Omron 2002 Annual Report Download - page 26

24 Omron Corporation
ing by domestic financial institutions and railway compa-
nies. Sales of the Industrial Automation Company, the
Electronic Components Company and the Social Systems
Business Company decreased substantially. The weak
personal consumption also negatively impacted sales of
the Healthcare Company. Total sales to external cus-
tomers decreased 15.6 percent year-on-year to ¥357.9 bil-
lion.
North America
The economy of the United States, which had been a
driver of global economic growth until the previous fiscal
year, slowed considerably due to the slump in IT-related
industries. The terrorist attacks on September 11 served
to further delay economic recovery.
Amid these conditions, sales of the Industrial
Automation Company were sluggish, although the
Electronic Components Company and the Healthcare
Company both posted relatively strong growth. As a
result, factoring in the positive effect of the weaker yen
against the U.S. dollar, sales to external customers
increased 1.8 percent year-on-year to ¥65.6 billion.
Europe
The economies of Europe were weak throughout the
year, affected by the slowdown in the United States.
However, the Industrial Automation Company, the
Electronic Components Company and the Healthcare
Company all posted solid results. Total sales to external
customers increased 7.0 percent year-on-year to ¥65.3 bil-
lion.
Asia and Other
A ripple effect from the slowdown in the U.S. affected
most Asian economies, particularly in Southeast Asia,
although the Chinese economy continued to grow. In
South Korea and Southeast Asia, the slump in IT-related
markets affected the Industrial Automation Company,
although the Electronic Components Company and the
Healthcare Company both performed well. In China, sales
of the Industrial Automation Company and the Electronic
Components Company were solid, while high growth in
personal consumption supported strong growth in
Healthcare Company sales. As a result, total sales to
external customers were ¥45.2 billion, essentially
unchanged from the previous fiscal year.
Assets, Liabilities and Shareholders’ Equity
As of March 31, 2002, total assets were ¥549.4 billion, a
decrease of ¥43.8 billion, or 7.4 percent, from March 31,
2001. Current assets decreased ¥51.4 billion, or 15.6 per-
cent, to ¥277.5 billion. This was mainly a result of signifi-
cant decreases in trade notes and accounts receivable
and inventories, which reflected the decline in net sales
and orders received. Trade notes and accounts receivable
decreased 14.1 percent to ¥114.9 billion. Inventories
decreased 18.5 percent to ¥74.6 billion. In addition, cash
and cash equivalents decreased 17.3 percent to ¥70.8 bil-
lion.
Net property, plant and equipment decreased ¥6.8 bil-
lion, or 4.3 percent, to ¥152.3 billion. Investments and
other assets increased ¥14.4 billion, or 13.7 percent, to
¥119.6 billion, as deferred income taxes increased ¥25.9
billion to ¥43.9 billion.
The total of current liabilities, long-term liabilities and
minority interests in subsidiaries decreased ¥16.1 billion,
or 6.0 percent, to ¥251.1 billion. Current liabilities
decreased ¥53.9 billion, or 29.4 percent, to ¥129.4 billion,
due to decreases in trade notes and accounts payable,
income taxes payable and the current portion of long-
term debt. Bank loans increased ¥5.8 billion to ¥14.7 bil-
lion. Working capital at the balance sheet date increased
¥2.6 billion to ¥148.1 billion, and the current ratio was 214
percent, compared to 179 percent a year earlier. Long-
term debt increased ¥10.8 billion, or 33.9 percent, to ¥42.8
billion, due to new long-term bank loans. As a result,
interest-bearing liabilities, defined as the sum of bank
loans, the current portion of long-term debt and long-
term debt, decreased ¥8.5 billion, or 12.6 percent, to ¥58.7
billion.
Shareholders’ equity decreased ¥27.7 billion, or 8.5 per-
cent, to ¥298.2 billion, mainly due to lower retained earn-
1998
1999
2000
2001
2002
72.0
69.8
71.6
71.3
67.0
10.0
10.5
10.7
10.8
12.3
12.1
13.9
11.0
10.3
12.2
5.9
5.8
6.7
7.6
8.5
Sales by Region (%)
■ Japan
■North America
■Europe
■Asia and Other