Epson 2009 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... new products and services on a timely basis, consumption trends, compensation trends, competition, technology trends and exchange rate fluctuations. In this annual report,ḛEpsonḜrefers to the Epson Group, while "the Company" may refer to the Group or the parent company, Seiko Epson Corporation...

  • Page 3
    ... management contracts ...19 Risks Related to Epson's Business Operations ...20 Business Conditions ...27 1. Overview of business results ...27 2. Manufacturing, orders received and sales ...30 3. Analysis of financial condition and results of operations ...31 4. Research and development activities...

  • Page 4
    ...Seiko Epson Corporation and Subsidiaries For the years ended March 31 Millions of yen Thousands of U.S. dollars 2004 Statements of income data Net sales Information-related equipment Electronic devices Precision products Other Eliminations and corporate...19,093 Research and development costs Capital...

  • Page 5
    ... sheet data Current assets Property, plant and equipment (net of accumulated depreciation) Total assets Current liabilities Noncurrent liabilities Net assets Number of employees ¥709,169 393,031 1,206,491 417,573 372,009 414,367 84,899 2005 2006 2007 2008 2009 2009 ¥746,712 441,355 1,297...

  • Page 6
    ... its new business plan, Epson will rebuild its business foundations with the aim of becoming "a community of robust businesses," as described in its new SE15 vision. To achieve this, we will concentrate our management resources on printers, 3LCD projectors and quartz devices-businesses with growth...

  • Page 7
    ...into the commercial and industrial inkjet printer markets in which it sees high growth potential. Reorganize the electronic device businesses Despite successes in consolidating business sites and driving efficiencies in human resources, Epson was unable to return to profitability in these businesses...

  • Page 8
    ... the foundations of its business. Going forward, Epson will continue to rebuild its business and product portfolios, and will go beyond its traditional operational framework as it takes the steps to achieve its aims. Epson will urgently shift human and other management resources to businesses...

  • Page 9
    ... customer needs and increase product competitiveness. Semiconductors Epson has to date aimed to maintain plant utilization rates by promoting hybrid ICs that take advantage of its expertise in low-power-consumption and low-leak technologies, and by accepting silicon foundry orders. However, demand...

  • Page 10
    ...the Group. Epson intends to leverage its semiconductor technological assets to reinforce its products and the overall competitiveness of its finished products and other electronic device businesses. In particular, Epson anticipates that its semiconductors can add value to inkjet printers and crystal...

  • Page 11
    ... its market-leading quartz device subsidiary Epson Toyocom Corporation working closely with the Semiconductor Operations Division, Epson has positioned its proprietary micro-sensing devices as a core technology, and will take advantage of sensors and other applications for crystal-related devices as...

  • Page 12
    ... a more information about Epson's business plan: Explanatory presentation: http://www.epson.co.jp/e/IR/pdf/20090312 presentation eng.pdf Press release: http://www.epson.co.jp/e/newsroom/2009/news 20090311 2.htm Interview with the president: http://www.epson.co.jp/e/newsroom/manage news/manage 090430...

  • Page 13
    ... Epson El Paso, Inc. Epson (U.K.) Ltd. printers and related Epson Precision (Hong Epson Deutschland GmbH supplies, color Kong) Ltd. Epson France S.A. image scanners, Singapore Epson Industrial Epson Italia s.p.a. mini-printers, POS Pte. Ltd. Epson Iberica, S.A. system products and P.T. Indonesia...

  • Page 14
    ... others Epson (China) Co., Ltd. Epson Hong Kong Ltd. Quartz device Crystal units, Epson Toyocom Epson Taiwan Technology & business crystal oscillators, Corporation Trading Ltd. optical devices and Orient Watch Co., Ltd. Epson Singapore Pte. Ltd. others Epson Toyocom Malaysia Sdn. Bhd. Semiconductor...

  • Page 15
    ...IC handlers, industrial inkjet equipment and others Epson Precision (Hong Kong) Ltd. Singapore Epson Industrial Pte. Ltd. Seiko Lens Service Center Corporation - Time Module (Hong Kong) Ltd. Optical products business Factory automation products business - Epson America, Inc. Epson Deutschland GmbH...

