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A CLEAR VISION Annual Repo rt 2 00 4
OLYMPUS ANNUAL REPORT 2004
olympus ar04 cover 04.8.4 14:32 ページ 1
Table of contents
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Page 1
A CLEAR VISION A n n u a l Re p o r t 2 0 0 4 -
Page 2
... 5 N EW BU S IN ES S M O D ELS IN TH E M ED IC A L IN D U S TRY REV IEW O F O PERA TIO N S 10 14 22 24 RES EA RC H A N D D EV ELO PM EN T BO A RD O F D IREC TO RS , C O RPO RA TE A U D ITO RS A N D EXEC U TIV E O FFIC ERS FIN A N C IA L S EC TIO N 25 IN TELLEC TU A L PRO PERTY REPO RT 5 0 PRIN... -
Page 3
... is a p ho to g ra p h o f o ur ne o n sig n o n a b rid g e ne a r G inz a , a fa mo us sho p p ing...id e ly re c o g niz e d O lymp us na me , w e a im to e sta b lish a c o rp o ra te b ra nd full o f vita lity. Ta king this a s a n o p p o rtunity to re ta in the trust o f o ur sta ke ho ld e rs... -
Page 4
... lly fo r p ro fe ssio na l p ho to g ra p he rs w ho w e re no t sa tisfie d w ith the q ua lity o f d ig ita l c a me ra s until no w . W e a im to imp ro ve o ur d ig ita l c a me ra ma rke t sha re b y stimula ting d e ma nd thro ug h the la unc h o f a n a ffo rd a b le d ig ita l SLR c a me ra... -
Page 5
Pho to g ra p h: M itsua ki Iw a g o Sho t w ith the O ly mp us E-1 , Zuiko Dig ita l ED4 0 0 mm, f3 . 5 , 1 / 1 0 0 se c . (in RA W fo rma t) O LYM PUS 2 0 0 4 3 -
Page 6
... h c r a M Bra nd stre ng th O n M a rc h 4 , 2 0 0 4 , O lymp us sig ne d a n a g re e me nt fo r its se c o nd se a so n a s a n o ffic ia l sp o nso r o f the Sc ud e ria Fe rra ri Fo rmula O ne ra c ing te a m. Thro ug h o ur sup p o rt o f the Sc ud e ria Fe rra ri te a m, w e ho p e to b uild... -
Page 7
A M ES S A G E FRO M TH E P RES ID EN T De a r s ha re ho ld e rs , A N e w M ile sto ne A c hie ve d in Fisc a l 2 0 0 4 > O lymp us w ro te a ne w c ha p te r in its histo ry in fisc a l 2 0 0 4 , e nd e d M a rc h 3 1 , 2 0 0 4 . W e a c hie ve d o ur te nth c o nse c utive fisc a l ye a r o f g... -
Page 8
...2004 2003 2002 Tho usa nd s o f U. S. d o lla rs 2004 N e t sa le s ...N e t inc o me ...Ea rning s p e r sha re - Ba sic ne t inc o me ...To ta l a sse ts ...Sha re ho ld e rs...7. 4 3 7.9 millio n units % up N ET IN C O M E IN FISC AL 2 0 0 4 N e t inc o me a d va nc e d G LO BAL SALES O F DIG ... -
Page 9
... d a c c o rd ing to e nd o sc o p e usa g e inste a d o f e q uip me nt sa le s a s in the p a st. This syste m re q uire s mino r initia l inve stme nt o n b e ha lf o f me d ic a l institutio ns, a nd running c o sts a fte r intro d uc tio n a re a lso minimiz e d . O lymp us b e ne fits b y p ro... -
Page 10
...W o rld w id e Dig ita l C a me ra M a rke t (Tho usa nd s o f units) 6 5 ,0 0 0 1 sha re 4 8 ,6 0 0 2 8 ,3 8 0 1 5 ,8 7 0 02 03 04 0 5 (e stima te ) S o urc e : C a me ra & Ima g ing Pro d uc ts A sso c ia tio n 1 5 .2 % O LYM PUS' DIG ITAL C AM ERA M ARKET SH ARE W e a im to ra ise o ur... -
