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SEIKO EPSON CORPORATION ANNUAL REPORT 2007
Annual Report
3-5 Owa 3-chome, Suwa, Nagano 392-8502, Japan
Tel: +81-266-52-3131 (main)
Seiko Epson Corporation
2007
This report was produced from recycled and tree-free paper and soy ink.
http://www.epson.co.jp/e/
April 2006 – March 2007

Table of contents

  • Page 1
    SEIKO EPSON CORPORATION ANNUAL REPORT 2007 Seiko Epson Corporation Annual Report 2007 April 2006 - March 2007 3-5 Owa 3-chome, Suwa, Nagano 392-8502, Japan Tel: +81-266-52-3131 (main) http://www.epson.co.jp/e/ This report was produced from recycled and tree-free paper and soy ink.

  • Page 2
    ... challenges with innovative and creative solutions. (The Epson Management Philosophy has been translated into 14 languages, and is shared by all members of the Epson Group worldwide.) Laying the foundations for sales and income growth, Epson is driving reforms forward and cultivating new businesses...

  • Page 3
    ...24 25 Developing Inkjet Printers for Business and Industry page 14 Corporate Governance ...26 Outline of Epson's Businesses and Related Growth Strategies page 18 In this annual report, "Epson" refers to the Epson Group, while "the Company" may refer to the Group or the parent company, Seiko Epson...

  • Page 4
    ...Seiko Epson Corporation and Subsidiaries For the years ended March 31 Millions of yen Thousands of U.S. dollars 2002 2003 2004 2005 2006 2007 2007 Statements of income data Net sales Information-related equipment Electronic devices...(60,093) Research and development costs Capital expenditures...

  • Page 5
    ...of yen Thousands of U.S. dollars 2002 2003 2004 2005 2006 2007 2007 Balance sheet data Current assets Property, plant and equipment (net of accumulated depreciation) Total assets Current liabilities Long-term liabilities Equity Number of employees ¥ 622,415 ¥ 645,310 ¥ 709,169 ¥ 746,712...

  • Page 6
    To Our Stakeholders Moving forward, Epson will pursue a balanced business strategy focused on securing short-term earnings and medium-term growth. 4 Seiko Epson Corporation

  • Page 7
    ... the plan. Management and employees are working assiduously as we drive forward reforms to rebuild the display business, increase profitability in our various businesses, and sow the seeds for new businesses that will generate future growth. July 2007 Seiji Hanaoka, President Annual Report 2007 5

  • Page 8
    ...due to slow improvement in printer profitability and stagnant ink cartridge growth rates. In response, Epson targeted the fiscal year ended March 31, 2007, as a year for boosting corporate stamina. As a result, Epson has become more costcompetitive and rolled out a marketing strategy that focuses on...

  • Page 9
    ...Reorganize the electronic device businesses Streamline costs Reform the management structure and drive innovations in management Achieve ¥100.0 billion or more in ordinary income in the fiscal year ending March 2009 Reform the governance system Reform the corporate culture Annual Report 2007 7

  • Page 10
    ... you intend to increase profitability? When we drafted the mid-range business plan, the small- and medium-sized LCD market was experiencing continuing price declines; however, we expected that sales of LCDs, especially for use in mobile phones and mobile multimedia devices, would increase. Based on...

  • Page 11
    ... Group. 4. Standardizing platforms and promoting the use of common components Moving forward, to further lower parts procurement costs, Epson will standardize platforms and components and reduce variable costs. Maintain the scale of business at past volumes for mobile phones. Focus on developing...

  • Page 12
    ... improvements driven by structural reforms Small- and medium-sized display business 2008: Improvement in profitability 2009 onwards: Return to the black * Figures based on the forecast announced at the same time as the display business structural reforms in March 2007 10 Seiko Epson Corporation

  • Page 13
    ... to increase profitability but to expand sales of both printers and ink cartridges in anticipation of mediumterm growth. While doing this, we will exercise strict control to ensure there is no significant impact on profitability. Q7. Could you give us some specific examples of the actions you took...

  • Page 14
    ... volume growth in hardware and ink cartridges Build on the structural improvements of 2007 to boost sales of printers and ink cartridges 2009 onwards Further reinforce and expand efforts in business and industrial domains Develop distinctive, market-leading products 12 Seiko Epson Corporation

  • Page 15
    ...need to be addressed, we will restructure rapidly yet steadily with the goal of boosting profitability. Our second priority is to raise Epson's profile in the markets for such finished products as inkjet printers and 3LCD projectors. By carefully tailoring our sales strategies to the characteristics...