  • Page 16
    ... subsidiaries Correct as of March 31, 2009 Book value (Millions of yen) Company name (location) Tohoku Epson Corporation (Sakata-shi, Yamagata) Epson Imaging Devices Corporation (Azumino-shi, Nagano) Epson Toyocom Corporation (Hino-shi, Tokyo) Orient Watch Co., Ltd. (Chiyoda-ku, Tokyo) Business...

  • Page 17
    ...5,275 4,319 P.T. Indonesia Epson Information-related Industry equipment (Bekasi, Indonesia) Epson Precision (Philippines), Inc. (Cabuyao, Philippines) Epson Toyocom Malaysia Sdn. Bhd. (Kuala Lumpur, Malaysia) Information-related equipment Electronic devices Printer manufacturing facilities 1,675...

  • Page 18
    ... discussed below. Information-related equipment Investment for commercializing new products, and for maintaining and renewing equipment and facilities for printers and 3LCD projectors amounted to ¥26,303 million in the fiscal year under review. Electronic devices Investment for commercializing new...

  • Page 19
    ... LCDs, etc. Investment for commercializing new products, and for maintaining and renewing equipment and facilities for watches, plastic corrective lenses, etc. Investment for research and development, etc. - Information-related equipment Electronic devices 200 Precision products Other and overall...

  • Page 20
    ... to semiconductor equipment License to use patents relating to printing technologies for printers Contract period January 1, 2005 to December 31, 2009 December 22, 2000 until the expiry of the patents (2) Reciprocal technical assistance agreements Name of contracting company Seiko Epson Corporation...

  • Page 21
    ... particularly important to Epson' s sales and profit. There are other parties who supply ink cartridges that can be used in Epson printers. These alternative products are sold at prices cheaper than genuine Epson ink cartridges, and while they have relatively low market share in Japan and the United...

  • Page 22
    ... for the business year ended March 2009 were overseas sales. Epson has production sites all over Asia, including China, Indonesia, Singapore and Malaysia, as well as in the United States, the United Kingdom, Mexico, and other countries. It has also established many sales companies all over the world...

  • Page 23
    ... are the primary component of the print heads in mediumand low-price inkjet printers. On the manufacturing side of its business, Epson outsources the manufacturing of certain products, such as page printers and inkjet printers in the low price range, image scanners and computers. If demand for such...

  • Page 24
    ... developed many of the technologies it needs, and it utilizes them as intellectual property in the form of products or technologies by acquiring patent rights, trademark rights and other intellectual property rights for them or entering into agreements with other companies for them. Epson carefully...

  • Page 25
    ... States and Canada. 19. Epson is at risk of material legal actions being brought against it Epson conducts its businesses both in Japan and overseas; its primary businesses being the development, manufacture and sale of information-related equipment, electronic devices and precision equipment. Given...

  • Page 26
    ...natural disaster Epson is undertaking a global expansion of its sites for research and development, procurement, manufacturing, logistics, sales and services. It is possible that the regions concerned could be affected by any number of unpredictable events, such as a natural disaster, computer virus...

  • Page 27
    ... of relevant authorities in its manufacturing and manufacturing/sales of those products in Japan. Also, because the plastic corrective lenses, which are manufactured by Epson, are sold in the United States, Europe and Asia by a distributor subsidiary of Seiko Holdings, Epson is also subject to...

  • Page 28
    ... 3G phones in Europe, the United.States and Japan plummeted. The rate of growth in PDA phones, digital cameras and portable media players ("PMPs") also fell sharply. Meanwhile, however, the markets for Epson's information-related equipment and electronic device products suffered from continued price...

  • Page 29
    .... Electronic devices The display business as a whole posted sharply lower net sales despite increased first-half demand for a-TFTs from a steady mobile phone handset market. Net sales were weighed down by a decline in demand for LTPS used in digital cameras. Sales of HTPS for 3LCD projectors were...

  • Page 30
    .... Europe Europe reported lower net sales from inkjet printers, page printers and SIDM printers. Net sales were ¥244,108 million, down 18.5% from the prior year, while operating income was ¥10,170 million, up 76.9% year over year. Asia/Oceania TFD, inkjet printer, CSTN, crystal device, page printer...

  • Page 31
    ... outsourced manufacturing. (2) Orders received Epson' s policy is to manufacture products based on sales forecasts. Accordingly, this section does not apply. (3) Actual sales The following table shows actual sales information by segment in the fiscal year under review. Year ended March 31, 2009...

