Olympus 2014 Annual Report Download - page 5

0
200
400
600
800
1,000
2010/3 2011/3 2012/3 2013/3 2014/3
883.1 847.1 848.5
743.9 713.3
–60
–40
–20
20
0
40
60 52.5
3.9
(49.0)
13.6
8.0
2010/3 2011/3 2012/3 2013/3 2014/3
0
20
40
60
80
61.9 67.3 61.4 66.8
63.4
2010/3 2011/3 2012/3 2013/3 2014/3
–50
0
50
100
55.3 49.5
(21.0)
19.0
(35.7) (20.3)
33.5
58.7
52.1
76.2
30.5 30.9
(4.8)
72.4
25.2
2010/3 2011/3 2012/3 2013/3 2014/3
0
20
40
60
80
61.2
38.4 35.5 35.1
73.4
6.9
4.5 4.2
10.3
4.7
2010/3 2011/3 2012/3 2013/3 2014/3
0
3.0
6.0
9.0
12.0
0
200
400
800
600
1,000
1,200 1,104.5 1,019.2 966.5 1,027.5
163.1 115.6 48.0
331.3
960.2
151.9
2010/3 2011/3 2012/3 2013/3 2014/3
0
20
40
60
34.3 32.7 38.0 37.8
43.1
34.2 33.8 36.9
28.1 33.9
2010/3 2011/3 2012/3 2013/3 2014/3
14.1 11.0
4.6
32.1
15.5
2010/3 2011/3 2012/3 2013/3 2014/3
0
10.0
20.0
30.0
40.0
Net Sales 4% DOWN (YoY)
Cash Flow (CF) Improved (YoY) Equity Ratio 16.6 points UP (YoY)
Net Income (Loss) 70% UP (YoY)
Operating Income 109% UP (YoY)
Percentage of Net Sales 5.6 points UP (YoY)
Total Assets 7% UP (YoY)
Total Net Assets 118% UP (YoY)
Capital Expenditures 35% UP (YoY)
Depreciation and Amortization 9% UP (YoY)
R&D Expenditures 5% UP (YoY)
(¥ Billion)
(¥ Billion) (%)
(¥ Billion)
(¥ Billion)(¥ Billion)
(¥ Billion)(¥ Billion)
Net sales were down due to the September 2012 transference of the Information
& Communication Business, but sales were up 13% if this factor is excluded.
Net income exceeded ¥10.0 billion for the first time in four years because
of significantly higher operating income as well as lower financing costs
accompanying reduced interest-bearing debt.
While R&D expenditures are decreasing in the Imaging Business, overall expenditures
are increasing due to the larger percentage of R&D expenditures accounted for by the
Medical Business.
Net cash provided by operating activities was ¥72.4 billion, three times the level of the
previous year. Net cash used in investing activities was ¥20.3 billion. The result was
positive free cash fl ow of ¥52.1 billion.
Operating income doubled year on year due to substantially higher operating income in
the Medical Business and lower operating loss in the Imaging Business. The percentage
of net sales improved 5.6 percentage points.
Net assets doubled year on year following the July 2013 capital increase and substantially
more beneficial foreign exchange adjustments because of yen depreciation.
Capital expenditures increased as a result of signifi cantly higher expenditures in
the Medical Business. Consequently, depreciation and amortization rose, centered
on the Medical Business.
The equity ratio improved approximately 17 percentage points year on year, reaching the
target level of more than 30%, due to the July 2013 capital increase and an approximate
¥145.0 billion decrease in interest-bearing debt.
Operating income Percentage of net sales (right)
Total assets Total net assets
Capital expenditures Depreciation and amortization
CF from operating activities CF from investing activities
Free CF
(%)
(Millions of yen)
Consolidated 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Business Results
Net sales 980,803 883,086 847,105 848,548 743,851 713,286
Operating income 42,722 61,160 38,379 35,518 35,077 73,445
Percentage of net sales (%) 4.4% 6.9% 4.5% 4.2% 4.7% 10.3%
Net income (loss) (50,561) 52,527 3,866 (48,985) 8,020 13,627
R&D expenditures 70,010 61,850 67,286 61,356 63,379 66,796
Capital expenditures 55,632 34,323 32,699 37,961 28,109 37,810
Depreciation and amortization 44,594 43,099 34,188 33,787 33,899 36,850
EBITDA(*1) 104,679 116,113 84,186 80,408 78,659 119,752
Financial Position
Total assets(*2) 1,038,253 1,104,528 1,019,160 966,526 960,239 1,027,475
Total net assets(*2) 110,907 163,131 115,579 48,028 151,907 331,284
Interest-bearing debt 642,839 661,481 648,787 642,426 560,390 415,831
Cash Flows
Cash fl ow from operating activities 36,864 76,245 30,469 30,889 25,233 72,388
Cash fl ow from investing activities (15,964) (20,967) 19,003 (35,735) 33,455 (20,273)
Free cash fl ow 20,900 55,278 49,472 (4,846) 58,688 52,115
Cash fl ow from fi nancing activities (3,751) 17,355 (37,359) (5,761) (42,436) (39,693)
Per Share Data
Net income (loss) per share (yen) (188.85) 194.90 14.39 (183.54) 28.96 41.05
Total equity per share(*2) (yen) 387.31 576.63 421.37 167.76 493.30 962.83
Cash dividends per share (yen) 20 30 30———
Financial Indicators
EBITDA margin(*1) (%) 10.7% 13.1% 9.9% 9.5% 10.6% 16.8%
Return on equity (ROE) (%) (30.2%) 40.6% 2.9% (62.3%) 8.3% 5.7%
Return on assets (ROA) (%) 4.1% 4.9% 0.4% (4.9%) 0.8% 1.4%
Equity ratio (%) 10.0% 14.1% 11.0% 4.6% 15.5% 32.1%
Price earnings ratio (PER)(*3) (times) — 15.4 160.8 — 76.4 80.2
Price book-value ratio (PBR) (times) 4.1 5.2 5.5 8.1 4.5 3.4
*1. 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. In line with the issuance of IAS No. 19, “Employee Benefi ts” (revised on June 16, 2011) to be applied for fi scal years beginning on or after January 1, 2013, certain overseas subsidiaries
adopted IAS No. 19 effective this fi scal year and changed their method of recognizing actuarial gain or loss. This change has been applied retrospectively to the fi gures for the fi scal
year ended March 31, 2013.
*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.
Financial Highlights
(For the fi scal years as of / ended March 31)
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OLYMPUS Annual Report 2014
6OLYMPUS Annual Report 2014