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Annual Report 2006
Year ended March 31, 2006

Table of contents

  • Page 1
    Annual Report 2006 Year ended March 31, 2006

  • Page 2
    ... statements include, but are not limited to, general economic conditions in Omron's markets, which are primarily Japan, North America, Europe, Asia-Pacific and China; demand for, and competitive pricing pressure on, Omron's products and services in the marketplace; Omron's ability to continue to win...

  • Page 3
    ...Corporate Social Responsibility Intellectual Property Strategy Directors, Corporate Auditors and Executive Officers 29 Management Systems 37 Financial Section (including Business and Other Risks) 77 Global and Domestic Network 78 Corporate and Stock Information 79 Compass Determining the Direction...

  • Page 4
    ... is highly rated in the capital market. To achieve these goals, we have defined corporate value as an estimate of present value, formed by using capital cost to discount the future free cash flow expected by the business units, for use as an internal management indicator, and are working to maximize...

  • Page 5
    ... 2007. SG&A Expense Ratio 2) In Greater China-which stands out as a major consumer-we are focusing on expanding sales where major manufacturers are building plants. Sales Breakdown by Region Southeast Asia and Others Greater China Europe North America Japan (including exports) (%) 26 9.4 6.6 80...

  • Page 6
    OMRON CORPORATION ANNUAL REPORT 2006 TEN-YEAR FINANCIAL HIGHLIGHTS OMRON Corporation and Subsidiaries 2006/3 Operating Results (for the year): Net sales Gross profit Selling, general and administrative expenses (Excluding research and development expenses) Research and development expenses ...

  • Page 7
    ... of shareholders' equity to total assets (right axis) 60 200 40 20 0 3. EBITDA = Operating income + Depreciation and amortization. 4. Free cash flow = Net cash provided by operating activities - Net cash used in investing activities. 5. Cash dividends per share represent the amounts applicable...

  • Page 8
    OMRON CORPORATION ANNUAL REPORT 2006 T O O U R S H A R E H O L D E R S , C U S T O M E R S , A N D A L L O T H E R S TA K E H O L D E R S Message from the Chairman In addition to the usual economic value that society demands from companies, the relative weight being placed on social value is ...

  • Page 9
    ... by digital blood pressure monitors and body composition analyzers, both of which are mainstay products, generated sales of ¥61.1 billion, up 20.8% year on year. The Social Systems Business (SSB) also experienced strong sales, partly as a result of replacement demand for equipment adapted to...

  • Page 10
    ... for large-scale backlights used in flat panel TVs in Taiwan. In fiscal 2006, measures are already being taken to create a much better supply system. Another reason is that in the market for smallscale backlights for cellular phones, low-cost point light source backlights (a single LED serves as...

  • Page 11
    ... manufacturing costs mainly by shifting production to Greater China. In particular, in Forecast of AEC Sales and Operating Income Net Sales +77 +42 +17 -2 ¥ 100M MESSAGE Europe North America China Asia Japan Sales 910 Sales 776 06 (FY) Plan Operating Income +68 +8 -10 -16 Operating loss...

  • Page 12
    ... operating income of 5:3:2, and continuing to strengthen our global competitiveness by restructuring our development and production system both in Japan and in China. MAXIMIZING CORPORATE VALUE AND RETURNING VALUE TO SHAREHOLDERS Plan to "Double Business Value" Moving Ahead Steadily The yardstick we...

  • Page 13
    ... invariably small in scale, but we are seeking to maximize our overall corporate value by having each of our business units exhibit their globally competitive strengths in their respective markets. In this special feature, we will spotlight our backlight, safety and laser radar businesses as a few...

  • Page 14
    ... Backlights Screen Size Application Liquid Crystal Televisions Desktop Monitors Notebook Computers Car Navigation Systems Game Consoles PDA Digital Camera Mobile Phones Large TAMA Fine Opto Co., Ltd. Medium Multi-Light Source Backlights Area of Omron Precision Technology Co., Ltd. Small Omron...

