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VIE-X088(for the Japanese market)
Annual Report 2011-2012
For the year ended March 31, 2011

Table of contents

  • Page 1
    VIE-X088(for the Japanese market) Annual Report 2011-2012 For the year ended March 31, 2011

  • Page 2
    .... Our company will promote growth strategies which have been undertaken in the past integrating functions of in-car equipment, for example, through links with smart phones, and providing drivers with new levels of safety and comfort represented by ITS. And in the growing Chinese market, our business...

  • Page 3
    ... tsunami Damage Property damage • Some damage to buildings (fallen ceilings, cracks in walls) • Production lines and component shelving overturned Infrastructure • Water supply interrupted. Returned to normal on March 25. • Residential areas where employees live were without water until...

  • Page 4
    ... Japan, using the prevailing exchange rate at March 31, 2011, which was ¥83.15 to U.S.$1. 2. R&D expenses include labor cost and other expenses reported as cost of sales. 3. Effective from the year ended March, 2011, the Company and its consolidated subsidiaries adopted the Accounting Standard of...

  • Page 5
    ... exceptional cost performance. Sales of our "Perfect Fit" installation kits tailored to the aesthetics of specific car models and of camera systems connected to car navigation systems to enhance driving safety were healthy. To strengthen sales, TV commercials were developed. In North America, our...

  • Page 6
    .... Alpine is pursuing a strategy of linking on-board systems with mobile IT devices, smart phones and tablet-type PC's. In North America, we were among the first to offer a dedicated head unit supporting the Internet music application, Pandora. Along with major automakers, we are founding members of...

  • Page 7
    ... system to be awarded Auto Sound's grand prix. In addition, because BIG-X is equipped with an 8-inch display, separate versions had to be developed to fit the center console panels of different car models. Alpine's highly praised Perfect Fit system set new industry standards by supplying customers...

  • Page 8
    ... Brand-building by Participation in Global Events Alpine exhibited its products at the Tokyo Auto Salon 2011 with NAPAC, a custom car event held from January 14-16, 2011, showcasing its BIG-X car navigation system with a display 1.43 times bigger than earlier models. To reinforce our brand image...

  • Page 9
    ... environmental investments in energy-saving air conditioning and LED lighting, together with a "Turn It Off" program to encourage each and every employee to turn off electrical switches when equipment is not in use. The result was a reduction in carbon dioxide emissions by more than 10% year-onyear...

  • Page 10
    ... Director Shigekazu Hori Managing Director Hitoshi Kajiwara Managing Director Seishi Kai Managing Director (As of July 2011) Chairman President & CEO Managing Directors Directors Seizo Ishiguro Toru Usami Hirofumi Morioka Hitoshi Kajiwara Masataka Kataoka Toshinori Kobayashi Naoki Mizuno...

  • Page 11
    ... Consolidated Financial Review Consolidated Balance Sheets 12 14 16 Consolidated Statements of Operations 18 and Comprehensive Income Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Independent Auditors' Report 19 20...

  • Page 12
    ... 215,281 9,671 6,175 - 12,887 3,032 8,616 10,778 28,695 3.8 6.2 ROE (Return on equity) (%) At year-end: Current assets Total Property, plant and equipment Current liabilities Noncurrent liabilities Capital stock Retained earnings Total shareholders' equity Total net assets Total assets Equity ratio...

  • Page 13
    ... 28,659 172,832 120,517 89,501 58,713 234,660 3.9 6.2 ROE (Return on equity) (%) At year-end: Current assets Total Property, plant and equipment Current liabilities Noncurrent liabilities Capital stock Retained earnings Total shareholders' equity Total net assets Total assets Equity ratio (%) 114...

  • Page 14
    ... for low prices, high-added-value products such as head units that can be linked to Pandora Internet radio via smartphones, experienced harsh selling conditions. In the European market, sound system products with upgraded cabin audio quality centered on high-grade speakers posted steady sales...

  • Page 15
    ...by a continuing recovery in production and sales of large and high-end vehicles in North America, which have high installation rates for highly functional products such as navigation systems, and favorable sales of high-end new vehicles by European manufacturers in the Chinese market. As a result of...

  • Page 16
    ... Deferred tax assets (Note 9) Other Total current assets 2011 2010 2011 ¥ 43,884 ¥ 39,844 $ 527,769 730 27,462 (249) 21,480 2,062 7,562 102,931 1,191 27,100 (350) 17,748 1,546 9,106 96,185 8,779 330,271 (2,995) 258,329 24,799 90,944 1,237,896 Property, plant and equipment Land Buildings...

  • Page 17
    ... Current liabilities: Short-term loans payable (Note 5) Notes and accounts payable-trade : Unconsolidated subsidiaries and affiliates Trade Income taxes payable Accrued expenses Deferred tax liabilities (Note 9) Provision for product warranties Other Total current liabilities ¥ 2011 2010 2011...

  • Page 18
    ... investment securities Loss on valuation of investment securities Gain on sales of subsidiaries and affiliates' stock Prior compensation expense for products Provision for product warranties Gain on settlement and/or valuation of option Loss on valuation of inventories Gain on exchanges of land use...

  • Page 19
    ... Changes in Net Assets Years ended March 31,2011,2010 and 2009 Millions of Yen Valuation difference on available-for- sale securities Revaluation reserve for land Foreign currency translation adjustment Capital stock Capital surplus Retained earnings Treasury stock Minority interests Total net...

  • Page 20
    ... of short-term investment securities Purchase of property, plant and equipment Proceeds from sales of property, plant and equipment Purchase of intangible assets Proceeds from sales of investments Purchase of investments in subsidiaries Purchase of stocks of subsidiaries and affiliates Payments of...

