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16 OLYMPUS Annual Report 2013 17OLYMPUS Annual Report 2013
President’s Message
Responsibility
Staff size approx. 6,000* lower than on March 2012 Restructured production sites (from 30 to 22 globally)
Reduced subsidiaries and af liates by approx. 30 entities Reduced interest-bearing debt by ¥82 billion from March 2012 to 2013
Hiroyuki Sasa
President and
Representative Director
1. A Look Back at the First Year as President
Our mission is clear. The Olympus Group must come together to accomplish the goals of the
medium-term vision—our expressed commitments to building a stronger operating foundation and
to realizing further growth.
Once those goals are achieved, we will implement strategies geared toward the period after the
medium-term vision.
Review of Fiscal 2013
During fi scal 2013, which was my fi rst year as president,
the operating environment proved harsh due to instability in
the global economy and other factors. Regardless, despite
the diffi culty of transitioning to a new management system,
I think we got off to a good start in all businesses except
the Imaging Business.
Indeed, fi scal 2013 was an eventful year. We began by
strengthening our corporate governance structure, and then
we announced the medium-term vision and began implementing
it in earnest. We also responded to lawsuits and accepted
applications for voluntary retirement. On the business front,
we commenced a business and capital alliance with Sony
Corporation and transferred the Information & Communication
Business. Further, we took steps to remove the Security on
Alert designation placed on the Company’s stock by the
Tokyo Stock Exchange (TSE), which included submitting a
written affi rmation on the internal control system to the TSE
and undergoing inspections. We have now entered a new
fi scal year, and we saw the Security on Alert designation
lifted in June 2013. I believe this is a signifi cant step toward
gaining society’s acceptance of the management reforms
that have created a new Olympus.
Progress and Results of the Medium-Term Vision
I would now like to explain my views on the progress and
results of the Medium-Term Vision: Back to Basics, which
was announced in June 2012.
During fi scal 2013, we worked with unwavering resolve
toward accomplishing the goals we have committed
ourselves to in accordance with our medium-term vision.
In the Medical Business, which has been positioned as a
major earnings driver, new gastrointestinal and surgical
endoscopes were released around the world as planned,
and these products supported the performance of the
entire Group. I believe I can say that the start of the vision
was much smoother than we had anticipated. In fact, we
instituted an upward revision to our initial forecasts, and we
were successful in achieving the revised fi gures.
Conversely, in the Life Science & Industrial Business, the
operating environment remains harsh and we are still faced
with issues that must be addressed in terms of earnings.
Nevertheless, we implemented production system reforms in
the life science fi eld during fi scal 2013 with the aim of boosting
earnings, and we were able to turn a profi t as a result. This
represented a signifi cant improvement from fi scal 2012, when
an operating loss was recorded. In the industrial fi eld, which
represents a major growth driver, we will work to apply the
competitiveness fostered in the current areas of operations to
Signifi cant Progress in Restructuring to Date
Major Initiatives and Results
Renewal of corporate governance
• Majority of directors are independent
• Separation of chairman of the board
and president
• Reinforcement of compliance system
Announcement of medium-term
vision (corporate strategic plan)
Submission of written affi rmation on
the internal control system to TSE
Sale of Information &
Communication Business (ITX)
Announcement of business and
capital alliance with Sony
Completion of ¥50 billion capital
injection by Sony
Termination of designation as
Security on Alert by TSE
Institution of measures to strengthen and improve corporate governance Implementation of initiatives to rebuild business portfolio and ensure fi nancial health
* Includes full-time and part-time employees
June 2013September 2012 January 2013 February 2013April 2012 June 2012