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2008 2009 2010 2011 2012
Net sales:
Domestic 420,227 347,261 373,163 386,502 398,237
Overseas 708,648 633,542 509,923 460,603 450,311
Total 1,128,875 980,803 883,086 847,105 848,548
Percentage change compared with previous year (%) 6.3% (13.1%) (10.0%) (4.1%) 0.2%
Selling, general and administrative expenses 396,678 418,558 347,125 349,306 348,287
Percentage of net sales (%) 35.1% 42.7% 39.3% 41.3% 41.0%
Percentage of net sales excluding R&D expenditures (%)
29.3% 35.5% 32.3% 33.3% 33.8%
Operating income 112,826 42,722 61,160 38,379 35,518
Percentage of net sales (%) 10.0% 4.4% 6.9% 4.5% 4.2%
Net income (loss) 54,625 (50,561) 52,527 3,866 (48,985)
Percentage of net sales (%) 4.8% — 5.9% 0.5% —
EBITDA margin (%) 14.0% 8.9% 13.7% 9.6% 9.6%
R&D expenditures 65,928 70,010 61,850 67,286 61,356
Percentage of net sales (%) 5.8% 7.1% 7.0% 7.9% 7.2%
Capital expenditures 50,070 55,632 34,323 32,699 37,961
Depreciation and amortization 37,497 44,594 43,099 34,188 33,787
Sales by region
Japan 420,227 347,261 373,163 386,502 398,237
North America 240,254 237,656 196,076 182,009 165,263
Europe 303,110 257,894 188,527 154,363 156,149
Asia and Oceania 138,873 114,152 100,045 97,293 107,304
Others 26,411 23,840 25,275 26,938 21,595
Average exchange rate
Yen/U.S. dollar 114.28 100.54 92.85 85.72 79.08
Yen/Euro 161.53 143.48 131.15 113.12 108.98
5-Year Financial Summary (Consolidated)
For the fiscal years ended March 31 (Millions of yen)
2008 2009 2010 2011 2012
Total assets 1,217,172 1,038,253 1,104,528 1,019,160 966,526
Equity 244,281 110,907 163,131 115,579 48,028
Equity ratio (%) 19.1% 10.0% 14.1% 11.0% 4.6%
Interest-bearing debt 642,839 642,839 661,481 648,787 642,426
Net debt 505,962 505,962 454,698 435,226 442,338
Inventories 110,379 95,540 89,959 92,929 102,493
Inventory turnover period (months) 1.2 1.2 1.2 1.3 1.4
Cash and cash equivalents at end of year 119,842 132,720 203,013 210,385 198,661
Cash fl ows from operating activities 88,204 36,864 76,245 30,469 30,889
Cash fl ows from investing activities (274,104) (15,964) (20,967) 19,003 (35,735)
Cash fl ows from fi nancing activities 134,401 (3,751) 17,355 (37,359) (5,761)
Free cash fl ows (185,900) 20,900 55,278 49,472 (4,846)
Return on equity (ROE) (%) 24.4% (30.2%) 40.6% 2.9% (62.3%)
Return on assets (ROA) (%) 9.3% 4.1% 5.5% 3.8% 3.7%
Net income (loss) per share (yen) 202.11 (188.85) 194.90 14.39 (183.54)
Total equity per share (yen) 861.58 387.31 576.63 421.37 167.76
Price earnings ratio (PER)*1 (times) 14.9 — 15.4 160.81 —
Price book-value ratio (PBR) (times) 3.5 4.1 5.2 5.5 8.1
Stock price (year-end) (yen) 3,020 1,580 3,000 2,314 1,354
Outstanding market value (100 million yen) 8,193 4,286 8,138 6,277 3,673
Cash dividends per share (yen) 40 20 30 30 —
Number of employees*2 35,772 36,503 35,376 34,391 34,112
Average number of temporary employees (—) (—) (—) (5,336) (5,009)
Balance Sheet, Cash Flows and Financial Indicators
For the fiscal years as of/ended March 31 (Millions of yen)
Financial Highlights
*1 Price earnings ratios (PER) for the fiscal years ended March 31, 2009 and 2012 are omitted as Olympus recorded net loss for these fiscal years.
*2 The average number of temporary employees is stated in parentheses from the fiscal year ended March 31, 2011 as the number of temporary employees is over 10% of the total number of employees.
OLYMPUS 󱚈 Annual Report 2012
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