Casio 2002 Annual Report Download

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2002
Annual Report
For the year ended March 31, 2002

Table of contents

  • Page 1
    A n n u a l R e p o r t 2002 For the year ended March 31, 2002

  • Page 2
    ...Subsidiaries Directors and Corporate Auditors Corporate Data Investor Information Consolidated Financial Highlights Our Script for Change Social Activities Principal Products Consolidated Financial Review Consolidated Six-Year Summary across-the-board costreduction measures to promote a return...

  • Page 3
    ... loss was mainly a result of steep drops in the prices of digital cameras and consumer PDAs brought about by intensified global competition. In addition, sluggish demand worldwide for cellular phones, PCs, and other IT-related items led to decreased sales and income in our electronic components...

  • Page 4
    ... to expand the market for radio-controlled watches and solar powered watches by boosting brand and product recognition. • Inspire new applications for digital cameras with thin high-resolution card models In June 2002, we launched EXILIM, the world's thinnest card-sized digital camera with an LCD...

  • Page 5
    ..., compact, and energyefficient electronic products developed using cutting-edge technology combined with Flextronics' world-class procurement and high productivity will enable us to improve price competitiveness and fine-tune production, owing to shorter production lead times, which will allow us...

  • Page 6
    ... a Casio product." This is Casio's enduring development policy. Our management vision is focused on "Creating new value and culture by providing high-value-added products of superior quality and content, services, and immediate solutions for digital life." We are leveraging our core competencies to...

  • Page 7
    ...-controlled wristwatch, which captures radio waves to constantly correct the time. This model is perfect for businesspeople with its stylish miniaturized design. b Electronic Dictionary This thin, high-end model contains twelve dictionaries, including practical ones, such as Kojien Japanese-English...

  • Page 8
    ... Change Focusing on Strategic Products That Capture the Casio Spirit Japan. Additionally, by incorporating 6 a solar power feature in our radiocontrolled watches, an addition that enables high-capacity drive and was made possible through the development of low-power-consumption LSIs that utilize...

  • Page 9
    ... product development, returning to our policy of developing original products to meet current market needs. In June 2002, we launched EXILIM, a digital camera based on a new concept: "Wearable Card Cameras," or cameras you can carry with you all the time so you can take pictures whenever your heart...

  • Page 10
    .... The foundation covers 21 8 (Japan) and the international Energy Star program. We have also stepped up efforts toward the recovery and recycling of toner and drum sets (printer consumables), office communications equipment, rechargeable batteries, and tape cartridges used in label printers. Our...

  • Page 11
    ... Electronic Dictionaries Label Printers Visual-Related Products Digital Cameras Electronic Musical Instruments Timepieces Digital Watches Analog Watches Clocks Mobile Network Solutions (MNS) Mobile PCs Cellular Phones Pocket Computers Handy Terminals 9 System Equipment Electronic Cash...

  • Page 12
    ..., we aggressively pursued the development of radio-controlled wristwatches, new wrist cameras, and other "wrist technologies" that make the most of our capabilities. The radio-controlled wristwatch business appeared especially promising toward the end of fiscal 2002, as market recognition was Net...

  • Page 13
    ..., mainly owing to a marked decline in digital camera and consumer PDA prices due to intensified global competition. In the Electronic Components and Others segment, operating income fell 79.7%, to ¥2,704 million. The worldwide slump in demand for such IT-related products as cellular phones and PCs...

  • Page 14
    ...owing to fluctuating exchange rates. The disposal and devaluation of inventories increased ¥6,597 million, loss on devaluation and sales of investment securities increased ¥3,955 million, and restructuring charges were ¥8,486 million. As a result, income before income taxes and minority interests...

  • Page 15
    CONSOLIDATED Six-Year Summary Years ended March 31 Casio Computer Co., Ltd. and Subsidiaries Millions of yen 2002 2001 2000 1999 1998 1997 For the year: Net sales ...Â¥382,154 Cost of sales ...Selling, general and administrative expenses ...Research and development expenses...Operating income...

  • Page 16
    ...dollars (Note 1) Millions of yen Assets 2002 2001 2002 Current assets: Cash and time deposits (Note 3)...Â¥ 82,956 Marketable securities (Note 5) ...Notes and accounts receivable-trade: Notes receivable ...Accounts receivable...Allowance for doubtful accounts...Inventories (Notes......Buildings ...

  • Page 17
    ... of U.S. dollars (Note 1) Liabilities and Shareholders' Equity 2002 2001 2002 Current liabilities: Short-term borrowings (Note 7)...Â¥ 26,786 Long-term debt due within one year (Note 7) ...Notes payable-trade...Accounts payable-trade ...Accrued expenses...Income taxes payable (Note 8)...Other...

  • Page 18
    ... Years ended March 31, 2002 and 2001 Casio Computer Co., Ltd. and Subsidiaries Thousands of U.S. dollars (Note 1) Millions of yen 2002 2001 2002 Net sales (Note 12) ...Â¥382,154 Costs and expenses (Note 12): Cost of sales...Selling, general and administrative expenses...Research and development...

