Consolidated Financial Results
for the Six Monthsof the Fiscal Year Ending March 31, 2024
<under IFRS>

November 9, 2023
Company Name: Olympus Corporation
Code Number: 7733
(URL: https://www.olympus.co.jp/)
Stock Exchange Listing: Prime Market of Tokyo Stock Exchange
Representative: Stefan Kaufmann, Director, Representative Executive Officer, President and CEO
Contact: Takayuki Aoyagi, Vice President, Accounting Department
Phone: 03-3340-2111
Scheduled date to submit the Quarterly Securities Report:
November 9, 2023
Scheduled date to commence dividend payments:–
Presentation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results presentation meeting:Yes (for analysts and institutional investors)(Figures are rounded off to the nearest million yen)

1. Consolidated Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024
(From April 1, 2023 to September 30, 2023)(1) Consolidated Results of Operations (cumulative)(% indicate changes from the same period of the previous fiscal year)
Operating profit

Revenue

Adjusted operating
profit(¥ million)%

Profit before tax

Six months ended(¥ million)%(¥ million)%(¥ million)%

September 30, 2023

436,644

4.7

4,789

(94.9)

66,570(16.1)(958)–

216,659

223.7

September 30, 2022

417,060

15.8

93,60332.5

79,3629.0

89,321

30.5

66,9407.1

Six months ended

Profit attributable toowners of parent(¥ million)%

September 30, 2023

216,296

Total comprehensive
income(¥ million)
%

223.6

271,751(¥ million)

Profit%Basic earnings per share

80.8

Diluted earnings per share

(¥)

(¥)

173.81173.43September 30, 2022
66,8367.1
150,268
123.5
52.50
52.45
Note: The Scientific Solutions Business has been classified as a discontinued operation from the second quarter of the previous fiscal year.
Due to this, the amounts presented for revenue, operating profit, adjusted operating profit and profit before tax are the amounts fromcontinuing operations from which the discontinued operation has been excluded. The amounts presented for profit and profit attributableto owners of parent are aggregates of continuing operations and discontinued operation.

(2) Consolidated Financial Position

As of(¥ million)(¥ million)(¥ million)

Ratio of equity attributableto owners of parent
to total assets%

September 30, 2023

1,617,765

827,532

827,532

51.2

March 31, 2023

1,508,308

641,234

640,085

42.4

Total assets

Equity attributable toowners of parent

Total equity

2. Dividends
Annual dividends
First quarter

Second quarter(¥)

Fiscal year ended–
March 31, 2023
Fiscal year ending–
March 31, 2024
Fiscal year ending
March 31, 2024
(Forecast)
Note: Revisions of the forecast most recently announced: No

Third quarter

Year-end

Total

(¥)

(¥)

(¥)

(¥)

0.00

–

16.00

16.00

–

18.00

18.00

0.00

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024
(From April 1, 2023 to March 31, 2024)(% indicate changes from the same period of the previous fiscal year)
Revenue(¥ million)

Operating profit%(¥ million)%

Adjusted operating
profitProfit before tax(¥ million)(¥ million)

%

Basic
Profit attributable toearnings perowners of parent
share% (¥ million)%(¥)

Full year
958,000
8.6
100,000(46.4)
174,500(1.3)
92,000(49.5)
289,000 101.5
238.12
Note: Revisions of the forecast most recently announced: Yes
The Scientific Solutions Business has been classified as a discontinued operation from the second quarter of the previous fiscal year. Dueto this, the amounts presented for revenue, operating profit, adjusted operating profit and profit before tax in the forecast of financial
results for the fiscal year ending March 31, 2024 are the amounts from continuing operations. The amounts presented for profit
attributable to owners of parent and basic earnings per share are aggregates of continuing operations and discontinued operation.

* Notes(1) Changes in significant subsidiaries during the six months under review (changes in specified subsidiaries
resulting in the changes in scope of consolidation): Yes
Newly included: None
Excluded:
1 company (Evident Corporation)(2) Changes in accounting policies and changes in accounting estimates
1)
2)
3)

Changes in accounting policies required by IFRS: No
Changes in accounting policies due to other reasons: No
Changes in accounting estimates: No(3) Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023
1,266,178,700 shares
As of March 31, 2023
1,266,178,700 shares2) Total number of treasury shares at the end of the period
As of September 30, 2023
44,638,731 shares
As of March 31, 2023
12,641,218 shares
3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023
1,244,420,347 shares
Six months ended September 30, 2022
1,273,103,624 shares* Quarterly financial results reports are exempt from quarterly reviews conducted by certified public
accountants or an audit corporation.
* Proper use of the forecast of financial results, and other special matters(Caution concerning forward-looking statements)
The forward-looking statements, including forecast of financial results, contained in these materials are
based on information currently available to Olympus Corporation and on certain assumptions deemed to bereasonable. Accordingly, Olympus Corporation cannot make promises to achieve such forecasts. Actual
business and other results may differ substantially due to various factors. Please refer to the section of“Explanation of Forecast of Consolidated Financial Results and Other Forward-looking Statements” onpage 7 of the attached material for the conditions that form the assumptions for the forecast and cautions
concerning the use thereof.
(Adjusted operating profit)
Adjusted operating profit is the amount of profit after deducting other income and other expenses fromoperating profit. Adjusted operating profit is disclosed because it is one of the performance metrics of the
Olympus Group.

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Attached Material
Contents
1.

Qualitative Information Regarding Settlement of Accounts for the Six Months ......................................... 2(1) Explanation of Results of Operations ...................................................................................................... 2(2) Financial Position .................................................................................................................................... 6(3) Cash Flows .............................................................................................................................................. 7(4) Explanation of important management contracts .................................................................................... 7(5) Explanation of Forecast of Consolidated Financial Results and Other Forward-looking Statements ..... 72.

Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto ........................... 9(1) Condensed Quarterly Consolidated Statements of Financial Position .................................................... 9(2) Condensed Quarterly Consolidated Statements of Profit or Loss ......................................................... 11(3) Condensed Quarterly Consolidated Statements of Comprehensive Income ......................................... 12(4) Condensed Quarterly Consolidated Statements of Changes in Equity .................................................. 13(5) Condensed Quarterly Consolidated Statements of Cash Flows ............................................................ 15(6) Notes to Condensed Quarterly Consolidated Financial Statements ...................................................... 17(Notes on premise of going concern) .................................................................................................... 17(Reporting entity) .................................................................................................................................. 17(Basis of preparation) ............................................................................................................................ 17(Material accounting policies) ............................................................................................................... 18(Significant accounting estimates and associated judgments) ............................................................... 18(Business segments) .............................................................................................................................. 18(Cash and cash equivalents) .................................................................................................................. 20(Assets held for sale and liabilities directly associated with assets held for sale) ................................. 20(Impairment of non-financial assets) ..................................................................................................... 20(Provisions) ........................................................................................................................................... 21(Bonds and borrowings) ........................................................................................................................ 21(Equity and other equity items) ............................................................................................................. 21(Dividends) ............................................................................................................................................ 22(Revenue) .............................................................................................................................................. 23(Other income and other expenses) ....................................................................................................... 24(Per-share data) ..................................................................................................................................... 25(Cash flow information) ........................................................................................................................ 27(Financial instruments) .......................................................................................................................... 30(Discontinued operation) ....................................................................................................................... 33(Contingent liabilities)........................................................................................................................... 34(Subsequent events)............................................................................................................................... 34

1

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

1. Qualitative Information Regarding Settlement of Accounts for the Six Months(1)

Explanation of Results of Operations

In the second quarter ended September 30, 2022, Olympus Corporation concluded a share transfer agreement
related to the transfer of Scientific Solutions Business of the Olympus Group with K.K. BCJ-66, a special
purpose company indirectly owned by funds advised by Bain Capital Private Equity, LP (together with its
affiliates, “Bain Capital”). Due to this, profit (loss) from the Scientific Solutions Business has been classified
as profit (loss) from discontinued operation from the second quarter ended September 30, 2022. Furthermore,
the amounts presented for revenue, operating profit, adjusted operating profit, profit before tax and profit
from continuing operations are the amounts from continuing operations from which the discontinued
operation has been excluded, while the amounts presented for profit and profit attributable to owners ofparent are aggregates of continuing operations and discontinued operation.
Additionally, the Olympus Group formerly had four reportable segments: “Endoscopic Solutions,”“Therapeutic Solutions,” “Scientific Solutions,” and “Others.” However, from the second quarter ended
September 30, 2022, they have been changed to three segments: “Endoscopic Solutions,” “Therapeutic
Solutions,” and “Others.”
Based on the above share transfer agreement, on April 3, 2023, we completed transferring all shares of
Evident Corporation (“Evident”), a consolidated subsidiary of Olympus Corporation to which our Scientific
Solutions Business was transferred through an absorption-type company split.
Trends in overall business results
During the six months ended September 30, 2023 the global economy continued to move towards recovery,
but global monetary tightening and the effects of the slump in China’s real estate market pose downside risks.
In addition, the impact of the current situation in the Middle East region also needs to be closely monitored.
Furthermore, impacts were felt from the war in Ukraine and global inflation along with rising raw material
prices, supply chain constraints, and shortages of components. Notwithstanding a recovery in economic
activity and gradual improvement in business conditions, the Japanese economy was impacted by volatility inforeign exchange rates, and by the same soaring raw material prices, supply chain constraints and shortagesof certain components that affected the global economy.
Despite this environment, the Olympus Group is continuing to work to transform into a global medtech
company by pursuing our three priorities of “Patient safety and sustainability,” “Innovation for growth” and“Productivity” in line with the management strategy announced in May 2023.
Business results
Business results of continuing operations are presented in (1) to (10), and business results of the sum ofcontinuing operations and discontinued operation are presented in (11) below.

2Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Millions of yen)
Increase (Decrease)ratio (%)
4.7

Six months ended
September 30, 2022
417,060

Six months ended
September 30, 2023
436,644(2) Cost of sales

139,534

148,207

8,673

6.2

(3) Selling, general andadministrative expenses

198,535

221,633

23,098

11.6(4) Share of profit (loss) ofinvestments accounted forusing equity method/Other
income/Other expenses

14,612(62,015)(76,627)–(5) Operating profit

93,603

4,789(88,814)(94.9)(6) Adjusted operating profit

79,362

66,570(12,792)(16.1)(7) Finance income (loss)(4,282)(5,747)(1,465)–(8) Profit before tax (loss)

89,321(958)(90,279)–(9) Income taxes

19,795

10,532(9,263)(46.8)(10) Profit (loss) fromcontinuing operations

69,526(11,490)(81,016)–(11) Profit attributable toowners of parent

66,836216,296

149,460

223.6

Exchange rate (Yen/USD)

133.97141.00

7.03–

Exchange rate (Yen/EUR)

138.73

153.39

14.66–

Exchange rate (Yen/CNY)

19.88

19.75

(0.13)–(1) Revenue

Increase (Decrease)
19,584(1) Revenue
Revenue increased by ¥19,584 million year on year to ¥436,644 million. This increase was due to an increase
in revenue in all business of the Endoscopic Solutions Business, Therapeutic Solutions Business and otherbusinesses. Details are as described in “Analysis of the performance by segment” below.
(2) Cost of sales
Cost of sales increased by ¥8,673 million year on year to ¥148,207 million. The cost-to-sales ratio
deteriorated by 0.4 percentage points to 33.9%. Although procurement from the semiconductor spot market
decreased, a provision of approximately ¥4,200 million was recorded for expenses associated with thevoluntary recall of small intestine endoscope systems in the Endoscopic Solutions Business.
(3) Selling, general and administrative expenses
Selling, general and administrative expenses increased by ¥23,098 million year on year to ¥221,633 million.
The main factors are an increase in various project-related expenses aimed at improving efficiency and otherfactors, as well as personnel expenses due to future growth and strengthening of the business operating base,including quality assurance and regulatory compliance.
(4) Share of profit (loss) of investments accounted for using equity method/Other income/Other expenses
The sum of share of profit (loss) of investments accounted for using equity method, other income, and otherexpenses amounted to expenses of ¥62,015 million, and the profit or loss deteriorated by ¥76,627 million
year on year. A gain on sale of fixed assets of approximately ¥16,400 million was recorded in other income in
the previous fiscal year, but in the period under review a gain on transfer of approximately ¥1,100 million
related to the collagen business, etc. (which had been included in other businesses) was the main item
recorded, and other income declined by ¥16,820 million year on year. In addition, although in the previous
fiscal year approximately ¥1,700 million in expenses for the promotion of Transform Olympus were recordedin other expenses, in the period under review other expenses increased by ¥59,202 million year on year. Thiswas due to a loss of approximately ¥49,600 million related to the discontinuation of the manufacture and saleof Veran Medical Technologies, Inc.’s electromagnetic navigation systems, and FDA-related expenses ofapproximately ¥11,900 million.

3

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(5) Operating profit
Reflecting the factors stated above, operating profit decreased by ¥88,814 million year on year to ¥4,789
million.
(6) Adjusted operating profit
Reflecting the factors stated above, adjusted operating profit, which is the amount of profit after deducting
other income and other expenses from operating profit, decreased by ¥12,792 million year on year to ¥66,570
million.
(7) Finance income (loss)
Finance loss, which reflects finance income and finance costs, deteriorated ¥1,465 million year on year to¥5,747 million. The deterioration in finance loss was due mainly to the increase of foreign exchange losses asa result of the yen depreciating against various currencies.
(8) Profit before tax
Reflecting the factors stated above, profit before tax decreased by ¥90,279 million year on year to a loss of¥958 million.
(9) Income taxes
The decreased profit before tax led income taxes to decrease by ¥9,263 million year on year to ¥10,532
million.
(10) Profit from continuing operations
The decrease in profit before tax caused profit from continuing operations to decline by ¥81,016 million year
on year to a loss from continuing operations of ¥11,490 million.
(11) Profit attributable to owners of parent
As a result of recording a gain of approximately ¥349.0 billion on the transfer of Scientific Solutions
Business in discontinued operations during the six months ended September 30, 2023, profit attributable toowners of parent increased by ¥149.460 billion year on year to ¥216.296 billion.
(Impact of foreign exchanges rates)
Compared to the same period of the previous fiscal year, the yen depreciated against the USD and EUR, on
the other hand, it appreciated against CNY. The average exchange rate during the period was ¥141.00 against
the USD (¥133.97 in the same period of the previous fiscal year), ¥153.39 against the EUR (¥138.73 in thesame period of the previous fiscal year) and ¥19.75 against the CNY (¥19.88 in the same period of theprevious fiscal year), which caused revenue, operating profit and adjusted operating profit to increase by¥17,887 million, ¥3,423 million and ¥6,243 million, respectively, year on year.

4Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Analysis of the performance by segment
Endoscopic Solutions Business

Revenue
Operating profit (loss)

Six months ended
September 30, 2022
258,472
68,899Six months ended
September 30, 2023
270,867
50,909

Increase (Decrease)12,395(17,990)(Millions of yen)
Increase (Decrease)ratio (%)
4.8
(26.1)

Consolidated revenue in the Endoscopic Solutions Business amounted to ¥270,867 million (up 4.8% year onyear), while operating profit amounted to ¥50,909 million (down 26.1% year on year).
Sales in the gastrointestinal endoscope field declined year on year. Although sales posted a year-on-year
recovery in China, which had been affected by lockdowns in Shanghai and other cities during the first quarterof the previous fiscal year, year-on-year declines in sales were recorded in Europe, which had been lifted in
the previous fiscal year by the effects of winning major projects in Russia and other countries, and in North
America, due in part to customers holding off from buying ahead of the launch of the gastrointestinalendoscopic system “EVIS X1” series.
In the field of surgical endoscopic solutions, positive year-on-year growth was recorded as a result of
increased sales from the “VISERA ELITE III” surgical endoscopy system launched in Asia and Oceania andin Europe.
In the medical services field, all regions showed positive year-on-year growth due to an increase in newcontracts, in addition to stable sales of existing service contracts including maintenance services.
Operating profit in the Endoscopic Solutions Business decreased. Despite the positive impact of the increase
in revenue, in addition to the recording of a provision of approximately ¥4,200 million for expenses
associated with the voluntary recall of small intestine endoscope systems, there were increases in personnel
and other expenses related to measures taken to strengthen the business operation foundation, such as future
growth, quality assurance, and compliance with laws and regulations, etc., as well as FDA-related expenses
of approximately ¥7,600 million posted in other expenses.
Therapeutic Solutions Business

Revenue
Operating profit (loss)

Six months ended
September 30, 2022
152,935
29,788Six months ended
September 30, 2023
159,698(28,542)

Increase (Decrease)
6,763(58,330)(Millions of yen)
Increase (Decrease)ratio (%)
4.4–

Consolidated revenue in the Therapeutic Solutions Business amounted to ¥159,698 million (up 4.4% year onyear), while operating loss amounted to ¥28,542 million (compared with an operating profit of ¥29,788
million in the same period of the previous fiscal year).
The GI-endotherapy field saw positive growth, primarily in North America and Europe, recording higher
revenue year on year. Furthermore, sales increased in product groups for ERCP (Endoscopic Retrograde
Cholangio Pancreatography), which are used in endoscopic diagnoses and treatment of pancreatic duct, bileduct, etc., the sampling of biopsy forceps, etc., which are used for collecting tissue for screening
examinations, and product groups for ESD (Endoscopic Submucosal Dissection) and EMR (Endoscopic
Mucosal Resection), which are used in lesion resection.
The urology field recorded higher revenue year on year, due mainly to positive growth in Europe and Asiaand Oceania, as well as the effects of yen depreciation. Resection electrodes for BPH (Benign Prostatic
Hyperplasia) and other products also contributed to the increase in sales.
The respiratory field saw positive growth, primarily in North America and Europe, recording higher revenue
year on year due in part to the effects of yen depreciation. Sales of devices used mainly for EBUS-TBNA(Endobronchial Ultrasound-guided Transbronchial Needle Aspiration) and bronchoscopes increased.
In other therapeutic areas, sales decreased year on year due to the transfer of Gyrus Medical Limited in April
2023.
5

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Operating profit in the Therapeutic Solutions Business declined despite the positive impact of higher sales.
This was due not only to increased expenses related to various projects aimed at improving efficiency andincrease in personnel expenses due to future growth and strengthening of the business operating base,including quality assurance and regulatory compliance but also to a loss of approximately ¥49,600 million
related to the discontinuation of the manufacture and sale of Veran Medical Technologies, Inc.’selectromagnetic navigation systems, and FDA-related expenses of approximately ¥4,300 million.

