Olympus 2013 Annual Report Download - page 31

58 OLYMPUS Annual Report 2013 59OLYMPUS Annual Report 2013
Net Sales 12.3% DOWN (YoY)
Cash Flow (CF) Improved Equity Ratio 10.9 points UP (YoY)
Net Income (Loss) Return to Profi t (+¥57.0 billion)
Operating Income Unchanged
Operating Margin 0.5 points UP (YoY)
Total Assets 0.7% DOWN (YoY)
Total Net Assets 217.3% UP (YoY)
Capital Expenditures 26.0% DOWN (YoY)
Depreciation and Amortization Unchanged
R&D Expenditures Unchanged
(¥ Billion)
(¥ Billion) (%)
(¥ Billion)
(¥ Billion)(¥ Billion)
(¥ Billion)(¥ Billion)
Net sales were down due to the transference of the Information & Communication
Business and lower sales in the Imaging Business.
Net income improved signifi cantly as extraordinary income from the transference of the
businesses outweighed the impacts of impairment loss and such extraordinary losses as
loss on restructuring of business. *Reversal of deferred tax assets conducted in fi scal 2012.
The percentage of R&D expenditures accounted for by the Medical Business is rising. The
ratio of R&D expenditures to net sales was up following lower net sales; however, if net
sales from the Information & Communication Business are excluded, the ratio decreased.
Net cash provided by operating activities was ¥25.2 billion and net cash provided by
investing activities was ¥33.5 billion, resulting in positive free cash fl ow of ¥58.7 billion.
Regardless of the widening of the operating loss in the Imaging Business, operating
income was relatively unchanged year on year due to substantially higher operating
income in the Medical Business.
Equity increased to three times the level at the end of fi scal 2012 due to the benefi ts of
foreign currency translation adjustments stemming from yen depreciation and payments
from Sony Corporation.
Despite higher expenditures in the Medical Business, overall capital expenditures
decreased signifi cantly as a result of lower expenditures in other businesses.
Depreciation and amortization was relatively unchanged year on year.
The equity ratio improved by approximately 11 percentage points year on year due to
the benefi ts of foreign currency translation adjustments stemming from yen depreciation
and payments from Sony Corporation.
(%)
Financial Highlights
(For the fi scal years as of/ended March 31)
(Millions of yen)
Financial Summary (Consolidated) 2008 2009 2010 2011 2012 2013
Net sales
Domestic 420,227 347,261 373,163 386,502 398,237 287,025
Overseas 708,648 633,542 509,923 460,603 450,311 456,826
Total 1,128,875 980,803 883,086 847,105 848,548 743,851
Percentage change compared with
previous year (%) 6.3% (13.1%) (10.0%) (4.1%) 0.2% (12.3%)
Selling, general and administrative expenses 396,678 418,558 347,125 349,306 348,287 343,121
Percentage of net sales (%) 35.1% 42.7% 39.3% 41.2% 41.0% 46.1%
Percentage of net sales excluding
R&D expenditures (%) 29.3% 35.5% 32.3% 33.3% 33.8% 37.6%
Operating income 112,826 42,722 61,160 38,379 35,518 35,077
Percentage of net sales (%) 10.0% 4.4% 6.9% 4.5% 4.2% 4.7%
Net income (loss) 54,625 (50,561) 52,527 3,866 (48,985) 8,020
Percentage of net sales (%) 4.8% — 5.9% 0.5% — 1.1%
EBITDA margin*1 (%) 14.0% 10.7% 13.1% 9.9% 9.5% 10.6%
EBITDA margin (Medical Business)*2 (%) 31.1% 27.0% 29.2% 26.9% 26.6% 29.0%
R&D expenditures 65,928 70,010 61,850 67,286 61,356 63,379
Percentage of net sales (%) 5.8% 7.1% 7.0% 7.9% 7.2% 8.5%
Capital expenditures 50,070 55,632 34,323 32,699 37,961 28,109
Depreciation and amortization 37,497 44,594 43,099 34,188 33,787 33,899
Amortization of goodwill 7,899 17,363 11,854 11,619 11,103 9,683
Sales by region
Japan 420,227 347,261 373,163 386,502 398,237 287,025
North America 240,254 237,656 196,076 182,009 165,263 177,233
