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SEIKO EPSON CORPORATION
ANNUAL REPORT 2011
April 2010 - March 2011

Table of contents

  • Page 1
    SEIKO EPSON CORPORATION ANNUAL REPORT 2011 April 2010 - March 2011

  • Page 2
    ... to timely introduce new products and services in markets, consumption trends, competition, technology trends, and exchange rate fluctuations. In this annual report, "Epson" refers to the Epson Group, while "the Company" may refer to the Group or the parent company, Seiko Epson Corporation. 1

  • Page 3
    ... Financial Statements...51 Report of Independent Auditors ...87 Additional Information ...88 1. Principal subsidiaries and affiliates ...88 2. Distribution of ownership among shareholders ...92 3. Major shareholders ...93 4. Epson stock price ...95 5. Corporate data and investor information...96 2

  • Page 4
    ... data Net sales Information-related equipment Electronic devices Precision products Other Eliminations and corporate Gross profit Selling, general and administrative expenses Operating income (loss) Income (loss) before income taxes and minority interests Net income (loss) Research and development...

  • Page 5
    ...,597 3,256,861 Information-related equipment Electronic devices Precision products Other Corporate Total Per share data (yen and U.S. dollars) Net income (loss) Cash dividends Shareholders' equity Financial ratios (%) Shareholders' equity ratio ROE (net income (loss)/average shareholders' equity at...

  • Page 6
    ... Epson France S.A. (Shenzhen) Ltd. image scanners, Epson Italia s.p.a. Singapore Epson Industrial mini-printers, POS Epson Iberica, S.A. Pte. Ltd. system products and P.T. Indonesia Epson Epson (China) Co., Ltd. others Epson Korea Co., Ltd. Industry Epson Hong Kong Ltd. Epson Precision Epson Taiwan...

  • Page 7
    ...others Sdn. Bhd. Epson Europe Electronics GmbH Semiconductor Mainly CMOS LSIs Singapore Epson Industrial Epson Hong Kong Ltd. Epson Taiwan Technology & business Pte. Ltd. Trading Ltd. Display business HTPS-TFT panels Epson Imaging Devices Epson Singapore Pte. Ltd. for 3LCD Corporation projectors and...

  • Page 8
    ...and affiliates Business Main products category Manufacturing companies Sales companies Watch business Watches, watch movements and others Plastic corrective lenses and others Epson Precision (Hong Kong) Ltd. Singapore Epson Industrial Pte. Ltd. Seiko Lens Service Center Corporation Philippines Epson...

  • Page 9
    ... lens manufacturing facilities 1,399 1,008 Electronic devices Electronic devices Electronic devices Other Electronic devices Information-related equipment Electronic devices Precision products Other 3LCD projector development and design facilities. Liquid crystal panel and factory automation...

  • Page 10
    ... Toyocom Malaysia Sdn. Bhd. (Kuala Lumpur, Malaysia) Information-related equipment Electronic devices Precision products Information-related equipment Electronic devices Precision products Information-related equipment Printer, liquid crystal projector, liquid crystal panel and watch manufacturing...

  • Page 11
    ... are 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 ¥17,813 million in the fiscal year under review. Electronic devices Investment for commercializing...

  • Page 12
    ... under review as follows. Planned amount of capital expenditures (100 millions of yen) 300 140 90 530 Business segment Information-related equipment Devices & Precision Products Other and overall Total Main types and purposes of equipment and facilities Reinforcing productivity, commercializing...

  • Page 13
    ... Country Type of contract Contract period December 22, 2000 until the expiry of the patents Research Corporation Technologies, Inc. U.S.A. License to use patents relating to printing technologies for printers (2) Reciprocal technical assistance agreements Name of contracting company Seiko Epson...

  • Page 14
    ... of the information-related equipment business. A decrease in sales of printers and printer consumables could have a material adverse effect on Epson's operating results. 2. Price competition could put downward pressure on prices. Market prices for printers and certain electronic devices have been...

  • Page 15
    ...-genuine ink cartridges increases further or because genuine ink cartridges lose market share or Epson must reduce the prices of Epson brand products, operating results might be adversely affected. 5. Market changes could affect Epson. Epson is concentrating management resources on core businesses...

  • Page 16
    ... Procuring products and outsourcing the manufacture of products entail risks for Epson. Epson procures parts, semi-finished products and finished products from third parties, but it has generally conducted transactions without entering into any long-term purchase agreements. Epson is developing upon...

