Casio 2000 Annual Report Download

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2000
2000
ANNUAL REPORT

Table of contents

  • Page 1
    2000 ANNUAL REPORT

  • Page 2
    ... PCS . W E ARE LEVERAGI NG THESE FUNDAM ENTAL STRENGTHS I N HARDWARE DEVICES TO EXPAND OUR M OBILE N ETWORK S OLUTIONS BUSINESS AND FORGE STRATEGIC ALLIANCES WITH LEADING INTERNATIONAL PLAYERS . CONTENTS Consolidated Financial Highlights 1 A Message from the President 2 Casio's Mobile Network...

  • Page 3
    ... ended March 31, 2000 and 1999 Casio Computer Co., Ltd. and Subsidiaries Millions of yen 2000 Thousands of U.S. dollars* 1999 2000 For the year: Net sales Operating income Income (Loss) before income taxes Net income (loss) Capital investment Research and development expenses Depreciation At...

  • Page 4
    ... software and communications. STRATEGIC DEVELOPM ENT OF M OBILE NETWORK SOLUTIONS The development of high-speed digital mobile communications services is creating an environment where everyone has instant access to network data at all times, whether for work or play. The age of wireless cyberspace...

  • Page 5
    ... world players that bring complementary strengths. BUILDING BLOCKS OF CORPORATE VALUE During the previous fiscal year, we introduced an enterprise resource planning (ERP) system to guide operations in the Casio Group. As part of this system, a supply chain management (SCM) system went online in...

  • Page 6
    ... Packet Radio Service (GPRS) products. The two companies are currently developing a Pocket PC with internal wireless data communications capabilities and a bright color HAST-LCD. With applications to appeal to both consumers and enterprises, we are targeting the emerging market for wireless Internet...

  • Page 7
    ... " is developing rapidly on a global scale, and prospects for the information appliance market are exceptionally bright. Both consumers and corporations are ready to respond positively to attractive hardware devices and the emergence of new mobile content. Casio aims to be the number one company for...

  • Page 8
    ... world's leading companies in data communications hardware and software. We intend to use these partnerships for the rapid development of our Mobile Network Solutions business worldwide, and to build the number one position in mobile information appliances. Based on this strategy, we will continue...

  • Page 9
    ... for multimedia compatibility. Casio makes full use of its core competencies- represented by connecting devices for high density mounting and high-resolution LCDs-to create unique and attractive hardware devices. " 7 Senior General Manager, Electronic Devices Division Noriyuki Kakihisa, Director

  • Page 10
    ... information tool that can be easily connected other means. To support these outsourcing services, Casio Soft has established a dedicated server and a staff of systems professionals. HIGH SHARE OF DOM ESTIC M ARKET FOR ELECTRONIC DICTIONARIES 8 to a cellular handset for exchanging e-mail messages...

  • Page 11
    ... businesses as a system indispensable for strategic personnel management. Percentage of Net Sales 3 7 .0 % 9 Principal Products Electronic calculators Digital diaries Label printers Electronic cash registers (including POS) Personal word processors Handy terminals/Pocket computers Office...

  • Page 12
    ... 2000, Casio introduced WRIST AUDIO PLAYER, the world's first watchtype MP3 player. After downloading MP3 files from Internet sites to PCs, users have the option of forwarding the music to an internal memory in their wrist player. The The PC-UNITE watch uses infrared 10 transmission to exchange...

  • Page 13
    WRIST AUDIO PLAYER, the world's first MP3 wrist player. Users download MP3 music files from a PC and listen through stereo headphones. Percentage of Net Sales 2 0 .6 % 11 Principal Products Digital watches Analog watches Clocks Pagers

  • Page 14
    ...software; and Zing.com, which offers free services to share, manage, store and print pictures online; to develop a co-branded web site service combined with an Internet camera to be developed by Casio. This new business was unveiled in January 2000 at the Consumer Electronics Show (CES) in Las Vegas...

