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ANNUAL REPORT 2014 REPORT ANNUAL Ltd ANNUAL Otsuka Holdings Co., Ltd. ANNUAL REPORT 2014 REPORT 2014 For the year ended March 31, 2014 Corporate Philosophy Creating our own unique and innovative products Otsuka-people creating new products for better health worldwide Developing Building a truly global new category business markets “JISSHO” (Proof through Execution) and “SOZOSEI” (Creativity) The Otsuka Group is a global healthcare group operating under the corporate philosophy of “Otsuka-people creating new products for better health worldwide.” The Company takes an integrated approach to healthcare for the whole body, building its business on two main strategic pillars: the pharmaceutical business, which contributes to the diagnosis and treatment of disease, and the nutraceutical* business, which supports the maintenance and improvement of day-to-day well-being. Every day, Otsuka employees—in 26 countries and regions around the world—seek new solutions to health needs, with the mission of making humanity’s universal wish for good health a reality for everyone. *nutraceuticals = nutrition + pharmaceuticals In 1971 a camphor tree seedling was planted in front of the newly established Otsuka Pharmaceutical Drug Research Institute. Across the subsequent 40-plus years, the tree has grown into an imposing presence and for the researchers at Otsuka it is the perfect metaphor and inspiration to be creative always and take on the most daunting challenges. The words “Otsuka-people creating new products for better health worldwide,” which are carved into a stone monument at the base of the commemorative tree were first penned as the motto for the research department and later became the corporate philosophy of the Otsuka Group. 02 Message from the President 14 Review of the First Medium-Term Management Plan 46 Social Responsibility 03 The Otsuka Group’s Business Model 16 Pharmaceutical Segment 50 Financial Review Contents 04 Financial Highlights 28 Nutraceutical Segment 56 Consolidated Financial Statements 05 Business Segments 36 Consumer Products Segment / Other Segment 61 Notes to Consolidated Financial Statements 06 Group Structure & Overview of Main Operating Companies 38 Group Companies 82 Independent Auditor’s Report 08 Otsuka Group Business Expansion 40 Global Operations 83 Corporate Information 10 History 43 Corporate Governance 84 Shareholder Information 01 MESSAGE FROM THE PRESIDENT Otsuka-people creating new products for better health worldwide Fiscal 2013 was the last year of our First Medium-Term Management Plan. Its aim was to develop the Otsuka Group into a world-class global healthcare company. By defining the period for structural improvement, the plan enabled us to steadily implement priority measures and to secure revenue and profit growth. In August 2014, we announced a Second Medium-Term Management Plan based on a framework of sustained investment and structural reform. Under this plan, we will seek to secure greater revenue by diversifying the Otsuka Group’s businesses while further capitalizing on our strengths. We will also take various measures to achieve the targets, overcoming the expiration of patents on one of our major products. In keeping with our corporate philosophy, “Otsuka-people creating new products for better health worldwide,” the Otsuka Group endeavors to create new and innovative products as well as new market categories in diverse areas related to health, devoted to better health worldwide. We look forward to your ongoing support. Tatsuo Higuchi President and Representative Director, CEO Otsuka Holdings Co., Ltd. 02 THE OTSUKA GROUP’S BUSINESS MODEL Otsuka-people creating new products for better health worldwide Global Expansion through Two Mainstay Businesses The Otsuka Group has two core businesses: the pharmaceutical business and the nutraceutical business. The pharmaceutical business provides comprehensive support for human health to meet the entire range of medical needs, from diagnosis to treatment Pharmaceutical Nutraceutical of disease. The nutraceutical business helps people to maintain and improve Business Business their daily health and well-being. By carrying out its operations in these two core businesses, the Otsuka Group contributes to the health of people worldwide. Pharmaceutical Business Nutraceutical Business Existing Central nervous system focus areas Oncology Challenges in Scientific evidence- unmet medical needs based product Incubation of next- Cardiovascular, Others development and new generation areas Medical devices market creation by cultivating consumers Challenges in Existing stable areas Clinical nutrition new areas Synergy of Pharmaceuticals and Nutraceuticals Otsuka develops products by leveraging its experience and knowhow in the intravenous solutions business