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SEIKO EPSON CORPORATION
ANNUAL REPORT 2012
April 2011 - March 2012

Table of contents

  • Page 1
    SEIKO EPSON CORPORATION ANNUAL REPORT 2012 April 2011 - March 2012

  • 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
    ... result ...20 2. Manufacturing, orders received and sales ...23 3. Analysis of financial condition and results of operations...24 4. Research and development activities ...28 5. Issues for Fiscal 2012 ...30 6. Dividend policy ...32 Corporate Governance ...33 1. Approach to corporate governance ...33...

  • Page 4
    Consolidated Financial Highlights Seiko Epson Corporation and Subsidiaries For the years ended March 31 Millions of yen Thousands of U.S. dollars 2007 Statements of income data Net sales Information-related equipment Electronic devices Precision products Other Eliminations and corporate Information...

  • Page 5
    ...,102 Information-related equipment Electronic devices Precision products Devices and precision products business segment 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...

  • Page 6
    ...Epson Korea Co., Ltd. Epson Precision Epson Hong Kong Ltd. (Philippines), Inc. Epson Taiwan Technology & Tianjin Epson Co., Ltd. Trading Ltd. Epson Singapore Pte. Ltd. Visual products 3LCD projectors, Epson Engineering Epson Australia Pty. Ltd. business HTPS-TFT panels (Shenzhen) Ltd. for 3LCD Epson...

  • Page 7
    ... Manufacturing companies Sales companies [Quartz device business] crystal units, crystal oscillators, quartz sensors and others Epson Toyocom Corporation Akita Epson Corporation Epson Toyocom Malaysia Sdn. Bhd. 6 Epson Toyocom Corporation Epson Electronics America, Inc. Epson Europe Electronics GmbH...

  • Page 8
    ...Epson Industrial Pte. Ltd. Seiko Lens Service Center Corporation Philippines Epson Optical Inc. Epson Taiwan Technology & Trading Ltd. Epson Singapore Pte. Ltd. Time Module (Hong Kong) Ltd. - Precision products business Epson Engineering (Shenzhen) Ltd. Epson America, Inc. Epson Deutschland GmbH...

  • Page 9
    ...and facilities are as follows. (1) Seiko Epson Corporation Correct as of March 31, 2012 Book value (Millions of yen) Name of plant (location) Business segment Type of facilities Machinery, Buildings and structures equipment and vehicles Head Office (Suwa-shi, Nagano) Tokyo Office (Shinjuku-ku, Tokyo...

  • Page 10
    ...2012 Book value (Millions of yen) Company name (location) Number of Business segment Type of facilities Buildings and structures Machinery, equipment and vehicles Land (Area: m2) Other Total employees (Persons) Epson Precision (Hong Kong) Ltd. (Hong Kong, China) Information-related equipment...

  • Page 11
    ..., plant and equipment, but does not include construction in progress. 3. Portions of the land are rented from companies not included in consolidated accounts. Each area of the rented land is indicated in parenthesis [ ]. 4. Figures for Epson Precision (Hong Kong) Ltd., Singapore Epson Industrial Pte...

  • Page 12
    ... new products such as printers and 3LCD projectors and production capacity expansion amounted to ¥29,510 million in the fiscal year under review. Devices and precision products segment Investment for commercializing new products such as crystal devices, watches and plastic corrective lenses, and...

  • Page 13
    ... expenditures for the consolidated fiscal year ending March 31, 2012. Planned amount of capital expenditures (100 millions of yen) Business segment Main types and purposes of equipment and facilities Information-related equipment Devices & Precision Products Other and overall Total Reinforcing...

  • Page 14
    ... 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 15
    ... as of the date this Annual Report was submitted. 1. Epson relies to a significant degree on profits from its printer business. Epson's ¥691,801 million in sales from its information-related equipment business for the year ended March 2012 constituted 78.8% of Epson's consolidated sales, which were...

