Epson 2009 Annual Report Download - page 6

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5
Message from the President
To Our Stakeholders,
The fiscal year ended March 31, 2009, was characterized by a business environment that deteriorated
severely as the financial crisis in the United States developed into a global recession and the economic
difficulties began to impact the real economy. Exporters in particular were affected by the rapid and
dramatic appreciation of the yen.
Against this harsh background, Epson launched its SE15 Long-Range Corporate Vision and its SE15 (First
Half) Mid-Range Business Plan*. Under 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 potential and strategic importance. On the other hand, we are also
implementing far-reaching measures in small- and medium-sized displays and semiconductors—businesses
where we are facing a difficult profit scenario.
As a result of these measures, Epson posted an extraordinary loss of ¥76,244 million on business structure
improvement expenses and an impairment loss. Consolidated net sales came to ¥1,122,497 million, down
16.7% from the previous fiscal year. Operating loss was ¥1,588 million, compared with a ¥57,577 million
profit in the previous year. Ordinary income was ¥5,301 million, down 91.6%, with a net loss of ¥111,322
million, compared with a ¥19,093 million profit in the previous year.
Taking into account the operating loss and the net loss, in addition to the ongoing difficult conditions in our
operating environment, we regretfully reduced our year-end dividend payment to ¥7 per share (¥16 in the
previous year) from our previous forecast of ¥19.
We are facing an extremely challenging business situation. However, I assure all our stakeholders that
everyone at Epson is working together to successfully implement the new business plan as we seek to
realize the goals set out in our SE15 vision. I thank you for your ongoing support.
July 2009
Minoru Usui, President
* Details of the SE15 Long-Range Corporate Vision and the SE15 (First Half) Mid-Range Business Plan
can be found on page 6.