Olympus 2003 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2003 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 48

  • 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

OLYMPUS 2003 
The Olympus Group set new performance records in fiscal ,
ended March , , for net sales, operating income, income
before provision for income taxes, and net income. Consolidated
net sales increased .% to ¥, million (US$, million),
driven by strong demand for digital cameras, marking the ninth
consecutive fiscal year of growth. O wing to considerable improve-
ment in profit margins on digital cameras, operating income
climbed .% to ¥, million (US$ million). Accordingly,
net income more than doubled to ¥, million (US$ mil-
lion), despite evaluation losses on marketable and investment secu-
rities.
By business segment, sales of the Imaging Systems Group
advanced .%, due to a considerable increase in sales of digital
cameras. The Medical Systems Group increased sales .%, main-
ly through higher sales in the United States and Europe. Sales of
the Industrial Systems Group declined .%, however, because of
a slowdown in capital investment at our major clients.
By geographic region, sales in Japan declined .%, while over-
seas sales rose .%, including the favorable effects of exchange
rates. Proportionately, sales in Japan made up .% of total net
sales, while sales to North America accounted for .%, Europe
.% and Asia .%. Total overseas sales amounted to ¥,
million, or .% of net sales.
CONSOLIDATED RESULTS OF OPERATIONS
Net Sales
Total net sales increased .% to ¥, million (US$,
million).
Sales in the Imaging Systems Group rose .% to ¥,
million (US$, million). While there is a downward trend in
market prices caused by serious price competition, sales revenue
from digital cameras continued to grow substantially due to the
contribution of new products in the CAMEDIA series. By con-
trast, sales of film cameras continued to decrease due to shrink-
ing market volume in Japan and overseas.
In the Medical Systems Group, sales increased .% to
¥, million (US$, million). The EVIS EXERA series of
high-end endoscopes continued to grow substantially in the U.S.
and European markets. The newly launched EVIS LUCERA
series of high-end endoscopes contributed to sales in Japan. Sales
of ultrasonic endoscopes advanced mainly in Europe and the
United States. Sales of biological microscopes struggled in Japan,
but grew overseas for an overall year-on-year increase. Sales of
clinical analyzers were also favorable, owing to the acquisition of
orders from major hospitals in the U.S.
FINANCIAL REVIEW
O F S A L E S B Y
G E O G R A P H I C
A R E A
N O R T H A M E R I C A
A S I A
2003
25.0
35.0
28.1
10.4
E U R O P E
O T H E R A R E A S
1.5
O T H E R S
1.1
J A P A N
O F S A L E S
B Y B U S I N E S S
S E G M E N T
M E D I C A L
S Y S T E M S G R O U P
I N D U S T R I A L
S Y S T E M S G R O U P
2003
43.4
47.6
7.9
I M A G I N G
S Y S T E M S
G R O U P
olympus ar03 for PDF 03.8.1 10:25 AM ページ 17