  • Page 16
    ..., and if Epson's net sales from consumable products for inkjet printers declines because, for example, the market share of non-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...

  • Page 17
    ... Micro Piezo inkjet head, micro-display, sensing, GPS, image processing, energy-saving and precision mechatronics technologies. By evolving and fusing these technologies into platforms, Epson will continue develop and manufacture products that meet customer needs. The rapid rate of technological...

  • Page 18
    ... on all fronts. For example, Epson has programs to develop and manufacture products that have a smaller environmental burden, reduce energy use, promote the recovery and recycling of end-of-life products, and improve environmental management systems. To date, Epson has not had any serious...

  • Page 19
    ... of material legal actions being brought against it. Epson conducts businesses internationally. Its primary businesses are the development, manufacture and sale of information-related equipment, electronic devices and precision equipment. Given the nature of its businesses, there is a possibility...

  • Page 20
    ... or other disaster. Epson has research and development, procurement, manufacturing, logistics, sales and services sites around the globe. It is possible that the regions concerned could be affected by any number of unpredictable events, such as a natural disaster, computer virus, outbreak of an...

  • Page 21
    ... of demand wound down and as the number of mobile phones with music player features increased. In the precision products market, watch demand rebounded in America, Japan, and other parts of Asia but showed signs of softening in Europe. Robot demand also increased in tandem with the rise in demand...

  • Page 22
    ...products in Europe and America. Meanwhile, sales of consumables declined in conjunction with a lower rate of printer use in the aftermath of the disaster in Japan and in a slowing economy. Page printer net sales suffered as the market shifted toward entry-level models, causing average selling prices...

  • Page 23
    ... increased on a jump in orders from the automotive industry. On the other hand, sales of IC handlers decreased due to sluggish demand from the PC and traditional mobile phone semiconductor industries. Segment income in the devices and precision products segment declined despite a rebound in watch...

  • Page 24
    ... 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, 2012 Change compared (From April 1, 2011...

  • Page 25
    ...Consumer inkjet printer sales in Japan were strong in the second half, but in other regions unit shipments decreased due to the effects of the earthquake and tsunami in Japan and other factors. Page printer unit shipments increased due to sales growth of new products in Japan and other parts of Asia...

  • Page 26
    ... period. The Company saw watch income increase as revenue rose and costs were cut. It also narrowed its losses in the quartz device business by lowering costs. Nevertheless, higher expenses and lower net sales due to the strong yen and disaster in Japan, which caused semiconductor sales to fall...

  • Page 27
    ... and long-term loans payable by ¥41,910 million as a result of repayment of loans from financial institutions. Net assets as of March 31, 2012 stood at ¥248,140 million, a decrease of ¥22,667 million from the previous fiscal year-end. The main reason for the decrease was that shareholders' equity...

  • Page 28
    The ratio of interest-bearing liabilities to total assets declined to 32.4% from 34.1% at the end of the previous fiscal year. 27

  • Page 29
    ... and precision products In quartz devices, Epson developed a new inertial measurement unit (IMU)*1. Using an original approach that combined QMEMS*2 quartz gyroscopic (angular rate) sensors*3 with semiconductor technology developed for GPS and other positioning devices, the company commercialized...

  • Page 30
    ...with accurate performance data on the fly, on any course, so that they can train with maximum effectiveness and enjoyment. The running monitor can operate for up to 12 hours on a full charge with GPS tracking on - more than enough time for long-distance events, from full marathons to trail runs. 29

  • Page 31
    ...customer value and to increase profitability by combining unique QMEMS devices (extremely small, high-performance quartz micro-electromechanical systems microfabricated in a crystalline material on a wafer) with semiconductor technology. In precision products, Epson will build a business by focusing...

  • Page 32
    ... optimum form. The company's compact, energy-saving, high-precision technologies have produced an extensive legacy of unique technologies, including Micro Piezo inkjet head, micro-display, sensing, GPS, image processing, energy-saving, and precision mechatronics technologies. Epson will continue to...

