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SEIKO EPSON CORPORATION
ANNUAL REPORT 2013
April 2012 - March 2013

Table of contents

  • Page 1
    SEIKO EPSON CORPORATION ANNUAL REPORT 2013 April 2012 - March 2013

  • Page 2
    ... introduce new products and services in markets, consumption trends, competition, technology trends, and exchange rate fluctuations. In this annual report, "Epson" or the "Group" refers to the Epson Group, while "the Company" may refer to the Group or the parent company, Seiko Epson Corporation. 1

  • Page 3
    ... Manufacturing, orders received and sales ...22 3. Analysis of financial condition and results of operations...23 4. Research and development activities ...27 Corporate Governance ...32 1. Approach to corporate governance ...32 2. Details of audit remuneration...41 3. Basic policy regarding company...

  • Page 4
    ... Statements of income data Net sales Information-related equipment Electronic devices Precision products Other Eliminations and corporate Information-related equipment business segment Devices and precision products business segment Other Eliminations and corporate Gross profit Selling, general and...

  • Page 5
    ... equipment Electronic devices Precision products Information-related equipment business segment Devices and precision products business segment Other Corporate Total Per share data (yen and U.S. dollars) Net income (loss) Cash dividends Shareholders' equity Financial ratios (%) Shareholders' equity...

  • Page 6
    ... Indonesia Epson Epson Korea Co., Ltd. POS systems and Industry Epson Hong Kong Ltd. others Epson Precision Epson Taiwan Technology & (Philippines), Inc. Trading Ltd. Tianjin Epson Co., Ltd. Epson Singapore Pte. Ltd. Visual products 3LCD projectors, Epson Engineering Epson Australia Pty. Ltd. HTPS...

  • Page 7
    ...Corporation Epson Europe Electronics crystal units, crystal Akita Epson Corporation GmbH Epson Toyocom Malaysia oscillators, quartz Sdn. Bhd. Epson Hong Kong Ltd. sensors and others Devices [Semiconductor Tohoku Epson Corporation Epson Taiwan Technology & business] Singapore Epson Industrial Trading...

  • Page 8
    ...Hong Kong) Ltd. movements and Singapore Epson Industrial others Pte. Ltd. [Factory automation Precision systems business] products Precisoin industrial Epson America, Inc. Epson Engineering Epson Deutschland GmbH robots, IC handlers, (Shenzhen) Ltd. Epson (China) Co.,Ltd. industrial inkjet equipment...

  • Page 9
    ... Book value (Millions of yen) Name of plant (location) Business segment Type of facilities Machinery, Buildings and structures equipment and vehicles Head Office (Suwa-shi, Nagano) Tokyo Office (Shinjuku-ku, Tokyo) Overall administration and other Overall administration and other Printer development...

  • Page 10
    .... (Cabuyao, Philippines) Epson Toyocom Malaysia Sdn. Bhd. (Kuala Lumpur, Malaysia) Information-related equipment products Information-related equipment Devices and precision products Information-related equipment Printer, 3LCD projector, liquid crystal panel, watches and manufacturing facilities...

  • Page 11
    ... below. Information-related equipment segment Investment for commercializing new products such as printers and 3LCD projectors etc., and for rationalizing, upgrading and maintaining equipment and facilities amounted to ¥33,447 million in the fiscal year under review. Devices and precision products...

  • Page 12
    ... of yen) 300 Business segment Information-related equipment Devices & Precision Products Sensing & Industrial solutions Other and overall Total Main types and purposes of equipment and facilities Commercializing new products; rationalizing, upgrading and maintaining equipment and facilities, etc...

  • Page 13
    ... License to use patents relating to printing technologies for printers (2) Reciprocal technical assistance agreements Name of contracting company Seiko Epson Corporation Seiko Epson Corporation Seiko Epson Corporation Seiko Epson Corporation Seiko Epson Corporation Seiko Epson Corporation Seiko...

