/3 New 07/3 08/3 09/3 10/3 est.
est.
* After 09/3 : Include the amount of acquisition of Lease asset by change of Accounting Standard for Lease Transactions 14
17. Summary of Estimation for the Year Ending March 31, 2011
The exchange rate forecast is revised from 120 yen to 110 yen against Euro.
Based on the 1Q result, net sales and income of the first half of the year are
revised upward: however, for the fiscal year forecast, while net sales is revised
upward, income remains the same.
Precision Equipment Company
- More inquiries and orders are received for the immersion scanner NSR-S620D.
- Both IC and LCD steppers and scanners expect to increase the sales volume. The service
income improvement also contributes to upward revisions of net sales and operating income
for the first half and the whole year.
Imaging Company
- Sales volume hike is expected mainly for good selling compact cameras.
- Cost reduction will be promoted.
- The operating income for the first year is revised upward based on the 1Q result: however,
for the fiscal year forecast, net sales is not changed and operating income is revised
downward due to the strong yen and future economic uncertainty.
Instruments Company
- The forecast in the bioscience field keeps the current level. But, the industrial instruments
field shows the recovery mainly in Japan and Asian countries.
- The operating income forecast is revised upward for the first half but unchanged for the
second half.
15
18. Agenda
I. Financial Results for the First Quarter of the
Year Ending March 31,2011
II. Estimation for the Year Ending
March 31,2011
Ⅲ．Reference Data
19. Exchange Rate
11/3
Estimation Exchange Financial Impact from
Fluctuation by 1 yen
Rate
11/3 Net Sales Operating Income
Forecast for 2-4Q Forecast for 2-4Q Forecast for 2-4Q
US$
US$ 90 yen Est. 4.0
billion yen
Est. 0.7
billion yen
Est. 1.2 Est. 0.8
EURO
EURO 110 yen billion yen billion yen
16
20. Estimation for the Year Ending March 31, 2011
Previous est.
10/3 Actual New est.
Billions of yen （May 11）
Operating 1H -19.5 7.5 13.5
Income -13.9 52.0 52.0
2H 5.6 44.5 38.5
Non-operating
income / expenses-net -1.4 -2.0 -2.0
Ordinary 1H -22.3 7.0 15.0
Income -15.3 50.0 50.0
2H 7.0 43.0 35.0
Extra ordinary
income / expenses-net -2.3 -2.0 -5.0
Income Taxes -5.0 18.0 15.0
1H -17.7 4.0 9.0
Net Income -12.6 30.0 30.0
2H 5.1 26.0 21.0
17
21. Quarterly Net Sales by Segment
Billions of yen
300
5.4
12.2
5.9
4.6 11.8
11.0 5.2
200 59.3
4.5 6.3 10.9
9.6 30.9
41.0 4.5 4.2 15.5
10.4 8.2 40.3
39.0
27.3 52.9
61.7
100
172.3 174.8
156.9 148.8
135.4 139.9
119.4
102.4
0
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
09/3 10/3 11/3
Precision
Imaging Equipment Instruments Company Others 18
Company Company