  • Page 33
    ...of 30% over the medium- to long-term, the Company distributes profits to shareholders while taking into account the need for capital to fuel its business strategy and to maintain its business performance and financial standing. The Company's dividend policy is to pay cash dividends twice a year. The...

  • Page 34
    ... reinforcing business checks and balances, practicing sound corporate ethics, and ensuring business transparency and health. The Company has a board of directors and a board of statutory auditors. The board of directors, which had 10 members as of the date the Annual Securities Report was submitted...

  • 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
    ... of director as an additional post. 2. 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. 3. A resolution of the general shareholders' meeting held on June 26...

  • Page 38
    ... Previous fiscal year Company Shares (stock) Balance sheet total Reason held (millions of yen) NGK Insulators, Ltd. 3,757,000 5,586 Maintain and strengthen business ties Mizuho Financial Group, Inc. 15,003,480 2,070 Maintain and strengthen business ties Seiko Holdings Corporation 1,644,080 468...

  • Page 39
    ... and strengthen business ties Mizuho Financial Group, Inc. 15,008,880 2,026 Seiko Holdings Corporation 1,644,080 327 The Hachijuni...Stocks held for pure investment None (6) Accounting audits (a) Names and other details of corporate public accountants performing audits Name of CPA Audit company...

  • Page 40
    ... 309, Paragraph 2, of the Japanese Companies Act as a two-thirds majority vote by at least one third of 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...

  • Page 41
    ... 31, 2012, amounted to ¥356 million. (3) Non-audit work performed by auditing certified public accountant at filing company Previous fiscal year Remuneration paid for non-audit work performed by the auditing certified public accountant was for consultancy services in IFRS. Fiscal year under review...

  • Page 42
    ... based on Epson's basic policy from gaining control over the Company's financial and business policy decision-making Aiming to ensure and enhance corporate value and the common interests of its shareholders, Epson introduced a series of measures ("the Original Plan") to prevent large-scale...

  • Page 43
    ... formulated to enhance both Epson's corporate value and the common interests of its shareholders in a continuous and sustained manner. These actions support actualization of the basic policy. As well as having been introduced and updated in order to ensure and enhance corporate value and the common...

  • Page 44
    ... Manager, Corporate Strategy Division President, Epson Sales Japan Corporation Chief Operating Officer, Information-related equipment business segment General Administrative Manager, Human Resources Division General Administrative Manager, Corporate Research & Development Division Chief Operating...

  • Page 45
    ... Manager, Corporate Research & Development Division Chairman and President, Epson (China) Co., Ltd. Deputy General Administrative Manager, Business Infrastructure Development Division Managing Director, Epson Singapore Pte. Ltd President, Epson Europe B.V. Chief Operating Officer, Printer Operations...

  • Page 46
    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 47
    ... 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 and fixtures Land Construction in progress Other Accumulated depreciation...

  • Page 48
    ... Provision for product warranties Provision for recycling costs Other Total noncurrent liabilities Total liabilities Net assets Shareholders' equity Capital stock Authorized - 607,458,368 shares Issued - 199,817,389 shares Capital surplus Retained earnings Treasury stock March 31, 2012 - 20,924...

  • Page 49
    ... of yen March 31, 2011 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Non-operating income: Interest income Rent income Foreign exchange gains Insurance income Other Total non-operating income Non-operating expenses Interest expenses Foreign...

  • Page 50
    ... Income Thousands of U.S. dollars March 31, 2012 $63,474 (8,748) (5,353) (20,075) 12 (34,164) $29,310 $26,536 $2,774 Millions of yen March 31, 2011 Income before minority interes ts Other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges...

  • Page 51
    Consolidated Statements of Changes in Net Assets Thousands of U.S. dollars March 31, 2012 Millions of yen March 31, 2011 Shareholders' equity Capital stock Balance at the beginning of current...) (20,562) (20,562) (796,945) The accompanying notes are an integral part of these financial statements. 50

  • Page 52
    ...income Purchase 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 (43,552) (18,274) (18,274) (61,826) 1,568 (22) (22) 1,545 282,864 (3,995) 10,239 (2) (18,297) (12,056) ¥270,808 March 31, 2012 (61,826...

