Casio 2001 Annual Report Download

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ANNUAL REPORT 2001

Table of contents

  • Page 1
    ANNUAL REPORT 2001

  • Page 2
    ... of Cash Flows 21 Notes to Consolidated Financial Statements 33 Report of Independent Public Accountants 34 Consolidated Six-Year Summary 35 Principal Subsidiaries 36 Directors and Corporate Auditors/Corporate Data 37 Investor Information principal businesses, Casio aims to secure a position...

  • Page 3
    ... 12.50 22.73 22.41 12.50 0.19 0.19 0.10 *U.S. dollar amounts have been translated from Japanese yen at the rate of ¥124 to U.S.$1.00, the approximate exchange rate prevailing on March 31, 2001. NET SALES (Billions of yen) 502.0 459.1 451.1 410.3 443.9 O P E R AT I N G I N C O M E (Billions of...

  • Page 4
    ... prices. And sales prices fell worldwide as global-scale market competition intensified. Amid this operating environment, Casio worked to strengthen its strategically important Mobile Network Solutions (MNS) business and its Electronic Components business by allocating more of its management...

  • Page 5
    ... the expense of the conventional film camera market, this business will seek to provide users with digital imaging possibilities from new digital cameras with Casio's signature creativity, from image album editing and Web sites for publishing digital images to digital printing stations in stores. 3

  • Page 6
    ... world that manufactures both wristwatches and PDAs. 3) Personal solutions: this business will focuses on turning ordinary stand-alone consumer products into Internet appliances. For example, Casio is planning not only to offer music manuscripts, but also music school services by connecting musical...

  • Page 7
    ...the product planning stage, to provide high-quality products. 2) Raising efficiency of production bases: Casio will work to construct a system that integrates production functions from design stages to delivery, merge or close production bases in ASEAN countries and China and shorten production lead...

  • Page 8
    ... for PC users. Casio is advancing all of its stand-alone consumer products to be network connectable, from musical instruments to electronic dictionaries, as a personal solutions business exemplified in the EZ-USB series. TIMEPIECES Although fiscal 2001 was a harsh year due to the worldwide drop...

  • Page 9
    ... with colors by changing bands. The EZ-USB series, including these mini-label printers , adds convenience for PC users. Digital watches Analog watches Clocks The QV-4000 digital camera is our latest high-end model with a 4.13-million-pixel CCD. The Celviano AL-100R electric piano features...

  • Page 10
    ELECTRONICS MOBILE NETWORK SOLUTIONS (MNS) As an important source of business for fiscal 2001, MNS made considerable contributions to sales. Our personal digital assistant (PDA) CASSIOPEIA® series, which uses Microsoft® Windows® for Pocket PC operating systems, has been especially well received...

  • Page 11
    Mobile PCs Cellular phones Pocket computers Handy terminals QT-2000B Modular Terminal Our POS cash register is a total solution to a wide range of applications for retail stores and restaurants. Mobile Network Solutions 13.9% ded March 31, 2 Year en 001 The SPEEDIA N5 page printer can produce 29 ...

  • Page 12
    ... cellular phones, digital cameras, camcorders and PDAs. Kochi Casio Co., Ltd., a production base of HAST-TFT-LCDs, plans to begin full-scale operation of its second factory early next year, nearly doubling the Company's supply capabilities. In addition, Casio announced a far-reaching tie-up with NEC...

  • Page 13
    ...a diverse range of applications. This STN-LCD is a color display for mobile terminals. Our HAST-LCDs are TFT-LCDs that recreate beautiful images at high resolutions through proprietary technology. We use HAST-LCDs in the CASSIOPEIA® and also supply them to other companies for use in digital cameras...

  • Page 14
    ...the worldwide market in the second half. Sales increased 1.1% in North America, which acSALES BY PRODUCT CATEGORY counted for 37.8% of overseas sales. Sales also advanced 15.8% in Europe, which made up 28.9% of overseas sales. However, sales declined 17.5% in Asia and other regions, excluding Japan...