  • Page 16
    ... of Epson's inkjet printers. Micro Piezo Technology Features Inkjet printers print by firing miniscule droplets of ink onto paper and other print media. Methods for firing ink droplets can be broadly divided into two categories. In the piezo method, ink droplets are propelled by the force generated...

  • Page 17
    ...reduces the number of processing steps, which translates to material and energy savings. Diagram Successful application of Micro Piezo technology Color filter for large-screen LCD TV Unloading device Printing device Inkjet print head Glass wafer Divided into six sections Annual Report 2007 15

  • Page 18
    ...) (Billions of yen) For the years ended March 31 Information-Related Equipment 946.0 902.2 915.9 920.4 976.4 916.3 80.4 84.2 58.8 61.6 45.9 45.0 62.0% 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007 Electronic Devices 527.0 482.6 441.2 354.3 444.7 40.6 38.6 30.1% 312...

  • Page 19
    ... R&D projects. The Epson Innovation Center, a new R&D site for next-generation information-related equipment, began full-scale operations from April 2006. • In intra-Group services, Epson subsidiaries offer a wide range of services for the Epson Group. Epson Innovation Center Annual Report 2007...

  • Page 20
    ... Photo RX560 (multifunction inkjet printer) Epson EMP-TWD3 (home projector with built-in DVD player and speakers) The Information-Related Equipment Segment primarily comprises the printer and visual instruments businesses. In the fiscal year ended March 31, 2007, net sales in this segment amounted...

  • Page 21
    ...*Small photo printers include dye sublimation thermal transfer printers. Source: Based on data compiled by Seiko Epson Corporation Epson AcuLaser CX11NF (multifunction laser printer) * The names and specifications of products mentioned in this section may vary among markets. Annual Report 2007 19

  • Page 22
    .... POS system products are used in a wide variety of enterprises, including the retail, banking, and service industries. Epson's extensive product lineup includes mini-printers for receipts and labels, intelligent terminals (PC-based POS systems with touchscreens), printing mechanisms (sold on an...

  • Page 23
    ... colors on each dot on the screen. Smooth gradations and the more natural reproduction of colors mean that images are easy on the eyes. Epson EMP-X5 (mobile business projector) Epson EMP-1815 (mobile business projector) Epson EMP-TW1000 (high-definition home projector) Annual Report 2007 21

  • Page 24
    ... 6 through 13 of this report. * In December 2006, this company's predecessor, a joint venture with Sanyo Electric Co., Ltd., was dissolved and Epson Imaging Devices Corporation became a wholly owned subsidiary. Years ended March 31 2005 2006 2007 Net sales Operating expenses Operating income (loss...

  • Page 25
    ... are bright, natural, and easy on the eyes. HTPS technology is used in such finished products as 3LCD projectors, large-screen LCD projection TVs, and mini-photo labs produced by Epson and other manufacturers. Epson will continue to develop HTPS technologies for application in finished products in...

  • Page 26
    .... (For example, crystal units, crystal oscillators) Timing Devices Optical Devices Sensing Devices Higher added value (Horizontal development) Optical Devices These devices are used primarily as optical filters for image correction in digital cameras and in optical pickups in DVD drives. (For...

  • Page 27
    ... on year). (Billions of yen) Optical Device Business Epson manufactures single-focus lenses for generalpurpose eyesight correction, and progressive addition lenses used for the multifocals worn by many senior citizens. With progressive addition lenses, Epson used its original backside progression...

  • Page 28
    ...its departments, as well as an internal Audit Office that reports directly to the president the results of routine internal audits, including those conducted at Epson subsidiaries. The Audit Office evaluates the effectiveness of the governance process and requests improvements where needed. Message...

  • Page 29
    ... Management Promotion Meeting Corporate Management Meeting Corporate Management Meeting Various Strategy Councils Cooperate Audit Office Audit Business Operations Executive Officers and Presidents of Affiliated Companies Business Units and Affiliates Audit Audit Staff Office Annual Report 2007...

  • Page 30
    ...-Based Management System Principles of Corporate Conduct Employee Code of Conduct Various Counseling Services • Legal compliance hotline (Audit Office) • Counseling for victims of sexual harassment and power abuse (Human Resources Department, etc.) • Counseling related to overwork and long...