  • Page 32
    ... the information-related equipment segment, sales declined ¥133,120 million, or 14.7%, to ¥769,850 million. The following major factors contributed to the decrease. Sales of inkjet printers were affected by a stronger yen in addition to a higher proportion of low-priced consumer products and lower...

  • Page 33
    ... on business assets resulting from worsening profitability in the quartz device business and further steps in setting the direction of the small- and medium-sized display and semiconductor businesses based on the new SE15 Long-Range Corporate Vision. This compares to extraordinary losses of ¥17,279...

  • Page 34
    ..., as of March 31, 2009, cash and cash equivalents at the end of period stood at ¥284,340 million, a fall of ¥32,074 million from the previous fiscal year-end. Epson has sufficient liquidity in hand. The total of short-term loans payable and long-term loans payable increased by ¥3,846 million to...

  • Page 35
    ... patterns for printers in the JEITA Standards published by the Japan Electronics and Information Technology Industries Association. *5 Among transmissive LCD projectors as of September 2008 (Source: Epson Research). *6 When using Dynamic mode with auto iris or high-speed mode. (2) Electronic devices...

  • Page 36
    ...and precision, and "MEMS," micro electro-mechanical systems engineered using microfabrication technology. QMEMS refers to compact, high-performance devices made from quartz material and is a registered trademark of Epson Toyocom Corporation. *9 Pa (Pascal) is the international unit for pressure. *10...

  • Page 37
    ...' s leading manufacturer, Epson aims to maintain top share, increase its presence in the high-end projector market by leveraging the advantages of its core HTPS TFT LCD technology, and enter and develop new business domains. Quartz devices and sensors The Company will make Epson Toyocom a wholly...

  • Page 38
    ... core of low-power mixed-signal analog technology, Epson is downsizing its semiconductor business by consolidating domestic manufacturing sites. Management resources, such as semiconductor technology, will be shifted to bolster growth in other business areas, such as printers and quartz devices. 37

  • Page 39
    ... board of directors' meeting June 24, 2009, by resolution of the general shareholders' meeting Cash dividends (Millions of yen) 3,730 1,374 Cash dividend per share (Yen) 19 7 * Please refer to the following for historical information about Epson's share dividends: http://www.epson.co.jp/e/IR/stock...

  • Page 40
    ... customers, shareholders and employees, with the aim of increasing corporate value, strengthening management oversight, and complying with ethical standards of corporate conduct. (2) Management system Epson currently maintains a board of directors and a board of statutory auditors. As of the end of...

  • Page 41
    ...of Corporate Conduct that embody the philosophy, are reported to the Trust-Based Management Promotion Meeting, which is attended by all directors and standing statutory auditors. By doing this, Epson is taking action to steadily improve the level of internal control for the entire Group. a. Business...

  • Page 42
    ... audits based on the same information as directors. Statutory auditors also routinely review important documents related to management decision making. Epson has established an Audit Staff Office with specialized personnel to assist the statutory auditors in their duties. The views of the board of...

  • Page 43
    ... the provisions of the Japanese Companies Act. (10) Items for the General Shareholders' Meeting that can Be determined by the board of directors • Treasury stock acquisition The Company' s Articles of Incorporation allow the Company to acquire treasury stock through market trade and other means by...

  • Page 44
    ... share of Epson and thus gain power over the company's financial and business decisions should ultimately be put before our shareholders. To ensure and enhance the corporate value and common interests of shareholders, we think it is essential for Epson's directors, managers, and employees to work...

  • Page 45
    ... Plan, and the Epson board of directors shall give maximum regard to that advice before implementing their resolutions promptly as an organ of Japanese Companies Act. * Please refer to the following release for a more detailed explanation. http://www.epson.co.jp/e/newsroom/2008/news 20080430 5.htm...

  • Page 46
    ...Manager, Global Sales & Marketing Planning Division Toru Oguchi Managing Director General Administrative Manager, Corporate Research & Development Division Akihiko Sakai Director Deputy Chief Operating Officer, Imaging Products Operations Segment, and General Administrative Manager, Imaging Products...

