Epson 2008 Annual Report Download - page 29
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53Annual Report 2008
Thousands of
Millions of yen U.S. dollars
Year ended March 31
Year ended March 31,
2006 2007 2008 2008
Net sales ¥1,549,568 ¥1,416,032 ¥1,347,841 $13,452,853
Cost of sales 1,194,781 1,059,259 979,391 9,775,345
Gross profit 354,787 356,773 368,449 3,677,508
Selling, general and administrative expenses:
Salaries and wages 78,381 79,582 — —
Advertising 31,643 26,215 — —
Sales promotion 31,538 27,476 — —
Research and development costs 44,570 43,054 — —
Shipping costs 21,537 20,607 — —
Provision for doubtful accounts 66 409 — —
Other 121,294 109,087 — —
Selling, general and administrative expenses — — 310,871 3,102,822
329,029 306,430 310,871 3,102,822
Operating income 25,758 50,343 57,577 574,686
Other income:
Interest and dividend income 3,751 5,998 — —
Net gain on foreign exchange 425 — — —
Rental income 1,469 1,620 — —
Gain on change in interest due to business combination 12,424 — — —
Other 6,752 11,313 — —
24,821 18,931 — —
Other expenses:
Interest expenses 6,730 6,631 — —
Net loss on foreign exchange — 7,191 — —
Loss on disposal of fixed assets 2,331 4,451 — —
Impairment losses 1,951 866 — —
Reorganization costs 45,532 41,165 — —
Provision for litigation and related expenses 8,540 1,129 — —
Other 5,542 4,365 — —
70,626 65,798 — —
Other income:
Interest income — — 6,498 64,856
Dividend income — — 4,338 43,297
Rental income — — 1,229 12,275
Other — — 4,902 48,928
— — 16,968 169,358
Other expenses:
Interest expenses — — 6,406 63,947
Net loss on foreign exchange — — 2,667 26,627
Other — — 2,208 22,039
— — 11,282 112,614
Ordinary income — — 63,263 631,430
Special gains:
Gain on sales of investment securities — — 2,006 20,031
Reversal of accrued litigation and related expenses — — 2,392 23,883
Other — — 1,661 16,586
— — 6,061 60,501
Special losses:
Loss on disposal of fixed assets — — 1,972 19,688
Impairment losses — — 10,783 107,630
Other — — 4,523 45,144
— — 17,279 172,464
Income (loss) before income taxes and minority interests (20,047) 3,476 52,045 519,467
Income taxes:
Current 16,564 10,784 14,341 143,146
Deferred (7,377) 6,837 15,881 158,514
9,187 17,621 30,223 301,660
Income (loss) before minority interests (29,234) (14,145) 21,822 217,806
Minority interests in subsidiaries (11,317) (7,051) 2,728 27,232
Net income (loss) ¥ (17,917) ¥ (7,094) ¥ 19,093 $ 190,574
Yen U.S. dollars
Per share:
Net income (loss) ¥(91.24) ¥(36.13) ¥97.24 $0.97
Cash dividends ¥ 29.00 ¥ 32.00 ¥32.00 $0.32
The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Operations
Seiko Epson Corporation and Subsidiaries
Consolidated Statements of Changes in Equity/Net Assets
Seiko Epson Corporation and Subsidiaries
Millions of yen
Number of
shares issued
Common
stock
Additional
paid-in
capital
Retained
earnings
Treasury
stock,
at cost
Balance at March 31, 2005 196,364,592 ¥53,204 ¥79,501 ¥350,944 ¥ (3)
Net loss — — — (17,917) —
Cash dividends — — — (5,695) —
Decrease due to affiliates excluded
under the equity method — — — (8) —
Net unrealized gains on other securities — — — — —
Translation adjustments — — — — —
Changes in treasury stock — — — — (2)
Balance at March 31, 2006 196,364,592 53,204 79,501 327,324 (5)
Reclassified balance at March 31, 2006 — — — — —
Net loss — — — (7,094) —
Cash dividends — — — (6,284) —
Changes in treasury stock — — — — (1)
Other, net — — — — —
Balance at March 31, 2007 196,364,592 ¥53,204 ¥79,501 ¥313,946 ¥ (6)
Millions of yen
Valuation, translation differences and other
Net unrealized
gains on
other
securities
Net unrealized
gains (losses)
on derivative
instruments
Translation
adjustments
Total valuation,
translation
differences
and other
Minority
interests in
subsidiaries Total net assets
Balance at March 31, 2007 ¥ 9,821 ¥ (35) ¥ 13,886 ¥ 23,672 ¥24,018 ¥494,335
Reclassified amount at March 31, 2007 (1) — — — — —
Net income — — — — — 19,093
Cash dividends — — — — — (6,283)
Decrease due to unification of accounting
policies applied to foreign subsidiaries — — — — — (36)
Changes in treasury stock — — — — — (1)
Other, net (5,961) 192 (30,114) (35,883) 222 (35,661)
Balance at March 31, 2008 ¥ 3,859 ¥156 ¥(16,227) ¥(12,211) ¥24,240 ¥471,446
Millions of yen
Shareholders’ equity
Number of
shares issued
Common
stock
Additional
paid-in
capital
Retained
earnings
Treasury
stock,
at cost
Total
shareholders’
equity
Balance at March 31, 2007 196,364,592 ¥53,204 ¥79,501 ¥313,946 ¥ (6) ¥446,645
Reclassified amount at March 31, 2007 — — (1) (1) 1 —
Net income — — — 19,093 — 19,093
Cash dividends — — — (6,283) — (6,283)
Decrease due to unification of accounting
policies applied to foreign subsidiaries — — — (36) — (36)
Changes in treasury stock — — — — (1) (1)
Other, net — — — — — —
Balance at March 31, 2008 196,364,592 ¥53,204 ¥79,500 ¥326,719 ¥ (7) ¥459,417
Millions of yen
Net unrealized
gains on
other
securities
Net unrealized
losses on
derivative
instruments
Translation
adjustments
Minority
interests in
subsidiaries Total equity
Balance at March 31, 2005 ¥ 3,743 ¥ — ¥(14,519) ¥ — ¥472,870
Net loss — — — — (17,917)
Cash dividends — — — — (5,695)
Decrease due to affiliates excluded
under the equity method — — — —(8)
Net unrealized gains on other securities 6,824 — — — 6,824
Translation adjustments — — 18,448 — 18,448
Changes in treasury stock — — — — (2)
Balance at March 31, 2006 10,567 — 3,929 — 474,520
Reclassified balance at March 31, 2006 — — — 31,705 31,705
Net loss — — — — (7,094)
Cash dividends — — — — (6,284)
Changes in treasury stock — — — — (1)
Other, net (746) (35) 9,957 (7,687) 1,489
Balance at March 31, 2007 ¥ 9,821 ¥(35) ¥13,886 ¥24,018 ¥494,335
The accompanying notes are an integral part of these financial statements.