  • Page 15
    Casio's new digital camera, featuring a 3 .3 4 million-pixel CCD and a 3 X optical zoom lens, offers photographic quality approaching conventional film cameras. Percentage of Net Sales 1 1 .9 % 13 Principal Products PHS Visual-related products Digital cameras Mobile PCs Digital cellular phones

  • Page 16
    ... In response, Casio Micronics invested in a new production base for film devices in Yamanashi Prefecture, which went online in April 2000 with mass production starting in July. The plant is equipped with highly efficient High market growth for mobile electronic products supported strong sales of our...

  • Page 17
    In response to demand for smaller mobile equipment, Casio continues to pursue technological innovation for LSI chip mounting processes. Percentage of Net Sales 3 0 .5 % 15 Principal Products LCDs and other electronic components Electronic musical instruments Audio equipment

  • Page 18
    ... domestic sales. In Japan, growth was supported by strong performance in electronic dictionaries and improved results of system equipment, due in part to growth of high-speed color page printers targeting business users. Office computers and systems, including ADPS for strategic personnel management...

  • Page 19
    ... Research and development (R&D) expenses were ¥12,338 million, or 3.0% of net sales. The Company changed its method of COM M ON-SIZE ANALYSIS OF INCOM E STATEM ENTS Net sales = 100.0 2000 1999 1998 Net sales Cost of sales SG&A expenses R&D expenses Operating income Income before income taxes...

  • Page 20
    ... in the leasing of computer systems, is the principal company in the latter group. Casio Micronics Co., Ltd. is engaged in the manufacture and sale of film devices, and provides bump processing. In recent years, strong demand has fueled high growth in sales 18 to electronics companies outside the...

  • Page 21
    ... to ¥226,138 million, as management used strong free cash flow to retire short-term debt. 19 2000 1999 1998 Return on equity (%) Return on assets (%) Equity ratio (%) Asset turnover (times) Inventory turnover (months) 3.63 1.22 33.5 0.81 3.43 STOCK PRICE RANGE - - 33.7 0.86 2.97 6.57 2.27...

  • Page 22
    ... BALANCE SHEETS March 31, 2000 and 1999 Casio Computer Co., Ltd. and Subsidiaries Thousands of U.S. dollars (Note 1) 2000 Millions of yen Assets Current assets: 2000 1999 Cash and time deposits Marketable securities (Note 5) Notes and accounts receivable-trade: Notes receivable Accounts...

  • Page 23
    ... of yen Thousands of U.S. dollars (Note 1) 2000 Liabilities and Shareholders' Equity Current liabilities: 2000 1999 Short-term borrowings (Note 7) Long-term debt due within one year (Note 7) Notes payable-trade Accounts payable-trade Accrued expenses Income taxes payable (Note 8) Other current...

  • Page 24
    ... 183,745 Cost of sales Selling, general and administrative expenses Research and development expenses Operating income (Note 12) Other income (expenses): Interest and dividends income Interest expense Foreign exchange gain (loss)-net Disposal and devaluation of inventories Other-net 1,928 (4,014...

  • Page 25
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Years ended March 31, 2000 and 1999 Casio Computer Co., Ltd. and Subsidiaries Millions of yen Shares of common stock Common stock Additional paid-in capital Retained earnings Balance at March 3 1 , 1 9 9 8 278,635,408 - - - - (6,632,000) 21,883 ...

  • Page 26
    ... Casio Computer Co., Ltd. and Subsidiaries Thousands of U.S. dollars (Note 1) 2000 Millions of yen 2000 Cash flows from operating activities: 24 Income before income taxes Depreciation (including software) Loss on disposal of property, plant and equipment Gain on sales of investment securities...

  • Page 27
    ...cash provided by operating activities: Depreciation Loss on disposal of property, plant and equipment Loss on devaluation of investment securities Deferred income taxes Provision for employees' retirement benefits less payments Equity in earnings of affiliated companies and minority interest Changes...

  • Page 28
    ... date. Revenues and expenses have been translated at the exchange rates prevailing during the year. Translation differences arising from the translation of foreign currency balance sheets and statements of operations are stated in the consolidated balance sheets. Marketable securities-Marketable...

  • Page 29
    ... Group accounts for software which was included in other assets in investments and other assets in the same manner in 2000 as in 1999. Pursuant to the Report, software is categorized by the following purposes and depreciated using the following two methods. (Software for market sales) The production...