  • Page 47
    ...Officer Executive Officer Executive Officer Epson America, Inc General Administrative Manager, Intellectual Property Division Chairman, Epson Europe B.V. President, Epson Imaging Devices Corporation Noboru Ushijima Executive Officer Deputy General Administrative Manager, Global Sales & Marketing...

  • Page 48
    Index to Consolidated Financial Statements Seiko Epson Corporation and Subsidiaries Financial Statements...48 Consolidated Balance Sheets...48 Consolidated Statements of Income...50 Consolidated Statements of Changes in New Assets...51 Consolidated Statements of ...

  • Page 49
    ... investment securities Merchandise and finished goods W ork in process Raw materials and supplies Deferred tax assets Other Allowance for doubtful accounts Total current assets Noncurrent assets Property, plant and equipment Buildings and structures Machinery, equipment and vehicles Tools, furniture...

  • Page 50
    ... Notes and accounts payable-trade Short-term loans payable Current portion of long-term loans payable Accounts payable-other Income taxes payable Deferred tax liabilities Provision for bonuses Provision for directors' bonuses Provision for product warranties Provision for loss on litigation...

  • Page 51
    ... expenses Interes t expenses Foreign exchange losses Other Total non-operating expenses Ordinary income Extraordinary income Gain on sales of noncurrent assets Revers al of provision for loss on litigation Revers al of provision for product warranties Other Total extraordinary income Extraordinary...

  • Page 52
    ...stock Total changes of items during the period Balance at the end of current period Total shareholders' equity Balance at the end ...than s hareholders' equity Total changes of items during the period Balance at the end of current period March 31, 2009 Thousands of U S dollars March 31, 2009 ¥53,204 ...

  • Page 53
    ... of treasury stock Net changes of items other than shareholders' equity Total changes of items during the period Balance at the end of current period 23,672 (35,883) (35,883) (12,211) 24,018 222 222 24,240 494,335 (6,283) 19,093 (36) (1) (35,661) (22,889) ¥471,446 March 31, 2009 (12...

  • Page 54
    ... Proceeds from sales of investment securities Proceeds from redemption of investment s ecurities Purchas e of property, plant and equipment Proceeds from sales of property, plant and equipment Purchas e of intangible assets Proceeds from sales of intangible ass ets Purchas e of long-term prepaid...

  • Page 55
    ... as a manufacturer of watches but later expanded its business to provide key devices and solutions for the digital color imaging markets through the application of its proprietary technologies. The Company operates its manufacturing and sales business mainly in Japan, the Americas, Europe and Asia...

  • Page 56
    ... to income as incurred. Depreciation of property, plant and equipment is mainly computed based on the declining-balance method for the Company and its Japanese subsidiaries, and on the straight-line method for foreign subsidiaries at rates based on estimated useful lives. For buildings acquired by...

  • Page 57
    ... assets. Other Japanese subsidiaries recognize provision for retirement benefits to employees based on the voluntary retirement benefit payable at the year-end. Pension benefits are determined based on years of service, basic rates of pay and conditions under which the termination occurs, and are...

  • Page 58
    ... from sale of goods is recognized at the time when goods are shipped. Revenue from services is recognized when services are rendered and accepted by customers. (16) Research and development costs Research and development costs are charged as incurred. (17) Leases Epson leases certain office space...

  • Page 59
    ... recognized and charged to cost of sales as a result of valuation at March 31, 2008 and 2009, were ¥11,258 million and ¥30,979 million ($315,372 thousand), respectively. 6. Investments in debt and equity securities Epson classifies all investments in debt and equity securities in either held-to...

  • Page 60
    .... The total sales of other securities and the related gains for the year ended March 31, 2009, are not disclosed herein since they are insignificant to the consolidated results. 7. Derivative instruments Epson enters into forward exchange contracts, currency options and interest rate swaps. Forward...

  • Page 61
    ...authorization of Epson's director responsible for the finance function based on the above-mentioned internal rules and policies. Transactions are executed and managed by the responsible section in the finance department, and are reported to the general manager. The table below lists contract amounts...

  • Page 62
    ... U.S. dollar (sold Japanese yen) Euro (sold Japanese yen) Sterling pound (sold Singapore dollar) U.S. dollar (sold Taiwan dollar) U.S. dollar (sold Korean won) Total unrealized gains from forward exchange contracts Thousands of U.S. dollars March 31, 2009 Unrealized Contract gains amounts Fair...

