Konica Minolta 2002 Annual Report Download - page 18
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Please find page 18 of the 2002 Konica Minolta annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.16 Konica 2002CONSOLIDATED FINANCIAL REVIEW
SALES RESULTS
In the fiscal year ended March 31, 2002, extremely severe
conditions prevailed in the world economy, as sluggish eco-
nomic conditions in major regions were exacerbated by the
September 2001 terrorist attacks in the United States, and
there were no visible signs of a an impending recovery. In
the Japanese economy, capital investment contracted due to
a lagging economic recovery and a marked deterioration in
corporate earnings, while personal consumption remained
lackluster owing to rising concerns about employment. The
yen depreciated 12.9% against the U.S. dollar during the
fiscal year, to an average of ¥122.85 at the end of March
2002, and 9.5% against the euro, to an average of ¥109.45 at
the end of March 2002. This had the effect of reducing net
sales 0.8% to ¥539.6 billion.
In our photographic materials segment, we recorded
higher sales of medical imaging systems, thanks to the high
acclaim of these systems, which were quick to be introduced
in the market in response to the trend toward digital net-
working in hospitals. Sales in inkjets, for which we have
high expectations as a new business, rose firmly as we
expanded our business for photo-quality paper. On the
other hand, in the EM & ID Business Group demand was
sluggish in the market for liquid crystal displays (LCDs)
owing to the slump in IT-related markets, and lower sales
were recorded for triacetyl cellulose (TAC) film used for
polarizing filters in LCDs.
Although the Consumer Imaging Company strengthened
its sales in Asia, it recorded a decrease in sales in industrial-
ized countries because of the trend toward digitization and
the effects of the terrorist attacks in the United States. The
graphic imaging business, which remained in an economic
slump, posted an increase in sales volume from the previous
year, mainly in Asia, but the value of those sales declined.
In our business machines segment, the Office Document
Company introduced a succession of medium- and high-
speed digital copiers and recorded a large increase in sales.
The Optics & EM Technologies Company, which was
affected by the bursting of the IT bubble, experienced a
recovery in the second half of the year, mainly in DVD-
related markets, but sales for the entire year declined. Sales
for cameras and digital cameras also decreased.
COST OF SALES, AND SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
The cost of sales during the fiscal year under review
declined 3.0% compared with the previous period to ¥309.6
billion. This decrease was due to the decline in net sales as
well as the implementation of cost-reduction measures,
which covered the portion of cost increases resulting from
the weakening of the yen. As a result, the cost of sales ratio
improved 1.3 percentage points, from 58.7% to 57.4%.
Gross profit edged up 2.4% from the previous year to
¥229.9 billion.
Selling, general and administrative (SG&A) expenses
increased ¥6.3 billion, or 3.3%, from the previous year to
¥200.3 billion. Since net sales shrank 0.8%, the SG&A
expenses ratio increased 1.4 percentage points compared
with the previous fiscal year, from 35.7% to 37.1%. During
the year we progressed with rationalization measures that
included reductions in sales incentives while aggressively
investing in R&D for digitization. Although actual expenses
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