Page 11
... a ny tha t is truste d b y a ll its sta ke ho ld e rs inc lud ing sha re ho ld e rs, e mp lo ye e s, c usto me rs, a nd sup p lie rs. W e a sk fo r yo ur c o ntinue d und e rsta nd ing a nd sup p o rt. July, 2 0 0 4 Esta b li shi ng a C o mp eti ti ve Po si ti o n b y Sp li ti ng O ff Busi nesses... -
Page 12
...e d fro m d o c to rs to ho sp ita l a d ministra to rs, w ith the re sult Q.1: The med i ca l i nd ustry i s sa i d to b e g o i ng thro ug h a p eri o d o f ra d i ca l cha ng e. W ha t so rts o f cha ng es a re ta ki ng p la ce? > C o ntro lling me d ic a l c o sts is o ne c urre nt issue w e se... -
Page 13
...ys t o s o l ve cu s t o m er pr oblem s ne e d s o f p hysic ia ns, b ut a lso tho se o f ho sp ita l a d ministra to rs a nd he a lthc a re p ro fe ssio na ls a s a w ho le . Fo r e xa mp le , w he n a ho sp ita l p urc ha se s a n e nd o sc o p e , se c uring the ne c e ssa ry b ud g e t is o fte... -
Page 14
...ting sta tus o f the e q uip me nt. Ho w e ve r, w e a re no w lo o king to b e a p a rtne r sup p o rting the ho sp ita l a d ministra tio n, ultima te ly p la ying a c o nsulta tive ro le tha t o ffe rs a w id e va rie ty o f a d d e d va lue . Q.3: Info rma ti o n netw o rks w i thi n ho sp i ta... -
Page 15
... wo rld w i d e i n t h e medica l equ ip m ent business p ita l a re no w inc re a sing ly b e ing d o ne in o the r lo c a tio ns. The re a re no w thre e to fo ur tho usa nd A mb ula to ry Surg ic a l C e nte rs (A SC s) tha t o ffe r e nd o sc o p ic e xa mina tio ns, w he re the p ro c e d ure... -
Page 16
... The Ima g i ng Systems G ro up Dig ita l c a me ra s Film c a me ra s Vo ic e re c o rd e rs M a g ne to -o p tic a l d isk d rive s s y s te m s > The Ima g ing Syste ms G ro up ha nd le s d ig ita l c a me ra s, film c a me ra s a nd vo ic e re c o rd e rs. Sa le s d uring fisc a l 2 0 0 4 ro se... -
Page 17
...rie s. DIG ITA L STEREO REC O RDER W ITH M USIC PLAYER DM -2 0 The DM se rie s ' p riz e p ro d uc t- DM -2 0 . DM 2 0 fe a ture s 4 4 ho urs a nd 4 5 minute s o f lo ng DSS fo rma t re c o rd ing , hig h q ua lity W M A fo rma t ste re o re c o rd ing , a nd a n M P3 / W M A fo rma t music p la ye... -
Page 18
... e xe mp lifying...ita ls re stric te d c a p ita l inve stme nt a mid re fo rms to the me d ic a l syste m. O ve rse a s c o nd itio ns w e re c ha lle ng ing a s sa le s o f ma insta y p ro d uc ts e nte re d a c yc lic a l d o w nturn. De sp ite this o p e ra ting e nviro nme nt, O lymp us re c o rd... -
Page 19
...va l o f tumo rs w hile c irc umve nting ne rve s. Ba se d o n its te c hno lo g ie s a nd e xp e rtise a c c umula te d in the fie ld o f e nd o sc o p e s a nd surg ic a l mic ro sc o p e s, O lymp us is c o nfid e nt M i ni ma l l y Inva si ve Pro...the ra p y d e vic e s fe a turing a n e xp a nd ... -
Page 20