  • Page 14
    ...inkjet consumables in terms of Epson's sales and profit. There are other parties who supply ink cartridges that can be used in Epson printers. These alternative products are sold for less than genuine Epson ink cartridges and have a higher market share in emerging markets than in developed economies...

  • Page 15
    ... genuine ink cartridges lose market share or if Epson must reduce the prices of Epson brand products. . 5. Sudden changes in the business environment could affect Epson. Epson is concentrating management resources on domains in which it can leverage its unique strengths-domains such as the printing...

  • Page 16
    ... long-term purchase agreements. However, certain inkjet printer and other product parts are procured from a single source due to difficulty in procuring alternative parts from other companies. Epson is developing reliable and efficient procurement processes by cooperatively engaging with suppliers...

  • Page 17
    ... the atmosphere that arise from manufacturing processes. Environmental conservation is one of Epson's most important management policies, and the Company is proactively engaged in environmental conservation on all fronts. For example, Epson has programs to develop and manufacture products that have...

  • Page 18
    ... law of Germany. It thus dismissed the ruling of the supreme court and referred the case back to the supreme court for review. Then, in July 2011, the supreme court referred the case to the Court of Justice of the European Union, and an inquiry was begun in October 2012. Companies in general...

  • Page 19
    ... tie-ups will succeed or contribute to Epson's operating results exactly as expected. 21. Epson might be severely affected in the event of a natural or other disaster. Epson has research and development, procurement, manufacturing, logistics, sales and services sites around the globe. It is possible...

  • Page 20
    ... the end of the period and the effects of economic and financial policies. The situation in the main markets of the Epson Group ("Epson") was as follows. Inkjet printer demand contracted in North America and Europe. Japan saw a sustained recovery in demand across the first half before dropping off...

  • Page 21
    ...in other parts of Asia and Europe. POS systems product net sales grew. Although net sales were hurt by the effects of falling average selling prices in the Americas and a decline in unit shipments in Europe, where customers were reluctant to spend due to the slow economy, unit shipments increased on...

  • Page 22
    ... watches, and high-end models, as well as a jump in average selling prices. In factory automation systems, sales of robots increased on a jump in orders from China and other regions in Asia. On the other hand, sales of IC handlers decreased due to sluggish demand from semiconductor manufacturers...

  • Page 23
    ... March 31, 2013 (From April 1, 2012, to March 31, 2013) (Millions of yen) 645,634 149,169 794,804 684 Information-related equipment Devices and precision products Total for the reporting segments Other Total 795,488 Notes 1. The above figures are based on sales prices. Intersegment transactions...

  • Page 24
    ... watches, and high-end models, as well as a jump in average selling prices. In factory automation systems, sales of robots increased on a jump in orders from China and other regions in Asia. On the other hand, sales of IC handlers decreased due to sluggish demand from semiconductor manufacturers...

  • Page 25
    ... of patent royalties, R&D expenses for basic research and new businesses that do not belong to a reporting segment, and SG&A expenses, comprised of Head Office expenses. Non-operating income and expenses The net of non-operating income minus non-operating expenses was negative ¥3,625 million...

  • Page 26
    ... payable-trade declined by ¥20,177 million, total liabilities increased mainly because of a ¥4,702 million increase in a provision for bonuses, a ¥5,896 million increase in the provision for retirement benefits, and a ¥32,314 million total net increase in short-term loans payable, long-term...

  • Page 27
    ¥18,894 million compared to the end of the previous fiscal year. The ratio of interest-bearing liabilities to total assets increased to 34.9%. It was 32.4% at the end of the previous fiscal year. 26

  • Page 28
    ... projected on a wall or board with an electronic pen. *1 Cubic size comparison *2 As of the June 2012, according to Epson research. Devices and precision products In quartz devices, the Company used its core strength in QMEMS*3 fabrication technology to develop an exceptionally accurate and stable...