  • Page 53
    ... bonds Repayments of lease obligations Purchase of treasury stock Cash dividends paid Cash dividends paid to minority shareholders Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash...

  • Page 54
    ... 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 financial statements (2) The Company and its subsidiaries...

  • Page 55
    ...foreign subsidiaries and affiliates are translated at the foreign exchange rates prevailing at the respective balance sheet dates, and all the...reported as a separate component of net assets, net of taxes. Other securities for which market quotations are unavailable are stated at cost, primarily based...

  • Page 56
    ...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 the Company and its Japanese subsidiaries...

  • Page 57
    ... resolution of the general shareholders' meeting held subsequent to the fiscal year-end. (10) Provision for product warranties Epson provides an accrual for estimated future warranty costs based on the historical relationship of warranty costs to net sales. Specific warranty provisions are made for...

  • Page 58
    ... based on the estimated future returns of consumer personal computers. (15) Revenue recognition Revenue 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...

  • Page 59
    ... 2, 2011, the Company and Sony Corporation executed an agreement for transferring all of the equity of its subsidiary, Suzhou Epson Co., Ltd. ("Suzhou Epson"), to the Sony Group. The Company, as of July 1, 2011, transferred Suzhou Epson to the Sony Group. As part of its SE15 long-range corporate...

  • Page 60
    ... of the business (a) Net sales (b) Operating income 6. Inventories ¥14,747 million ($179,425 thousand) (year ended March 31, 2012) ¥0 million ($0 thousand) (year ended March 31, 2012) Losses recognized and charged to cost of sales as a result of valuations as of March 31, 2011 and 2012, were ¥30...

  • Page 61
    ... securities account at March 31, 2011 and 2012, were as follows: Other securities Millions of yen March 31, 2011 Gross unrealized Cost Equity securities Certificate of deposit Other Total ¥6,188 66,000 189 ¥72,378 Gains ¥4,049 ¥4,049 Losses (¥771 771) Market value (carrying value) ¥9,466 66...

  • Page 62
    ...: Thousands of U.S. dollars March 31, 2012 2011 Amount Short-term loans payable Current portion of long-term loans payable Current portion of lease obligations Long-term loans payable from financial institutions Lease obligations Unsecured bonds issued by the Company Unsecured bonds issued by the...

  • Page 63
    ...,000 20,000 20,000 20,000 ¥100,000 9. Goodwill Epson had goodwill and negative goodwill as of March 31, 2011 and 2012. Goodwill and negative goodwill are amortized on a straight-line basis in accordance with Japanese accounting standards. Goodwill or negative goodwill is recorded on the balance...

  • Page 64
    Millions of yen March 31 2011 Goodwill Negative goodwill ¥2,754 122 2012 ¥1,832 74 Thousands of U.S. dollars March 31, 2012 $22,289 900 63

  • Page 65
    ... benefits as of March 31, 2011. The composition of net pension and severance costs for the years ended March 31, 2011 and 2012, was as follows: Thousands of Millions of yen U.S. dollars Year ended Year ended March 31 2011 Service cost Interest cost Expected return on plan assets Amortization and...

  • Page 66
    ..., 2011 and 2012, were primarily as follows: Year ended March 31 2011 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 be distributed as additional paid-in capital or legal reserve on the date of...

  • Page 67
    ...treasury stocks of the Company were increased by an amount equal to the number of 20,900,480 for the year ended March 31, 2012. It was comprised as follows. Number of shares Purchase by the resolution of the board of directors Purchase from dissenting shareholders based on the Japanese Companies Act...