Others

Revenue
Operating profit (loss)

Six months ended
September 30, 2022
5,653
(788)

Six months ended
September 30, 2023
6,079
1,000

Increase (Decrease)
426
1,788

(Millions of yen)
Increase (Decrease)ratio (%)
7.5–

In other businesses, the Olympus Group conducts R&D and exploratory activities for new businesses in
addition to engaging in the developing, manufacturing, and selling of biomedical materials, such as synthetic
bone filler, and orthopedic equipment.
Consolidated revenue in other businesses amounted to ¥6,079 million (up 7.5% year on year), while
operating profit amounted to ¥1,000 million (compared with an operating loss of ¥788 million in the same
period of the previous fiscal year).
Revenue increased due to an increase in demand before the transfer of the collagen business at Olympus
Terumo Biomaterials Corporation in the first quarter of the current fiscal year. Operating profit in otherbusinesses improved due in part to gains on the transfer of the collagen business and other businesses ofapproximately ¥1,100 million, recorded in other income.
(2)

Financial Position[Assets]
As of the end of the second quarter under review, total assets increased by ¥109,457 million compared to theend of the previous fiscal year to ¥1,617,765 million. In current assets, cash and cash equivalents increasedby ¥318,831 million, mainly as a result of the transfer of the Scientific Solutions Business, while otherfinancial assets increased ¥24,655 million, primarily due to deposits for share repurchase, and inventories
rose by ¥20,436 million. On the other hand, assets held for sale declined by ¥169,621 million following thetransfer of the Scientific Solutions Business. In non-current assets, exchange rate effects caused an increase inproperty, plant and equipment of ¥14,320 million, while deferred tax assets decreased by ¥97,196 million due
mainly to a gain on the transfer of the Scientific Solutions Business. In addition, intangible assets decreasedby ¥15,537 million as a result of the impairment loss related to Veran Medical Technologies, Inc.
[Liabilities]
Total liabilities decreased by ¥76,841 million from the end of the previous fiscal year to ¥790,233 million.
Income taxes payable on gains on the transfer of Scientific Solutions Business decreased by ¥58,570 million,
and liabilities directly related to assets held for sale decreased by ¥43,253 million following the completion of
the Scientific Solutions Business transfer.
[Equity]
Total equity increased by ¥186,298 million from the end of the previous fiscal year to ¥827,532 million. This
increase was achieved despite share repurchase of ¥63,976 million and dividends of surplus of ¥20,240
million, mainly as a result of profit attributable to owners of parent of ¥216,296 million arising from thetransfer of the Scientific Solutions Business and other factors, and an increase of ¥58,387 million in othercomponents of equity due mainly to exchange differences on translation of foreign operations.
As a result of the foregoing, equity attributable to owners of parent to total assets increased from 42.4% as ofthe end of the previous fiscal year to 51.2%.

6

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(3)

Cash Flows

Cash and cash equivalents at the end of the second quarter under review reached ¥488,160 million, an increaseof ¥282,648 million from the end of the previous fiscal year. The following are the cash flows for the six
months ended September 30, 2023.
[Cash flows from operating activities]
Net cash used in operating activities for the six months ended September 30, 2023 was ¥11,777 million(compared with ¥6,307 million provided for the six months ended September 30, 2022). Although there werepositive factors such as adjustment for impairment loss of ¥41,739 million, adjustment for depreciation andamortization of ¥32,894 million, and a decline in trade and other receivables of ¥12,405 million, this decrease
was driven mainly by income taxes paid of ¥90,570 million, a decline in trade and other payables of ¥12,717
million, and an increase in inventories of ¥14,371 million.
[Cash flows from investing activities]
Net cash provided by investing activities for the six months ended September 30, 2023 was ¥412,701 million(compared with ¥15,653 million used for the six months ended September 30, 2022). Cash flows frominvesting activities increased mainly due to the receipt of ¥381,898 million in consideration for the transfer of
Scientific Solutions Business and the collection of ¥52,637 million in loans receivable from Evident, etc.
despite expenditures of ¥21,449 million for the purchase of property, plant and equipment such as production
equipment.
[Cash flows from financing activities]
Net cash used in financing activities for the six months ended September 30, 2023 was ¥125,422 million(compared with ¥35,452 million used for the six months ended September 30, 2022). The main factors behind
this were payments for share repurchase of ¥63,976 million, payment of deposits for share repurchase of¥26,024 million, and dividends paid of ¥20,240 million.
(4)

Explanation of important management contracts

The following is a significant new contract concluded during the second quarter of the current fiscal year.
(Acquisition of additional ownership interest in a subsidiary)
On July 24, 2023, Olympus Corporation and Terumo Corporation agreed that the Olympus Group would
acquire all shares of Olympus Terumo Biomaterials Corporation (“OTB”), a consolidated subsidiary of
Olympus Corporation. Based on this contract, the Olympus Group acquired all shares of OTB on August 4,
2023. As a result, OTB became a wholly owned subsidiary of the Olympus Group.
The following agreement was terminated after the end of the second quarter of the current fiscal year and up to
the date of submission of this quarterly report.
(Affiliation Agreement)
Name of the contracting
companyCounterparty

Olympus Corporation

Terumo Corporation

CountryJapan

Contract details

Contract term

Alliance for development andsales in the field of medical
devices

One year from April 25, 2001,
with automatic annual
extensions

Note: Olympus Corporation and Terumo Corporation have agreed to transfer the above alliance agreement to a
separate contract as of October 30, 2023.

(5)

Explanation of Forecast of Consolidated Financial Results and Other Forward-looking Statements

In terms of the forecasts of consolidated financial results for the fiscal year ending March 31, 2024, we haverevised the forecasts announced in our “Consolidated Financial Results for the Fiscal Year Ended March 31,2023” released on May 12, 2023. After taking into consideration the trend of yen depreciation in the current
7

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

foreign exchange market, which is more pronounced than we previously projected, progress in the second
quarter relative to the assumption of the previous outlook, and the business environment in the third quarterand beyond, we have revised the previously announced consolidated earnings forecasts as follows.
The Scientific Solutions Business has been classified as a discontinued operation from the second quarter
ended September 30, 2022. Due to this, the amounts presented for revenue, operating profit and profit before
tax are the amounts from continuing operations from which the discontinued operation has been excluded.
The amount presented for profit attributable to owners of parent is an aggregate of continuing operations anddiscontinued operation.
In addition, foreign exchange rates assumed in the forecasts for the third quarter onward are ¥149 per USD,
¥157 per EUR, and ¥20.40 per CNY. The exchange rate assumptions for the full year, reflecting the results ofthe six months ended September 30, 2023, are ¥145.00 per USD, ¥155.19 per EUR, and ¥20.07 per CNY(foreign exchange rates assumed in the previous forecast are ¥132 per USD, ¥144 per EUR, and ¥19.2 per
CNY).

Previous Forecast (A)914,000

163,000

182,000

159,000

Profitattributableto owners ofparent(Millions ofyen)
336,000

Revised Forecast (B)958,000

100,000

174,500

92,000289,000

238.12

Increase (Decrease)(B-A)

44,000(63,000)(7,500)(67,000)(47,000)(34.54)

Increase (Decrease)ratio (%)

4.8

(38.7)(4.1)(42.1)(14.0)(12.7)

Revenue(Millions ofyen)

Adjusted
Operating profit
Profit before tax
operating profit(Millions of(Millions of(Millions of
yen)
yen)
yen)

Basic
earnings per
share
(Yen)
272.66

Note: Basic earnings per share is estimated based on the “Notice Regarding Share Repurchase and Cancellation ofTreasury Shares” released on November 9, 2023.