  • Page 29
    on running. 28

  • Page 30
    ... printers we will, over the medium term, improve the model mix, realign the product mix and business model, and boost competitiveness by launching inkjet units that sport a new print head. At the same time, we will further enhance service and support, including IT solutions. In the business systems...

  • Page 31
    ... the market. We will develop industrial solutions into a future core growth business by employing advanced mechatronics, including unique inkjet and intelligent robot technologies, to create industrial robots, production equipment, and inkjet systems that dramatically increase productivity. Sensing...

  • Page 32
    ... The Company's dividend policy is to pay cash dividends twice a year. The year-end dividend is determined by resolution of the general shareholders' meeting and the interim dividend is determined at a meeting of the board of directors. Based on the company's financial performance for the 2012 fiscal...

  • Page 33
    ...business checks and balances, practicing sound corporate ethics, and ensuring business transparency and health. The Company has a board of directors and a board of statutory auditors. The board of directors had nine members, including one outside director, as of the date the Annual Securities Report...

  • Page 34
    ... the Tokyo Stock Exchange (TSE) as they are considered to be independent directors/auditors as defined by the TSE. Internal control system The Epson Management Philosophy defines the Company's top-level philosophies, goals, ambitions, and mores. "Principles of Corporate Behavior," a business code of...

  • Page 35
    ... on a Group level. This is accomplished by internal regulations that require subsidiaries to report or acquire pre-approval for certain business operations from the parent company, Seiko Epson, and by requiring issues that meet certain criteria to be submitted to Epson's board of directors for...

  • Page 36
    ... auditors to conduct audits based on the same information as that available to directors. Statutory auditors also routinely review important documents related to management decision making. (3) Epson has established a Corporate Auditors Office with a full-time staff to assist the statutory auditors...

  • Page 37
    ... internal control. Statutory auditors are thus kept abreast of operational issues and the status of measures to address those issues. (4) Director remuneration Basic policy Directors serve to enhance corporate value, both in the immediate and long terms, and Epson has designed its system of director...

  • Page 38
    ... position of director as an additional post. 3. Epson introduced a stock performance (stock-based) component to the remuneration system to link remuneration more closely to share price, so Epson stock accounts for a portion of basic salary. 4. A resolution of the general shareholders' meeting held...

  • Page 39
    ... year Company NGK Insulators, Ltd. Shares (stock) 3,...Group, Inc. 15,008,880 2,986 Seiko Holdings Corporation 1,644,080 692 The Hachijuni Bank, Ltd. 489,500 278 Iwasaki Electric Co., Ltd. 1,000,000 193 Hakuto Co., Ltd. 190,000 171 King Jim Co., Ltd. 221,980 155 Marubun Corporation...

  • Page 40
    ...Items for the General Shareholders' Meeting that can be determined by the board of directors Treasury stock acquisition The Company's Articles of Incorporation allow the Company to acquire treasury stock through stock market trade and other means by resolution of the board of directors. This enables...

  • Page 41
    ...interim dividend with a date of record of September 30 every year by resolution of the board of directors. This provides the Company with flexibility in paying dividends to shareholders. (11) Special resolution requirements of the General Shareholders' Meeting The Company's Articles of Incorporation...

  • Page 42
    ... 31, 2013, amounted to ¥407 million. (3) Non-audit work performed by auditing certified public accountant at filing company Previous fiscal year Remuneration paid for non-audit work performed by the auditing certified public accountant was for consultancy services in IFRS. Fiscal year under review...

  • Page 43
    ... is the Updated SE15 Second-Half Mid-Range Business Plan (FY2013-15), a three-year plan established in March 2013. Under this plan the Company will readjust its product mixes and adopt new business models in existing segments and aggressively develop markets in new business segments. Epson will move...

  • Page 44
    ... of stock acquisition details, requesting information from the Epson board of directors regarding alternative proposals, disclosing information to shareholders, and negotiating with parties intending to make acquisitions. The special committee shall advise the Epson board of directors regarding...