  • Page 17
    ... s sales are denominated in U.S. dollars or the euro. Epson is continuing to expand its overseas procurement and move its production sites overseas, thereby attracting an increase in expenses in the U.S. dollar or other foreign currencies linked to it, and, although its U.S. dollar-denominated sales...

  • Page 18
    ... that arise from manufacturing processes. Environmental conservation is one of Epson' s most important management policies, and the Company is proactively engaged in environmental conservation on all fronts. For example, Epson has programs to develop and manufacture products that have a smaller...

  • Page 19
    ...the tie-ups will succeed or contribute to Epson' s operating results exactly as expected. 22. Epson might be severely affected in the event of a natural disaster. Epson has research and development, procurement, manufacturing, logistics, sales and services sites around the globe. It is possible that...

  • Page 20
    ... 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 sales subsidiary of Seiko Holdings, Epson is also subject to certain...

  • Page 21
    ... products segment also showed signs of recovery, with demand for watches climbing in tandem with improvement in the economy. With corporate manufacturing on the mend, demand for semiconductor manufacturing equipment and robots increased. In the eyeglass lens market prices continued to erode. Epson...

  • Page 22
    ...electronic devices in general. The semiconductor business as a whole saw net sales increase. Unit shipments of silicon foundry products, analog ICs, and monochrome LCD drivers for automotive applications increased due to firm demand for electronic components in general. Higher average selling prices...

  • Page 23
    .... Precision products The precision products segment reported higher demand for IC handlers and robots accompanying a rebound in corporate manufacturing. Sales of watches, meanwhile, also showed signs of rebounding, and the segment as a whole posted higher net sales and, along with it, increased...

  • Page 24
    ... March 31, 2011 (From April 1, 2010, to March 31, 2011) (Millions of yen) 638,794 214,597 66,090 919,483 632 Information-related equipment Electronic devices Precision products Total for the reporting segments Other Total 920,115 Notes 1. The above figures are based on sales prices. Intersegment...

  • Page 25
    ... ("HTPS panels") used in 3LCD projectors. The precision products segment posted net sales of ¥68,276 million, a year-over-year increase of ¥10,529 million (18.2%). The increase was primarily due to a turnaround in watch unit shipments and to increased sales of IC handlers and robots as corporate...

  • Page 26
    ... appreciation and price erosion cancelled out the effects of increased unit shipments of 3LCD projectors and SIDM printers for business applications and the effects of increased operational efficiency, which reduced logistics and other SG&A expenses. Segment income in the electronic devices segment...

  • Page 27
    ... under review in conjunction with Epson Toyocom Corporation becoming a wholly owned subsidiary during the previous period. Net income As a result of the foregoing, Epson posted net income of ¥10,239 million, a ¥30,030 million increase from the previous period. (2) Liquidity and capital resources...

  • Page 28
    total net assets decreased by ¥12,056 million compared to the end of the previous period, mainly because of a -¥63,812 million foreign currency translation adjustment, a decline of ¥16,106 million, due to the appreciation of the yen versus the euro and US dollar. Working capital, defined as ...

  • Page 29
    ..., the company developed a low environmental impact color inkjet printer. Equipped with an energy-saving "deep-sleep" feature that puts the printer in a sleep mode where it uses just 0.8W of power, this inkjet product boasts a TEC value (a value defined by the International ENERGY STAR program that...

  • Page 30
    ... of Epson Toyocom Corporation. *5 Pa (Pascal) is the international unit for pressure. *6 Resolution is the measurement or detection capability of a sensor or device. Precision products In the factory automation products business the company developed new vertical six-axis robots. Equipped with...

  • Page 31
    ... of Micro Piezo technology. Projectors As the world' 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...

  • Page 32
    ..., Epson successively restarted production as it sought to resume operations. Going forward, Epson will have to keep a close eye on how the parts procurement situation impacts production of certain finished goods even as it seeks to minimize impacts by sourcing substitute parts or engineering...

  • Page 33
    ...meeting of the board of directors. Although it recorded unforeseen extraordinary losses during the year, including a ¥4,755 million loss associated with inventory and equipment as a result of the Great East Japan Earthquake that struck on March 11, 2011, the Company increased its annual dividend by...

  • Page 34
    ... and balances and to assure corporate ethics compliance. In so doing, the Company seeks to ensure the transparency and soundness of management in the eyes of its customers, shareholders, employees and other stakeholders. The company has a board of directors and a board of auditors. The ten-member...