8

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto(1)

Condensed Quarterly Consolidated Statements of Financial Position(Millions of yen)

As of March 31, 2023
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Income taxes receivable
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Goodwill
Intangible assets
Retirement benefit asset
Investments accounted for using equity method
Trade and other receivables
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

9

As of September 30,
2023

169,329
174,672
11,360162,994
15,96022,421
556,736
169,621726,357

488,160
171,001
36,015
183,430
19,37023,813921,789–
921,789

238,731
182,505
115,183
27,0281,010
36,98021,476
156,5432,495
781,951
1,508,308

253,051
182,291
99,64628,147481
40,98730,19559,347
1,831
695,976
1,617,765

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Millions of yen)

As of March 31, 2023
LIABILITIES AND EQUITY
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Subtotal
Liabilities directly associated with assets held for sale
Total current liabilities
Non-current liabilities
Bonds and borrowings
Other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Treasury shares
Other components of equity
Other components of equity related to disposal groupheld for sale
Retained earnings
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

10

As of September 30,
2023

62,91949,97023,23599,567
19,111
163,837
418,639
43,253461,892

51,61699,95429,99240,997
26,486174,237
423,282–
423,282

290,087
61,66820,416
2,912
11,90518,194405,182
867,074

248,460
61,79821,021
2,912
13,57019,190366,951
790,233

124,643
92,150(28,086)
77,280124,643
91,037(90,808)
135,667

3,034–

371,064
640,0851,149
641,234
1,508,308

566,993
827,532–
827,532
1,617,765

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(2)

Condensed Quarterly Consolidated Statements of Profit or Loss

Continuing operations
Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Share of profit (loss) of investments accounted for using
equity method
Other income
Other expenses
Operating profit
Finance income
Finance costs
Profit before tax (loss)
Income taxes
Profit (loss) from continuing operations
Discontinued operation
Profit (loss) from discontinued operation
ProfitProfit attributable to:
Owners of parent
Non-controlling interests
ProfitEarnings per share
Basic earnings (loss) per share
Continuing operations
Discontinued operation
Basic earnings per share
Diluted earnings (loss) per share
Continuing operations
Discontinued operation
Diluted earnings per share

11(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

417,060
139,534
277,526
198,535371

436,644
148,207288,437
221,633(234)

19,3695,128
93,603
1,764
6,046
89,321
19,79569,5262,549
64,330
4,789
1,247
6,994
(958)
10,532(11,490)(2,586)
66,940228,149
216,659

66,836104
66,940216,296363
216,659¥54.53¥(2.03)¥52.50¥(9.53)¥183.34¥173.81¥54.48¥(2.03)¥52.45¥(9.50)¥182.93¥173.43Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(3)

Condensed Quarterly Consolidated Statements of Comprehensive Income

ProfitOther comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

66,940216,659(53)

54

Remeasurements of defined benefit plans
Total of items that will not be reclassified to profit or loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Cash flow hedges
Total of items that may be reclassified to profit or loss
Total other comprehensive income
Comprehensive income

90
37

(261)
(207)

86,044(2,753)
83,291
83,328150,268

56,463(1,164)55,29955,092271,751

Comprehensive income attributable to:
Owners of parent
Non-controlling interests
Comprehensive income

150,164104
150,268

271,388363
271,751

12

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(4)

Condensed Quarterly Consolidated Statements of Changes in Equity
Six months ended September 30, 2022
(Millions of yen)
Equity attributable to owners of parent

Balance at April 1, 2022

Share capital

CapitalsurplusTreasuryshares124,643

91,239(45,589)

Other
componentsof equity
Other
components related todisposalof equitygroup held
for sale
34,818–

ProfitOther comprehensive
incomeComprehensive income–

Disposal of treasury shares
Cancellation of treasury
shares305,057

510,168

1,194

511,362

66,836

66,836104

66,940––83,32883,328–Transfer from retained
earnings to capital surplus

150,164104

150,268

(2)

(2)

(56)

56

0

0

(23,271)

23,271––

23,231

Transfer from othercomponents of equity toretained earnings(323)

Share-based paymenttransactions

66,836

83,328(2)

Dividends from surplus

363(17,822)(17,822)(23,231)

–

–

323

–

–

516

516

–

–

153

Transfer to othercomponents of equity
related to disposal groupheld for sale

Balance at September 30,
2022

Total equity

83,328

Share repurchaseTotal transactions withowners

Total

Noncontrollinginterests

Retainedearnings(5,093)

5,093

(226)

(18,048)–

267

23,478(5,416)

5,093(40,730)(17,308)(226)(17,534)

124,643

91,506(22,111)

112,730

5,093

331,163

643,024

1,072

644,096

13

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Six months ended September 30, 2023
(Millions of yen)
Equity attributable to owners of parent

Balance at April 1, 2023

Share capital

CapitalsurplusTreasuryshares124,643

92,150(28,086)

Other
components
Otherof equity
components related toof equity
disposalgroup held
for sale
77,2803,034

ProfitOther comprehensive
incomeComprehensive income––

Share repurchase
Disposal of treasury shares

(23)

–

58,126(3,034)

58,126(3,034)(1,592)

Total transactions withownersBalance at September 30,
2023

371,064

640,0851,149

641,234

216,296

216,296363

216,659

55,092
216,296

271,388

55,092363

271,751(63,976)

0

0

261

Equity transactions with
non-controlling interests

Total equity

23

Transfer from othercomponents of equity toretained earnings453

Noncontrollinginterests(63,976)

49

Share-based paymenttransactions

Total(63,976)

Dividends from surplus
Transfer from retained
earnings to capital surplus

Retainedearnings(20,057)(20,057)

(49)

–

–

(261)

–

–

1,684

1,684

1,231

(183)

(20,240)(1,592)(1,329)(2,921)–(1,113)(62,722)261–(20,367)(83,941)(1,512)(85,453)

124,643

91,037(90,808)

135,667–

566,993

827,532–

827,532

14

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(5)

Condensed Quarterly Consolidated Statements of Cash Flows

Cash flows from operating activities
Profit before tax (loss)
Profit (loss) before tax from discontinued operation
Depreciation and amortization
Impairment losses
Interest and dividend income
Interest expenses
Loss (gain) on sale and retirement of fixed assets
Share of loss (profit) of investments accounted for using
equity method
Gain on transfer of the Scientific Solutions Business
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Increase (decrease) in provisions
Other
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

15(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

89,321(3,973)35,818732(1,508)
2,993(15,769)(958)
348,182
32,894
41,739(1,130)
2,795
71

(371)

234

–
3,168
(20,066)(4,918)(672)
940(3,038)(17,412)65,2451,478
30(2,659)(57,787)6,307(349,036)
12,405(14,371)(12,717)
(104)
(426)
5,248
15,31280,1381,127
3(2,475)(90,570)(11,777)

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from transfer of the Scientific Solutions
Business
Proceeds from the transfer of the collagen business anddental product sales businesses
Proceeds from sale of subsidiaries
Collection of loans receivable
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings andcommercial papers
Repayments of lease liabilities
Dividends paid
Dividends paid to non-controlling interests
Payments for share repurchase
Change in deposits due to share repurchase
Redemption of bonds
Payments for acquisition of interests in subsidiaries from
non-controlling interests
Other
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 equivalents at beginning of period
Cash and cash equivalents at end of period

16(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

(2,137)(20,387)
19,514(9,804)(3,517)–(21,449)974(7,330)(15)–

381,898

–

1,656

–
476
202
(15,653)

4,375
52,637(45)412,701

(122)

(3)

(9,543)(17,822)
(226)
(2)
–
(10,000)(10,166)(20,057)(183)(63,976)(26,024)––(2,921)

2,263(35,452)(2,092)(125,422)

39,615

7,146(5,183)
302,572
297,389282,648
205,512488,160

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(6)

Notes to Condensed Quarterly Consolidated Financial Statements(Notes on premise of going concern)
No items to report(Reporting entity)
Olympus Corporation is a joint stock company located in Japan. The address of its registered head office isHachioji-shi, Tokyo. Olympus Corporation’s condensed quarterly consolidated financial statements comprise
Olympus Corporation and its subsidiaries (hereinafter, the “Olympus Group”) and interests in Olympus
Corporation’s associates.
The Olympus Group is principally engaged in the manufacturing and sales of endoscopic, therapeutic andother products. Details of each business are as described in (Business segments) (page 18).
(Basis of preparation)(1) Statement of the condensed quarterly consolidated financial statements’ compliance with IFRSThe condensed quarterly consolidated financial statements of the Olympus Group have been preparedin accordance with IAS 34. Since the requirements for a “Specified Company of DesignatedInternational Accounting Standards” set forth in Article 1-2 of the “Regulation on Terminology,
Forms, and Preparation Methods of Quarterly Consolidated Financial Statements” are satisfied, theOlympus Group adopts the provisions of Article 93 of the same Regulation. The condensed quarterly
consolidated financial statements do not include all the information and disclosures required in theannual consolidated financial statements and should be used in conjunction with the Olympus Group’s
annual consolidated financial statements as of March 31, 2023.
These condensed quarterly consolidated financial statements were approved by Director,
Representative Executive Officer, President and CEO Stefan Kaufmann, and Executive Officer and
CFO Chikashi Takeda on November 9, 2023.
(2) Functional currency and presentation currency
The Olympus Group’s condensed quarterly consolidated financial statements are presented in Japaneseyen, which is also Olympus Corporation’s functional currency, and figures are rounded off to thenearest million yen.
(3) Changes in presentation methods(Condensed Quarterly Consolidated Statements of Cash Flows)(Cash flows from operating activities)
In the six months ended September 30, 2022, because “Impairment losses,” which had previously been
included in “Other” of “Cash flows from operating activities,” increased in monetary importance, it
has been listed independently from the six months ended September 30, 2023. To reflect this change inthe presentation method, we have reorganized our Condensed Quarterly Consolidated Financial
Statements for the six months ended September 30, 2022.
As a result, in the Condensed Quarterly Consolidated Statements of Cash Flows for the six months
ended September 30, 2022, the negative ¥16,680 million presented as “Other” in “Cash flows fromoperating activities” was reorganized into “Impairment losses” of ¥732 million and “Other” ofnegative ¥17,412 million.
(Cash flows from investing activities)
In the six months ended September 30, 2022, because “Collection of loans receivable,” which had
previously been included in “Other” of “Cash flows from investing activities,” increased in monetaryimportance, it has been listed independently from the six months ended September 30, 2023. To reflect
this change in the presentation method, we have reorganized our Condensed Quarterly Consolidated
Financial Statements for the six months ended September 30, 2022.
As a result, in the Condensed Quarterly Consolidated Statements of Cash Flows for the six months
ended September 30, 2022, ¥678 million presented as “Other” in “Cash flows from investing
activities” was reorganized into “Collection of loans receivable” of ¥476 million and “Other” of ¥202
million.
17