  • Page 45
    ... President, Epson Sales Japan Corporation General Administrative Manager, Human Resources Division General Administrative Manager, Intellectual Property Division General Administrative Manager, Corporate Research & Development Division Chief Operating Officer, Printer Operations Division General...

  • Page 46
    ... Development Division, and General Manager, Safety Promotion Department Managing Director, Epson Singapore Pte. Ltd President, Epson Europe B.V. General Administrative Manager, Imaging Products Key Component Research & Engineering Division President, P.T. Indonesia Epson Industry Chief Operating...

  • Page 47
    Index to Consolidated Financial Statements Seiko Epson Corporation and Subsidiaries Consolidated Balance Sheets...Consolidated Statements of Operations...Consolidated Statements of Comprehensive Income...Consolidated Statements of Changes in Net Assets...Consolidated Statements of Cash Flows...Notes...

  • Page 48
    ... Balance Sheets As of March 31, 2012 and 2013 Millions of yen March 31, 2012 Assets Current assets Cash and deposits Notes and accounts receivable-trade Short-term investment securities Merchandise and finished goods Work in process Raw materials and supplies Deferred tax assets Other Allowance for...

  • Page 49
    ... warranties Provion for recycling costs Other Total noncurrent liabilities Total liabilities Net assets Shareholders' equity Capital stock Authorized - 607,458,368 shares Issued - 199,817,389 shares Capital surplus Retained earnings Treasury stock March 31, 2013 - 20,925,261 shares March 31, 2012...

  • Page 50
    ... ended March 31, 2012 and 2013 Millions of yen March 31, 2012 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Non-operating income: Interest income Rent income Foreign exchange gains Other Total non-operating income Non-operating expenses: Interest...

  • Page 51
    Consolidated Statements of Comprehensive Income For the years ended March 31, 2012 and 2013 Millions of yen March 31, 2012 Income (loss) before minority interests Other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency ...

  • Page 52
    Consolidated Statements of Changes in Net Assets For the years ended March 31, 2012 and 2013 Millions of yen March 31, 2012 Shareholders' equity Capital stock Balance at the beginning of current ... 267,517 267,517 (428,931) The accompanying notes are an integral part of these financial statements. 51

  • Page 53
    ...2012 Total accumulated other comprehensive income Balance at the beginning of current period Changes of items during the period Net changes of items other than shareholders' equity...Net income (loss) Purchase of treasury stock Net changes of items other than shareholders' equity...March 31, 2013 (687,686...

  • Page 54
    ... Redemption of bonds Repayments of lease obligations Purchase of treasury stock Cash dividends paid Cash dividends paid to minority shareholders Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash...

  • Page 55
    ... of operations Seiko Epson Corporation (the "Company") was originally established as a manufacturer of watches but later expanded its business to provide key devices and solutions for the digital color imaging markets through the application of its proprietary technologies. The Company operates its...

  • Page 56
    ...foreign subsidiaries and affiliates are translated at the foreign exchange rates prevailing at the respective balance sheet dates, and all the...reported as a separate component of net assets, net of taxes. Other securities for which market quotations are unavailable are stated at cost, primarily based...

  • Page 57
    ... 1, 2012, the Company and its Japanese subsidiaries adopted the 200% declining-balance method for depreciation of property, plant and equipment (excluding buildings) acquired on or after April 1, 2012. The adoption of the new method did not have a material effect on Epson's results of operations and...

  • Page 58
    ... is calculated on the basis of the estimated amounts that Epson is obligated to pay its employees after the fiscal year-end for services provided up to the balance sheet dates. Provision for bonuses to directors and statutory auditors are provided for the estimated amounts that the Company is...

  • Page 59
    ... recognized when services are rendered and accepted by customers. (16) Research and development costs Research and development costs are charged as incurred. (17) Leases Epson leases certain office space, machinery and equipment and computer equipment from third parties using capital leases. Most of...