  • Page 35
    ..., and to realize the mission stated in the Management Philosophy, the Company established "Principles of Corporate Behavior," rules for proper business conduct that are shared across the Group, worldwide. Departments within Epson pursue improvements to internal controls based on the Principles of...

  • Page 36
    ... the auditors to conduct audits based on the same information as that available to 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...

  • Page 37
    ...position of director as an additional post. 3. Epson introduced a stock performance (stock-based) component to the remuneration system to link remuneration more closely to share price, so Epson stock accounts for a portion of basic salary. 4. A resolution of the general shareholders' meeting held on...

  • Page 38
    ... Balance sheet total of stocks held for reasons other than pure investment 26 companies ¥10,026 million Issuing company, number, and balance sheet total of stocks held for reasons other than pure investment Company Shares (stock) Balance sheet total Reason held (millions of yen) NGK Insulators...

  • Page 39
    ... 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 stock market trade and other means by resolution...

  • Page 40
    ... shareholders with voting rights. This policy is intended to ensure smooth operation of the general shareholders' meeting by relaxing the quorum requirements for special resolutions in the general shareholders' meeting. 2. Details of audit remuneration (1) Remuneration for audits by certified public...

  • Page 41
    ... the "basic policy"). (1) Overview Epson believes that its shareholders should be determined through free trade on the market. Therefore, the decision as to whether to accept a takeover offer that would allow another party to acquire a controlling share of Epson and thus gain power over the Company...

  • Page 42
    ... Division, and President, Epson Toyocom Corporation President, Epson Sales Japan Corporation Chief Operating Officer, Imaging Products Operations segment General Administrative Manager, Human Resources Division General Administrative Manager, Corporate Research & Development Division, and General...

  • Page 43
    ..., Singapore Epson Industrial Pte. Ltd. President, Epson Europe B.V. Chief Operating Officer, Visual Instruments Operating Division Chief Operating Officer, Imaging & Information Operating Division President, P.T. Indonesia Epson Industry Deputy General Administrative Manager, Corporate Strategy...

  • Page 44
    Index to Consolidated Financial Statements Seiko Epson Corporation and Subsidiaries Consolidated Balance Sheets...Consolidated Statements of Income...Consolidated Statements of Comprehensive Income...Consolidated Statements of Changes in Net Assets...Consolidated Statements of Cash Flows...Notes to ...

  • Page 45
    ... Thousands of U.S. dollars March 31, 2011 Millions of yen March 31, 2010 As sets Current ass ets Cash and deposits Notes and accounts receivable-trade Short-term investment securities Merchandise and finished goods W ork in process Raw materials and supplies Deferred tax as sets Other Allowance for...

  • Page 46
    ... 31, 2010 Liabilities Current liabilities Notes and accounts payable-trade Short-term loans payable Current portion of bonds Current portion of long-term loans payable Accounts payable-other Income taxes payable Deferred tax liabilities Provision for bonuses Provision for product warranties Other...

  • Page 47
    ... 31, 2010 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Non-operating income: Interest income Rent income Amortization of negative goodwill Other Total non-operating income Non-operating expenses: Interest expenses Foreign exchange losses Rent...

  • Page 48
    ... Statements of Comprehensive Income Millions of yen March 31, 2010 Income (loss ) before minority interes ts Other comprehensive ... 1,188 2,306 (8,457) (55) (5,018) (¥24,807) (¥24,746) (¥61) March 31, 2011 ¥10,409 (1,460) (702) (16,099) (135) (18,398) (¥7,988) (¥8,034) ¥46 Thous ands of...

  • Page 49
    ...period Increase by share exchanges Dividends from surplus Net income (loss ) Purchase of treasury stock Disposal ...Net changes of items other than shareholders ' equity Total changes of items during the period Balance at the end of current period March 31, 2011 Thousands of U.S. dollars March 31, 2011...

  • Page 50
    ...Net changes of items other than shareholders...Net changes of items other than shareholders' equity Total...exchanges Dividends from surplus Net income (loss) Purchase of treas ury stock Dispos al of treasury stock Net changes of items other than shareholders... dollars March 31, 2011 (523,777) (219...

  • Page 51
    ... activities Net increas e (decrease) in short-term loans payable Proceeds from long-term loans payable Repayment of long-term loans payable Proceeds from is suance of bonds Redemption of bonds Repayments of lease obligations Purchase of treasury s tock Proceeds from s ales of treas ury stock Cash...