and in clinical nutrition, which have been the Group’s main business areas since its foundation. Our products have created new markets thanks to their originality, and many of them have retained their brand strength as long-selling products. Ideas from pharmaceuticals Creating new categories Intravenous solution business Nutraceuticals + Foods Sterilization technology Pouch-packed food Vitamins Vitamin + carbonated beverages Intravenous solutions Functional beverages Medical foods Functional foods Powerful brand equities Oronine H Tiovita Drink Oronamin-C Pocari Sweat Calorie Mate Nature Made SOYJOY SOYSH SoyCarat Ointment 1964 Drink 1980 1983 1993 2006 2010 2012 1953 1965 1950 1960 1970 1980 1990 2000 2010 03 FINANCIAL HIGHLIGHTS Otsuka-people creating new products for better health worldwide Millions of U.S. dollars Millions of yen (Note 1) 2010.3 2011.3 2012.3 2013.3 2014.3 2014.3 (FY2010) (FY2009) (FY2011) (FY2012) (FY2013) (FY2013) (Notes 3 and 4) Net sales ¥1,084,292 ¥1,127,589 ¥1,154,574 ¥1,218,055 ¥1,452,759 $14,115 Operating income 98,481 126,292 148,662 169,660 198,703 1,931 Net income 67,443 82,370 92,174 122,429 150,990 1,467 Per share of common stock-basic (Yen and U.S. dollars) 143.51 164.52 165.20 221.90 278.07 2.70 Dividends per share (Yen and U.S. dollars) 12.50 28.00 45.00 58.00 65.00 0.63 Capital expenditures 62,456 44,793 43,302 63,256 178,984 1,739 Depreciation and amortization 46,626 48,097 48,062 45,463 49,746 483 R&D expenses 151,849 164,671 159,230 192,364 249,010 2,419 Total assets 1,458,376 1,589,717 1,666,767 1,779,208 2,028,400 19,709 Net assets (Note 2) 948,457 1,163,326 1,222,765 1,325,071 1,510,760 14,679 Return on equity 7.7% 7.9% 7.8% 9.7% 10.8% 10.8% Equity ratio 64.2% 72.4% 72.5% 73.7% 73.2% 73.2% Number of shares issued 519,156,817 557,835,617 557,835,617 557,835,617 557,835,617 557,835,617 Number of employees 24,589 25,188 24,595 25,330 28,288 28,288 Notes: 1. Financial information in U.S. dollars has been converted at US$1=￥102.92, the rate as of March 31, 2014. 2. Minority interests have been included in net assets. 3. Effective from FY2010, the Company applied “Accounting Standard for Earnings Per Share” (ASBJ Statement No.2 revised on June 30, 2010), “Guidance on Accounting Standard for Earnings Per Share” (ASBJ Guidance No.4 revised on June 30, 2010), and “Practical Solution on Accounting for Earnings Per Share” (ASBJ PITF No.9 revised on June 30, 2010). Basic and diluted net incomes per share (EPS) for FY2010 have been adjusted retrospectively. 4. From FY2011, the Company changed its method of accounting for translating revenue and expense accounts of foreign subsidiaries and affiliated companies and its method of presentation for up- front licensing payments received. The FY2010 figures have been adjusted retrospectively to apply the changes in accounting policy and method of presentation described above. The cumulative effect of these changes up to FY2009 is reflected in the FY2010 beginning equity balances. Net Sales Operating Income Operating income R&D Expenses R&D expenses Operating margin Ratio of R&D expenses (¥ Million) (¥ Million) (%) (¥ Million) to net sales (%) 1,600,000 1,452,759 249,010 198,703 250,000 1,218,055 200,000 20 1,200,000 1,127,589 1,154,574 1,084,292 169,660 192,364 148,662 200,000 20 150,000 15 164,671 126,292 151,849 159,230 800,000 150,000 17.1 15 13.9 13.7 15.8 98,481 12.9 14.6 100,000 11.2 10 14.0 13.8 9.1 100,000 10 400,000 50,000 5 50,000 5 0 0 0 0 0 2010.3 2011.3 2012.3 2013.3 2014.3 2010.3 2011.3 2012.3 2013.3 2014.3 2010.3 2011.3 2012.3 2013.3 2014.3 Sales by Business Segment Sales by Geographical Area (External sales) (External sales) (¥ Billion) 6.4% (¥ Billion) Pharmaceuticals 1,035.1 Japan 628.3 3.0% 15.5% Nutraceuticals 281.1 North America 599.6 13% Other Other 26% Consumer Products 43.8 19.4% Other 224.9 North 43.2% Other 92.8 % North America 21 51% America Note: Sales are classified 71.2% according to customer 41.3% Japan 53% location. 36% Japan Nutraceuticals Pharmaceuticals 04 BUSINESS SEGMENTS Otsuka-people creating new products for better health worldwide The Otsuka Group conducts business in four main areas of activity: pharmaceuticals, nutraceuticals, consumer products, and other businesses. Pharmaceuticals Nutraceuticals Performance (¥ Million) Net sales Operating income Performance (¥ Million) Net sales Operating income 1,035,080 287,133 850,862 254,825 251,773 782,248 212,755 168,481 187,853 22,144 21,367 25,363 2012.3 2013.3 2014.3 2012.3 2013.3 2014.3 Our comprehensive approach to pharmaceutical research and Expertise developed through our pharmaceuticals business is applied development ranges from diagnosis to treatment of diseases targeted to the research and development of products that aid in the at unmet medical needs.
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