  • Page 15
    ... the United States, Europe, and Japan/Asia/Oceania respectively, for a total of ¥170 billion (estimated at ¥110 billion in fiscal 2005). Expanding Business on a Global Basis Through the Acquisition of STI In addition to safety equipment such as entry detectors, alarms, and emergency stop switches...

  • Page 16
    OMRON CORPORATION ANNUAL REPORT 2006 Aiming to Be No.1 in the World 03: Laser Radar Sensors Providing Laser Radar Systems to Major Automobile Makers Anticipating the safety needs of the automotive world, we have inherited the intention of our founder to "use our sensing technology to develop cars ...

  • Page 17
    OMRON CORPORATION ANNUAL REPORT 2006 S E G M E N T I N F O R M AT I O N SEGMENT INFORMATION Contents 15 Segment Information 16 At a Glance 18 20 22 24 26 28 Industrial Automation Business (IAB) Electronic Components Business (ECB) Automotive Electronic Components Business (AEC) Social Systems ...

  • Page 18
    ...access control. * The ATM business was transferred to Hitachi-Omron Terminal Solutions, Corp. (Hitachi: 55%, Omron: 45%) on October 1, 2004. 14.6% H E A LT H C A R E B U S I N E S S ( H C B ) Top market share for digital home blood pressure monitors in Japan The HCB provides a wide range of health...

  • Page 19
    ... Main Products and Services Manufacturing and sales of control systems and equipment for factory automation and production machinery Sensing devices (Photoelectric/Proximity sensors, AOI, etc.), Control devices (Programmable logic controllers, Relays, Timers, etc.), Safety devices (Safety sensors...

  • Page 20
    ...over many years in the solder inspection equipment business, and IT. ZJ-FA10 Ionizer An advanced ionizer developed for high quality production. Generated ions are blown by fan, while sensing and control technology is used to optimize the ion balance. Safety Network Controller NE1A-SCPU01 The world...

  • Page 21
    ...in the field of safety devices used in manufacturing plants. (See page 13 of "Special Feature") • Full-Scale Entry into the Indian Market Omron has established a sales subsidiary in New Delhi, which opened for business in fiscal 2006. Production facilities in India are expanding, centering on the...

  • Page 22
    OMRON CORPORATION ANNUAL REPORT 2006 ELECTRONIC COMPONENTS BUSINESS (ECB) Manufacture and sale of electronic components for consumer appliances, telecommunications equipment, and industrial equipment ECB RESULTS AND PLANS Fiscal Year Net sales* Domestic Overseas North America Europe Asia China ...

  • Page 23
    ... LCDs used in such products as cellular phones and digital cameras. These LCDs are powered by our unique micro lens array technology to project light using one LED. At the same time, Pioneer Precision Machinery Corporation is strong in high-resolution high-brightness multi-light source backlights...

  • Page 24
    OMRON CORPORATION ANNUAL REPORT 2006 AUTOMOTIVE ELECTRONIC COMPONENTS BUSINESS (AEC) Manufacture and sale of electronic components for automobiles AEC RESULTS AND PLANS Fiscal Year Net sales* Domestic Overseas North America Europe Asia China Direct exports Operating income* Operating income margin*...

  • Page 25
    ... Japan's total annual output of seven million units. For this reason, global automotive manufacturers are speeding up their timetables for localizing production in China. Given this situation, in January 2006 the AEC established a new plant in Guangzhou that produces keyless entry systems and power...

  • Page 26
    OMRON CORPORATION ANNUAL REPORT 2006 SOCIAL SYSTEMS BUSINESS (SSB) Manufacturing and sales of railroad equipment, such as automated passenger gates, and traffic management systems plus services SSB RESULTS AND PLANS Fiscal Year Net sales* Domestic Overseas North America Europe Asia China Direct ...

  • Page 27
    ... Senior Managing Officer Company President, Social Systems Solutions Business Company REVIEW OF FISCAL 2005 • Above Target Net Sales and Profits In the railway station service systems business, demand for upgraded and remodeled ticket sales machines in response to the issuance of new paper...