  • Page 31
    ...the entire company in mounting a swift initial response in line with Epson's prescribed crisis management program. The president periodically reports to the board of directors on risk management issues and formulates appropriate measures to respond to these risks. 5. Audit System Based on corporate...

  • Page 32
    ...a number of publications, including the Seiko Epson Corporation Annual Report and a newsletter for individual shareholders. Moreover, presentations and audio voiceovers of presentation materials made at earnings announcements can be easily accessed through the IR section of Epson's corporate website...

  • Page 33
    ..., Tohoku Epson Corporation Seiichi Hirano President, Epson Sales Japan Corporation Mitsuaki Maruyama Vice-Chairman, Epson (China) Co., Ltd. John Lang President, Epson America, Inc. Kenji Uchida General Administrative Manager, Imaging Products Software Engineering & Development Center Toru...

  • Page 34
    ... activities, Product Lifecycle and Environmental Efforts Epson seeks to reduce its environmental impact not only in manufacturing processes but in all lifecycle processes, including parts and material procurement, product transport, at the stage of consumer use, and 32 Seiko Epson Corporation

  • Page 35
    ... Center of Japan in the production of maps as seen from outer space, printing the images captured by the Daichi Advanced Land Observing Satellite Sponsorship of the RedChalk Epson Model School The RedChalk Epson Model School project was organized with funding from the Epson Foundation (Hong Kong...

  • Page 36
    ... 6% of net sales on R&D that will support the development of new business domains and product lines to ensure long-term growth. R&D Topics for Fiscal Year Ended March 31, 2007 Epson Succeeds in Forming High-Quality Silicon Film Using Micro-Liquid Processes-a World First Epson, in partnership with...

  • Page 37
    .... Epson will continue to work on the development of new business domains and product lines that will support its long-term growth. Previous print head nozzles New print head nozzles 180dpi 141 m 360dpi 71 m Previous print head ink chambers New print head ink chambers Annual Report 2007 35

  • Page 38
    ... Epson Innovation Center, a new R&D site for nextgeneration printers and projectors, where IP experts will work closely with R&D departments. Programs to Increase Patent Filings As a result of Epson's active efforts to boost filings in countries around the world, the Company ranked third in Japan...

  • Page 39
    ... with a number of the defendants. Lawsuits Related to Counterfeit Ink Cartridges in the Fiscal Year Ended March 31, 2007 Date* June 2006 Location Taiwan Details and Outcome Filed for temporary injunction and suit claiming ink cartridge patent infringement Defendant: U-Bar International Co., Ltd...

  • Page 40
    ... Beijing Shanghai Hong Kong Suzhou Tianjin Hong Kong Hong Kong Seoul Taipei Singapore Singapore Bekasi Cabuyao Binan Petaling Jaya North Ryde Sales of information-related equipment Sales of information-related equipment Manufacture of information-related equipment and electronic devices Manufacture...

  • Page 41
    ... of Operations ...40 Consolidated Balance Sheets ...54 Consolidated Statements of Income...56 Consolidated Statements of Changes in Equity ...57 Consolidated Statements of Cash Flows ...59 Notes to Consolidated Financial Statements...60 Report of Independent Auditors...85 Annual Report 2007 39

  • Page 42
    ... due to falling prices and the effects of a strategy that focused on profitability. In the course of implementing this strategy, Epson strategically reduced sales volumes of models with low profitability, including those with low print volumes, and introduced marketing programs carefully tailored to...

  • Page 43
    .... The lower cost of sales ratio was primarily due to improvements made in the information-related equipment segment's product mix that reflected marketing carefully tailored to the needs of each region and market segment in line with Epson's profit-driven strategy, cost cutting and other factors. As...

  • Page 44
    ...factor behind this increase was a higher proportion of high value-added products in total watch sales. In the other segment, there was an operating loss ...related to a loss carried forward by the group of domestic companies presenting a consolidated tax return and other factors. The effective tax rate...

  • Page 45
    ... the previous fiscal year. This was primarily due to a decreased loss in minority shareholders' interest following Sanyo Epson Imaging Devices Corporation (now Epson Imaging Devices Corporation) becoming a wholly owned subsidiary in December 2006. 55.7 12.6 Net Income (Loss)/ROE Years ended March...