  • Page 52
    ...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/Oceania. Basis of presenting consolidated...

  • Page 53
    ...Epson's current equity in net income or loss of affiliates after elimination of significant unrealized inter-company profits. The difference between the cost and the underlying net...comprise cash on hand, bank deposits...Trading securities held for the purpose of generating profits from changes in market...

  • Page 54
    ... 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 55
    ... employees is calculated on the basis of the estimated amounts that Epson is obligated to pay its employees after the fiscal year-end for services provided up to the balance sheet dates. Provision for bonuses to directors and statutory auditors are provided for the estimated amounts that the Company...

  • Page 56
    ... 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, machinery and equipment and computer equipment from third parties using capital leases. Most of...

  • Page 57
    ...end dividends, the board of directors may declare interim cash dividends by resolution to the registered shareholders as of September 30 of each year. (20) Changes in significant accounting policies Effective April 1, 2010, Epson adapted the Accounting Standards Board of Japan ("ASBJ") Statement No...

  • Page 58
    ...'s shares was based on its share price on the date of the share exchange. Share exchange ratio and calculation method Exchange ratio: One share of the Company's common stock for 0.21 share of Epson Toyocom common stock The above share exchange ratio was calculated after Epson Toyocom selected PwC...

  • Page 59
    ... included in the electronic devices segment. (b) The subsidiary's equity transfer As of February 2, 2011, the Company and Sony executed an agreement for transferring all of the equity of Suzhou Epson Co., Ltd. ("Suzhou Epson"), to the Sony Group. As part of its SE15 long-range corporate vision and...

  • Page 60
    ... assembly processes of Epson Imaging's display business, to the Sony Group. Outline of transfer Transferred to: Outline of Suzhou Epson: Company name Business activities Net sales Total assets Total liabilities Ownership before transfer Suzhou Epson Co., Ltd. Production of small-and medium-sized...

  • Page 61
    ...Â¥10,108 $121,563 Total The aggregate cost and market value (carrying value) of other securities with market value, which were included in the short-term investment securities account and the investment securities account at March 31, 2010 and 2011, were as follows: Other securities Millions of yen...

  • Page 62
    ...65 1.70 0.58 Last due 2015 2017 2010 2012 2011 2012 2015 Amount $374,371 506,229 5,544 1,292,844 11,716 240,529 360,793 240,529 240,529 $3,273,084 Average interest rates are calculated using weighted-average interest rates on short-term loans payable, long-term loans payable and bonds payable, as...

  • Page 63
    The maturities of lease obligations outstanding as of March 31, 2011, were as follows: Thousands of U.S. dollars $5,...000 ¥90,000 Epson had goodwill and negative goodwill as of March 31, 2010 and 2011. Goodwill is amortized on a straight-line basis in accordance with Japanese accounting standards. ...

  • Page 64
    ... The Company and its Japanese subsidiaries maintain corporate defined benefit pension plans and defined contribution pension plans covering the majority of their employees. In certain cases, additional severance costs may be provided. The funded status of these plans as of March 31, 2010 and 2011...

  • Page 65
    ...computation of the retirement benefit obligations for the years ended March 31, 2010 and 2011, were primarily as follows: Year ended March 31 2010 Discount rate Long-term rate of return on plan assets 11. Net assets The Japanese Companies Act stipulates that an amount equal to 10% of dividends shall...

  • Page 66
    ... the Japanese Companies Act, the distributions of retained earnings for a fiscal year is made by resolution of shareholders at a general meeting to be held within three months after the balance sheet date, and accordingly such distributions are recorded at the time of resolution. The Company paid...

  • Page 67
    ... (¥19,791) 2011 ¥10,239 Thousands of shares Weighted-average number of common shares outstanding 199,225 199,794 Yen Net income (loss) per share (¥99.34) ¥51.25 U.S. dollars $0.61 Diluted net loss per share is not calculated herein since a net loss was incurred and Epson had no dilutive...

  • Page 68
    ... March 31 2010 2011 Deferred tax assets: Net operating tax loss carry-forwards Property, plant and equipment and intangible assets (Impairment loss and excess of depreciation) Inter-company profits on inventories and write downs Provision for retirement benefits Provision for bonuses Devaluation of...