  • Page 28
    OMRON CORPORATION ANNUAL REPORT 2006 H E A LT H C A R E B U S I N E S S ( H C B ) Manufacture and sale of medical devices for home and institutional use HCB RESULTS AND PLANS Fiscal Year Net sales* Domestic Overseas North America Europe Asia China Direct exports Operating income* Operating income ...

  • Page 29
    ... of our mainstay product, digital blood pressure monitors. In the Japanese market, growing awareness of metabolic syndrome and interest in visceral fat helped produce strong sales of our body composition analyzers with scales. At the same time, in order to strengthen our business directed at medical...

  • Page 30
    ... new business opportunities and actively supports technological development and product commercialization. In particular, it is giving priority to the investment of management resources in the RFID business and the electric power remote monitoring service business. Kazunobu Amemiya Executive Officer...

  • Page 31
    OMRON CORPORATION ANNUAL REPORT 2006 MANAGEMENT SYSTEMS MANAGEMENT SYSTEMS Contents 29 Management Systems 30 32 34 36 Corporate Governance and Legal Compliance Corporate Social Responsibility Intellectual Property Strategy Directors, Corporate Auditors and Executive Officers 29

  • Page 32
    ... and by building a structure (an audit system) that functions to guarantee this outcome. Governance Structure In 1999, the Omron Group separated corporate management and business execution by introducing both a Managing Officer System and an Internal Company System. This move also represented...

  • Page 33
    ... to provide compliance training to designated managers. In fiscal 2006, an education and training program for managers will be continued to ensure and strengthen compliance and we will institute monitoring in each global area. Risk Management Structure and Internal Control System The Omron Group is...

  • Page 34
    ... to a better society through business operations. Continuously offering advanced technologies, high-quality products and services through the cultivation of social needs. [2] Always demonstrating fairness and integrity in the promotion of corporate activities. By addressing a broad range of issues...

  • Page 35
    ... provision of products and services contributing to the "Optimization Society." Specifically this includes: safety sensors to prevent industrial accidents at manufacturing sites, laser radar systems to anticipate imminent danger and automatically activate brakes, and home medical care equipment to...

  • Page 36
    ... & Control Laboratory Group Structure Management Planning Office /Intellectual Property Dept. Intellectual property group Expansion of business for each segment Technology headquarters Development of core technologies R&D Center Business Company SBU (Strategic Business Unit) Product Development...

  • Page 37
    OMRON CORPORATION ANNUAL REPORT 2006 Patents in the U.S.: Applications, Registrations and Rank (Number of Applications/Registrations) (Total Number of Applications) Patent Applications in China 200 MANAGEMENT SYSTEMS 200 178 169 163 150 105 88 82 100 150 162 160 150 137 93 67 44 27 30 29 ...

  • Page 38
    OMRON CORPORATION ANNUAL REPORT 2006 D I R E C T O R S , C O R P O R AT E A U D I T O R S A N D E X E C U T I V E O F F I C E R S As of June 22, 2006 (From the left) Director and Executive Vice President Tadao Tateisi, Director (external) Noriyuki Inoue, Director and Executive Vice President ...

  • Page 39
    OMRON CORPORATION ANNUAL REPORT 2006 FINANCIAL SECTION FINANCIAL SECTION Contents 38 Financial Highlights 40 Six-year Summary 41 Fiscal 2005 Management's Discussion and Analysis 46 Business and Other Risks 48 Consolidated Balance Sheets 50 Consolidated Statements of Income 51 Consolidated ...

  • Page 40
    OMRON CORPORATION ANNUAL REPORT 2006 FINANCIAL HIGHLIGHTS OMRON Corporation and Subsidiaries Years ended March 31, 2006, 2005 and 2004 Millions of yen (except per share data) Thousands of U.S. dollars (Note 2) (except per share data) 2006 For the Year: Net Sales Income before Income Taxes, ...

  • Page 41
    ... includes "Social Systems Solutions and Service Business Company" and "Advanced Module Business Company." 2. For 2005, Social Systems Business includes "Social Systems Solutions and Service Business Company" and "Financial Systems Business Company." The composition of net sales was as follows: 2006...