  • Page 60
    ...discount rate shall be changed. Epson expects to apply the revised accounting standard from the fiscal year ended March 31, 2014 and apply the revised calculation method for the projected benefit obligation and service cost from beginning of the fiscal year ended March 31, 2015. As of March 31, 2013...

  • Page 61
    ... business of the Company and related subsidiaries are deemed as liquidated, and the difference between the market value of proceeds received and the amount of shareholders' equity corresponding to the transferred business is recognized as the loss on transfer. Name of the reporting segment in which...

  • Page 62
    ... other securities with market value, which were included in the short-term investment securities account and the investment securities account at March 31, 2012 and 2013, were as follows: Other securities Millions of yen March 31, 2012 Gross unrealized Cost Equity securities Certificate of deposit...

  • Page 63
    ... estimate their market value. The amounts of investments in unconsolidated subsidiaries and affiliates, which were included in the investment securities account as of March 31, 2012 and 2013, were ¥2,996 million and ¥3,390 million ($36,044 thousand), respectively. 9. Short-term and long-term loans...

  • Page 64
    ... calculated using weighted-average interest rates on short-term loans payable, long-term loans payable and bonds payable, as of March 31, 2013. Average interest rates on lease obligations are not disclosed herein since interest expenses included in lease payments are allocated based on the straight...

  • Page 65
    ... as of March 31, 2012 and 2013, were as follows: Thousands of U.S. dollars March 31, 2013 $9,696 265 Millions of yen March 31 2012 Goodwill Negative goodwill 11. Retirement benefits ¥1,832 74 2013 ¥912 25 The Company and its Japanese subsidiaries maintain corporate defined benefit pension plans...

  • Page 66
    ...,747 625,603 The composition of net pension and severance costs for the years ended March 31, 2012 and 2013, was as follows: Thousands of Millions of yen U.S. dollars Year ended Year ended March 31 2012 Service cost Interest cost Expected return on plan assets Amortization and expenses: Actuarial...

  • Page 67
    ... ended March 31 2012 Discount rate Long-term rate of return on plan assets 2.5% 3.2 2013 1.7% 2.5 12. Net assets The Japanese Companies Act stipulates that an amount equal to 10% of dividends shall be distributed as additional paid-in capital or legal reserve on the date of distribution until an...

  • Page 68
    ... follows. Number of shares Purchase by the resolution of the board of directors Purchase from dissenting shareholders based on the Japanese Companies Act Purchase of the shares less than one unit 13. Net income (loss) per share Calculation of net income (loss) per share for the years ended March 31...

  • Page 69
    ...as of March 31, 2012 and 2013, were as follows: Thousands of U.S. dollars March 31, 2013 Millions of yen March 31 2012 2013 Deferred tax assets: Net operating tax loss carry-forwards Inter-company profits on inventories and write downs Property, plant and equipment and intangible assets (Impairment...

  • Page 70
    ... of yen U.S. dollars Year ended Year ended March 31 2012 Salaries and wages Advertising Sales promotion Shipping costs Research and development costs Allowance for doubtful accounts Other Total ¥71,691 16,559 20,714 18,809 21,526 143 74,774 ¥224,219 2013 ¥74,046 14,956 18,128 12,647 18,992...

  • Page 71
    ... using their net selling prices, which were assessed on the basis of reasonable estimates. 19. Leases As of March 31, 2013, capital leases, mainly comprised of uninterruptible power supply, host computers and computer terminals. Future lease payments for non-cancelable operating leases as a lessee...

  • Page 72
    ...months Short-term investment securities due over three months Cash and cash equivalents ¥150,029 ¥184,639 $1,963,200 (9) (54) (10) － (39) (12) － (414) (127) ¥123,093 19,010 8,000 2013 ¥106,678 70,012 8,000 U.S. dollars March 31, 2013 $1,134,269 744,412 85,060 The Company obtained marketable...

  • Page 73
    ... lists notional amounts and fair value of derivatives as of March 31, 2012 and 2013, by transaction and type of instrument, excluding derivatives qualifying for hedge accounting. Currency-related transactions Millions of yen March 31, 2012 Instruments Forward exchange contracts: Sell U.S. dollar...