  • Page 19
    CONSOLIDATED Statements of Shareholders' Equity Years ended March 31, 2002 and 2001 Casio Computer Co., Ltd. and Subsidiaries Millions of yen Net unrealized holding losses on securities Foreign currency translation adjustments Shares of common stock Common stock Additional paid-in capital ...

  • Page 20
    ... Flows Years ended March 31, 2002 and 2001 Casio Computer Co., Ltd. and Subsidiaries Thousands of U.S. dollars (Note 1) Millions of yen 2002 2001 2002 Cash flows from operating activities: Income (Loss) before income taxes and minority interests ...Â¥ (34,824) Depreciation (including software...

  • Page 21
    ... at the time of purchase are considered to be cash and cash equivalents. 19 Cash flow statement Foreign currency translation All monetary assets and liabilities denominated in foreign currencies are translated at the current exchange rates at the balance sheet date, and the translation gains and...

  • Page 22
    ... management. Forward foreign currency and interest rate swap contracts are subject to risks of foreign exchange rate changes and interest rate changes, respectively. The derivative transactions are executed and managed by the Company's Finance Department in accordance with the established policies...

  • Page 23
    ...) Marketable securities within three months ...19,555 Cash and cash equivalents ...¥101,682 ¥53,540 (653) 30,183 ¥83,070 $623,729 (6,233) 147,030 $764,526 The amounts of assets and liabilities at September 30, 2000 of The Casio Lease Co., Ltd. excluded from consolidation due to sales of a part...

  • Page 24
    ...$ 17,820 - 15,414 34,699 38,271 3,759 $109,963 (3) Available-for-sale securities sold in the year ended March 31, 2002 and 2001 were as follows: Millions of yen Thousands of U.S. dollars 2002 2001 2002 Sales amount...¥1,389 Gross realized gains...50 Gross realized losses ...671 ¥1,016 86 31...

  • Page 25
    ... does not expect any credit risks. The Group utilizes derivatives following the internal regulation for derivatives, which stipulates policy, objective, scope, organization, procedures, and financial institutions to deal with, and has a reporting system for derivative transactions reflecting proper...

  • Page 26
    ....4 ($11.30) (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, 2002 were as follows: Year ending March 31 Millions of yen...

  • Page 27
    ...rate of expected return on plan assets used by the Company are 3.0% and 4.5% in 2002 and 3.5% and 4.5% in 2001, 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...

  • Page 28
    ... at least 50% of the proceeds. The remaining amounts are credited to additional paid-in capital. Under the Code, certain amounts of retained earnings equal to at least 10% of cash dividends and bonuses to directors and corporate auditors must be set aside as a legal reserve until the total amount of...

  • Page 29
    ... products in each business segment : (1) Electronics: Electronic calculators, Electronic dictionaries, Label printers, Digital cameras, Electronic musical instruments, Digital watches, Analog watches, Clocks, Mobile PCs, Cellular phones, Electronic cash registers, Office computers, Page printers...

  • Page 30
    ... 2. The main countries and the areas which belong to the each segment except for Japan were as follows: (1) North America...U.S.A., Canada, Mexico (2) Europe ...U.K., Germany, France (3) Asia...Taiwan, Hong Kong, South Korea, Malaysia, Singapore, China, India, Indonesia, Thailand (3) Overseas Sales...

  • Page 31
    .... 2. The main countries and the areas which belong to the each segment were as follows: (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 parent company and consolidated...

  • Page 32
    ...not reflected in the accompanying consolidated financial statements for the year ended March 31, 2002. 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. 30 Tokyo, Japan June 27...

  • Page 33
    ...Sales of Casio products Casio Europe GmbH Germany Sales of Casio products Montres Casio France S.A. France Sales of electronic timepieces North America ࡯ Casio Holdings, Inc. U.S.A. Holding company ࡯ Casio, Inc. U.S.A. Sales of Casio products ࡯ Casio Canada Ltd. Canada Sales of Casio products...

  • Page 34
    ...* Home Page Address http://world.casio.com Tokyo Product Control and Technical Center 2-229, Sakuragaoka, Higashiyamato City, Tokyo 207-8501 Tel: (0425) 63-1111 Senior Managing Directors Shigeki Maeno* Shinichi Onoe* Domestic Offices Head Office Ome Product Control and Technical Center 3-10...

  • Page 35
    INVESTOR Information Stock Exchange Listings Tokyo, Osaka, Amsterdam, and Frankfurt Share Price Range Yen Year Month High Low Transfer Agent The Sumitomo Trust and Banking Corporation Stock Transfer Agency Dept. 4-4, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233, Japan 2001 Number of Shares ...

  • Page 36
    6-2, Hon-machi 1-chome, Shibuya-ku, Tokyo 151-8543, Japan Printed in Japan on recycled paper