  • Page 42
    ... OMRON Corporation and Subsidiaries Years ended March 31 Millions of yen (except per share data) 2006 Net Sales (Note 2): Industrial Automation Business Electronic Components Business Automotive Electronic Components Business Social Systems Business Healthcare Business Other Businesses Costs...

  • Page 43
    ..., big improvements in corporate earnings led to increased capital investment while better employment and income conditions meant consumer spending looked even more geared up for recovery. 2. Overseas In the United States, a sharp rise in crude oil prices, higher housing prices and Hurricane Katrina...

  • Page 44
    ...ANNUAL REPORT 2006 3. Review and Analysis of the Income Statement Note 1: The following business segment abbreviations are used in the discussion that follows: Industrial Automation Business (IAB), Electronic Components Business (ECB), Automotive Electronic Components Business (AEC), Social Systems...

  • Page 45
    ... increased and oil & gas-related sales also moved higher. In Europe, the new markets of Russia and Eastern Europe saw higher sales, driven mainly by inverters, servomotors and sensor equipment. In the Greater China and Southeast Asia, which continue to display high growth, sales were strong. In...

  • Page 46
    ... upgrades at North American factories and lower prices for major products. • Social Systems Business (SSB) SSB sales fell 20.3 percent against a year earlier to ¥91.8 billion. The key factor was the transfer in fiscal 2004 of the financial equipment business to Hitachi-Omron Terminal Solutions...

  • Page 47
    ....0 billion. In Greater China, because our major clients among auto-related and digital consumer electronic equipment makers are shifting their manufacturing operations to China, the IAB and ECB improved their supply systems in that country, which led directly to significantly higher sales. Also, the...

  • Page 48
    ... Group's operating results and financial condition. (5) Research and Development Activities Based on a policy of securing a balance between growth and income, the Omron Group invests aggressively in R&D as part of its technology-centered business operations. As a result, the R&D expenses ratio is...

  • Page 49
    ...the Group with respect to a specific product or part. The Omron Group is working to improve employee morale through measures such as revising its employee invention compensation policy in line with revisions to Japan's Patent Law and introducing a new award system. However, disputes could arise with...

  • Page 50
    OMRON CORPORATION ANNUAL REPORT 2006 C O N S O L I D AT E D B A L A N C E S H E E T S OMRON Corporation and Subsidiaries March 31, 2006 and 2005 Millions of yen Thousands of U.S. dollars (Note 2) ASSETS Current Assets: Cash and cash equivalents Notes and accounts receivable - trade Allowance for...

  • Page 51
    OMRON CORPORATION ANNUAL REPORT 2006 FINANCIAL SECTION Millions of yen Thousands of U.S. dollars (Note 2) LIABILITIES ... surplus Legal reserve Retained earnings Accumulated other comprehensive loss (Note 16) Treasury stock, at cost - 14,676,607 shares in 2006 and 11,101,591 shares in 2005 Total ...

  • Page 52
    OMRON CORPORATION ANNUAL REPORT 2006 C O N S O L I D AT E D S T AT E M E N T S O F I N C O M E OMRON Corporation and Subsidiaries Years ended March 31, 2006, 2005 and 2004 Millions of yen Thousands of U.S. dollars (Note 2) 2006 Net Sales Costs and Expenses: Cost of sales Selling, general and ...

  • Page 53
    OMRON CORPORATION ANNUAL REPORT 2006 C O N S O L I D AT E D S T AT E M E N T S O F C O M P R E H E N S I V E I N C O M E ( L O S S ) OMRON Corporation and Subsidiaries Years ended March 31, 2006, 2005 and 2004 FINANCIAL SECTION Millions of yen Thousands of U.S. dollars (Note 2) 2006 Net Income ...

  • Page 54
    ...T Y OMRON Corporation and Subsidiaries Years ended March 31, 2006, 2005 and 2004 Millions of yen Number of common shares issued Common stock Capital surplus Legal reserve Retained earnings Accumulated other comprehensive income (loss) Treasury stock Balance, April 1, 2003 Net income Cash dividends...