  • Page 21
    ... securities"). The Companies had no trading securities or held-to-maturity debt securities. Equity securities issued by subsidiaries and affiliates which are not consolidated or accounted for using the equity method are stated at moving-average cost. Available-for-sale securities with fair market...

  • Page 22
    ... 2 year) (7) Property, plant, equipment and depreciation Property, plant and equipment are stated at cost except for certain land. The Companies compute depreciation of property, plant and equipment, except for certain buildings, using the declining-balance method at rates based on the useful lives...

  • Page 23
    ... for product warranties The Company and certain of its consolidated subsidiaries provide accrued warranty costs for goods sold based on historical experience of actual after-sales service costs. (20) Reclassifications Certain prior year amounts have been reclassified to conform to the 2011...

  • Page 24
    ... the fiscal year ended March 31, 2011, accounting treatment and presentation regarding deferred taxes have been based on the "Practical Solution on Tax Effect Accounting under the Consolidated Taxation System (Part 1)"(ASBJ PITF No.5), and the "Practical Solution on Tax Effect Accounting under the...

  • Page 25
    ... as follows: Acquisition cost Book value Difference $47,998 2,622 $50,620 $145,713 1,972 $147,685 $97,715 (650) $97,065 Millions of Yen Thousands of U.S. Dollars 2011 Equity securities issued by subsidiaries and affiliated companies not consolidated or accounted for using the equity method...

  • Page 26
    ... of U.S. Dollars Finished goods Work in process Raw materials and supplies Total 2011 ¥14,202 1,244 6,034 ¥21,480 2010 ¥12,833 670 4,245 ¥17,748 2011 $170,800 14,961 72,568 $258,329 5. Short-Term and Long-Term Debt Short-term loans payable generally consisted of overdrafts from banks with...

  • Page 27
    ... scheme in a multi-employer pension fund, and the loss on abolishment of retirement benefit plan was ¥513 million (US$6,170 thousand) for the year ended March 31, 2011. The discount rate and the rate of expected return on plan assets used by the Company were mainly 2.5% for 2011, 2010 and 2009...

  • Page 28
    ... Taxes The Companies are subject to a number of taxes based on income, which, in the aggregate, indicate statutory rates in Japan of approximately 40% for the years ended March 31, 2011, 2010 and 2009. Reconciliation of the statutory tax rate and the Company's effective tax rate for the year ended...

  • Page 29
    ... market as of March 31, 2011 and 2010. The fair values of currency option contracts were estimated based on the offered price from the financial institutions. Lower figures of Currency option's Contract value total show the option premium. All currency option contracts are zero cost option contracts...

  • Page 30
    ... of Yen Thousands of U.S. Dollars Current Non-current Total 2011 ¥1 0 ¥1 2010 ¥ 9 2 ¥11 2011 $12 0 $12 Such finance lease payments of the Companies amounted to ¥7 million (US$84 thousand), ¥64 million and ¥104 million for the years ended March 31, 2011, 2010 and 2009, respectively...

  • Page 31
    ...882 Thousands of U.S. Dollars Audio products business Information and communication equipment business 2011 Net sales: Outside customers Inter-segment Total Segment income (Operating income) Segment assets Depreciation expense Increase in property, plant and equipment and intangible assets Total...

  • Page 32
    ...522 Thousands of U.S. Dollars ¥69,819 ¥201,257 2011 Japan America Germany Other areas Total $424,354 $476,621 $679,759 $839,675 $2,420,409 (Note) Net sales are geographically classified by country or region in which customers are located. Property, plant and equipment Millions of Yen...

  • Page 33
    ... previous accounting method, operating loss on "Audio products business" decreased by ¥26million and operating loss on "Information and communication equipment business" decreased by ¥42 million for the fiscal year ended March 31, 2009. Geographic area information with respect to net sales, costs...

  • Page 34
    Millions of Yen Elimination and/or corporate 2009 . Sales and operating income Net sales: Outside customers Inter-segment Total Costs and expenses Operating income (loss) . Identifiable assets Japan North America Europe Asia Other areas Total Consolidated ¥32,951 117,477 150,428 156,679 ¥...

  • Page 35
    ... and 2010, and the results of their operations and their cash ï¬,ows for each of the three years in the period ended March 31, 2011, in conformity with accounting principles generally accepted in Japan. Without qualifying our opinion, we draw attention to the following: As discussed in Note 2(6) to...

  • Page 36
    ...Number of Employees (Consolidated) 10,835 (As of March 31, 2011) Alpine on the Internet http://www.alpine.com/e/investor/ Transfer Agent Mitsubishi UFJ Trust and Banking Corporation Corporate Agency Department 10-11, Higashisuna 7-chome, Koto-ku, Tokyo 137-8081 Phone: 0120-232-711 The Alps Group...

  • Page 37
    ... Network Headquarters Regional Headquarters Sales Office Manufacturing Plant Development Center North and Latin America Europe Asia and Oceania Japan ALPINE ELECTRONICS OF AMERICA, INC. (L.A.) ALPINE ELECTRONICS OF AMERICA, INC. (DETROIT) ALPINE ELECTRONICS (EUROPE) GMBH (MUNICH) ALPINE...

  • Page 38
    Iwaki Headquarters: 20-1, Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1192 Phone: +81-246-36-4111 Fax: +81-246-36-8309 Tokyo Headquarters: 1-1-8, Nishi-gotanda, Shinagawa-ku, Tokyo 141-8501 Phone: +81-3-3494-1101 Fax: +81-3-3494-1109