  • Page 15
    ... increased sales of WRIST CAMERAS are favorable in the future. Sales of Mobile Network Solutions jumped 104.2%. Domestic sales for the category increased 138.9%, owing to the success of the water- and shock-resistant cellular phone for the cdmaOneâ„¢ service of au Corporation of the KDDI Group, and...

  • Page 16
    ... of the parent company, manufacturing and marketing subsidiaries in Japan and overseas, and subsidiaries engaged in related activities. In August 2000, Casio sold 80% of its equity in The Casio Lease Co., Ltd. to Diamond Lease Co., Ltd., and Asahi Corporation was dissolved in March 2001. For the...

  • Page 17
    mainly due to an increase in accounts receivable for cellular phones at the end of the fiscal year. Inventories increased ¥8,305 million to ¥88,812 million, due to sales growth of MNS and electronic components. Due to sales of 80% of Casio's equity in The Casio Lease Co., Ltd., net property, plant...

  • Page 18
    ... Casio Computer Co., Ltd. and Subsidiaries Millions of yen Thousands of U.S. dollars (Note 1) Assets Current assets: Cash and time deposits (Note 3) Marketable securities (Note 5) Notes and accounts receivable-trade: Notes receivable Accounts receivable Allowance for doubtful accounts Inventories...

  • Page 19
    ... (Note 10): Common stock, par value ¥50 per share: Authorized-472,829,000 shares Issued-271,578,868 shares Additional paid-in capital Retained earnings Net unrealized holding losses on securities Foreign currency translation adjustments Treasury stock, at cost Total shareholders' equity 2001 2000...

  • Page 20
    ...Years ended March 31, 2001 and 2000 Casio Computer Co., Ltd. and Subsidiaries Millions of yen Thousands of U.S. dollars (Note 1) 2001 2000 2001 Net sales (Note 12) Costs and expenses (Note 12): Cost of sales Selling, general and administrative expenses Research and development expenses Operating...

  • Page 21
    ...I T Y Years ended March 31, 2001 and 2000 Casio Computer Co., Ltd. and Subsidiaries Millions of yen Shares of common stock Net unrealized Foreign Additional holding currency Common paid-in Retained losses on translation stock capital earnings securities adjustments Treasury stock, at cost Total...

  • Page 22
    ... Years ended March 31, 2001 and 2000 Casio Computer Co., Ltd. and Subsidiaries Millions of yen Thousands of U.S. dollars (Note 1) 2001 2000 2001 Cash flows from operating activities: Income before income taxes and minority interests ¥ 9,201 Depreciation (including software) 24,515 Amortization...

  • Page 23
    ... set forth in the Japanese Commercial Code (the consolidated financial statements issued domestically in order "Code") and the Securities and Exchange Law and in conforto present them in a form which is more familiar to readers mity with accounting principles and practices generally outside Japan...

  • Page 24
    ... for trading securities (hereafter, "available-for-sale securities") for which market value is readily determinable are stated at market value as of the end of the period with unrealized gains and losses, net of applicable deferred tax assets or liabilities, not reflected in earnings but directly...

  • Page 25
    ... taxes, is eliminated. Cash dividends per share represent the actual amount applicable to the respective years. 3. CASH AND CASH EQUIVALENTS AND STATEMENTS OF CASH FLOWS Cash and cash equivalents at March 31, 2001 and 2000 consisted of the following: Millions of yen Thousands of U.S. dollars 2001...

  • Page 26
    ...: Millions of yen Thousands of U.S. dollars 2001 2000 2001 Finished products Work in process Materials and supplies Total ¥57,444 14,992 16,376 ¥88,812 ¥52,522 12,680 15,305 ¥80,507 $463,258 120,903 132,065 $716,226 5. SECURITIES (1) The following tables summarize acquisition costs...

  • Page 27
    ...overseas production and overseas procurement of materials. The derivative transactions are solely made with highly Currency related derivatives: Millions of yen rated financial institutions, therefore, the Group does not expect any credit risks. The Group utilizes derivatives following the internal...