  • Page 68
    ...-average number of common shares outstanding 199,794 191,885 Yen Net income (loss) per share ¥51.25 ¥26.22 U.S. dollars $0.31 Diluted net income per share is not calculated herein since Epson had no dilutive potential common shares outstanding during the years ended March 31, 2011 and 2012. 67

  • Page 69
    ... System Responding to Changes in Economic and Social Structures" (Act No.114 of 2011) and the "Act on Special Measures for Securing Financial Resources Necessary to Implement Measures for Reconstruction following the Great East Japan Earthquake" (Act No. 117 of 2011), Japanese corporation tax rates...

  • Page 70
    ... March 31 2011 Salaries and wages Advertising Sales promotion Shipping costs Research and development costs Allowance for doubtful accounts Other Total 15. Research and development costs Research and development costs, which are included in the cost of sales and selling, general and administrative...

  • Page 71
    ... of a liquid crystal display price-fixing cartel. 19. Leases As of March 31, 2012, capital leases, mainly comprised of uninterruptible power supply, host computers and computer terminals. Future lease payments for non-cancelable operating leases as a lessee at March 31, 2011 and 2012, were as...

  • Page 72
    ... and 2012, respectively, as deposit for the short-term loans receivables above. Detail of assets and liabilities for the company which became non-consolidated due to the business transfer. Detail of assets and liabilities as of transferring date, agreed-upon purchase price and proceeds from sales...

  • Page 73
    ...March 31, 2011 and 2012, by transaction and type of instrument, excluding derivatives qualifying for hedge accounting. Currency-related transactions Millions of yen March 31, 2011 Instruments Forward exchange contracts: Sold U.S. dollar (purchased Japanese yen) Euro (purchased Japanese yen) Sterling...

  • Page 74
    ...as of March 31, 2011 and 2012, by transaction and type of instrument, qualifying for hedge accounting. (a) Currency-related transactions Millions of yen March 31, 2011 Notional amounts Fair value Instruments Forward exchange contracts: Sold Euro (purchased Japanese yen) Purchased U.S. dollar (sold...

  • Page 75
    ...calculated based on prices obtained from financial institutions. $424,029 ($11,789) (b) Interest-related transactions Millions of yen March 31, 2011 Notional Due after amounts one year Instruments Interest rate swaps: Pay-fixed, receive-floating Hedged items Floating interest rate in long-term...

  • Page 76
    ... items Millions of yen March 31, 2012 Notional Due after amounts one year Floating interest rate in long-term loans payables ¥50,000 ¥30,000 Instruments Interest rate swaps: Pay-fixed, receive-floating Hedged items Thousands of U.S. dollars March 31, 2012 Notional Due after amounts one year...

  • Page 77
    ...Derivative instruments are mainly comprised of forward exchange contracts and interest rate swaps. 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...

  • Page 78
    ... 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 securities. Epson also takes...

  • Page 79
    ...428 million at March 31, 2011 are not included above because there is no market value and it is therefore extremely difficult to estimate their fair value. Millions of yen March 31, 2012 Instruments Cash and deposits Notes and accounts receivable-trade Short-term investment securities Investment...

  • Page 80
    ... portion) Fair value was measured using market prices. (5) Long-term loans payable (including current portion) Because long-term loans payable that are with floating rates are affected in the short term by fluctuations in market interest rates, and because Epson's credit status has not changed...

  • Page 81
    ... the off-auction own share repurchase trading system (ToSTNeT-3) on the Tokyo Stock Exchange, at the share price on November 16, 2011 (Â¥964 per share, $11.72 per share). Aoyama had been an Epson's major shareholder, but they haven't been since this transaction. A subsidiary of the Company has also...

  • Page 82
    ... and 2011. Epson conducts development, manufacturing and sales within its reporting segments as follows. The information-related equipment segment mainly includes color inkjet printers, page printers, serial impact dot matrix printers, large-format inkjet printers and related supplies, color image...

  • Page 83
    ... the reporting segment information of Epson for the year ended March 31, 2011 and 2012: Millions of yen Year ended March 31, 2011 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) Segment assets Other Depreciation and amortization Increase...

