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Annual Report 2009
For the year ended March 31, 2009

Table of contents

  • Page 1
    Annual Report 2009 For the year ended March 31, 2009

  • Page 2
    ... an end-of-term dividend. Confronted with these drastic changes in our business environment, we are taking both defensive and aggressive steps. Our revised CHALLENGE 30+ plan calls both for lowering our break-even point and for urgent steps to improve our bottom line as part of our strategy for...

  • Page 3
    ... Highlights Years ended March 31, 2007, 2008 and 2009 millions of yen thousands of U.S.Dollars 2007 For the year Net sales Overseas sales Operating income Net income Cash ï¬,ows from operating activities Free cash ï¬,ow Capital expenditures R&D expenses ROA (Return on assets) (%) ROE (Return on...

  • Page 4
    ... during the second half. As inventories rose sharply, auto makers around the world found themselves facing catastrophic conditions. Year-on-Year Auto Sales Trends in US Market 120 European cars Japanese cars Big Three 150 End-of-month US Auto Inventory Trends European cars Japanese cars Big Three...

  • Page 5
    ... features Growth Strategy Aggressive product creation Link Strategy Connectivity with consumer electronics products First one added-value products OEM orders from market leaders Green Strategy Energy-saving, lighter weight, lower costs * AVNCD: Audio, Visual, Navigation, Communication, Drive...

  • Page 6
    ... in North America, Europe, Japan, and the rapidly growing economies of Asia. Audio Products Segment In this segment, Alpine's iPod-LINK Digital media head unit, which was selected for the Fiscal 2008 Good Design Awards (G-Mark) in recognition of its innovative design, continued to post favorable...

  • Page 7
    ...powerfully communicated Alpine's "Driving Mobile Media Solutions" concept. The auto industry's business climate is expected to remain daunting. But this is a climate in which Alpine, with new hit products that offer innovative solutions to meet user needs, can become even more competitive. Quangzhou...

  • Page 8
    ... Kajiwara Managing Director Takumi Sato Managing Director Toji Tanaka Managing Director Kazuo Nakamura Managing Director (As of June 24, 2009) President & CEO Senior Managing Director Managing Directors Directors Seizo Ishiguro Toru Usami Hitoshi Kajiwara Toji Tanaka Masataka Kataoka Kenji...

  • Page 9
    ... Section Financial Highlights Consolidated Financial Review Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Independent Auditors' Report 10 12 14 16 17...

  • Page 10
    ... 222,367 177,017 12,306 6,138 14,389 6,290 5,723 8,218 17,644 4.1 8.3 �t year-end: Current assets Total Property, plant and equipment Current liabilities Noncurrent liabilities Capital stock Retained earnings Total shareholders' equity Total net assets Total assets Equity ratio (%) 80,165 23,022...

  • Page 11
    ... stated otherwise Thousands of U.S Dollars 2004 2005 2006 2007 2008 2009 2009 213,020 170,984 11,320 7,253 10,491...from the year ended March 31, 2007, the Company and its consolidated subsidiaries adopted the new accounting standard for presentation of net assets ("Accounting Standard for...

  • Page 12
    ...873 2005 2006 2007 2008 2009 Performance by Segment In this segment, Alpine's iPod-LINK Digital media head unit, which was selected for the Fiscal 2008 Good Design Awards (G-Mark) in recognition of its innovative design, continued to post favorable after-market sales in Japan, the United Sates and...

  • Page 13
    ...The number of companies accounted for by the equity method at the end of the fiscal year is 1. �ash �lo�s (Millions of yen) 16,399 12,472 12,887 9,963 10,680 4,512 3,229 3,032 (4,138) (2,170) 2005 2006 2007 2008 2009 Cash Flows from Operating Activity Free Cash Flow Investment Capital...

  • Page 14
    ... (Note 1) ALPINE ELECTRONICS, INC. TOTAL ASSETS Current assets: Cash and cash equivalents Notes and accounts receivable-trade: Unconsolidated subsidiaries and affiliates Trade Allowance for doubtful accounts Inventories (Note 4) Deferred tax assets (Note 9) Other Total current assets 2009 ¥ 26...

  • Page 15
    ... AND NET ASSETS Current liabilities: Short-term loans payable (Note 5) Notes and accounts payable-trade: Unconsolidated subsidiaries and affiliates Trade Income taxes payable (Note 9) Accrued expenses Deferred tax liabilities (Note 9) Provision for product warranties Other Total current liabilities...

  • Page 16
    ...in earnings of affiliates Loss on sales and retirement of noncurrent assets Gain on sales of investment securities Loss on valuation of investment securities Prior compensation expense for products Provision for product warranties Gain on valuation of options Loss on valuation of inventories Loss on...

  • Page 17
    ALPINE ELECTRONICS, INC. Consolidated Statements of Changes in Net Assets Millions of Yen Valuation difference on Revaluation available-for-sale reserve for securities land Years ended March 31, 2009, 2008 and 2007 Capital stock Capital surplus Retained earnings Treasury stock Foreign ...

  • Page 18
    ... of investment securities Purchase of stocks of subsidiaries and affiliates Purchase of investments in subsidiaries Payments of loans receivable Collection of loans receivable Other-net Net cash used in investment activities Cash flows from financing activities: Net increase (decrease) in short-term...

