Olympus 2002 Annual Report Download - page 23

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21
1998
17.2
15.3
1999
18.5
16.8
2000
17.1
16.3
2001
21.4
18.2
2002
24.8
23.7
1998
28.4
1999
31.1
2000
32.0
2001
30.8
2002
30.5
7.8 7.5 7.5 6.6 5.8
32
24
16
8
0
20
15
10
5
0
Research and Development Expenditures
(Billions of yen)
25
20
15
10
5
0
Capital Expenditures
(Billions of yen)
R&D expenditures
Percentage to net sales (%)
Capital expenditures
Depreciation and amortization
end. Total current assets declined 5.8% to ¥353,183 million
(US$2,825 million), mainly due to a decrease in inventories.
Net property, plant and equipment were ¥81,888 million
(US$655 million). Total investments and other assets were
¥127,007 million (US$1,016 million) with same levels of
previous fiscal year. In fiscal 2002, turnover of total assets was
slightly improved to 0.94 times.
Total Liabilities and Shareholders’ Equity
Total liabilities declined 8.1% to ¥358,256 million (US$2,866
million). Total shareholders’ equity rose 4.8% to ¥201,547
million (US$1,612 million). The shareholders’ equity ratio
increased from 32.9% to 35.9% of total assets.
Cash Flows
Cash and cash equivalents at the end of the year decreased
¥29,406 million to ¥55,345 million (US$443 million) com-
pared with the previous fiscal year.
Net cash provided by operating activities increased
¥21,303 million to ¥50,607 million (US$405 million) com-
pared with the previous fiscal year, mainly due to the large
decrease in inventories.
Net cash used in investing activities was ¥56,133 mil-
lion (US$449 million), mainly due to the increased deposits
in time deposits and purchasing of property, plant and
equipment.
Net cash used in financial activities amounted to
¥24,787 million (US$198 million), mainly as a result of the
redemption of bonds.
Research & Development Expenditures
Olympus and its consolidated subsidiaries continued their
research and development. OPTO-Digital Technology was
given first priority because of the expansion of the digital
field. Total R&D expenditures declined 1.2% to ¥30,477
million (US$244 million) compared with the previous fiscal
year, and accounted for 5.8% of net sales.
Capital Expenditures
Total capital expenditures climbed 15.8% to ¥24,835
million (US$199 million) compared with ¥21,441 million
in the previous fiscal year. Depreciation and amortization
amounted to ¥23,700 million (US$190 million).