...0 M IC RO SC O PE DIG ITA L C A M ERA The DP7 0 fe a ture s hig h re so lutio ns a t 1 2 . 5 me g a p ixe ls, fa st ima g e c a p ture a t a b o ut thre ...lyz e rs, w hic h w e re a n o ffsp ring o f invo lve me nt in the me d ic a l fie ld . Thro ug h sub sta ntia l te c hno lo g ic a l inno va tio ... -
Page 21
...a nd DN A mic ro a rra y (PA M ) syste ms. W e p la n o n initia ting c o nsig ne d a na lysis se rvic e s fo r o ur DN A c o mp ute r, the first suc h se rvic e d e ve lo p e d in the w o rld , d uring the fisc a l ye a r e nd ing M a rc h 3 1 , 2 0 0 5 . W e e xp e c t o ur insp e c tio n e q uip... -
Page 22
...l e nd o sc o p e s, p rinte rs, b a rc o d e sc a nne rs a nd o the r ind ustria l e q uip me nt. During the se c o nd ha lf o f fisc a l 2 0 0 4 , the ma rke t e xp a nd e d fo r d ig ita l ho me e le c tro nic s, suc h a s fla t-sc re e n TVs a nd HDD/ DVD re c o rd e rs, re sulting in a n inc re... -
Page 23
... RO SC O PE The LEXT O LS3 0 0 0 re a liz e s re so lving p o w e r o b se rva tio n a nd hig h re p e a ta b ility, a nd o ffe rs the w o rld ' s first b rig htfie ld , d a rk-fie ld d iffe re ntia l inte rfe re nc e o b se rva tio n p la tfo rm. SZ6 1 ZO O M STEREO M IC RO SC O PE W ITH A G REEN... -
Page 24
RES EA RC H A N D D EV ELO P M EN T 0 .1 2 M IC RO M IRRO R SC AN N ER FO R TH E LEXT O LS3 0 0 0 The O LS3 0 0 0 a c hie ve d the w o rld ' s fine st re so lutio n o f 0 . 1 2 m in a la se r mic ro sc o p e . m 2 meg a p i xel TH IN -LEN S UN IT FO R C ELLULAR PH O N ES W ITH BUIL T-IN C AM ... -
Page 25
... ra te s o n p e rfo rma nc e va lua tio n, a mo ng o the r issue s. W ith re g a rd to a ud iting , O lymp us ha s a n a ud iting struc ture c o mp rising fo ur a ud ito rs, o f w hic h tw o a re o utsid e a ud ito rs. The Bo a rd o f A ud ito rs me e ts in p rinc ip le tw ic e a mo nth. A ud iting... -
Page 26
...Hiro shi Ko miya * * Isa o Ta ka ha shi* * P RES ID EN T Tsuyo shi Kikuka w a * D IREC TO RS EX EC U TIV E M A N A G IN G O FFIC ERS A tsushi Yusa...Furiha ta * * EX EC U TIV E O FFIC ERS Ke n Yo ne kub o * * Ta tsuo N a g a sa ki Ka z uhisa Ya na g isa w a M ikio Ta ka g i Ka z uo Ic hika w a Ha... -
Page 27
fina nc ia ls FIN A N C IA L REV IEW 26 TEN -YEA R S UM M A RY 2 8 C O N S O LID A TED BA LA N C E S H EETS 30 C O N S O LID A TED S TA TEM EN TS O F IN C O M E 3 2 C O N S O LID A TED S TA ... -
Page 28
...info rma tio n still ta ke s up o nly a sma ll p o rtio n in e ntire sa le s o f the Life Sc ie nc e G ro up , b ut this p ro mising a re ... rs a g g re ssive ly la unc h ne w mo d e ls, o ur (Stylus Dig ita l in the U. S. a nd [mju: ] DIG ITA L [mju: ] Dig ita l in Euro p e ) se rie s, w hic h fe ... -
Page 29
...rc h & Develo p ment Exp end i tures > The O lymp us G ro up ha s b e e n se e king ne w te c hno lo g ie s thro ug h re se a rc h a nd d e ve lo p me nt a c tivitie s to c re a te ne...a b i li ti es a nd Sha reho ld...ne w p e nsio n sc he me . C a p ita l Ex p e nd iture (M illio ns o f y e n) R&D Ex... -
Page 30
