Olympus 2007 Annual Report Download - page 29

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OLYMPUS 2007 27
ANALYSIS OF FINANCIAL POSITION
Total Assets
> As of March 31, 2007, total assets amounted to ¥1,091,800
million (US$9,098 million), up 11.8% compared with the previ-
ous fiscal year-end. This increase was mainly due to a 17.0%
climb in total current assets to ¥572,838 million (US$4,774 mil-
lion), reflecting increases in cash and time deposits, notes and
accounts receivable, and deferred income taxes. Net property,
plant and equipment rose 7.1% to ¥140,089 million (US$1,167
million), owing to an increase in buildings and structures as
well as machinery and equipment. Total assets turnover was
0.97 times compared with 1.00 times in the previous fiscal
year.
Total Liabilities and Net Assets
> Total liabilities increased 10.5% year on year to ¥746,929 mil-
lion (US$6,224 million), mainly due to an increase in long-
term debt. In accordance with new accounting standards,
the Olympus Group recorded net assets of ¥344,871 million
(US$2,874 million) at the fiscal year-end. The equity ratio was
30.6%.
Cash Flows
> Cash and cash equivalents as of March 31, 2007 rose ¥15,495
million to ¥174,802 million (US$1,457 million) from the previ-
ous fiscal year-end.
Net cash provided by operating activities more than doubled
year on year, expanding from ¥49,034 million to ¥108,400 mil-
lion (US$903 million), mostly due to the climb in income before
provision for income taxes, thanks to the favorable trends in the
Imaging Systems and Medical Systems Businesses.
Net cash used in investing activities increased ¥14,726 mil-
lion to ¥96,481 million (US$804 million), and mainly comprised
deposits in time deposits and purchases of property, plant and
equipment.
Net cash provided by financing activities fell ¥75,008 mil-
lion year on year to ¥2,192 million (US$18 million), principally
due to redemption of bonds and a decrease in short-term bor-
rowings. In addition, proceeds from long-term debt were sig-
nificantly lower than the previous fiscal year.
Research & Development Expenditures
> The Olympus Group continuously pursues new technologies
through its R&D activities in order to bolster its core competen-
cies in current businesses and create new business areas. In fis-
cal 2007, R&D expenditures totaled ¥55,531 million (US$463
million), equivalent to 5.2% of net sales.
Capital Expenditures
> Capital expenditures remained flat, edging up 0.6% year on
year to ¥44,696 million (US$372 million). Depreciation and
amortization amounted to ¥30,404 million (US$253 million) in
the fiscal year under review.
30,404
16,858
24,249
29,758 27,022
44,696
34,619
41,917
46,127 44,444
Capital Expenditures
(Millions of yen)
03 04 05 06 07
Depreciation and amortization
Capital Expenditures
R&D Expenditures
(Millions of yen)
03 04 05 06 07
55,531
34,735 38,671
47,720 45,935
Rate of Return on Equity
(%)
03 04 05 06 07
15.3
11.5
14.1
–4.8
10.7