  • Page 74
    ... (0) (0) 170 ($35,024) The fair value is calculated based on prices obtained from financial institutions. The table below lists notional amounts and fair value of derivatives as of March 31, 2012 and 2013, by transaction and type of instrument, qualifying for hedge accounting. (a) Currency-related...

  • Page 75
    ... fair value is calculated based on prices obtained from financial institutions. (b) Interest-related transactions Millions of yen March 31, 2012 Notional Due after amounts one year Instruments Interest rate swaps: Pay-fixed, receive-floating Hedged items Floating interest rate in long-term loans...

  • Page 76
    Instruments Interest rate swaps: Pay-fixed, receive-floating Hedged items Thousands of U.S. dollars March 31, 2013 Notional Due after amounts one year Floating interest rate in long-term loans payables $318,979 － The fair value of interest rate swaps meeting certain hedging criteria and ...

  • Page 77
    ...Derivative instruments are mainly comprised of forward exchange contracts and interest rate swaps. Financial risk management (1) Credit and default risk Based on internal rules and policies and procedures, Epson regularly monitors the situation regarding the operating receivables of counterparties...

  • Page 78
    ... market value and financial results, etc., of the issuing company (counterparty) based on rules and policies for managing investment securities. Epson also takes into consideration the state of the relationship with counterparties as it constantly reviews the level of its holdings. (3) Liquidity...

  • Page 79
    ... and accounts payable-trade Short-term loans payable Accounts payable-other Bonds payable Long-term loans payable (including current portion) Total Derivative instruments Derivative instruments in the table above represent a net amount. Thousands of U.S. dollars March 31, 2013 Unrealized Carrying...

  • Page 80
    ... of loans payable based on fixed interest rates are calculated by discounting the total amounts of loans payable using estimated interest rates that would be in effect if similar loan arrangements were entered into. Limitations Fair value estimates are based on relevant market information. These...

  • Page 81
    ...200,000 treasury stocks from Mr. Yasuo Hattori determined by a resolution at its board of directors' meeting held on November 16, 2011 through the off-auction own share repurchase trading system (ToSTNeT-3) on the Tokyo Stock Exchange, at the share price on November 16, 2011 (Â¥964 per share). Epson...

  • Page 82
    ... projectors, HTPS-TFT panels for 3LCD projectors, label printers and personal computers. The devices & precision products segment mainly includes crystal units, crystal oscillators, quartz sensors, CMOS LSIs, watches, watch movements, precision industrial robots, IC handlers and industrial inkjet...

  • Page 83
    ...following table summarizes the reporting segment information of Epson for the year ended March 31, 2012 and 2013: Millions of yen Year ended March 31, 2012 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) (Operating income) Segment assets...

  • Page 84
    ... of yen Year ended March 31, 2013 Reporting segments Informationrelated equipment Net sales: Customers Inter-segment Total Segment income (loss) (Operating income) Segment assets Other Depreciation and amortization Increase in property, plant, equipment and intangible assets Amortization of goodwill...

  • Page 85
    ... to research and development for new businesses and basic technology, and general corporate expenses. (2) Increase in property, plant, equipment and intangible assets: 2012 Corporate expenses Intangible assets [Note] Total Year ended March 31 Millions of yen 2013 ¥2,233 ¥1,759 2,377 259 ¥4,610...

  • Page 86
    ...dollars Year ended March 31, 2013 Japan Net sales $2,835,130 The United States $1,478,649 China including Hong Kong Other $3,647,912 Total $9,051,536 $1,089,845 [Note] Each country's net sales are based on the location of the customers. Property, plant and equipment by country: The following...

  • Page 87
    ...and expenses relating to research and development for new businesses and basic technology, and general corporate expenses. (f) Information of goodwill The following table summarizes information of goodwill in each reporting segments for the year ended March 31, 2012 and 2013: Millions of yen Year...