...nta g e to p re vio us ye a r ...N e t inc o me ...Pe rc e nta g e to ne t sa le s ...R&D e xp e nd iture s ...C a p ita l e xp e nd iture s ...De p re c ia tio n a nd a mo rtiz a tio n ...Ea rning s p e r sha re (in ye n): Ba sic ne t inc o me ...C a sh d ivid e nd s p e r sha re (in ye n): A c tua... -
Page 31
M illio ns o f y e n (e x c e p t p e r sha re a mo unts) 2002 2001 2000 1999 1998 1997 1996 1995 1 5 0 ,7 6 1 3 7 7 ,6 5 4 5 2 8 ,4 1 5 1 1 3 .2 1 0 ,2 7 9 1 .9 3 0 ,4 7 7 2 4 ,8 3 5 2 3 ,7 0 0 1 4 9 ,3 5 1 3 1 7 ,3 5 3 4 6 6 ,7 0 4 1 0 8 .9 1 1 ,7 8 7 2 .5 3 0 ,8 4 8 2 1 ,4 4 1 1 8 ,2 4 7 1 4 ... -
Page 32
...si d i a ri es M a rch 3 1 , 2 0 0 4 a nd 2 0 0 3 M i lli o ns o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2003 2004 A S S ETS C URREN T A S S ETS... 9 9 3 ,7 0 9 ,5 3 6 PRO PERTY, PLA N T A N D EQ UIPM...ES TM EN TS A N D O TH ER A S S ETS : Inve stme nt se c uritie s ...De fe rre d inc o me ta xe... -
Page 33
... o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2003 2004 LIA BILITIES A N D S H A REH O LD ERS ' EQ UITY C URREN T LIA BILITIES : Sho rt-te rm b o rro w ing s...C urre nt ma turitie s o f lo ng -te rm d e b t...N o te s a nd a c c o unts p a ya b le ...A c c rue d e xp e nse s ...Inc o me ta xe... -
Page 34
...si d i a ri es Fo r the yea rs end ed M a rch 3 1 , 2 0 0 4 , 2 0 0 3 a nd 2 0 0 2 M i lli o ns o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2002 2004 2003 N e t sa le s ...C o st o f sa le s...G ro ss p ro fit ...Se lling , g e ne... PRO V IS IO N FO R IN C O M E TA XES : C urre nt...De fe rre... -
Page 35
...si d i a ri es Fo r the yea rs end ed M a rch 3 1 , 2 0 0 4 , 2 0 0 3 a nd 2 0 0 2 M i lli o ns o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2002 2004... ED EA RN IN G S : Ba la nc e a t b e g inning o f ye a r ...N e t inc o me ...C a sh d ivid e nd s p a id ...Bo nuse s fo r d ire c to rs...N e... -
Page 36
... FLO W S O lymp us C o rp o ra ti o n a nd C o nso li d a ted Sub si d i a ri es Fo r the yea rs end ed M a rch 3 1 , 2 0 0 4 , 2 0 0 3 a nd 2 0 0 2 M illio ns o f y e n 2004 Tho usa nd s o f U. S. d o lla rs 2003 2002 2004 C A S H FLO W S FRO M O PERA TIN G A C TIV ITIES : Inc o me b e fo re... -
Page 37
... se nt the m in a fo rm w hic h is mo re fa milia r to re a d e rs o utsid e Ja p a n. In the ye a r e nd e d M a rc h 3 1 , 2 0 0 4 , the C o mp a ny d id no t a d o p t e a rly the ne w a c c o unting sta nd a rd fo r imp a irme nt o f fixe d A sse ts (" O p inio n C o nc e rning Esta b lishme nt... -
Page 38
...f the g o ve rnme nt' s sc he me ) to the ir o w n Emp lo ye e s' Pe nsio n Fund und e r the g o ve rnme nt' s p e rmissio n a nd sup e rvisio n. Ba se d o n the ne w ly e na c te d De fine d Be ne fit C o rp o ra te Pe nsio n La w, the C o mp a ny d e c id e d to re struc ture its Emp lo ye e s' Pe... -
Page 39
