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    Corporate Annual Report: NIKON

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    Using the 2012 annual report for NIKON:
    1. Analyse the major areas of the report.
    2. Discuss the key factors that determined the company's financial performance during the year.
    3. Discuss what the primary assets held by the company are.
    4. Demonstrate how management portrays the internal control environment of NIKON.

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    Solution Preview

    Here is a draft to get you started.

    Main Sections

    At the start, it gives key statistics, graphs and five key policies, unlike many annual reports that begin with the president's letter. After several pages of financial highlights, the president's letter is presented. Then, the major section are rather typical of annual reports and include

    Review of operations by segment
    Corporate Governance and Initiatives
    Management Discussion and Analysis
    Financial Statements
    Notes to the Financial Statements
    Organizational information
    List of directors, auditors and officers

    Financial Performance

    As you see in the income statement above, net income is about twice the prior year. The reasons are partially higher sales but that is not the full story. The sales are up less than 10% and that is not double! The cost of sales as a percent of sales is down from the prior year and this adds to both gross profit and operating income. The single largest item as a 15,920 gain on insurance settlement, accounting for about half of the increase in net income of 59,306-27313=31,993. There were ...

    Solution Summary

    The response is 654 pages and has quotes from the annual report in it. The key factors that determine the company's financial performance during the year are given.