  • Page 46
    ... or respond accordingly should they manifest. This section mentions matters that relate to the future based on judgments made as of June 26, 2007. (1) Epson relies to a significant degree on profits from its inkjet printer business Epson's ¥913,476 million in sales from its information-related...

  • Page 47
    ...1. Epson's Micro Piezo technology*1 that it uses in its inkjet printers competes with the thermal inkjet technologies*2 of other companies; and 2. Epson's 3LCD technology*3 that it uses in its projectors and large LCD projection TVs competes with other companies' DLP*4 and LCOS*5 technologies. Epson...

  • Page 48
    ... to Epson's sales and profit. There are third parties who supply ink cartridges that can be used in Epson printers. These alternative products are generally sold at prices cheaper than Epson's brand products, and they have high market share in Japan and the United States but even more so in Europe...

  • Page 49
    ... powerful companies Epson is not currently in competition with may use their brand power, technological strength, ability to procure funds, excellent marketing resources, sales skills or ability to produce at low costs to enter a business area of Epson's and compete with it. Annual Report 2007 47

  • Page 50
    ... ended March 2007 were overseas sales. Epson has production bases all over Asia, such as in China, Indonesia, Singapore and Malaysia, and in the United States, the United Kingdom, Mexico and Brazil. It has also established many distribution companies all over the world. Epson's employees overseas as...

  • Page 51
    ..., because it is difficult to procure an alternative component from another company. On the manufacturing side of business, Epson outsources the manufacturing of parts of products, such as laser printers and inkjet printers in the low price range, image scanners and computers. If demand for such...

  • Page 52
    ... to employees or the like for their inventions or the like, which would mean Epson might be forced to spend a considerable amount of time and money to resolve the issue and, as a result, might be required to pay a considerable amount of money in remuneration. (17) Problems may arise relating to...

  • Page 53
    ...(20) Epson is at risk of material legal actions being brought against it Epson conducts its businesses both in Japan and overseas; its primary businesses being the development, manufacture and sale of information-related equipment, electronic devices and precision equipment. Given the special nature...

  • Page 54
    ... of its bases for research and development, procurement, manufacture, distribution, sales and services. It is possible that it could be affected by damage, power blackout, or other such disruption as a result of any number of unpredictable events, such as a natural disaster, computer virus or act of...

  • Page 55
    ...overall sales or profit, but Epson is subject to the permission and other regulations of relevant authorities in its manufacturing and sale of those products in Japan. Also, because a distributor subsidiary of Seiko Corporation sells the plastic corrective lenses, which are manufactured by Epson, in...

  • Page 56
    ...Seiko Epson Corporation and Subsidiaries Millions of yen March 31 Thousands of U.S. dollars March 31, ASSETS Current assets: Cash and cash equivalents Time deposits Short-term investments Notes and accounts receivable, trade...equipment: Buildings and structures Machinery and equipment Furniture and...

  • Page 57
    ... recycle costs Accrued warranty costs Accrued litigation and related expenses Deferred income taxes Other long-term liabilities Total long-term liabilities Minority interest in subsidiaries Equity: Common stock Authorized - 607,458,368 shares, Issued - 196,364,592 shares ¥ 2006 2007 2007 49,804...

  • Page 58
    ... Income Seiko Epson Corporation and Subsidiaries Millions of yen Year ended March 31 Thousands of U.S. dollars Year ended March 31, 2005 Net sales Cost of sales Gross profit Selling, general and administrative expenses: Salaries and wages Advertising Sales promotion Research and development costs...

  • Page 59
    ... Statements of Changes in Equity Seiko Epson Corporation and Subsidiaries Millions of yen Number of shares issued Common stock Additional paid-in capital ...,335 31,705 7,687) ¥24,018 ¥ (6) The accompanying notes are an integral part of these financial statements. Annual Report 2007 57

  • Page 60
    Consolidated Statements of Changes in Equity Seiko Epson Corporation and Subsidiaries Thousands of U.S. dollars Additional paid-in capital Net unrealized gains on other securities Net unrealized losses on derivative instruments Common stock Retained earnings Balance at March 31, 2006 ...

  • Page 61
    ...Increase (decrease) in short-term borrowings Proceeds from long-term debt Repayments of long-term debt Proceeds from issuance of subsidiaries' stock Cash dividends Other Net cash provided by (used in) financing activities Effect of exchange rate fluctuations on cash and cash equivalents Net increase...