  • Page 28
    ... as follows: Year ending March 31 Millions of yen Thousands of U.S. dollars 2002 2003 2004 2005 2006 Thereafter 8. INCOME TAXES The Company and its consolidated domestic subsidiaries were subject to a number of income taxes, which, in the aggregate, indicated a statutory rate in Japan of 26 ¥ 500...

  • Page 29
    ... Millions of yen Thousands of U.S. dollars 2001 2000 2001 Deferred tax assets: Net operating loss carryforwards Property, plant and equipment Inventories Allowance for doubtful accounts Employees' severance and retirement benefits Unrealized holding losses on securities Accrued expenses (Bonuses...

  • Page 30
    ... The discount rate and the rate of expected return on plan assets used by the Group are 3.5% and 4.5%, respectively. The estimated amount of all retirement benefits to be paid at the future retirement date is allocated equally to each service year using the estimated number of total service years...

  • Page 31
    ...ended March 31, 2001 and 2000 were as follows: Millions of yen Thousands of U.S. dollars 2001 2000 2001 Future lease receipts Due within one year Due over one year Total Total lease...$ $ The Casio Lease Co., Ltd., which was the only lessor in consolidated subsidiaries, was accounted for by the ...

  • Page 32
    ... products in each business segment: (1) Electronics: Electronic calculators, Label printers, Electronic dictionaries, Digital cameras, Electronic musical instruments, Digital watches, Analog watches, Clocks, Mobile PCs, Cellular phones, Handy terminals, Electronic cash registers, Office computers...

  • Page 33
    ... America...U.S.A. Canada Mexico (2) Europe ...U.K. Germany France (3) Asia ...Taiwan Hong Kong South Korea Malaysia Singapore China Philippines India Indonesia Thailand 3. As explained in Note 2, effective April 1, 2000, the Company and its subsidiaries in Japan adopted the new accounting standard...

  • Page 34
    ...: (1) North America...U.S.A. Canada (2) Europe ...U.K Germany France (3) Asia ...Hong Kong Singapore China 3. The above overseas net sales represent net sales made outside Japan by the Company and consolidated subsidiaries. 13. COMMITMENTS AND CONTINGENT LIABILITIES At March 31, 2001, the Group was...

  • Page 35
    ...and retirement benefits. 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. (Member Firm of Andersen Worldwide SC) Tokyo, Japan June 28, 2001 STATEMENT ON ACCOUNTING PRINCIPLES...

  • Page 36
    ...AT E D S I X - Y E A R S U M M A R Y Years ended March 31, 2001 to 1996 Casio Computer Co., Ltd. and Subsidiaries Millions of yen 2001 2000 1999 1998 1997 1996 For the year: Net sales Cost of sales Selling, general and administrative expenses Research and development expenses Operating income Net...

  • Page 37
    ... Sales of Casio products Casio Computer Co., GmbH Deutschland Bornbarch 10, 22848 Norderstedt Germany Tel: 040-528-65-0 Sales of Casio products Montres Casio France S.A. 31, rue de la Vedette F-67700 Saverne Cedex, France Tel: 3-88-021731 Sales of electronic timepieces ASIA Casio Computer (Hong Kong...

  • Page 38
    ...-ku, Tokyo 151-8543 Accounting Division Tel: (03) 5334-4852 International Sales and Marketing Headquaters Consumer Products Dept. Asia Pacific Section Tel: (03) 5334-4837 Middle East•Africa Section Tel: (03) 5334-4562 Latin America Section Tel: (03) 5334-4320 Electronic Musical Instrument Section...

  • Page 39
    ...Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233, Japan Number of Shares Authorized: 472,829,000 Shares Issued: 271,578,868 Shares Number of Shareholders 33,663 Principal Shareholders Casio Bros. Corp. Nippon Life Insurance Company Japan Trustee Services Bank, Ltd. (Trust Account) The Sakura Bank, Ltd...

  • Page 40
    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