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Cash flows from financing activities)
In the six months ended September 30, 2022, because “Payments for share repurchase,” which had
previously been included in “Other” of “Cash flows from financing activities” increased in monetaryimportance, it has been listed independently from the six months ended September 30, 2023. To reflect
this change in the presentation method, we have reorganized our Condensed Quarterly Consolidated
Financial Statements for the six months ended September 30, 2022.
As a result, in the Condensed Quarterly Consolidated Statements of Cash Flows for the six months
ended September 30, 2022, ¥2,261 million presented as “Other” in “Cash flows from financing
activities” was reorganized into “Payments for share repurchase” of negative ¥2 million and “Other”
of ¥2,263 million.
(Material accounting policies)
The material accounting policies adopted for the condensed quarterly consolidated financial statements of the
Olympus Group for the six months ended September 30, 2023 are the same as those applied for the fiscal
year ended March 31, 2023.
(Significant accounting estimates and associated judgments)
In preparing IFRS-based consolidated financial statements, the management is required to make judgments,
estimates and assumptions that affect the adoption of accounting policies and the amounts of assets,
liabilities, revenues and expenses. Actual results may differ from such estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis and the effect is recognized in
the period in which the estimates are revised and in future periods.
The details of significant accounting estimates and associated judgments in the condensed quarterly
consolidated financial statements are unchanged from the contents described in the consolidated financial
statements for the previous fiscal year.
(Business segments)(1) Overview of reportable segments
The reportable segments of the Olympus Group are the units for which separate financial information
is available and according to which reporting is periodically conducted to decide how to allocate
management resources and assess business performance.
In the past, the Olympus Group had four reportable segments: “Endoscopic Solutions,” “Therapeutic
Solutions,” “Scientific Solutions,” and “Others.” However, from the second quarter ended September
30, 2022, we have changed to three reportable segments: “Endoscopic Solutions,” “Therapeutic
Solutions,” and “Others.” The change is due to Olympus Corporation classifying the Scientific
Solutions Business as a discontinued operation with the conclusion of a share transfer agreement
related to the transfer of Scientific Solutions Business of the Olympus Group with K.K. BCJ-66, a
special purpose company indirectly owned by funds advised by Bain Capital. An outline of the
discontinued operation is provided in (Discontinued operation) (page 33). The transfer of the shares of
Evident, which operates the Scientific Solutions Business, was completed on April 3, 2023.
The principal products and services of each reportable segment are as follows.
Reportable Segment

Principal products and services

Endoscopic Solutions Business Gastrointestinal endoscopes, surgical endoscopes, medical service
Therapeutic Solutions Business Gastroenterology devices, urology products, respiratory products, energy devices, ENT products,
gynecology products
OthersBiomedical materials, orthopedic equipment(2) Revenue and business results for reportable segments
Revenue and business results of each reportable segment of the Olympus Group are as follows. The
accounting treatment used for reportable segments is as described in (Material accounting policies)(page 18).

18

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Six months ended September 30, 2022
(Millions of yen)
Reportable Segment
Adjustment(Note 2, 3)

Amount oncondensed
quarterly
consolidated
financialstatements

417,060–

417,060

162

162

(162)

–

152,935

5,815

417,222(162)

417,060

29,788(788)

97,899(4,296)

93,603

Endoscopic
Solutions

Therapeutic
Solutions

Others

Revenue from outside
customers

258,472

152,935

5,653

Intersegment revenue(Note 1)––

Total revenue

258,472

Operating profit (loss)

68,899

Total

Revenue

Finance income

1,764

Finance costs

6,046

Profit before tax

89,321Other items
Share of profit (loss) ofinvestments accounted forusing equity method

371

–

–

371

–

371

Depreciation andamortization

19,114

9,639

857

29,6102,973

32,583

Impairment losses

332

397

3

732

–

732

Notes:
1. Intersegment revenue is based on actual market prices.
2. Adjustment for operating profit (loss) is corporate expenses that mainly consist of elimination of transactions
among segments, as well as general and administrative expenses and fundamental research expenses that are
not attributable to reportable segments.
3. Adjustment for operating profit (loss) includes gain on sale of fixed assets at Olympus Corporation of ¥16,395
million that is not attributable to reportable segments.

Six months ended September 30, 2023
(Millions of yen)
Reportable Segment
Adjustment(Note 2)

Amount oncondensed
quarterly
consolidated
financialstatements

436,644–436,644

70

70

(70)

–

159,698

6,149

436,714(70)

436,644(28,542)

1,000

23,367(18,578)4,789

Endoscopic
Solutions

Therapeutic
Solutions

Others

Revenue from outside
customers

270,867

159,698

6,079

Intersegment revenue(Note 1)––

Total revenue

270,867

Operating profit (loss)

50,909

Total

Revenue

Finance income

1,247

Finance costs

6,994

Profit before tax (loss)(958)

Other items
Share of profit (loss) ofinvestments accounted forusing equity method
Depreciation andamortization
Impairment losses (reversalof impairment losses) (Note
3)

(226)

(8)

–

(234)

–

(234)

20,537

9,234

491

30,262

2,632

32,894138

41,605–41,743(4)

41,739Notes:
1. Intersegment revenue is based on actual market prices.
2. Adjustment for operating profit (loss) is corporate expenses that mainly consist of elimination of transactions
among segments, as well as general and administrative expenses and fundamental research expenses that are not
attributable to reportable segments.

19

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

3. The operating loss of the Therapeutic Solutions Business includes a loss of ¥49,586 million incurred from thediscontinuation of manufacturing and sales of Veran Medical Technologies, Inc. products. Details are as
described in (Other income and other expenses) (page 24). Such losses include impairment losses of ¥40,736
million. Details are as described in (Impairment of non-financial assets) (page 20).

(Cash and cash equivalents)
Cash and cash equivalents included in balances at end of period in the condensed quarterly consolidated
statement of cash flows are as follows.

Cash and cash equivalents in the condensed
quarterly consolidated statements of financial
position
Cash and cash equivalents included in assets held
for saleCash and cash equivalents at end of period in thecondensed quarterly consolidated statement ofcash flows(Millions of yen)Six months ended September Six months ended September
30, 2022
30, 2023(April 1, 2022 - September 30, (April 1, 2023 - September 30,
2022)
2023)
255,765

488,160

41,624–297,389

488,160(Assets held for sale and liabilities directly associated with assets held for sale)
The six months ended September 30, 2023 saw the completion of procedures for the sale of assets andliabilities related to the Scientific Solutions Business and of assets and liabilities related to the collagen anddental product sales businesses, which had been classified as held for sale in the previous fiscal year.
(Transfer of Scientific Solutions Business)
The transfer of all shares of Evident Corporation, which had been a consolidated subsidiary of Olympus
Corporation, was conducted on April 3, 2023. In conjunction with this transfer, the transfer of the assets andliabilities of the Scientific Solutions Business, which were classified as held for sale in the previous fiscal
year, was completed on the same date. Details are described in (Cash flow information) (page 27).
(Transfer of collagen business and dental product sales businesses)
The transfer of assets and liabilities related to the collagen business and dental product sales businesses,
which were classified as held-for-sale in the previous fiscal year, was completed on July 3, 2023. Details aredescribed in (Cash flow information) (page 27).