  • Page 30
    ..., and has a reporting system for derivative transactions reflecting proper internal control functions. Market value of derivative transactions-The aggregate amounts contracted to be paid or received and the fair value of derivative transactions in Japanese yen of the Group at March 31, 2000 were as...

  • Page 31
    ...and the fair value of derivative transactions in Japanese yen of the Company at March 31, 1999 were as follows: Millions of yen 1999 Contract amount Total Due after one year Market value Unrealized gain (loss) Forward contracts: To sell: U.S. dollars Deutsche marks ¥811 164 ¥975 - - - ¥766...

  • Page 32
    ... stock at the conversion prices per share of ¥1,502.4 ($14.17) (subject to change in certain circumstances), and (2) redemption at the option of the Company commencing March 1996 at prices ranging from 107% to 100% of the principal amount. The annual maturities of long-term debt at March 31, 2000...

  • Page 33
    ...and ¥2,439 million for the years ended March 31, 2000 and 1999, respectively. At the current conversion prices, 15,849 thousand shares of common stock were issuable at March 31, 2000 upon full conversion of the 1.9% convertible bonds. In accordance with the Code, certain issues of shares of common...

  • Page 34
    ... of (1) manufacturing and marketing of electronic products (including data processing equipment, electronic timepieces, visual and communications equipment and electronic components and others) and (2) leasing. Information by business segment is not shown due to net sales, operating income and...

  • Page 35
    ...390,861 ¥ 19,477 ¥507,105 ¥ 877 ¥35,048 ¥ (39,582) Thousands of U.S. dollars Japan North America Europe Asia Elimination Consolidated For 2000 Net sales: Outside customers Inside Group Total Costs and expenses Operating income Total assets $3,058,915 611,755 3,670,670 3,507,208 $ 163,462...

  • Page 36
    ...of overseas net sales made outside Japan by the Group by geographic location of the customers for the years ended March 31, 2000 and 1999 was as follows: Millions of yen North America Europe Asia Others Total For 2000 Overseas net sales Net sales (consolidated) Share of overseas net sales ¥65,089...

  • Page 37
    ...accounting and research and development costs. Also, in our opinion, the U.S. dollar amounts in the accompanying consolidated financial statements have been translated from Japanese yen on the basis set forth in Note 1. 35 (Member Firm of Andersen Worldwide SC) Tokyo, Japan June 29, 2000 STATEMENT...

  • Page 38
    ... to 1995 Casio Computer Co., Ltd. and Subsidiaries Millions of yen 2000 1999 1998 1997 1996 1995 For the year: Net sales Cost of sales Selling, general and administrative expenses Operating income Income (Loss) before income taxes Net income (loss) Capital investment Research and development...

  • Page 39
    ..., G.E.T.D.D Guangzhou, 510730, P.R.C. Tel: 20-8222-0488 Asahi Electronics (Singapore) Pte., Ltd. 16, Ang Mo Kio Industrial Park 2, Singapore 2056 Tel: 4844075 £Stg.6 100.0 Sales of Casio products DM16.5 60.0 Sales of Casio products HK$36.5 100.0 Production of electronic calculators Wn3...

  • Page 40
    ... Production of electronic calculators, computers and LCD devices Customer service for Casio products Sales of Casio products Leasing and financing Sales of electronic components Production and sales of telephone answering machines, audio equipment, models and toys Casio Electronic Manufacturing...

  • Page 41
    ... Research & Development Center ¥41,549 million Employees 19,325 Stock Exchange Listings 3-2-1, Sakae-cho, Hamura City , Tokyo 205-8555 Tel: (0425) 79-7111 Tokyo Product Control and Technical Center Tokyo Stock Exchange Osaka Securities Exchange Amsterdam Stock Exchange Frankfurt Stock Exchange...

  • Page 42
    CASIO COMPUTER CO., LTD. 6-2, Hon-machi 1-chome, Shibuya-ku, Tokyo 151-8543, Japan This annual report was printed on recycled paper. Printed in Japan