  • Page 69
    ... Other Total 15. Research and development costs Research and development costs, which are included in the cost of sales and selling, general and administrative expenses, totaled ¥68,849 million and ¥54,377 million ($653,962 thousand) for the years ended March 31, 2010 and 2011, respectively. ¥73...

  • Page 70
    ... East Japan Earthquake. 18. Leases As of March 31, 2010, capital leases, mainly comprised of plants, production equipment in the electronic devices segment, host computers and computer terminals. As of March 31, 2011, capital leases, mainly comprised of uninterruptible power supply, host computers...

  • Page 71
    19. Cash flow information Cash and cash equivalents as of March 31, 2010 and 2011, were as follows: Thousands of Millions of yen March 31 2010 Cash and deposits Short-term investment securities Short-term loans receivables Less: Short-term loans payable (overdrafts) Time deposits due over three ...

  • Page 72
    ... March 31, 2010 Instruments Forward exchange contracts: Sold U.S. dollar (purchased Japanese yen) Euro (purchased Japanese yen) Australian dollar (purchased Japanese yen) Singapore dollar (purchased Japanese yen) Hong Kong dollar (purchased Japanese yen) Euro (purchased Singapore dollar) Australian...

  • Page 73
    ... as of March 31, 2010 and 2011, by transaction and type of instrument, qualifying for hedge accounting. (a) Currency-related transactions Millions of yen March 31, 2010 Notional amounts Fair value Instruments Forward exchange contracts: Sold Euro (purchased Japanese yen) Purchased U.S. dollar (sold...

  • Page 74
    ... is calculated based on prices obtained from financial institutions. (b) Interest-related transactions $317,859 ($6,650) Instruments Interest rate swaps: Pay-fixed, receive-floating Hedged items Millions of yen March 31, 2010 Notional Due after amounts one year Floating interest rate in long...

  • Page 75
    ...Financial risk management (1) Credit and default risk Based on internal rules and policies and procedures, Epson regularly monitors the situation regarding the operating receivables of counterparties, and in addition to reviewing the payment due dates and account balances for each partner, seeks to...

  • Page 76
    ...of Epson's director responsible for finance based on internal rules and policies concerning financial management. For investment securities, Epson regularly reviews the market value and financial results, etc., of the issuing company (counterparty) based on rules and policies for managing investment...

  • Page 77
    ... payable-trade Short-term loans payable Accounts payable-other Bonds payable (including current portion) Long-term loans payable (including current portion) Total Derivative instruments Derivative instruments in the table above represent a net amount. Thousands of U.S. dollars March 31, 2011...

  • Page 78
    ... million ($13,108 thousand) as of March 31, 2010 and 2011, respectively. 23. Related party transactions The Company has entered into real estate lease agreements with K.K. Sunritz ("Sunritz"). Mr. Yasuo Hattori, a vice-chairman and director of the Company, and his relatives own 9.5% and 71.3% of the...

  • Page 79
    ... into real estate lease agreements with Hamazawa Investment Company ("Hamazawa"), which is a subsidiary of Sunritz. The company and its subsidiary's transactions with these related parties for the years ended March 31, 2010 and 2011, and related balances on March 31, 2010 and 2011, were as follows...

  • Page 80
    ... includes crystal units, crystal oscillators, quartz sensors, optical devices, CMOS LSIs, HTPS-TFT panels for 3LCD projectors and small- and medium-sized LCDs. The precision products segment mainly includes watches, watch movements, plastic corrective lenses, precision industrial robots, IC handlers...

  • Page 81
    ... information of Epson for the years ended March 31, 2010 and 2011: Millions of yen Year ended March 31, 2010 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) Segment assets Other Depreciation and amortization Increase in property, plant...

  • Page 82
    ...2011 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) Segment assets Other Depreciation and amortization Increase in property, plant, equipment...973,663 973,663 32,709 Electronic devices Precision products Total Other [Note 1] Total ...

  • Page 83
    ... do not correspond to the reporting segments. It includes expenses relating to research and development for new businesses and basic technology, and general corporate expenses. (2) Increase in property, plant, equipment and intangible assets; 2010 Corporate expenses Intangible assets [Note] Total...

  • Page 84
    ...Year ended March 31, 2011 Japan Net sales $4,451,294 The United States $1,613,986 China including Hong Kong Other $4,347,408 Total $11,709,717 $1,297,029 [Note] Each country' s net sales are based on the location of the customers. Property, plant and equipment by country: The following table...