Europe 303,110 257,894 188,527 154,363 156,149 157,179
Asia and Oceania 138,873 114,152 100,045 97,293 107,304 102,395
Others 26,411 23,840 25,275 26,938 21,595 20,019
Average exchange rates
Yen/U.S. dollar 114.28 100.54 92.85 85.72 79.08 83.10
Yen/Euro 161.53 143.48 131.15 113.12 108.98 107.14
Balance sheet, cash  ows, and  nancial
indicators
Total assets 1,217,172 1,038,253 1,104,528 1,019,160 966,526 960,082
Total net assets 244,281 110,907 163,131 115,579 48,028 152,407
Equity ratio (%) 19.1% 10.0% 14.1% 11.0% 4.6% 15.5%
Interest-bearing debt 656,756 642,839 661,481 648,787 642,426 560,390
Net debt 533,475 505,763 454,698 435,226 442,338 330,780
Inventories 110,379 95,540 89,959 92,929 102,493 99,307
Inventory turnover period (months) 1.2 1.2 1.3 1.3 1.4 1.6
Cash and cash equivalents at end of year 119,842 132,720 203,013 210,385 198,661 225,782
Cash flow from operating activities 88,204 36,864 76,245 30,469 30,889 25,233
Cash flow from investing activities (274,104) (15,964) (20,967) 19,003 (35,735) 33,455
Cash flow from financing activities 134,401 (3,751) 17,355 (37,359) (5,761) (42,436)
Return on equity (ROE) (%) 24.4% (30.2%) 40.6% 2.9% (62.3%) 8.3%
Return on assets (ROA) (%) 9.3% 4.1% 4.9% 0.4% (4.9%) 0.8%
Net income (loss) per share (yen) 202.11 (188.85) 194.90 14.39 (183.54) 28.96
Total equity per share (yen) 861.58 387.31 576.63 421.37 167.76 494.96
Price earnings ratio (PER)*3 (times) 14.9 — 15.4 160.8 — 76.4
Price book-value ratio (PBR) (times) 3.5 4.1 5.2 5.5 8.1 4.5
Outstanding market value (billions of yen) 819.3 428.6 813.9 627.7 367.3 675.8
Cash dividends per share (yen) 40 20 30 30 — —
Number of employees*435,722 36,503 35,376 34,391 34,112 30,697
Average number of temporary employees (—) (—) (—) (5,336) (5,009) (2,240)
*1 At the Company, EBITDA is calculated using the following assumptions: EBITDA = Operating income + Depreciation and amortization that is included in cost of sales or SG&A expenses
+ Amortization of goodwill that is included in SG&A expenses. EBITDA margin = EBITDA / Net sales
*2 At the Company, EBITDA (Medical Business) is calculated using the following assumptions: EBITDA = Segment profi t in the Medical Business + Depreciation and amortization that is
included in cost of sales or SG&A expenses + Amortization of goodwill that is included in SG&A expenses. EBITDA margin (Medical Business) = EBITDA / Net sales
*3 Price earnings ratio (PER) for the fi scal years ended March 31, 2009 and 2012 are omitted as Olympus recorded net loss for these fi scal years.
*4 The average number of temporary employees is stated in parentheses from the fi scal year ended March 31, 2011, as the number of temporary employees is over 10% of the total
number of employees.
0
200
400
600
800
1,000
2009/3 2010/3 2011/3 2012/3 2013/3
980.8 883.1 847.1 848.5
743.9
–60
–40
–20
20
0
40
60
(50.6)
52.5
3.9
(49.0)
8.0
2009/3 2010/3 2011/3 2012/3 2013/3
0
20
40
60
80 70.0
61.9 67.3 61.4 63.4
2009/3 2010/3 2011/3 2012/3 2013/3
–50
0
50
100
(16.0)
20.9
55.3 49.5
(21.0)
19.0
(35.7)
33.5
58.7
36.9
76.2
30.5 30.9
(4.8)
25.2
2009/3 2010/3 2011/3 2012/3 2013/3
0
20
40
60
80
0
3.0
2.0
1.0
4.0
5.0
6.0
7.0
61.2
38.4 35.5 35.1
4.4
6.9
4.5 4.2 4.7
2009/3 2010/3 2011/3 2012/3 2013/3
42.7
0
200
400
800
600
1,000
1,200 1,038.3 1,104.5 1,019.2 966.5 960.1
110.9 163.1 115.6 48.0 152.4
2009/3 2010/3 2011/3 2012/3 2013/3
0
20
40
60 55.6
34.3 32.7 38.0
28.1
44.6 43.1
34.2 33.8 33.9
2009/3 2010/3 2011/3 2012/3 2013/3
0
5.0
10.0
15.0
20.0
10.0
14.1
11.0
4.6
15.5
2009/3 2010/3 2011/3 2012/3 2013/3
Operating income (left) Operating margin (right)
Total assets Total net assets
Capital expenditures Depreciation and amortization
CF from operating activities CF from investing activities
Free CF