(Impairment of non-financial assets)
The Olympus Group recognizes impairment losses when the recoverable amount of an asset falls below its
carrying amount. Impairment losses related to non-financial assets are recorded in the Other expenses item of
the condensed quarterly consolidated statement of profit or loss.
Business assets are mainly grouped according to business segment, while assets scheduled for disposal aregrouped according to the assets to be disposed, and idle assets are grouped individually.
The main impairment losses recognized in the six months ended September 30, 2023 were as follows.
Following the discontinuation of the manufacture and sale of Veran Medical Technologies, Inc. (“VMT”)
electromagnetic navigation systems, related non-current assets were written down to their recoverable
amount, and an impairment loss of ¥40,736 million was recorded (¥19,720 million for goodwill; ¥15,674
million for technology-related assets; ¥243 million for trademarks; ¥3,511 million for research anddevelopment in progress; and ¥1,128 million for license usage rights). Since the completion of theacquisition, the non-current assets related to the manufacture and sale of VMT’s products included in
Therapeutic Solutions segment had been tested for impairment using this business segment as the cashgenerating unit, taking into account synergies with other assets in the Therapeutic Solutions Businesssegment. However, during the six months ended September 30, 2023, it was found that it was difficult to20

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

achieve the original goal of early diagnosis and minimally invasive treatment of respiratory diseases incombination with existing respiratory products, which was assumed at the time of acquisition, and it was also
found that the products did not meet the quality standards required internally. Due to the decision to terminate
the development and sale of VMT’s products, the impairment test was performed separately for non-current
assets incurred in connection with the acquisition of VMT, rather than on a business segment basis. The
recoverable amount was the fair value less costs of disposal and, as the assets are difficult to sell, this amountwas zero. It was classified as level 3 in the fair value hierarchy. Details regarding the fair value hierarchy are
as described in (Financial instruments) (Page 30).
VMT was acquired by the Olympus Group in December 2020, with the objective of combining VMT’selectromagnetic navigation systems and related devices with Olympus Corporation’s bronchoscope systems
to enable early diagnosis and minimally invasive therapies for bronchial disease, and drive the growth of therespiratory field business. However, as a result of an independent investigation it became apparent that
VMT’s technology and products did not conform to the quality standards of the Olympus Group, andaccordingly Olympus Corporation discontinued shipments of said products in February 2023, since whichtime it has been engaged in further analysis and considering how to address the situation going forward. Afterputting the highest priority on the safety of patients during these deliberations, we concluded that improving
the quality for these products to meet Olympus standards would incur enormous costs, and that a resumptionof shipments would be significantly delayed at a time when the clinical needs of our customers areundergoing rapid change. Accordingly, on September 6, 2023 we took the decision to discontinue the
manufacture and sale of these products. Loss amounts associated with the discontinuation of manufacture andsale of these products are as described in (Other income and other expenses) (Page 24).
(Provisions)(Voluntary recall of Olympus Corporation’s products)
As a result of an independent market survey conducted by Olympus Corporation, and of comparisons to inhouse quality standards, we made the decision to implement a voluntary recall of small intestine endoscope
systems in line with our policy of putting the highest priority on ensuring the safety of patients. A provisionof ¥4,157 million for expenses associated with this market response was made in the cost of sales of theEndoscopic Solutions Business in the six months ended September 30, 2023.
(Bonds and borrowings)
During the six months ended September 30, 2022, Olympus Corporation redeemed the 22nd unsecured
corporate bonds of ¥10,000 million (interest rate 0.220%, due September 20, 2022).
There were no significant transactions during the six months ended September 30, 2023.
(Equity and other equity items)
Six months ended September 30, 2022
(Cancellation of treasury shares)
Based on resolution of the Board of Directors meeting held on May 11, 2022, Olympus Corporation canceledtreasury shares on June 8, 2022. Due to this cancellation, treasury shares decreased by 13,402,333 shares
during the six months ended September 30, 2022.
The impact of this cancellation is that treasury shares decreased by ¥23,271 million (contraction of negative
stated amount in equity), and capital surplus decreased by ¥23,271 million.
The amount of the above cancellation was deducted from other capital surplus in capital surplus, but theamount that exceeds other capital surplus was deducted from retained earnings.
(Disposal of treasury shares)
Olympus Corporation conducted the disposal of treasury shares based on its restricted stock unit (RSU)
system and performance share unit (PSU) system on July 22, 2022. Due to this disposal, treasury shares
decreased by 87,840 shares during the six months ended September 30, 2022.
The impact of this disposal is that treasury shares decreased by ¥153 million.

21

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Six months ended September 30, 2023
(Disposal of treasury shares)
Olympus Corporation conducted the disposal of treasury shares based on its restricted stock unit (RSU)
system and performance share unit (PSU) system on June 14, 2023 and July 25, 2023. Due to this disposal,
treasury shares decreased by 554,030 shares during the six months ended September 30, 2023.
The impact of this disposal is that treasury shares decreased by ¥1,231 million.
(Share repurchase)
At a meeting of the Board of Directors held on May 12, 2023, Olympus Corporation resolved the repurchaseof its own shares and the specific means of repurchase as provided for under Article 459 Section 1 of theCompanies Act and Article 32 of Olympus Corporation’s Articles of Incorporation, and carried out the
repurchase of its own shares as follows:(1) Details of the resolution passed at the meeting of the Board of Directors held on May 12, 2023:
1. Class of shares:

Common stock of Olympus Corporation

2. Total number of shares to be repurchased:

55,000,000 shares (maximum)

3. Total amount of shares to be repurchased:¥100,000 million (maximum)

4. Repurchase period:

May 15, 2023 to January 31, 2024

5. Repurchase method:

Market purchase based on a discretionary trading
contract on the Tokyo Stock Exchange(2) Treasury shares repurchased based on the above resolution by the Board of Directors
1. Total number of shares repurchased:

32,561,000 shares

2. Total amount of shares repurchased:¥63,976 million

3. Repurchase period:

May 15, 2023 to September 30, 2023

Details regarding the repurchase of its own shares after the end of the second quarter ended September 30,
2023 are as described in (Subsequent events) (Page 34).
(Equity transactions with non-controlling interests)
On August 4, 2023, the Olympus Group acquired all the shares of Olympus Terumo Biomaterials
Corporation (“OTB”), raising its equity interest in OTB from 66.6% to 100%, and resulting in OTB
becoming a wholly owned subsidiary of the Olympus Group. As a result, non-controlling interests and capitalsurplus decreased by ¥1,329 million and ¥1,592 million respectively in the six months ended September 30,
2023.

(Dividends)
Dividends paid are as follows.
Six months ended September 30, 2022 (April 1, 2022 - September 30, 2022)
Resolution

Class of shares

Total dividends(Millions of yen)

Dividend per share(Yen)

Board of Directors
meeting held on
May 11, 2022

Common stock

17,822

14

22

Record date

Effective date

March 31, 2022

June 3, 2022

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

Six months ended September 30, 2023 (April 1, 2023 - September 30, 2023)
Resolution

Class of shares

Total dividends(Millions of yen)

Dividend per share(Yen)

Board of Directors
meeting held on
May 12, 2023

Common stock

20,057

16

Record date

Effective date

March 31, 2023

June 6, 2023

(Revenue)
The organization of the Olympus Group has basically consisted of the Endoscopic Solutions Business,
Therapeutic Solutions Business, Scientific Solutions Business, and Others, but, from the second quarter
ended September 30, 2022, the organization has been changed to basically consist of the Endoscopic
Solutions Business, Therapeutic Solutions Business, and Others.
The change is due to Olympus Corporation classifying the Scientific Solutions Business as a discontinued
operation with the conclusion of a share transfer agreement related to the transfer of Scientific Solutions
Business of the Olympus Group with K.K. BCJ-66, a special purpose company indirectly owned by funds
advised by Bain Capital. The transfer procedures were completed on April 3, 2023.
Revenue recorded in Endoscopic Solutions Business, Therapeutic Solutions Business and Others is stated asrevenue, as these segments are the units for which separate financial information is available and according towhich reporting is periodically conducted to decide how to allocate management resources and assessbusiness performance. Revenue is geographically disaggregated by customer location. Relationship between
the disaggregated revenue and revenue of each reportable segment is as follows:
Six months ended September 30, 2022 (April 1, 2022 - September 30, 2022)(Millions of yen)
Endoscopic Solutions

Therapeutic Solutions

Japan
North America
EuropeChina
Asia and Oceania

32,973
95,38062,02836,48824,64322,43560,22938,091
16,996
12,301

2,967
74
2,424
21
167

58,375
155,683
102,543
53,505
37,111Others

6,960

2,883

0

9,843

258,472

152,935

5,653

417,060

Total

Others

Total

Six months ended September 30, 2023 (April 1, 2023 - September 30, 2023)(Millions of yen)
Endoscopic Solutions

Therapeutic Solutions

Japan
North America
EuropeChina
Asia and Oceania

34,73096,79062,65140,80628,28821,91363,24341,014
15,945
14,160

2,812
82
2,716
317
152

59,455160,115
106,381
57,06842,600

Others

7,602

3,423

0

11,025

270,867

159,698

6,079

436,644

Total

OthersTotal

The Endoscopic Solutions Business sells medical devices, including gastrointestinal endoscopes and surgicalendoscopes, as well as provides medical services such as lease and repair for these products, to customers
who are primarily medical institutions in Japan and overseas.

23

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

The Therapeutic Solution Business sells medical devices, including gastroenterology devices, urology
products, respiratory products, energy devices, ENT products, and gynecology products, to customers whoare primarily medical institutions in Japan and overseas.
Other businesses include R&D and exploratory activities for new businesses, in addition to sales ofbiomedical materials and orthopedic equipment.
Revenue from the sales of these products has been accounted for using the same accounting policy as thatapplied in the consolidated financial statements for the previous fiscal year.
(Other income and other expenses)(1) Other income
Major items of other income are as follows.
Six months ended September 30, 2022 (April 1, 2022 - September 30, 2022)(Gain on sale of fixed assets)
Olympus Corporation recorded gain on sale of land in Hatagaya of ¥16,395 million in “Other
income.”Six months ended September 30, 2023 (April 1, 2023 - September 30, 2023)(Transfer of collagen business and dental product sales businesses)
Olympus Corporation recorded a gain of ¥1,127 million associated with the loss of control of thecollagen business and dental product sales businesses under “Other income.” Details are describedin (Cash flow information) (page 27).