  • Page 85
    ... The following table summarizes information of impairment loss in each reporting segments for the year ended March 31, 2011: Millions of yen Year ended March 31, 2011 Informationrelated equipment ¥208 Electronic devices ¥1,052 Precision products ¥8 Other ¥0 Corporate expenses [Note] ¥428 Total...

  • Page 86
    ... by the Company's board of directors held on April 28, 2011. The 6th Series unsecured straight bonds (with inter-bond pari passu clause) Total amount of issuance: ¥20,000 million ($240,529 thousand) Issue price: ¥100 purchase value of ¥100 Interest rate: 0.493% per annum Payment date: June 14...

  • Page 87
    ... a TFT-LCD price-fixing cartel, and received from competition authorities in the United States and elsewhere instructions and notices to submit relevant materials. In August 2009, Epson Imaging Devices Corporation, a consolidated subsidiary of the Company, concluded a plea agreement by which...

  • Page 88
    Report of Independent Auditors 87

  • Page 89
    ... Rental of assets Matsumoto-shi, Nagano Hino-shi, Tokyo Sakata-shi, Yamagata Akita Epson Corporation Yuzawa-shi, Akita Epson Imaging Devices Tottori-shi, Corporation Tottori U.S. Epson, Inc. * Long Beach, U.S.A. Regional headquarters in 100.0 Americas, Interlocking directors Sales of printers...

  • Page 90
    ...CNY) electronic devices Epson Europe Electronics GmbH Epson France S.A. Munich, Germany LevalloisPerret, France Epson Italia s.p.a. Milan, Italy Epson Iberica, S.A. Cerdanyola, Spain Epson (China) Co., Ltd. Beijing, China * Epson Korea Co., Ltd. Seoul, Korea Epson Hong Kong Ltd. Hong Kong...

  • Page 91
    ...information-related (thousand USD) equipment and electronic devices 16,000 Manufacture of (thousand MYR) electronic devices Hong Kong, China Shenzhen, China Singapore Epson Industrial Pte. Ltd. * P.T. Indonesia Epson Industry * Epson Precision (Philippines), Inc. * Epson Toyocom Malaysia Sdn. Bhd...

  • Page 92
    ...) Company name Epson Sales Japan Corporation Epson America, Inc. Epson Europe B.V. Net sales 204,577 180,994 187,079 Ordinary income 1,926 4,564 3,473 Net income 1,241 2,956 954 Total net assets 11,640 23,531 42,091 Total assets 60,402 74,738 94,102 Figures for Epson America, Inc. and Epson Europe...

  • Page 93
    ... and Japanese Japanese Other Japanese and regional others financial securities Japanese individuals public institutions companies corporations Institutions Individuals and others bodies Shares less than one unit (Shares) Total Number of shareholders (Persons) Number of shares owned Units - 71...

  • Page 94
    ... shareholders Correct as of March 31, 2011 Name Aoyama Kigyo Kabushiki Kaisha Sanko Kigyo Kabushiki Kaisha The Master Trust Bank of Japan, Ltd. (Trust account) Japan Trustee Services Bank, Ltd. (Trustee Account) Seiko Holdings Corporation Yasuo Hattori Seiko Epson Corporation Employees' Shareholding...

  • Page 95
    ... & Banking Co., Ltd. Total Address 3-3, Marunouchi 1-chome, Chiyoda-ku, Tokyo 1-5, Uchisaiwai-cho 1-chome, Chiyoda-ku, Tokyo 5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 2-1, Yaesu 1-chome, Chuo-ku, Tokyo - Number of shares held 4,278,100 5,539,900 3,646,153 Shareholding ratio (%) 2.14 2.77 1.82...

  • Page 96
    ...March 2007 3,610 2,660 66th year March 2008 4,320 1,997 67th year March 2009 3,300 1,001 68th year March 2010 1,715 1,216 69th year March 2011 1,700 1,032 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...

  • Page 97
    ... data and investor information (1) Company name (2) Founded (3) Head office Seiko Epson Corporation May 1942 3-5 Owa 3-chome, Suwa, Nagano 392-8502, Japan Tel: -81-266-52-3131(main) (4) Tokyo office Shinjuku NS Building, 4-1 Nishishinjuku 2-chome, Shinjuku-ku Tokyo 163-0811, Japan Tel: +81-3-3348...

  • Page 98
    3-3-5 Owa, Suwa, Nagano 392-8502, Japan tel: +81-266-52-3131 http://global.epson.com