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SEIKO EPSON CORPORATION
ANNUAL REPORT 2014
April 2013 - March 2014

Table of contents

  • Page 1
    SEIKO EPSON CORPORATION ANNUAL REPORT 2014 April 2013 - March 2014

  • Page 2
    ... to quickly introduce new products and services, 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
    ... management contracts ...13 Risks Related to Epson's Business Operations ...14 Business Conditions...20 1. Overview of business results...20 2. Manufacturing, orders received and sales ...23 3. Analysis of financial condition and results of operations ...24 4. Research and development activities...

  • Page 4
    ... Highlights Seiko Epson Corporation and Subsidiaries For the years ended March 31 Millions of yen Thousands of U.S. dollars 2009 Statements of income data Net sales Information-related equipment Electronic devices Precision products Other Eliminations and corporate Information-related equipment...

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

  • Page 6
    ... GmbH Epson France S.A. Epson Italia s.p.a. Epson Iberica, S.A. Epson (China) Co., Ltd Epson Korea Co., Ltd. Epson Hong Kong Ltd. Epson Taiwan Technology & Trading Ltd. Epson Singapore Pte. Ltd. Epson Australia Pty. Ltd. Epson Sales Japan Corporation Epson Direct Corporation Printing Systems...

  • Page 7
    ...Precision Malaysia Sdn. Bhd. Tohoku Epson Corporation Singapore Epson Industrial Pte. Ltd. Sales companies Epson Electronics America, Inc. Epson Europe Electronics GmbH Epson Hong Kong Ltd. Epson Taiwan Technology & Trading Ltd. Epson Singapore Pte. Ltd. Orient Watch Co., Ltd. Time Module (Hong Kong...

  • Page 8
    ... Industrial robots, IC handlers, industrial inkjet printing systems, sensing systems and others Sales companies Epson Sales Japan Corporation Epson America, Inc. Epson Deutschland GmbH Epson (China) Co., Ltd. Sensing and industrial solutions Akita Epson Corporation Epson Engineering (Shenzhen) Ltd...

  • Page 9
    ... Epson' s major equipment and facilities are as follows. (1) Seiko Epson Corporation As of March 31, 2014 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...

  • Page 10
    ... Epson Precision (Hong Kong) Ltd. (Hong Kong, China) equipment products solutions Singapore Epson Industrial Pte. Ltd. (Singapore) P.T. Indonesia Epson Industry (Bekasi, Indonesia) Epson Precision (Philippines), Inc. (Lipa, Philippines) Epson Precision Malaysia Sdn. Bhd. (Kuala Lumpur, Malaysia...

  • Page 11
    .... The size of each area of rented land is indicated in parenthesis [ ]. 4. Tohoku Epson Corporation uses a portion of the facilities of the Sakata Plant. 5. Figures for Epson Precision (Hong Kong) Ltd., Singapore Epson Industrial Pte. Ltd., and Epson Precision (Philippines), Inc., are included in...

  • Page 12
    ... as crystal devices and watches, etc., and for rationalizing, upgrading and maintaining equipment and facilities amounted to ¥8,008 million in the fiscal year under review. Sensing and industrial solutions segment Investment used for commercializing new products such as factory automation systems...

  • Page 13
    ...new products; rationalizing, upgrading and 100 Products maintaining equipment and facilities, etc. Sensing & Industrial Commercializing new products; rationalizing, upgrading and 20 Solutions maintaining equipment and facilities, etc. Other and overall Total 50 Investment in research and development...

  • Page 14
    ... Country Type of contract Contract period December 22, 2000 until the expiry of the patents Research Corporation Technologies, Inc. U.S.A. License to use patents relating to printing technologies for printers (2) Reciprocal technical assistance agreements Name of contracting company Seiko Epson...

  • Page 15
    ... Incorporated. 1 4. Other parties sell consumables for inkjet printers. Ink cartridges, the main consumables for inkjet printers, are an important source of revenue and profit for Epson. Non-genuine ink cartridges and other inkjet printer consumables that can be used with Epson printers are sold by...

  • Page 16
    ... price of Epson-brand genuine products if genuine ink cartridges lose market share. 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-printing systems, visual communications, sensing...

  • Page 17
    sensing, GPS, image processing, energy-saving, and precision mechatronic technologies. By evolving and fusing these technologies into platforms, Epson will continue to develop and manufacture products that meet customer needs. The rapid rate of technological innovation required in most of the fields...

  • Page 18
    ... on all fronts. For example, Epson has programs to develop and manufacture products with a lesser environmental burden, reduce energy use, promote the recovery and recycling of end-of-life products, and improve environmental management systems. To date, Epson has not had any serious environmental...

  • Page 19
    ... the European Union ruled that EU member states can impose levies on printer and PC manufacturers in order to compensate copyrights holders for unauthorized reproduction of their work. In response to this ruling, a review was launched in German courts in October 2013. Companies in general, including...

