Olympus 2006 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2006 Olympus 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.

Page out of 59

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59

OLYMPUS 2006 27
ANALYSIS OF FINANCIAL POSITION
Total Assets
> As of March 31, 2006, total assets stood at ¥976,132 million
(US$8,488 million), up 13.8% compared with the previous fiscal
year-end, due to the addition of ITX Corporation to the scope of
consolidation. Total current assets increased 12.6% to
¥489,525 million (US$4,257 million), reflecting the increase in
cash and time deposits, notes and accounts receivable, and
deferred income taxes. Total net property, plant and equipment
rose 9.0% to ¥130,810 million (US$1,137 million) due to an
increase in machinery and equipment, and construction in
progress. Total assets turnover in fiscal 2006 was 1.00 times,
compared with 0.95 times in the previous fiscal year.
Total Liabilities and Shareholders’ Equity
> Total liabilities climbed 11.9% year on year to ¥675,819 million
(US$5,877 million), attributed to an increase in short-term bor-
rowings and long-term debt. Total shareholders’ equity rose to
¥290,656 million (US$2,527 million), up 20.7% from the previ-
ous fiscal year-end. The ratio of shareholders’ equity to total assets
improved to 29.8% compared with 28.1% for the previous fiscal
year.
Cash Flows
> Cash and cash equivalents as of March 31, 2006, increased
¥45,682 million to ¥159,307 million (US$1,385 million) com-
pared with the previous fiscal year-end.
Net cash provided by operating activities rose significantly
year on year by ¥39,009 million, to ¥49,034 million (US$426
million), mainly due to an increase in income before provision
for income taxes.
Net cash used in investing activities surged from the previous
fiscal year by ¥54,213 million to ¥81,755 million (US$711 mil-
lion). Major components were withdrawals from time deposits,
sales of property, plant and equipment, payments for acquisition
of new subsidiaries and payments for additional stock invest-
ment in subsidiaries.
Net cash provided by financing activities increased ¥17,185
million compared with the previous fiscal year to ¥77,200 mil-
lion (US$671 million), reflecting an increase in short-term bor-
rowings, proceeds from the issuance of bonds, and issuance of
common stock.
Research & Development Expenditures
> The Olympus Group has been seeking new technologies through
research and development activities to create new business
areas and to strengthen the core competencies of current busi-
nesses. In the fiscal year under review, R&D expenditures
amounted to ¥45,935 million (US$399 million), 4.7% of net
sales.
Capital Expenditures
> Total capital expenditures decreased 3.6% year on year to
¥44,444 million (US$386 million). The amount of depreciation
and amortization was ¥27,022 million (US$235 million) in the
fiscal year under review.
27,022
23,700 16,858
24,249
29,758
44,444
24,835
34,619
41,917
46,127
Capital Expenditures
(Millions of yen)
02 03 04 05 06
Depreciation and amortization
Capital Expenditures
R&D Expenditures
(Millions of yen)
02 03 04 05 06
45,935
30,477
34,735
38,671
47,720
Rate of Return on Equity
(%)
02 03 04 05 06
10.7
5.2
11.5
14.1
–4.8
olympus ar06 25-52 06.7.28 4:48 PM ページ 27