  • Page 55
    ... by the Company Dividends paid to minority interests Acquisition of treasury stock Sale of treasury stock Exercise of stock options Net cash used in financing activities Effect of Exchange Rate Changes on Cash and Cash Equivalents Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash...

  • Page 56
    ... markets. Passing gates, automated ticket machines, electronic panels and terminal displays for traffic information and monitoring purposes are also supplied for the domestic market. Healthcare Business sells blood pressure monitors, digital thermometers, body-fat monitors, nebulizers and infra-red...

  • Page 57
    ...ANNUAL REPORT 2006 Property, Plant and Equipment Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment has been computed principally on a declining balance method based upon the estimated useful lives of the assets. The estimated useful lives primarily range...

  • Page 58
    ... risk of loss has transferred, the sales price is fixed or determinable, and collectibility is probable. These criteria are met when products are received by customers or services are performed. Stock-Based Compensation The Companies account for stock-based awards to employees using the intrinsic...

  • Page 59
    ... (loss), net of tax. Cost, gross unrealized holding gains and losses and fair value of securities, excluding equity securities with no readily determinable public market value, by major security type at March 31 were as follows: Available-for-sale securities Millions of yen 2006 Cost (*) Gross...

  • Page 60
    ...There were no gross realized losses on sales for the years ended March 31, 2006 and 2005. 5. Acquisition In June 2005, OMRON Healthcare Co., Ltd., a subsidiary of the Company, acquired 100% of the issued common stock of Colin Medical Technology Corporation ("CMT") for cash in an aggregate amount of...

  • Page 61
    OMRON CORPORATION ANNUAL REPORT 2006 6. Goodwill and Other Intangible Assets The components of acquired intangible assets excluding goodwill at March 31, 2006 and 2005 were as follows: Millions of yen FINANCIAL SECTION 2006... 31, 2006, 2005 and 2004, respectively. Estimated amortization expense...

  • Page 62
    OMRON CORPORATION ANNUAL REPORT 2006 7. Bank Loans and Long-Term Debt The weighted average annual interest rates of short-term bank loans at March 31, 2006...customary in Japan, additional security must be given if requested by a lending bank, and banks have the right to offset cash deposited with ...

  • Page 63
    OMRON CORPORATION ANNUAL REPORT 2006 9. Termination and Retirement Benefits The Company and its domestic subsidiaries sponsor termination and retirement benefit plans which cover substantially all domestic employees. Benefits were based on the employee's years of service, with some plans ...

  • Page 64
    ... of yen Thousands of U.S. dollars 2006 Service cost, less employees' contributions Interest cost on projected benefit obligation Expected return on plan assets Amortization Settlement loss Derecognition of previously accrued salary progression Net periodic benefit cost ¥ 3,979 3,926 (3,620) 2,336...

  • Page 65
    ... FINANCIAL SECTION Discount rate Compensation increase rate 2.0% 2.0 Weighted-average assumptions used to determine net periodic benefit cost for the years ended March 31, 2006, 2005 and 2004 are as follows: 2006 Discount rate Compensation increase rate Expected long-term rate of return on plan...

  • Page 66
    OMRON CORPORATION ANNUAL REPORT 2006 Cash Flows Contributions The Companies expect to contribute ¥5,478 million ($ 46,821 thousand) to its domestic termination and retirement benefit plans in the year ending March 31, 2007. The Company expects to contribute certain available-for-sale securities of...

  • Page 67
    OMRON CORPORATION ANNUAL REPORT 2006 On May 1, 2006, a new corporate law (the "Corporate Law") became effective, which reformed and replaced the Code with various revisions that would, for the most part, be applicable to events or transactions which occur on or after May 1, 2006 and for the fiscal ...

  • Page 68
    OMRON CORPORATION ANNUAL REPORT 2006 Yen Fixed options Shares Weighted-average exercise price Weighted-average fair value of options granted during the year Options outstanding at April 1, 2003 Granted Exercised Options outstanding at March 31, 2004 Granted Exercised Exercised Expired Options ...