... n o f the ne w sta nd a rd a nd g uid a nc e is d isc lo se d in the no te fo r e a rning s p e r sha re . 2 . M A RK ETA B LE A N D IN V ES TM EN T S EC U RITIES The fo llo w ing ta b le s summa riz e a c q uisitio n c o sts, b o o k va lue s a nd fa ir va lue o f se c uritie s w ith fa ir va lue... -
Page 40
... ce ca used b y cha ng es i n the uti li za ti o n va lue o f rea l esta te. M a turitie s o f a va ila b le -fo r-sa le se c uritie s a re a s fo llo w s: M i lli o ns o f yen 2004 O ve r a y e a r b ut w ithin five y e a rs O ve r five y e a rs b ut w ithin te n y e a rs W ithin a y e a r To ta... -
Page 41
...: M i lli o ns o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2003 2004 Finishe d g o o d s ...W o rk in p ro c e ss a nd ra w ma te ria ls ...To ta l ¥ 5 6 ,5 1 ... ll p re se nt a nd future ind e b te d ne ss. The C o mp a ny a nd its sub sid ia rie s ha ve ne ve r b e e n re q ue ste d to sub ... -
Page 42
...a ns fro m Ja p a ne se b a nks, d ue Fe b rua ry 2 0 0 7 ...0 . 5 9 % lo a n fro m a Ja p a ne se b a nk, d ue Se p te mb e r 2 0 0 4 ...1 . 4 5 % lo a n fro m a Ja p a ne se b a nk, d ue M a rc h 2 0 0 6 ...0 . 7 2 % lo a n fro m a Ja p a ne se b a nk, d ue M a rc h 2 0 0 8 ...O the rs fro m fo re... -
Page 43
...2004 Tho usa nd s o f U. S. d o lla rs 2003 2004 Pro je c te d b e ne fit o b lig a tio n ...Unre c o g niz e d p rio r se rvic e c o sts ...Unre c o g niz e d a c tua ria l d iffe re nc e ...Fa ir va lue o f p e nsio n a sse ts ...Unre c o g niz e d ne t tra nsitio n o b lig a tio n ...Pre p a id... -
Page 44
...a ny ma y, b y re so lutio n o f its Bo a rd o f Dire c to rs, a c c o unt fo r a n a mo unt no t e xc e e d ing o ne -ha lf o f the issue p ric e o f the ne w sha re s a s a d d itio na l p a id -in c a p ita l, w hic h is inc lud e d in c a p ita l surp lus. Divid e nd s a re a p p ro ve d b y the... -
Page 45
...r o w ne rship to le sse e s a re no t c a p ita liz e d...rc h 3 1 , 2 0 0 4 a nd 2 0 0 3 w a s a s fo llo w s: M i lli o ns o f yen 2004 Tho usa nd s o f U. S. d o lla rs 2003 2004 (Eq uiva le nt a mo unt) A c q uisitio n c o st ...A c c umula te d d e p re c ia tio n ...Estima te d ne t b o o k va... -
Page 46
...ve r the le a se te rms fo r the d iffe re nc e b e tw e e n a c q uisitio n c o st a nd to ta l le ...va lue ... ¥ 6 ,6 6 6 (3 , 5 7 8 ) ¥ 3 ,0 8 8 ¥ 7 ,4 9 1 (3 , 9 8 7 ) ¥ 3 ,5 0 4 $ 6 0 ,6 0 0 (3 2 , 5 2 7 ) $ 2 8 ,0 7 3 Tho usa nd s o f U. S. d o lla rs M i lli o ns o f yen 2004 2003 2004... -
Page 47
... fina nc ia l instrume nts a re e xe c ute d b y fina nc e d e p a rtme nts o f the C o mp a ny o r fo re ig n sub sid ia rie s in a c c o rd a nc e w ith the inte rna l rule s a p p ro ve d b y the C o mp a ny' s b o a rd o f d ire c to rs o r w ith the a p p ro va l a nd und e r the d ire c tio ns... -
Page 48
...ES S S EG M EN T Se g me nt info rma tio n fo r the ye a rs e nd e d M a rc h 3 1 , 2 0 0 4 a nd 2 0 0 3 a re sho w n in the ta b le s b e lo w : M i lli o ns o f yen 2004 Ima g ing Sy ste ms G ro up M e d ic... G ro up M ed i c a l Systems G ro up Li fe Sc i enc e G ro up Ind ustri a l Systems G ro ... -
