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O LYMPUS 20 05 27
18 ,24 7
23 ,70 0 16,85 8
24 ,24 9
29,758
21 ,44 1 24,83 5
34 ,61 9
41 ,91 7
46,127
Capital Expenditure
(Millio ns of yen)
01 0 2 0 3 04 05
Depreciation and amortization
Capital Expenditures
R&D Expenditure
(Millio ns of yen)
01 0 2 0 3 04 05
30,848 30,477
34,735 38,671
47,720
Rate of Return on Equity
(%)
01 0 2 03 04 0 5
6.2 5.2
11 .5
14 .1
–4.8
AN ALYSIS O F FIN AN CIAL PO SITIO N
Total Assets
> As of March 31, 2005, total assets were ¥858,083 million
(US$7,801 million), an increase of 25.7% from the previous fis-
cal year-end, on account of the addition of ITX Corporation to
the sco pe of consolidation. Total current assets increased 6.6 %
to ¥434,839 million (US$3,953 million), mainly due to an
increase in notes and accounts receivable and inventories. Net
property, plant and equipment were ¥120,053 million (US$1,091
million). Total investments and other assets expanded 74.7% to
¥303,191 million (US$2,756 million), owing to consolidated
adjustment accounts of ¥57,7 3 7 million (US$52 5 million).
Turnover of total assets in fiscal 2005 was 0.95 times, compared
with 0.93 times in the previous fiscal year.
Total Liabilities and Shareholders’ Equity
> Total liabilities rose 40.7% to ¥603,959 million (US$5,491 mil-
lion), reflecting an increase in short-term borrowings and long-
term debt. To tal shareho lders’ equity declined 4.5% to ¥240,837
million (US$2,189 million). The ratio o f shareholders’ equity to
to tal assets was 28.1%, down from 36.9% in the previous fiscal
year.
Cash Flows
> Cash and cash equivalents as of March 31, 2005, increased
¥44,530 million to ¥113,625 million (US$1,033 million) co m-
pared with the end of the previous fiscal year.
Net cash provided by operating activities decreased ¥20,512
million to ¥1 0 ,0 2 5 million (US$91 million) compared with the
previous fiscal year, mainly due to a decrease in income before
provision for income taxes.
Net cash used in investing activities was ¥27,542 million
(US$250 million), owing primarily to purchases of property,
plant and equipment, and purchases of investment securities.
Net cash provided by financing activities was ¥60,015 mil-
lion (US$546 million), owing to proceeds from long-term debt
and proceeds from the issuance of bonds.
Research & Development Expenditures
> The O lympus 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 amount-
ed to ¥47,720 million (US$434 million), 5 .9% of net sales.
Capital Expenditures
> Total capital expenditures ro se 10.0% to ¥4 6 ,1 2 7 million
(US$419 million). The amount o f depreciation and amortization
was ¥29,758 million (US$271 million) in the fiscal year under
review.