  • Page 69
    OMRON CORPORATION ANNUAL REPORT 2006 FINANCIAL SECTION Options outstanding U.S. dollars Range of exercise prices Shares Weighted-average remaining contractual life U.S. dollars Weighted-average exercise price Options exercisable U.S. dollars Shares Weighted-average exercise price $ 19.71 16.35 ...

  • Page 70
    ... income tax rates of the Companies differ from the normal Japanese statutory rates as follows for the years ended March 31: 2006 Normal Japanese statutory rates Increase (decrease) in taxes resulting from: Permanently non-deductible items Tax credit for research and development expenses Losses of...

  • Page 71
    OMRON CORPORATION ANNUAL REPORT 2006 The approximate effect of temporary differences and tax credit and loss carryforwards that gave rise to deferred tax balances at March 31, 2006 and 2005 were as follows: Millions of yen FINANCIAL SECTION 2006 Deferred tax assets Deferred tax liabilities ...

  • Page 72
    OMRON CORPORATION ANNUAL REPORT 2006 13. Foreign Operations Net sales and total assets of foreign subsidiaries for the years ended March 31, 2006, 2005 and 2004 were as follows: Millions of yen Thousands of U.S. dollars 2006 Net sales Total assets ¥ 256,116 ¥ 209,038 2005 ¥ 220,961 ¥ 178,038...

  • Page 73
    ...year Ending balance Unrealized gains (losses) on available-for-sale securities: Beginning balance Change for the year Ending balance Net gains (losses) on derivative instruments: Beginning balance Change for the year Ending balance Total accumulated other comprehensive loss: Beginning balance Change...

  • Page 74
    OMRON CORPORATION ANNUAL REPORT 2006 Tax effects allocated to each component of other comprehensive income (loss) and reclassification adjustments for the years ended March 31, 2006, 2005 and 2004 were as follows: Millions of yen 2006 2005 2004 Tax Tax Tax Before-tax (expense) Net-of-tax Before...

  • Page 75
    OMRON CORPORATION ANNUAL REPORT 2006 FINANCIAL SECTION 17. Financial Instruments and Risk Management Financial Instruments The following table presents the carrying amounts and estimated fair values as of March 31, 2006 and 2005, of the Companies' financial instruments. Millions of yen 2006 ...

  • Page 76
    ... are concentrated in Japan, are limited due to the large number of well-established customers and their dispersion across many industries. The Company normally requires customers to deposit funds to serve as security for ongoing credit sales. Guarantees The Company provides guarantees for bank loans...

  • Page 77
    ... of securities to the employee retirement benefit trust. (2) On April 26, 2006, the Company's board of directors approved a resolution to sell the land and building making up its Tokyo head office (Minato-ku, Tokyo). As a result of the sale, the Company will record a loss of approximately...

  • Page 78
    ...of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made...

  • Page 79
    OMRON CORPORATION ANNUAL REPORT 2006 GLOBAL AND DOMESTIC NETWORK NET WORK Europe Subsidiaries: 36 Greater China Subsidiaries: 25 Affiliates: 1 Japan Subsidiaries: 42 Affiliates: 13 North and South America Subsidiaries: 23 Asia-Pacific Subsidiaries: 18 Affiliates: 3 Regional Headquarters ...

  • Page 80
    ..., New York, NY 10004, U. S. A. ADR Holder Contact: JPMorgan Service Center P. O. Box 3408 South Hackensack, NJ 07606-3408 TEL : 1-800-990-1135 FAX : 1-201-680-4604 General E-mail : [email protected] Homepage http://www.omron.co.jp (Japanese) http://www.omron.com (English) Common Stock Price Range...

  • Page 81
    ... automatically activate the brakes to assure driving safety. Instead of people trying to adapt themselves to the needs of machines, as they do today, machines capable of adapting to the needs of people are soon to be realized. Through the implementation of its corporate philosophy, Omron strives to...

  • Page 82
    100% Recycled-content level Shiokoji Horikawa, Shimogyo-ku, Kyoto 600-8530, Japan Phone: 81-75-344-7000 Fax: 81-75-344-7001 Homepage: http://www.omron.co.jp (Japanese) http://www.omron.com (English)