  • Page 63
    ... as of March 31, 2009, were as follows: Thousands of U.S. dollars $305,406 305,406 407,206 $1,018,018 Year ending March 31 2011 2012 2013 Total Millions of yen ¥30,000 30,000 40,000 ¥100,000 As of March 31, 2008, the Company had line-of-credit agreements with twenty-eight financial institutions...

  • Page 64
    ...31, 2009 $4,774 22,386 10. Retirement benefits The Company and its Japanese subsidiaries maintain corporate-defined benefit pension plans and defined contribution pension plans covering the majority of their employees. Some of the Company's Japanese subsidiaries maintain tax qualified pension plans...

  • Page 65
    ... of the retirement benefit obligations for the years ended March 31, 2008 and 2009, were primarily as follows: Year ended March 31 2008 Discount rate Long-term rate of return on plan assets 2.5% 3.0 2009 2.5% 3.2 11. Net assets The Japanese Companies Act stipulates that an amount equal to 10...

  • Page 66
    ... 2008, and December 5, 2008, respectively. The cash dividends of retained earnings of the Company for the year ended March 31, 2009, approved at the general shareholders' meeting, which was held on June 24, 2009, were as follows: Millions of yen Cash dividends ¥1,374 Thousands of U.S. dollars $13...

  • Page 67
    ... March 31, 2009 Deferred tax assets: Property, plant and equipment and intangible assets (Impairment loss and excess of depreciation) Net operating tax loss carry-forwards Inter-company profits on inventories and write downs Provision for bonuses Devaluation of investment securities Provision for...

  • Page 68
    ..., general and administrative expenses for the year ended March 31, 2009, were as follows: Thousands of Millions of yen U.S. dollars Year ended Year ended March 31 2008 Salaries and wages Advertising Sales promotion Research and development costs Shipping costs Provision for doubtful accounts Other...

  • Page 69
    ... vehicles, ¥823 million for tools, furniture and fixtures, and ¥591 million for land. For the year ended March 31, 2009, Epson incurred an impairment loss on its liquid crystal display production equipment, semiconductor production equipment, production equipment planned for consolidation and idle...

  • Page 70
    ... paid. Such payments for the year ended March 31, 2008, amounted to ¥9,344 million. As of March 31, 2009, capital leases, mainly comprised of plants, production equipment, host computers and computer terminals in the electronic devices segment. If capital leases that do not transfer the ownership...

  • Page 71
    ... Investment Company ("Hamazawa"), which is a subsidiary of Sunritz. Mr. Saburo Kusama, who was a chairman and director of the Company for the year ended March 31, 2008, was a chairman of SE GAKUEN Educational Foundation ("SE GAKUEN") and a chairman of Epson International Scholarship Foundation...

  • Page 72
    ...18 25 - $183 254 Thousands of U.S. dollars Year ended March 31, 2009 Millions of yen Year ended March 31 2008 2009 Balances: With Sunritz Other investments With SE GAKUEN Other current assets With International Scholarship Foundation Other current assets ¥1 6 0 ¥1 - $10 - On October 17, 2006...

  • Page 73
    ... inkjet printers and related supplies, color image scanners, mini-printers, printers for use in POS systems, 3LCD projectors, LCD monitors, label writers and personal computers. The electronic devices segment mainly includes small- and medium-sized LCDs, HTPS-TFT panels for 3LCD projectors, crystal...

  • Page 74
    ...of yen Year ended March 31, 2009 Business segment Informationrelated equipment Net sales: Customers Inter-...) (63,506) (64,005) ¥1,122,497 1,122,497 1,124,085 Electronic devices Precision products Other Total Eliminations and corporate Consolidated ¥67,010 (¥2,018) ¥64,991 ¥29,488 ¥788 ¥31,558...

  • Page 75
    ... 2008, Epson adopted ASBJ Statement No.9, "Accounting Standard for Measurement of Inventories", issued on July 5, 2006. As a result, for the year ended March 31, 2009, operating income from the information-related equipment segment decreased by ¥388 million ($3,949 thousand), the electronic devices...

