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Financial Review
Copyright 2013 © HOYA CORPORATION
5
Recovery from the Flood Damage in Thailand
4
Transfer of Seiko Epson’
s eyeglass lens
development and manufacturing business
On February 1, 2013, the eyeglass lens development and manufacturing business of Seiko Epson
Corporation was transferred to HOYA. Sales and profits for the fiscal year under review have incorporated
this business since the date of the transfer. On November 16, 2012, HOYA also executed an agreement with
Seiko Holdings Corporation ("SEIKO") to acquire 50% ownership of Seiko Optical Products Co., Ltd. ("SOP")
by March 31, 2014 and acquired an initial tranche of 30% on June 1, 2013. SOP was a wholly owned
subsidiary of SEIKO as of March 31, 2013, and is responsible for sales of eyeglass-related products.
Through this business alliance with SEIKO, including the partial share acquisition, HOYA will use its global
manufacturing and sales network and expand sales of SEIKO branded eyeglass lenses, with the aim of
enhancing the corporate value of both companies.
The massive flooding that occurred in Thailand in October 2011 inflicted damage directly on two plants operated
by HOYA LENS THAILAND LTD., which is HOYA's flagship manufacturing site for eyeglass lenses. Efforts were
made to restore its infrastructure and manufacturing facilities, which resulted in the resumption of operations at
the beginning of April 2012 and the completion of the restoration in September 2012. On a quarterly basis, sales
recovered to the pre-flooding level in the fourth quarter of the fiscal year under review.
We sincerely apologize for having caused substantial inconvenience to many customers during the suspension
of operations. Insurance income of ¥32,187 million as compensation for damage caused by the flooding was
recorded in the fiscal year under review.