(2) Other expenses
Major items of other expenses are as follows.
Six months ended September 30, 2022 (April 1, 2022 - September 30, 2022)(Business restructuring expenses)
Olympus Corporation recorded ¥1,699 million for the cost related to promotion of the business
transformation plan “Transform Olympus” in “Other expenses.”Six months ended September 30, 2023 (April 1, 2023 - September 30, 2023)(Quality-related expenses)
In order to comply with laws and regulation for medical device of U.S. FDA and other global
regulatory authorities, we must strengthen our quality management systems. An expense of ¥11,938
million was incurred in “Other expenses” to ensure we strengthen our global quality management
system and to improve targeted areas include complaint handling and response, medical device
reporting (MDR), and process design validation.
(Losses associated with the discontinuation of manufacture and sale of products from Veran Medical
Technologies, Inc.)
A loss of ¥49,586 million (¥2,278 million for loss on valuation of inventories; ¥40,736 million for
impairment loss on non-current assets (Note); ¥6,572 million for expenses related to the voluntary
recall of products) associated with the discontinuation of manufacture and sale of products from
Veran Medical Technologies, Inc. was recorded in “Other expenses.”
Note: Details of impairment losses on non-current assets are as described in (Impairment of nonfinancial assets) (page 20).

24

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Per-share data)(1) Basic earnings per share and diluted earnings per share
Six months ended September 30, 2022 Six months ended September 30, 2023
(April 1, 2022 - September 30, 2022) (April 1, 2023 - September 30, 2023)
Basic earnings (loss) per
share
Continuing operations¥54.53¥(9.53)

Discontinued operation¥(2.03)¥183.34

Basic earnings per share¥52.50¥173.81Continuing operations¥54.48¥(9.50)Discontinued operation¥(2.03)¥182.93

Diluted earnings per share¥52.45¥173.43

Diluted earnings (loss) per
share

25

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(2) The basis for calculating basic earnings per share and diluted earnings per share
Six months ended September 30,
2022(April 1, 2022 - September 30, 2022)(Millions of yen)Six months ended September 30,
2023(April 1, 2023 - September 30, 2023)

Profit used to calculate basic earnings per share and diluted earnings per share
Profit attributable toowners of parent
Profit not attributable tocommon shareholders ofparentProfit (loss) used to
calculate basic earnings per
share
Continuing operations
Discontinued operation
Adjustment to profit
Profit (loss) used to
calculate diluted earnings
per share
Continuing operations
Discontinued operation

66,836216,296––

66,836216,296

69,422(2,586)–(11,853)
228,149–

66,836216,296

69,422(2,586)(11,853)
228,149

The weighted average number of shares of common stock used to calculate basic earnings per share anddiluted earnings per share
The weighted average
number of shares ofcommon stock
Increase in number ofshares of common stock
Subscription rights toshares relating to stock
options
Common stock relating
to PSU
Common stock relating
to RSU
Average number of sharesof diluted common stockduring the period

1,273,104 thousand shares

1,244,420 thousand shares

401 thousand shares

295 thousand shares

302 thousand shares

1,855 thousand shares

369 thousand shares

603 thousand shares

1,274,176 thousand shares

1,247,173 thousand shares

26

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Cash flow information)
Six months ended September 30, 2022
No items to report

Six months ended September 30, 2023
(Transfer of Scientific Solutions Business)(i) Overview of transaction
On August 29, 2022, Olympus Corporation concluded an agreement to transfer all shares of its
consolidated subsidiary, Evident Corporation (hereinafter, “Evident”), which operates the Scientific
Solutions Business, to K.K. BCJ-66, a special purpose company indirectly owned by funds advised by
Bain Capital, and completed the transfer procedures on April 3, 2023. As a result of this, Olympus
Corporation lost its control of Evident on the same day.
(ii) Assets and liabilities associated with the loss of control

Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities

30,657
12,49743,154(iii) Cash flows associated with the loss of control(Millions of yen)AmountCash and cash equivalents received as consideration of the loss ofcontrol
Expenses related to transfer of businesses
Cash and cash equivalents of subsidiaries with the loss of control
Proceeds from the transfer of Scientific Solutions Business (Note)
Note:(Millions of yen)Amount118,936
50,119169,055

420,973(2,892)(36,183)
381,898

Proceeds from the transfer of Scientific Solutions Business are included in “Cash flows frominvesting activities” in the Condensed Quarterly Consolidated Statements of Cash Flows.

(iv) Gain or loss associated with the loss of control
Olympus Corporation recorded a gain of ¥349,036 million associated with the loss of control of Evident
under “Profit (loss) from discontinued operation” in the Condensed Quarterly Consolidated Statementsof Profit or Loss.

27

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Transfer of Gyrus Medical Limited)(i) Overview of transaction
On April 21, 2023, Olympus Corporation concluded an agreement to transfer all shares of Gyrus
Medical Limited (“GML”), a consolidated subsidiary of Olympus Corporation to ATL TECHNOLOGYUK HOLDINGS LIMITED.
Olympus Corporation lost control of GML on the same day that the transfer of shares in accordancewith this share transfer agreement was completed.
(ii) Assets and liabilities associated with the loss of control

Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities

688
17
705

(iii) Cash flows associated with the loss of control(Millions of yen)AmountCash and cash equivalents received as consideration of the loss ofcontrol
Cash and cash equivalents of subsidiaries with the loss of control
Proceeds from sale of subsidiaries (Note)
Note:(Millions of yen)Amount
2,226
1,285
3,511

4,375
(0)
4,375

Proceeds from sale of subsidiaries are included in “Cash flows from investing activities” in theCondensed Quarterly Consolidated Statements of Cash Flows.

(iv) Gain or loss associated with the loss of control
Olympus Corporation recorded a gain of ¥74 million associated with the loss of control of GML under“Other income” in the Condensed Quarterly Consolidated Statements of Profit or Loss.

28

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Transfer of collagen business and dental product sales businesses)(i) Overview of transaction
On March 28, 2023, Olympus Terumo Biomaterials Corporation, a consolidated subsidiary of Olympus
Corporation, executed a company split agreement with GC Corporation for the transfer of the collagenproducts development, manufacture and sales business and dental products sales business, which areincluded in the other businesses of the Olympus Group. The transfer of the businesses in accordancewith this agreement was completed on July 3, 2023. As a result, Olympus Corporation lost its control of
the collagen business and the dental product sales business on that date.
(ii) Assets and liabilities associated with the loss of control

Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities

28
–
28

(iii) Cash flows associated with the loss of control(Millions of yen)AmountCash and cash equivalents received as consideration of the loss ofcontrol
Expenses related to transfer of businesses
Proceeds from the transfer of the collagen business and dental productsales businesses (Note)
Note:(Millions of yen)Amount
158
399
557

1,769
(113)
1,656

Proceeds from the transfer of the collagen business and dental product sales businesses areincluded in “Cash flows from investing activities” in the Condensed Quarterly Consolidated
Statements of Cash Flows.

(iv) Gain or loss associated with the loss of control
Olympus Corporation recorded a gain of ¥1,127 million associated with the loss of control of thecollagen business and dental product sales businesses under “Other income” in the Condensed Quarterly
Consolidated Statements of Profit or Loss.

29

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Financial instruments)
Fair value of financial instruments
Fair value hierarchy is categorized into the following three levels depending on the observability of
inputs used in the valuation technique for the measurement.
Level 1: Fair value measured at market prices (unadjusted) in active markets for identical assets or
liabilities
Level 2: Fair value measured using observable prices other than those categorized within level 1,
either directly or indirectly
Level 3: Fair value measured using a valuation technique which includes inputs that are not based on
observable market data
The Olympus Group recognizes transfers of financial instruments between the levels of the fair value
hierarchy as if they occurred at the end of each quarter of the fiscal year. There were no significant
financial instruments transferred between the levels for the fiscal year ended March 31, 2023 and the six
months ended September 30, 2023.
(1) Financial instruments measured at fair value
The methods for measuring major financial instruments measured at fair value are as follows.
(Other financial assets and other financial liabilities)
Listed shares are classified as level 1 and stated at market prices valued at the end of each fiscal
year.
Unlisted shares are classified as level 3 and stated at the value obtained by using valuation
techniques such as the comparable company analysis method.
Derivative assets and liabilities are classified as level 2. Currency derivatives are stated at the value
based on forward exchange rates, and interest-rate derivatives are stated at the value obtained basedon observable data such as market interest rates, credit risks, and the period up to maturity.
The contingent consideration for business combinations is classified as level 3 and stated at theestimates of future payability.
The fair value hierarchy of major financial instruments measured at fair value is as follows:
As of March 31, 2023
(Millions of yen)
Level 1
Financial assets
Financial assets measured at fair value
through profit or loss
Derivative assets
Equity securities and others
Financial assets measured at fair value
through other comprehensive income
Equity securities and others
Financial liabilities
Financial liabilities measured at fair value
through profit or loss
Derivative liabilities
Contingent consideration