  • Page 76
    ..., Venezuela, Mexico and Peru. "Europe" mainly includes the United Kingdom, the Netherlands, Germany, France, Italy, Spain, Portugal and Russia. "Asia/Oceania" mainly includes China (including Hong Kong), Singapore, Malaysia, Taiwan, Thailand, the Philippines, Australia, New Zealand, Indonesia, Korea...

  • Page 77
    ... 2,095,035 (972,537) (972,537) ¥1,122,497 1,122,497 The Americas Europe Asia/Oceania Total and corporate Consolidated Thousands of U.S. dollars Year ended March 31, 2009 Geographic region Japan Net sales: Customers Inter-segment Total Operating expenses Operating income (loss) Identifiable assets...

  • Page 78
    ... on March 30, 2007. As a result, for the year ended March 31, 2009, operating income from Japan increased by ¥678 million ($6,902 thousand) from the corresponding amount that would have been reported if the previous method had been applied. (3) Sales to overseas customers The table below shows...

  • Page 79
    ..., Japan. The securitization was implemented on March 27, 2002 before the merger with the quartz device business of the Company. Epson Toyocom used one special purpose entity (the "SPE"), which is a special limited company under Japanese law, for the securitization. Epson Toyocom procured funds...

  • Page 80
    ... of Epson Toyocom, the procedures for a summary share exchange as provided in Article 784(1) of the Japanese Companies Act. 25. Other The Company and related subsidiaries are subject to allegations concerning a TFT-LCD price-fixing cartel, and have received from the Japanese Fair Trade Commission...

  • Page 81
    Report of Independent Auditors 80

  • Page 82
    ... headquarters in Americas, Interlocking directors Sales of printers and other PC peripherals, and sales of factory automation products, Interlocking directors Company name Consolidated subsidiaries Location Main business Epson Sales Japan Corporation *1 Epson Direct Corporation Orient Watch...

  • Page 83
    ...Hong Kong) Ltd. *1 Singapore Epson Industrial Pte. Ltd. *1 P.T. Indonesia Epson Industry *1 Epson Precision (Philippines), Inc. *1 Epson Imaging Devices (Phils.) Inc. Epson Toyocom Malaysia Sdn. Bhd. Hong Kong, China Singapore Bekasi, Indonesia Cabuyao, Philippines Binan, Philippines Kuala Lumpur...

  • Page 84
    ...on April 1, 2009. The name of the previous head office (Azumino, Nagano Prefecture, Japan) was then changed to Toyoshina Plant. 6. As a result of the share exchange of June 1, 2009, the Company' s assumed 100% of the voting rights in Epson Toyocom Corporation and Epson Toyocom Malaysia Sdn. Bhd. 83

  • Page 85
    ... Foreign institutions and Government Japanese Japanese Japanese Other others and regional individuals financial securities Japanese public institutions companies corporations Institutions Individuals and others bodies Shares less than one unit (Shares) Total Number of shareholders 68 32 395 384...

  • Page 86
    ... Hattori Japan Trustee Services Bank, Ltd. 1-8-11 Harumi, Chuo-ku, Tokyo (Trust Account) The Dai-ichi Mutual Life Insurance 1-13-1 Yuraku-cho, Chiyoda-ku, Tokyo Company Noboru Hattori Seiko Epson Corporation Employees' Shareholding Association Total － 89,849,588 45.75 3-3-5 Owa, Suwa-shi, Nagano...

  • Page 87
    ... 2007 3,610 2,660 66th year March 2008 4,320 1,997 67th year March 2009 3,300 1,001 Note High and low stock prices noted above are based on the Tokyo Stock Exchange (First Section) data. (2) High and low stock prices for the previous six months Month High (Â¥) Low (Â¥) October 2008 2,570 1,438...

  • Page 88
    5. Corporate data and investor information Seiko Epson Corporation May 1942 3-5 Owa 3-chome, Suwa, Nagano 392-8502, Japan Tel: -81-266-52-3131(main) (1) Company name (2) Founded (3) Head office (4) Tokyo office Shinjuku NS Building, 4-1 Nishishinjuku 2-chome, Shinjuku-ku Tokyo 163-0811, Japan ...

  • Page 89
    newspaper (Japanese) Web Address http://www.aspir.co.jp/koukoku/6724/6724.html (Japanese) 88

  • Page 90