  • Page 62
    ... to provide key devices and solutions for the digital color imaging markets through the application of its proprietary technologies. The Company operates its manufacturing and sales business mainly in Japan, the Americas, Europe and Asia/Oceania. (2) Basis of presenting consolidated financial...

  • Page 63
    ... straight-line method for foreign subsidiaries at rates based on the estimated useful lives. For buildings acquired by the Company and its Japanese subsidiaries on or after April 1, 1998, depreciation is computed based on the straight-line method, which is prescribed by Japanese Annual Report 2007...

  • Page 64
    ... the long-lived asset over its recoverable amount. (9) Accrued bonuses Accrued bonuses to employees are provided for the estimated amounts which Epson is obligated to pay to its employees after the fiscal year-end for the services provided up to the balance sheet dates. Accrued bonuses to directors...

  • Page 65
    ...granted prior to the termination date were included in other long-term liabilities account. (14) Accrued recycle costs At the time of sale, accrued recycle costs are provided for the estimated future returns of consumer personal computers. (15) Presentation of equity and consolidated statements of...

  • Page 66
    ... operations as the succeeding company, Epson Toyocom Corporation ("Epson Toyocom"). Under the business merger agreement and corporate split agreement, the Company split-off its quartz device business (excluding optical devices) and transferred it to Epson Toyocom. 64 Seiko Epson Corporation

  • Page 67
    ... 99,000,000 shares of common stock and 20,000,000 shares of subordinate common stock with voting rights issued by Toyo as a result of the business split and business merger transactions. As a result, Epson Toyocom was owned 67.9% by the Company (without considering dilutive shares), after the...

  • Page 68
    ... clearance. As March 31, 2007 was a bank holiday, notes receivable and notes payable maturing on that date could not be settled and were included in the ending balance of notes and accounts receivable, trade account and notes and accounts payable, trade account as follows: Thousands of U.S. dollars...

  • Page 69
    ...March 31, 2007 Gross unrealized Cost Gains Losses Market value (carrying value) Equity securities Debt ...Commercial paper Unlisted debt securities Total 2006 ¥39,984 2,000 ¥41,984 2007 ¥30,983 - ¥30,983 2007 $262,457 - $262,457 For the years ended March 31, 2006 and 2007...Annual Report 2007 67

  • Page 70
    ... the above-mentioned internal rules and policies. Transactions are executed and managed by the responsible section in the financial department and reported to the general manager. The table below lists contract amounts and fair values of derivatives as at March 31, 2006 and 2007 by transactions and...

  • Page 71
    ...sold Japanese yen) Sterling pound (sold Singapore dollar) U.S. dollar (sold Taiwan dollar) Total unrealized losses from forward exchange contracts Contract amounts Fair values Unrealized gains (losses...) (4,219) (25) (813) (8) (34) (0) (8) 93 17 (0) (0) (17) 8 0 76 $(5,083) Annual Report 2007 69

  • Page 72
    ...at March 31, 2007, the Company had line-of-credit agreements with eleven banks for an aggregate maximum amount of ¥80,000 million ($677,679 thousand). As at March 31, 2007, there were unused credit lines of ¥50,000 million ($423,549 thousand) outstanding and available. 70 Seiko Epson Corporation

  • Page 73
    ...Â¥ 256 4,621 $ 2,169 39,144 11. Pension and severance costs The Company and its Japanese subsidiaries maintain corporate defined benefit pension plans and defined contribution pension plans covering the majority of their employees. Some of the Company's Japanese subsidiaries maintain tax qualified...

  • Page 74
    ... assumptions used for the actuarial computation of the retirement benefit obligations for the years ended March 31, 2005, 2006 and 2007 were primarily as follows: Year ended March 31 2005 Discount rate Long-term rate of return on plan assets 2.5% 3.0 2006 2.5% 3.0 2007 2.5% 3.0 The Company and...

  • Page 75
    ... requirements on distributions of retained earnings similar to those of the Commercial Code of Japan. Under the Japanese Corporation Law, such distributions can be made at any time by resolution of the shareholders, or by the board of directors if certain conditions are met. Under the Japanese...

  • Page 76
    ...equipment and intangible assets Inter-company profits on inventories and write downs Accrued pension and severance costs Accrued bonuses Devaluation of investment securities Net operating tax loss carry-forwards Accrued warranty costs Accrued litigation and related expenses Others Gross deferred tax...