  • Page 88
    ... under corporate expenses does not correspond to the reporting segments. The following table summarizes information of amortization of negative goodwill and balance of negative goodwill from the subsidiary's acquisitions before April 1, 2010 for the year ended March 31, 2012 and 2013: Millions...

  • Page 89
    Report of Independent Auditors 88

  • Page 90
    ... Epson Corporation Sakata-shi, Yamagata Manufacture of printer components and 100.0 semiconductors, Loan of assets Manufacture of printer components and crystal 100.0 devices, Financial assistance, Leasing of assets Holding company in 100.0 Americas, Interlocking directors Regional headquarters...

  • Page 91
    ... Epson Deutschland GmbH Epson Europe Electronics GmbH Munich, Germany LevalloisPerret, France Milan, Italy Cerdanyola, Spain Epson France S.A. Epson Italia s.p.a. Epson Iberica, S.A. Epson (China) Co., Ltd. Beijing, * China Epson Korea Co., Ltd. Seoul, Korea Hong Kong, Epson Hong Kong...

  • Page 92
    ...Singapore Bekasi, Indonesia Cabuyao, Philippines Epson Toyocom Malaysia Sdn. Bhd. Kuala Lumpur, Malaysia 57 other companies - - - - - Company name Location Paid-in capital or amount invested Main business Ownership Relationship between parent percentage of company and affiliate voting...

  • Page 93
    ... of Epson Sales Japan Corporation, Epson America, Inc. and Epson Europe B.V. each amount to more than 10% of the consolidated net sales. Key information about operations of those subsidiaries is as follows. (Millions of yen) Company name Epson Sales Japan Corporation Epson America, Inc. Epson Europe...

  • Page 94
    ... individuals and others Total than one unit (Shares) Notes 1. 20,925,261 shares of treasury stock are included as 209,252 units in "Japanese individuals and others" and 61 shares in "Shares less than one unit." 2. Four units in the name of Japan Securities Depository Center, Inc. are included...

  • Page 95
    ... Correct as of March 31, 2013 Name Sanko Kigyo Kabushiki Kaisha Japan Trustee Services Bank, Ltd. (Trustee Account) The Master Trust Bank of Japan, Ltd. (Trust account) Seiko Holdings Corporation Seiko Epson Corporation Employees' Shareholding Association Yasuo Hattori Noboru Hattori The Dai...

  • Page 96
    ... of the fiscal year under review. Therefore, they are not included in the above major shareholders. Name JP Morgan Asset Management (Japan) Limited J.P. Morgan Whitefriars, Inc. JPMorgan Chase Bank, National Association J.P. Morgan Securities Plc Total Address Tokyo Building, 7-3, Marunouchi 2-chome...

  • Page 97
    ...hold the Company's shares as follows as of March 29, 2013. However, we have not been able to confirm the number of shares they held at the end of the fiscal year under review. Therefore, they are not included in the above major shareholders. Name Mizuho Corporate Bank, Ltd. Mizuho Bank, Ltd. Address...

  • Page 98
    ... 1,001 68th year March 2010 1,715 1,216 69th year March 2011 1,700 1,032 70th year March 2012 1,499 881 71st year March 2013 1,183 431 Note High and low stock prices noted above are based on the Tokyo Stock Exchange (First Section) data. (2) High and low stock prices for the previous six months...

  • Page 99
    ...Seiko Epson Corporation May 1942 3-5 Owa 3-chome, Suwa, Nagano 392-8502, Japan Tel: +81-266-52-3131(main) (4) Tokyo office Shinjuku NS Building, 4-1 Nishishinjuku 2-chome, Shinjuku-ku Tokyo 163-0811, Japan Tel: +81-3-3348-8531 (5) Investor information Closing of accounts Regular general shareholders...

  • Page 100
    3-3-5 Owa, Suwa, Nagano 392-8502, Japan tel: +81-266-52-3131 http://global.epson.com