30

Level 2

Level 3

Total

–
–

6,860
–

–
937

6,860
937

470

–

6,431

6,901

–
–

1,216
–

–
8,226

1,216
8,226

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

As of September 30, 2023
(Millions of yen)
Level 1
Financial assets
Financial assets measured at fair value
through profit or loss
Derivative assets
Equity securities and others
Financial assets measured at fair value
through other comprehensive income
Equity securities and others
Financial liabilities
Financial liabilities measured at fair value
through profit or loss
Derivative liabilities
Contingent consideration

Level 2

Level 3

Total

–
–

11,789––902

11,789
902

562

–

7,196

7,758

–
–

4,371
–

–
9,320

4,371
9,320

The changes in financial assets categorized within level 3 were as follows:

Balance at April 1
Gains and losses (Note)
Profit or loss
Other comprehensive income
Purchases
Other(Millions of yen)Six months ended September Six months ended September
30, 2022
30, 2023(April 1, 2022 - September 30, (April 1, 2023 - September 30,
2022)
2023)
3,895
7,368

Balance at September 30

178
27
3,517
678

60
61
15
594

8,295

8,098

Note:
Gains or losses recognized in profit or loss are mainly included in “Finance income” or “Finance costs” in thecondensed quarterly consolidated statements of profit or loss. Gains or losses recognized in other comprehensive
income are included in “Financial assets measured at fair value through other comprehensive income” in thecondensed quarterly consolidated statements of comprehensive income.
Total gains or losses recognized in profit or loss included a gain of ¥178 million and a gain of ¥60 million on
financial instruments held as of the six months ended September 30, 2022 and 2023, respectively.

The changes in financial liabilities categorized within level 3 were as follows:

Balance at April 1
Settlement
Change in fair value
Other(Millions of yen)Six months ended September Six months ended September
30, 2022
30, 2023(April 1, 2022 - September 30, (April 1, 2023 - September 30,
2022)
2023)
6,100
8,226
(551)
(314)
303
687
403
721

Balance at September 30

6,255(2) Financial instruments measured at amortized cost
The methods for measuring the fair value of major financial instruments measured at amortized cost
are as follows. These financial instruments are mainly classified into level 2.
31

9,320

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Cash and cash equivalents, trade and other receivables, and trade and other payables)
Account items to be settled in the short term are stated at their book value because their fair value isnearly equal to their book value.
Lease receivables are stated at the value obtained by calculating the present value of each leasereceivable categorized by a specific period, at discounted rates that take into account credit risks andthe period up to maturity.
(Other financial assets and other financial liabilities)
Account items to be settled in the short term are stated at their book value because their fair value isnearly equal to their book value.
(Bonds and borrowings)
Bonds and borrowings with fixed interest rates are stated at the value calculated at discounted rates
which would be applied to a similar issuance of bonds or similar new loans to generate future cash
flows.
Borrowings with variable interest rates are stated at their book value because their fair value isdeemed to be nearly equal to their book value, given that they are short-term borrowings reflecting
market interest rates, and their credit conditions have not significantly changed since the drawdown.
Short-term borrowings and commercial papers are stated at their book value since they are settled in
the short term and their fair value is nearly equal to their book value.
The carrying amount and fair value of major financial instruments measured at amortized cost were as
follows. Financial instruments whose carrying amounts approximate fair value are not included in thefollowing table.
(Millions of yen)

Financial assets
Lease receivables
Financial liabilities
Bonds
Borrowings

32

As of March 31, 2023

As of September 30, 2023

Carrying
amountCarrying
amountFair value

Fair value

65,00364,982

74,88374,710146,118
134,021141,280
134,287

154,240
134,219

145,516
134,199

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Discontinued operation)(1) Outline of discontinued operation
On August 29, 2022, Olympus Corporation concluded a share transfer agreement related to the transfer
of Scientific Solutions Business of the Olympus Group with K.K. BCJ-66, a special purpose company
indirectly owned by funds advised by Bain Capital. Due to this, profit (loss) from the Scientific
Solutions Business has been classified as profit (loss) from discontinued operation from the second
quarter ended September 30, 2022. The transfer of the shares of Evident, which operates the Scientific
Solutions Business, was completed on April 3, 2023. Details are described in (Cash flow information)(page 27).
(2) Profit (loss) of discontinued operation
Profit (loss) of discontinued operations is as follows:(Millions of yen)

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income (Note 1)
Other expenses (Note 2)
Operating profit (loss)
Finance income
Finance costs
Profit before tax (loss)
Income taxes (Note 3)
Profit (loss) from discontinued operation

Six months ended
September 30, 2022
(April 1, 2022 September 30, 2022)

Six months ended
September 30, 2023
(April 1, 2023 September 30, 2023)

52,744
26,216
26,52826,466231
5,176(4,883)995
85(3,973)(1,387)(2,586)–––388
349,156586
348,182––
348,182
120,033
228,149

Notes: 1. Other income includes ¥349,036 million in the six months ended September 30, 2023 for the gainon the transfer of Scientific Solutions Business.
2. Other expenses include ¥4,880 million and ¥116 million in the six months ended September 30,
2022 and the six months ended September 30, 2023, respectively, related to the spin-off of the
Scientific Solutions Business and the strengthening of its management systems.
3. Income taxes of ¥120,033 million in the six months ended September 30, 2023 are tax expenses
related to the transfer of Scientific Solutions Business.
(3) Cash flows of discontinued operation
Cash flows of discontinued operation are as follows:(Millions of yen)Six months ended
September 30, 2022
(April 1, 2022 September 30, 2022)

Cash flows of discontinued operation

Six months ended
September 30, 2023
(April 1, 2023 September 30, 2023)

Net cash used in operating activities(10,958)(57,668)
Net cash provided by (used in) investing activities (Note)(6,017)433,898
Net cash used in financing activities(1,039)–Note:
Net cash provided by (used in) investing activities in the six months ended September 30, 2023
includes proceeds from the transfer of the Scientific Solutions Business of ¥381,898 million andcollection of loans receivable from Evident Corporation of ¥52,000 million.

33

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

(Contingent liabilities)
There are no significant changes from the items provided in the securities report for the previous fiscal year.
(Subsequent events)(Share repurchase)
At a meeting of the Board of Directors held on May 12, 2023, Olympus Corporation resolved the repurchaseof its own shares and the specific means of repurchase as provided for under Article 459 Section 1 of theCompanies Act and Article 32 of Olympus Corporation’s Articles of Incorporation, and carried out the
repurchase of its own shares as follows: As of November 6, 2023 (based on contract), all repurchases oftreasury shares have been completed.

(1) Details of the resolution passed at the meeting of the Board of Directors held on May 12, 2023:
1. Class of shares:

Common stock of Olympus Corporation

2. Total number of shares to be repurchased:

55,000,000 shares (maximum)

3. Total amount of shares to be repurchased:¥100,000 million (maximum)

4. Repurchase period:

May 15, 2023 to January 31, 2024

5. Repurchase method:

Market purchase based on a discretionary trading
contract on the Tokyo Stock Exchange(2) Treasury shares repurchased based on the above resolution by the Board of Directors
1. Total number of shares repurchased:

17,076,600 shares

2. Total amount of shares repurchased:¥33,223 million

3. Repurchase period:

October 1, 2023 to October 31, 2023 (based ondelivery date)

Details regarding the repurchase of its own shares in the six months ended September 30, 2023 are as
described in (Equity and other equity items) (page 21).

(Share repurchase and cancellation of treasury shares)
At a meeting of the Board of Directors held on November 9, 2023, Olympus Corporation resolved items
related to the repurchase of its own shares as provided for in Article 459 Section 1 of the Companies Act
and Article 32 of Olympus Corporation’s Articles of Incorporation, as well as the cancellation of treasury
shares as provided for in Article 178 of the Companies Act.

(1) Reasons for the share repurchase and cancellation of treasury shares
To strengthen shareholder returns and to improve capital efficiency(2) Details of items related to the repurchase
1. Class of shares:

Common stock of Olympus Corporation

2. Total number of shares to be repurchased:

53,000,000 shares (maximum)(4.34% of total number of issued shares (excluding treasury shares))34

Olympus Corporation (7733) Financial Results for the Six Months of the Fiscal Year Ending March 31, 2024

3. Total amount of shares to be repurchased:¥80,000 million (maximum)

4. Repurchase period:

November 10, 2023 to March 31, 2024

5. Repurchase method:

Market purchase based on a discretionary trading
contract on the Tokyo Stock Exchange(3) Details of cancellation
1. Class of shares:

Common stock of Olympus Corporation

2. Number of shares to be cancelled:

All of the shares to be repurchased as stated in (2)above

3. Date of cancellation:

April 30, 2024

35