  • Page 84
    ... 4,610 41,285 \- ¥883 ¥883 \- ¥883 ¥38 ¥922 Thousands of U.S. dollars Year ended March 31, 2012 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) Segment assets Other Depreciation and amortization Increase in property, plant...

  • Page 85
    ... 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; 2011 Corporate expenses Intangible assets [Note] Total...

  • Page 86
    ... Year ended March 31, 2012 Japan Net sales $3,819,686 The United States $1,462,452 China including Hong Kong Other $4,072,796 Total $10,682,528 $1,327,594 [Note] Each country's net sales are based on the location of the customers. Property, plant and equipment by country: The following...

  • Page 87
    ... of impairment loss The following table summarizes information of impairment loss in each reporting segments for the year ended March 31, 2011 and 2012: Millions of yen Year ended March 31, 2011 Informationrelated equipment ¥208 Devices & precision products ¥868 Other ¥191 Millions of yen Year...

  • Page 88
    ... 31, 2012 Informationrelated equipment Goodwill $- Devices & precision products $21,681 Other $- Corporate expenses [Note] $608 Total $22,289 [Note] Goodwill that is categorized under corporate expenses does not correspond to the reporting segments. The following table summarizes information of...

  • Page 89
    .... In August 2009, Epson Imaging Devices Corporation, a consolidated subsidiary of the Company, concluded a plea agreement by which it paid a fine of U.S.$26 million to the United States Department of Justice, and criminal procedures were completed in October 2009. Related civil lawsuits have been...

  • Page 90
    Report of Independent Auditors 89

  • Page 91
    ...-shi, Nagano Epson Toyocom Corporation Hino-shi, Tokyo Tohoku Epson Corporation Sakata-shi, Yamagata Akita Epson Corporation Yuzawa-shi, Akita U.S. Epson, Inc. * Long Beach, U.S.A. Epson America, Inc. * Epson Electronics America, Inc. Epson Portland Inc. * Epson El Paso, Inc. * Long Beach...

  • Page 92
    ...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 Hong Kong, Epson Hong Kong Ltd. China Sales of printers...

  • Page 93
    ... directors Epson Precision (Shenzhen) Ltd. Shenzhen, China Singapore Epson Industrial Pte. Ltd. * P.T. Indonesia Epson Industry * Epson Precision (Philippines), Inc. * Epson Toyocom Malaysia Sdn. Bhd. 58 other companies Singapore Bekasi, Indonesia Cabuyao, Philippines Kuala Lumpur, Malaysia...

  • Page 94
    Figures for Epson America, Inc. and Epson Europe B.V. are included in consolidated business results. 93

  • Page 95
    ... Japanese Japanese Japanese Other than others and regional individuals Total financial securities Japanese one unit public institutions companies corporations Institutions Individuals and others (Shares) bodies Share ownership (100 shares per unit) Category Number of shareholders (Persons) Number...

  • Page 96
    ... The Master Trust Bank of Japan, Ltd. (Trust account) Japan Trustee Services Bank, Ltd. (Trustee Account) Seiko Holdings Corporation Seiko Epson Corporation Employees' Shareholding Association Yasuo Hattori Noboru Hattori The Dai-ichi Mutual Life Insurance Company (Standing proxy: Trusut & Custody...

  • Page 97
    Name JPMorgan Asset Management (Japan) Limited JPMorgan Chase Bank National Association Total Address Tokyo Building, 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo 1111 Polaris Pkwy., Columbus, OH 43240, USA － Number of shares held 9,757,200 247,600 10,004,800 Shareholding ratio (%) 4.88 0.12 5.01...

  • Page 98
    ...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 70th year March 2012 1,499 881 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...

  • Page 99
    ... 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 100
    3-3-5 Owa, Suwa, Nagano 392-8502, Japan tel: +81-266-52-3131 http://global.epson.com