Omron 2003 Annual Report Download - page 29

million, or 5.8 percent, to ¥40,315 million, as new long-
term debt totaling ¥8,398 million offset the shift of matur-
ing long-term debt to current liabilities. Interest-bearing
liabilities, defined as the sum of bank loans, the current
portion of long-term debt and long-term debt, increased
¥12,549 million, or 21.4 percent, to ¥71,260 million.
Termination and retirement benefits increased ¥45,363
million, or 60.2 percent, to ¥120,730 million.
Shareholders’ equity decreased ¥46,624 million, or 15.6
percent, from a year earlier to ¥251,610 million, due pri-
marily to an increase in accumulated other comprehen-
sive loss totaling ¥34,546 million that resulted primarily
from the increase in the minimum pension liability.
Accumulated other comprehensive loss includes foreign
currency translation adjustments, minimum pension liabil-
ity adjustments, unrealized gains or losses on available-
for-sale securities and net losses on derivative instru-
ments. Note 15 of the Notes to the Consolidated Financial
Statements provides additional explanation.
The ratio of shareholders’ equity to total assets was 44.3
percent, compared to 54.3 percent as of March 31, 2002.
The debt/equity ratio, defined as total liabilities divided by
shareholders’ equity, was 1.255 times, compared to 0.842
times a year earlier. Shareholders’ equity per share was
¥1,036.01, compared to ¥1,201.23 a year earlier.
Cash Flow
Cash and cash equivalents at March 31, 2003 increased
¥9,140 million from a year earlier, or 12.9 percent, to
¥79,919 million. The effect of exchange rates on cash and
cash equivalents was negligible.
Net cash provided by operating activities increased
¥8,167 million to ¥41,854 million. The return to net prof-
itability was a primary factor in the year-on-year increase.
Omron also generated a net ¥9,791 million in cash from
changes in working capital, compared to ¥4,719 million
for the previous fiscal year.
Net cash used in investing activities decreased ¥9,488
million to ¥30,633 million. Net proceeds from sales or
maturities of short-term investments and investment
securities totaled ¥649 million, compared to net purchas-
es totaling ¥3,070 million in the previous fiscal year, or a
year-on-year contribution to cash flow totaling ¥3,719 mil-
lion. Omron also reduced capital expenditures by ¥4,442
million, or 11.4 percent, to ¥34,454 million, reflecting
greater selectivity in making capital commitments.
Omron also generated cash totaling ¥1,450 million from
proceeds from sales of business entities.
Net cash used in financing activities decreased ¥10,060
million to ¥1,996 million. Net cash generated from external
sources totaled ¥11,307 million, consisting of net borrow-
ings of short-term bank loans totaling ¥2,909 million, and
net proceeds from long-term debt totaling ¥8,398 million.
The amount raised externally compared a total of ¥13,303
million in cash used for dividends paid by Omron totaling
¥2,855 million, and cash used to repurchase shares of
Omron Corporation totaling ¥10,218 million. Dividends
paid by Omron decreased ¥375 million, or 11.6 percent.
20031999 2000 2001 2002
1.18
2.23
1.62 1.60
1.88
20031999 2000 2001 2002
1.4
3.6
6.8
-4.4
0.8
20031999 2000 2001 2002
0.7
3.5
6.7
-5.1
0.2
1999 2000 2001 2002 2003
4.36
4.18
4.56
4.44 4.25
1999 2000 2001 2002 2003
143,536
164,610 169,797 145,489
148,053
195
204 215
179
214
20031999 2000 2001 2002
0.3
1.3
7.2
14.1
-10.1
Working Capital and Current
Ratio (Millions of Yen/%)
■Working Capital
●Current Ratio
Inventory Turnover
(Times)
Return on Tangible Fixed
Assets (%)
Return on Shareholders’
Equity (%)
Return on Assets (%) Price/Book Value Ratio (Times)
Annual Report 2003 • 27