  • Page 20
    ... of critical company information systems, supply chain disruption resulting from damage to parts suppliers, act of terrorism or war, and that these could adversely affect Epson's operating results. The central region of Nagano Prefecture, where Epson's primary businesses are located, has numerous...

  • Page 21
    ... financial policies. Conditions among the main markets of the Epson Group ("Epson") were as follows. Inkjet printer demand contracted in North America and Japan but drifted sideways in Europe. Large-format printer sales were brisk for popularly priced models. Sales of high-end models were sluggish...

  • Page 22
    ... off to create new segments. The main change is that factory automation equipment, industrial inkjet printing systems, and sensing systems equipment, which were formerly included in the information-related equipment segment, devices and precision products segment, and corporate segment, were spun...

  • Page 23
    ... adjustments last year. The loss mainly comprises selling, general and administrative expenses for areas that do not correspond to the reporting segments, such as research and development expenses for new businesses and basic technology, and general corporate expenses. (2) Cash Flow Performance Net...

  • Page 24
    ...2014 (From April 1, 2013, to March 31, 2014) (Millions of yen) 845,168 138,238 15,316 998,723 751 Information-related equipment Devices and precision products Sensing and industrial solutions Total for the reporting segments Other Total 999,474 Notes 1. The above figures are based on sales prices...

  • Page 25
    ... selling prices. The sensing and industrial solutions segment posted net sales of ¥16,181 million, a year-over-year increase of ¥4,767 million (41.8%). In factory automation systems, industrial robot net sales increased as a result of increased orders from Asia. Meanwhile, IC handler net sales...

  • Page 26
    ...569 million increase to the ¥9,614 million loss reported in the previous period. Although Epson recorded income growth in industrial robots and IC handlers, this growth was outstripped by widened losses in industrial inkjet printing systems and sensing systems. Other segment loss was ¥258 million...

  • Page 27
    ... associated with the acquisition of property, plant and equipment and intangible assets, net cash used in investing activities increased principally because in the previous period Epson recorded ¥3,147 million in income associated with a business transfer and because of a ¥499 million increase...

  • Page 28
    ... printing, an image printed on a sheet of transfer paper is transferred to a polyester substrate by using heat to turn the sublimation ink into a gas so it permeates and fuses with the substrate. Devices and precision products In the micro-devices business, Epson developed new real-time clock...

  • Page 29
    ... of Seiko Epson Corporation. Sensing and industrial solutions Epson released new WristableGPS sports monitors, wristwatch-like products that use GPS to accurately track and record such things as distances run, pace, and routes taken. Equipped with a newly developed, low-power GPS receiver chip and...

  • Page 30
    ... needs of the office market and emerging markets. We will also boost competitiveness by releasing a succession of inkjet printers that feature new Micro Piezo print heads. At the same time, we will further enhance services and support that include IT solutions. In the business systems business, we...

  • Page 31
    ... of component and sensing systems technologies to build new businesses around innovative sensing products, such as wristwatch-like GPS running monitors and pulse monitors. We will continue to develop these types of products as new growth drivers, integrating them with cloud-based systems to provide...

  • Page 32
    ...The Company's distribution of retained earnings for the fiscal year under review is as follows. Distribution of retained earnings for the fiscal year under review Date approved October 31, 2013, by resolution of the board of directors June 24, 2014, by resolution of the general shareholders' meeting...

  • 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 10 members, including two outside directors, as of the date the Annual Securities Report...

  • Page 34
    ...have been reported to 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...

  • Page 35
    ... power and authority across the entire Group. (2) Executive officers are required to report the matters below at least once every three months to the board of directors. • Current business performance and performance outlook • Risk management responses • Status of key business operations...

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

  • Page 37
    ... voting rights. 6 A "large donation" is a donation in an amount which, on average in any of the last three years, exceeds the greater of ¥10,000,000 or 30% of the group's total annual expenses. Outside directors Epson's board has two outside directors. No special interests exist between the Company...

  • Page 38
    ...' meeting on June 24, 2013. 2. 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 the basic salary. 3. A resolution of the general shareholders' meeting held on June 26...

  • Page 39
    ... of the general shareholders' meeting held on June 24, 2014 was paid a retirement benefit of ¥41 million based on the resolution of the general shareholders' meeting held on June 23, 2006, on the payment of director retirement benefits. 7. Stock options are not granted. (5) Stock holdings Balance...

  • Page 40
    ... Fiscal year Company NGK Insulators, Ltd. Shares (stock) 3,757,...Group, Inc. 15,008,880 3,061 Seiko Holdings Corporation 1,644,080 675 The Hachijuni Bank, Ltd. 489,500 287 Iwasaki Electric Co., Ltd. 1,000,000 253 Hakuto Co., Ltd. 190,000 183 Marubun Corporation 332,640 178 King Jim...

  • Page 41
    ... of the Japanese Companies Act. (10) Items for approval at 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...

