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Annual Report 2014 Olympus CorporationAnnualReport 2014 Reliable Annual Report 2014 Printed in Japan This report uses environment-friendly ink and paper. 2014.08 Contents Editorial Policy The Olympus Group strives to conduct disclosure in a Basic Information manner that meets the information needs of its various stakeholders. Annual Report 2014 is a tool for providing 02 Our Business: Our Business Domain and Key Technologies stakeholders with management and fi nancial information for fi scal 2014, the year ended March 31, 2014. 04 Our Strategy: Medium-Term Vision (Corporate Strategic Plan) Non-fi nancial information can be found in CSR Report 2014, while the Company’s corporate website provides 05 Our Progress under Review: Advances in the Two Years Since the Institution up-to-date information on a variety of topics. of the New Management Team IR Website Results and Growth Strategy http://www.olympus-global.com/en/ir/ Corporate Philosophy 06 Financial Highlights 08 Interview with the President 14 Past, Present, and Future of Olympus— Conversation with Analysts 20 Special Feature (Medical): Reliable Growth in Global Markets Growth Strategy by Segment 28 At a Glance 30 Review of Business Segments CSR Activities 30 Medical Business http://www.olympus-global.com/en/csr/ 34 Scientifi c Solutions Business CSR Report 2014 We aim towards establishing fi rm ties with the society through the three IN’s. 38 Imaging Business The Olympus Group strives to realize better health and happiness for people by 42 Intellectual Property Report being an integral member of society, sharing common values, and proposing new values through its business activities. Foundation for Supporting Growth This “Social IN” concept is key to the basic Olympus philosophy underlying all our activities. Social IN comes from Social Value IN the Company, a concept of 44 To Our Stakeholders (Message from the Chairman) incorporating social values into the Company’s activities. 46 Corporate Governance 50 Conversation between Outside Directors 52 Olympus CSR 56 Management Structure Financial Section / Corporate Information 60 Financial Summary Forward-Looking Statements 61 Message from the Director in Charge of Finance This annual report contains forward-looking statements concerning the Company’s future plans, strategies, and 62 Analysis of Business Results, Financial Position, and Cash Flows performance. These forward-looking statements are not Risk Information historical facts, rather they represent assumptions and 65 beliefs based on economic, fi nancial, and competitive 68 Consolidated Financial Statements and Notes data currently available. Furthermore, these statements are subject to a 108 Independent Auditor’s Report number of risks and uncertainties that, without limitation, relate to economic conditions, worldwide business 110 Other Financial Data competition, customer demand, foreign currency ex- change rates, tax rules, regulations, and other factors. 112 Olympus Group Companies Olympus therefore wishes to caution readers that actual results may differ materially from its expectations. 114 Corporate Information OLYMPUS Annual Report 2014 1 Our Business Biological microscope market share (Global): 30%—40% No. 1 Scientifi c Solutions Business Source of the optical technologies that arise from micro- Our Business Domain and Key Technologies scopes and are then adapted to cameras and endoscopes The Scientifi c Solutions Business encompasses the biological micro- Olympus develops its operations in three core business domains. The Scientifi c Solutions scope business. Olympus is the global market share leader in this Business continues to refi ne the optical technologies Olympus has treasured since its founding. business, which it has conducted since its founding. It is also the source The Imaging Business drives advanced research on electronic imaging technologies. of the optical technologies that represent a core competence. The The Medical Business, meanwhile, grows by leveraging the technologies of these two processing technologies used for the lenses of microscopes, their most businesses. The technologies developed through these businesses are the greatest strength crucial component, are also used for making the camera lenses that create pictures with stunning quality and the ultrasmall lenses attached to of Olympus, and it is this strength that enables us to make world-class products. the tips of thin endoscopes. Truly, these technologies are critical to the mainstay products of all Olympus businesses. Gastrointestinal endoscope Scientifi c Solutions market share (Global): 70% No. 1 Driver of optical technologies Medical Business and growth A technological foundation with a dominating global market share and massive growth potential IX83 research inverted IPLEX