  • Page 77
    ... sites. 17. Impairment losses Epson's business assets generally are grouped by business segment under the Company's management accounting system, and their cash flows are continuously monitored. Idle assets are separately assessed for impairment on the individual asset level. Impairment tests...

  • Page 78
    ... mainly comprised ¥14,914 million for buildings and structures, ¥10,090 million for machinery and equipment, ¥1,301 million for furniture and fixtures, ¥542 million for intangible assets, and ¥7,102 million for long-term prepaid expenses. For the year ended March 31, 2007, Epson impaired...

  • Page 79
    ... amounting to ¥565 million and ¥8,989 million ($76,146 thousand) as of March 31, 2006 and 2007, respectively. Lease payments for impaired capital lease assets in the years ended March 31, 2006 and 2007 were ¥472 million and ¥188 million ($1,593 thousand), respectively. Annual Report 2007 77

  • Page 80
    ... and director of the Company, is a chairman of SE GAKUEN Educational Foundation ("SE GAKUEN") and a chairman of Epson International Scholarship Foundation ("International Scholarship Foundation"). Mr. Saburo Kusama owns 0.0% of the outstanding shares of the Company. 78 Seiko Epson Corporation

  • Page 81
    ...for use in POS systems, 3LCD projectors, HDTV LCD projection televisions, LCD monitors, label writers and personal computers. Electronic devices segment mainly includes small- and medium-sized LCDs, HTPS-TFT panels for 3LCD projectors, CMOS LSI, crystal units, crystal oscillators and optical devices...

  • Page 82
    ..., Epson Toyocom Corporation. The Company's optical device business, which boasts expertise in optical components for 3LCD projectors, was merged with Epson Toyocom's optical device business, which specializes in areas such as image correction for digital cameras and optical pickup components for DVD...

  • Page 83
    ... in information-related equipment segment, electronic devices segment, precision products segment and other segment, was ¥209 million ($1,771 thousand), ¥41,038 million ($347,632 thousand), ¥273 million ($2,313 thousand) and ¥213 million ($1,804 thousand), respectively. Annual Report 2007 81

  • Page 84
    ..., Canada, Brazil, Chile, Argentina, Costa Rica, Colombia, Venezuela, Mexico and Peru. "Europe" mainly includes the United Kingdom, the Netherlands, Germany, France, Italy, Spain, Portugal and Russia. "Asia/Oceania" mainly includes China (including Hong Kong), Singapore, Malaysia, Taiwan, Thailand...

  • Page 85
    ...365,689 ¥ 50,343 ¥1,284,412 Thousands of U.S. dollars Year ended March 31, 2007 Geographic region Asia/ Oceania Eliminations and corporate Japan The Americas Europe Consolidated Net sales: Customers Inter-segment Total Operating expenses Operating income (loss) Identifiable assets $ $ 5,427...

  • Page 86
    ...(with inter-bond pari passu clause) Total amount of issue: ¥20,000 million ($169,420 thousand) Issue price: 100% of the denomination of each bond Interest rate: 1.70% per annum Payment date: June 12, 2007 Maturity date: June 12, 2012 Purpose for funds: Repayment of debt 84 Seiko Epson Corporation

  • Page 87
    ...Independent Auditors To the Board of Directors of Seiko Epson Corporation We have audited the accompanying consolidated balance sheets of Seiko Epson Corporation and its subsidiaries as of March 31, 2006 and 2007, and the related consolidated statements of income, changes in equity, and cash flows...

  • Page 88
    ...Mutual Life Insurance Company Seiko Corporation 20,318 14,613 14,288 7,145 7,060 6,240 6,145 10.34 7.44 7.27 3.63 3.59 3.17 3.12 Mizuho Trust & Banking Co., Ltd. 2-1, Yaesu 1-chome, Chuo-ku, Tokyo Agent's Business Address: Head Office of Stock Transfer Agency Department Mizuho Trust & Banking Co...

  • Page 89
    ... Europe B.V., Epson's European regional headquarters, is established in Amsterdam, the Netherlands. Apr. 2005 Oct. 2005 The global tagline "Exceed Your Vision" is introduced to strengthen brand promotion worldwide. Epson Toyocom Corporation is established. Nov. 2004 Oct. 2004 Sanyo Epson Imaging...