  • Page 19
    ...on hand, readily-available deposits and short-term highly liquid investments with maturities of not exceeding three months at the time of purchase are considered to be cash and cash equivalents. Inventories held by the Company and its domestic consolidated subsidiaries are principally stated at cost...

  • Page 20
    ... ended March 31, 2008. From the year ended March 31, 2009, in accordance with the amendment to the Corporate Tax Law, the Company and its domestic consolidated subsidiaries changed the useful lives of machinery from 8-10 years to 7 years. As a result, in comparison to the previous accounting method...

  • Page 21
    ... plans recognized outside profit or loss (c) Capitalized expenditures for research and development activities (d) Fair value measurement of investment properties, and revaluation of property, plant and equipment, and intangible assets (e) Retrospective treatment of a change in accounting policies...

  • Page 22
    ...and affiliated companies not consolidated or accounted for using the equity method Other securities: Non-listed equity securities Total ¥7,951 63 ¥8,014 2008 ¥8,042 76 ¥8,118 2009 $80,943 641 $81,584 The total sales amount of available-for-sale securities sold in the year ended March 31, 2009...

  • Page 23
    ... 2009 Short-term loans Lease obligations Less amount due within one year Total ¥1,622 284 (137) ¥1,769 2008 ¥216 - - ¥216 2009 $16,512 2,891 (1,395) $18,008 At March 31, 2009 and 2008, there was no pledge of collateral for long-term secured debt. The Company has credit lines from banks...

  • Page 24
    ...the rate of expected return on plan assets used by the Company were 2.5% for 2009, 2008 and 2007. The estimated amount of all retirement benefits to be paid at the future retirement date was allocated equally to each service year using the estimated number of total service years. Prior service costs...

  • Page 25
    ... as common stock. However, a company may, by a resolution of the Board of Directors, designate an amount not exceeding one-half of the price of the new shares as additional paid-in capital, which is included in capital surplus. Under the Law, in cases where a dividend distribution of surplus...

  • Page 26
    ... Taxes The Companies are subject to a number of taxes based on income, which, in the aggregate, indicate statutory rates in Japan of approximately 40% for the years ended March 31, 2009, 2008 and 2007. Reconciliation of the statutory tax rate and the Company's effective tax rate for the year ended...

  • Page 27
    ... market as of March 31, 2009 and 2008. The fair values of currency option contracts were estimated based on the offered price from the financial institutions. Lower figures of Currency option's Contract value total show the option premium. All currency option contracts are zero cost option contracts...

  • Page 28
    ...book value equivalent ¥527 454 ¥ 73 2008 ¥989 776 ¥213 2009 $5,355 4,622 $ 743 Regarding the materiality, from the year ended March 31, 2009, the purchase price equivalent and Accumulated depreciation do not exclude the interest expenses. The future minimum lease payments under finance leases...

  • Page 29
    ... 2007 I. Sales and operating income Net sales: Outside customers Inter-segment Total Costs and expenses Operating income II. Identifiable assets Depreciation expense Capital expenditures Audio products business Information and communication equipment business Total Elimination and/or corporate...

  • Page 30
    ..., in comparison to the previous accounting method, operating loss on "Audio products business" decreased by ¥34 million (US$346 thousand) and operating loss on "Information and communication equipment business" increased by ¥3million (US$3 thousand) for the fiscal year ended March 31, 2009. (2) As...

  • Page 31
    ... accounting method, operating loss on "Japan" decreased by ¥31 million (US$316 thousand) for the fiscal year ended March 31, 2009. (2) As explained in Note 2 (21), effective from the year ended March 31, 2009, the Company adopted "Practical Solution on Unification of Accounting Policies Applied...

  • Page 32
    ... 2009 I. Overseas sales II. Consolidated sales III.Ratio of overseas sales (%) North America Europe Asia Other areas Total $552,866 27.6% $936,516 46.8% $188,894 9.5% $20,523 1.0% $1,698,799 2,002,107 84.9% Note: Sales in Asia were reported in other areas in the fiscal year ended March...

  • Page 33
    ...and the consolidated results of their operations and their cash ï¬,ows for each of the three years in the period ended March 31, 2009, in conformity with accounting principles generally accepted in Japan. Without qualifying our opinion, we draw attention to the following: As discussed in Note2(6) to...

  • Page 34
    ... Exchange Total Issued Stocks 69,784,501 (As of March 31,2009) Number of Stockholders 3,893 (As of March 31,2009) Number of Employees (Consolidated) 11,573 (As of March 31,2009) Alpine on the Internet http://www.alpine.com/e/investor/ Transfer Agent Mitsubishi UFJ Trust and Banking Corporation...

  • Page 35
    ... Headquarters â- Regional â- Sales â- â- â- â-â- Headquarters â- â-â- Office â- Manufacturing Plant â- Development Center North and Latin America Europe Asia and Oceania Japan ALPINE ELECTRONICS OF AMERICA, INC. (DETROIT) ALPINE ELECTRONICS OF AMERICA, INC. (L.A.) ALPINE...

  • Page 36
    ...Kogyodanchi, Iwaki, Fukushima 970-1192 Phone: +81-246-36-4111 Fax: +81-246-36-8309 Tokyo Headquarters: 1-1-8, Nishi-gotanda, Shinagawa-ku, Tokyo 141-8501 Phone: +81-3-3494-1101 Fax: +81-3-3494-1109 The paper in this publication is made of recycled paper and other environment-friendly wood products.