series industrial OmniScan SX ultrasonic Since developing the world’s fi rst practical gastrocamera in 1950, microscope videoscope phased array fl aw detectors Olympus has continued to create world-leading gastrointestinal endo- scopes, thereby maintaining a dominating share of the global market. These product development capabilities are supported by the optical Mirrorless camera technologies and electronic imaging technologies that are born out of market share (Japan): 30%(*) No. 1 microscopes and cameras. Imaging Business In addition, we are applying the technologies accumulated through gastrointestinal endoscope development to the surgical device fi eld in Technological driver for creating sophisticated order to expand the breadth of our product lineup to realize further growth. Medical electronic imaging technologies In the camera operations of the Imaging Business, product development Driver of profi t cycles are short and competition is fi erce due to the presence of numer- ous rivals. However, this business creates sophisticated electronic imaging and growth technologies that are of great benefi t to the other businesses. For example, the digital imaging technologies from digital camera development were used to evolve endoscopes from fi berscopes to videoscopes. * Share of Japanese camera market in 2013 (Source: Olympus Corporation) Universal upper digestive THUNDERBEAT (integrated ITknife nano™ disposable, Imaging videoscope (gastrointestinal with both Advanced Bipolar high-frequency knife endoscope) and Ultrasonic Energy) (endotherapy device) Driver of optical and imaging technologies OLYMPUS OM-D E-M10 OLYMPUS PEN E-P5 OLYMPUS STYLUS TG-3 Key Technologies mirrorless camera mirrorless camera Tough compact digital camera Optical Technology Electronic Imaging Technology Precision Technology Biological Based Technology Optical Measurement Technology / Imager Technology / Key Digital Imaging Precision Control Technology / Live Cell Analysis Technology / Advanced Optical Technology / Technology / High-Speed Communication Precision Mounting Technology / Cell Separation, Cell Culture, Next-Generation Optical Design Technology Technology / System LSI MEMS Technology / Miniature Devices and Evaluation Technology / Gene Transfer Technology 2 OLYMPUS Annual Report 2014 OLYMPUS Annual Report 2014 3 Our Strategy Our Progress under Review Medium-Term Vision (Corporate Strategic Plan) Advances in the Two Years Since the Institution of the New Management Team Olympus is promoting a medium-term vision for the fi ve years from the fi scal year ended March 2013. Acting in In April 2012, Olympus instituted a new management team. Since then, the Company has continued the rapid advance accordance with the vision’s slogan of “Back to Basics,” the Company aims to return to the basic values it had at of the strategies described in the medium-term vision. founding and make a fresh start in order to regain the credibility of its stakeholders, build itself anew, and create The following is a list of the major accomplishments seen in different areas of the Company over the past two years. new corporate value. Corporate (Management / Others Business) Medical Business Corporate Management Policies under the New Management Apr. 2012 A special general meeting of shareholders is convened, Feb. 2012 The THUNDERBEAT integrated energy device with both and a new management team is instituted. advanced bipolar and ultrasonic energy is launched in Back to Basics One Olympus Profitable Growth Jun. The medium-term vision (corporate strategic plan) geared the European and U.S. markets. toward creating a new Olympus is announced by the new Apr. The EVIS EXERA III endoscopy system is launched in the management team. European and U.S. markets. Aug. The transference of the Information & Communication Nov. The EVIS LUCERA ELITE endoscopy system is launched Basic Strategies Based on Corporate Management Policies Business is announced. in the Japanese market. Sep. A business and capital alliance with Sony Corporation Dec. Investment of approximately ¥20 billion in manufacturing 1 Rebuilding of 2 3 4 is announced. sites in Japan (Aizu, Shirakawa, and Aomori) is decided. Business Portfolio / Review and Restoration of Restructuring of May 2013 Restructuring measures for the Imaging Business are Apr. 2013 A joint venture company between Olympus and announced. Sony Corporation is established, with Sony to develop Optimizing Allocation of Reduction of Costs Financial Health Corporate Governance Jun. The Security on Alert designation placed on the Com- surgical endoscope products with 3D and 4K imaging Management Resources pany’s stock by the Tokyo Stock Exchange is removed. capabilities. Jun. A stock option system (linked to performance and stock Apr. A surgical endoscopy
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