Page 49
... o f g eno mi c i nfo rma ti o n" fro m " O thers" to " Li fe Sci ence G ro up " b eca use i t ha s p ro g ressed fro m fund a menta l resea rch to the p ro d ucti o n sta g es a nd co nsi d eri ng the si mi la ri ty o f the ma rket. : 3 . Ea ch b usi ness ca teg o ry co nta i ns fo llo... -
Page 50
...d o m, Fra nce a nd o ther co untri es. A si a i nclud es Si ng a p o re, H o ng Ko ng , C hi na , A ustra li a a nd o ther co untri es. ( c ) O V ERS EA S S A LES IN FO RM A TIO N Tho usa nd s o f U. S. d o lla rs 2002 2004 M i lli o ns o f yen 2004 2003 Exp o rt sa le s (A ) ...to N o rth A me... -
Page 51
... a ud it to o b ta in re a so na b le a ssura nc e a b o ut w he the r the fina nc ia l sta te me nts a re fre e o f ma te ria l missta te me nt. A n a ud it inc lud e s e xa mining , o n a te st b a sis, e vid e nc e sup p o rting the a mo unts a nd d isc lo sure s in the fina... -
Page 52
..., a nd in o rd e r to re sp o nd q uic kly to c usto me r ne e d s it is ne c e ssa ry to ma ke use o f a w id e ra ng e o f inte lle c tua l p ro p e rty a sse ts, inc lud - R& D a nd Intellec tua l Pro p erty O rg a ni z a ti o na l C ha rt, R& D A lli a nc es > O lymp us re se a rc h a nd d e ve... -
Page 53
... lymp us ha s a p p lie d fo r nume ro us p a te nts thro ug h its re se a rc h a nd d e ve lo p me nt c e nte rs in a re a s o f b usine ss tha t sho w future p ro mise . Si g ni fi c a nc e o f Pa tent Po rtfo li o to C o mp a ny Busi ness > O lymp us a c tive ly p ursue s a p o lic y o f c o nve... -
Page 54
...ui p ment Ke yM e d Ho use , Sto c k Ro a d , So uthe nd -o n-Se a , Esse x SS2 5 Q H, U. K. Te l: (1 7 0 2 ) 6 1 6 3 3 3 Further informa tion is a va ila b le ...servi ces a nd i nsura nce a g ency O lymp us M e d ic a l Eng ine e ring C o rp o ra tio n (To kyo ) M a i ntena nce a nd servi ces fo r... -
Page 55
O V ERS EA S O lymp us USA Inc o rp o ra te d (N ew Yo rk, U. S. A . ) H o ld i ng co mp a ny tha t p ro vi d es fi na nci a l sup p o rt a nd co mp rehensi ve b usi ness p la nni ng fo r a ffi li a ted co mp a ni es i n the Uni ted Sta tes A lg ra m G ro up Limite d (Devo n, U. K. ) M a nufa cture... -
Page 56
...Pa c ific Limite d (H o ng Ko ng ) H o ld i ng co mp a ny tha t fi na nci a lly sup p o rts a ffi li a ted co mp a ni es i n A si...es i nvestments a nd i nvestment returns O lymp us Po rtug a l-Te c hno lo g ia s M e d ic a s End o sc o p ic a s, S. A . (Li sb o n, Po...Re p a ir C z ... nes) ... Pro curement o...Vi... -
Page 57
... er o f ri sks a nd unc erta i nti es tha t, w i tho ut li mi ta ti o n, rela te to ec o no mi c c o nd i ti o ns, w o rld w i d e b usi ness c o mp eti ti o n, c usto mer d ema nd , fo rei g n c urrenc y exc ha ng e ra tes, ta x rules, reg ula ti o ns, a nd o ther fa c to rs. O lymp us therefo... -
Page 58
A N -0 8 0 4 D Pri nted i n Ja p a n o n rec yc led p a p er