  • Page 42
    ...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 43
    ...period, was subsequently revised in part, and the updated plan ("the Plan") was approved by shareholders at the June 20, 2011, general shareholders' meeting. The purpose of the Plan is to prevent large-scale acquisitions of Epson stock certificates that do not enhance corporate value or that are not...

  • Page 44
    ..., the Plan guarantees fairness and objectivity, is reasonable, and supports Epson' s corporate value and the common interests of its shareholders because, among other things, a) it was introduced (and updated) after being approved by shareholders at the general shareholders' meeting; b) it contains...

  • Page 45
    ... Division General Administrative Manager, Corporate Research & Development Division Chief Operating Officer, Printer Operations Division General Administrative Manager, Imaging Products Key Component Research & Engineering Division Chief Operating Officer, Visual Products Operations Division General...

  • Page 46
    ... Manager, C project Chief Operating Officer, Sensing Systems Operations Division Deputy Chief Operating Officer, Printer Operations Division, and General Manager, BIJ Planning & Design Project Chief Operating Officer, Industrial Solutions Operations Division President, Epson Sales Japan Corporation...

  • Page 47
    Index to Consolidated Financial Statements Seiko Epson Corporation and Subsidiaries Consolidated Balance Sheets ...47 Consolidated Statements of Operations ...49 Consolidated Statements of Comprehensive Income ...50 Consolidated Statements of Changes in Net Assets ...51 Consolidated Statements of ...

  • Page 48
    ... - trade Short-term investment securities Merchandise and finished goods Work in process Raw materials and supplies Deferred tax assets Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Buildings and structures Machinery, equipment and...

  • Page 49
    ...and accounts payable - trade Short-term loans payable Current portion of bonds Current portion of long-term loans payable Accounts payable - other Income taxes payable Deferred tax liabilities Provision for bonuses Provision for directors' bonuses Provision for product warranties Other Total current...

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

  • Page 51
    ... of Comprehensive Income For the years ended March 31, 2013 and 2014 Thousands of U.S. dollars March 31, 2014 $815,594 29,935 8,521 189,712 1,379 229,547 $1,045,141 $1,040,905 $4,236 Millions of yen March 31, 2013 Income (loss) before minority interests Other comprehensive income Valuation...

  • Page 52
    ...2013 and 2014 Shareholders' equity Retained earnings ¥194,047 (4,651) (10,091) (14,742) ¥179,305 Total shareholders' equity...25,409 10,666 ¥258,806 Capital stock Capital surplus Treasury shares Balance at March ...shareholders' equity Total changes of items during period Balance at March 31, 2013...

  • Page 53
    ...,730 Capital stock Capital surplus Treasury shares Balance at March 31, 2013 Changes of items during period Dividends of surplus Net income (loss) Purchase of treasury shares Net changes of items other than shareholders' equity Total changes of items during period Balance at March 31, 2014 ¥53...

  • Page 54
    ...in) operating activities Cash flows from investing activities Purchase of investment securities Proceeds from sales of investment securities Purchase of property, plant and equipment Proceeds from sales of property, plant and equipment Purchase of intangible assets Proceeds from transfer of business...

  • 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
    ... the change in the depreciation method, the Company and its Japanese subsidiaries revised the useful lives of production plant and equipment based on the current production, following a comprehensive review of factors such as years of service and payout time. The change of the useful lives did not...

  • Page 57
    ... with Japanese accounting standards. All significant inter-company transactions and accounts, along with unrealized inter-company profits, are eliminated upon consolidation. Investments in affiliates in which Epson has significant influence are accounted for using the equity method. Consolidated...

  • Page 58
    .... Maintenance and repairs, including minor renewals and improvements, are charged to expenses as incurred. Depreciation of property, plant and equipment is mainly computed based on the straight-line method for the Company, its Japanese subsidiaries and foreign subsidiaries at rates based on 57

  • Page 59
    ... provided for the estimated amounts that the Company is obligated to pay to directors and statutory auditors subject to the resolution of the general shareholders' meeting held subsequent to the fiscal year-end. (10) Provision for product warranties Epson provides an accrual for estimated future...

  • Page 60
    ... at the time when goods are shipped. Revenue from services is 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...

  • Page 61
    ... as a result of valuations as of March 31, 2013 and 2014, were ¥31,594 million and ¥31,783 million ($308,812 thousand), respectively. 8. Investments in debt and equity securities Epson classifies all investments in debt and equity securities as either held-to-maturity debt securities or other...

  • Page 62
    ...of other securities with market value, which were included in the short-term investment securities account and the investment securities account at March 31, 2013 and 2014, were as follows: Other securities Millions of yen March 31, 2013 Gross unrealized Cost Equity securities Certificate of deposit...

  • Page 63
    ... of U.S. dollars March 31, 2013 Gross unrealized Cost Equity securities Certificate of deposit Total $64,943 825,884 $890,827 Gains $72,843 $72,843 Losses ($29) (-) ($29) Market value (carrying value) $137,757 825,884 $963,641 For the years ended March 31, 2013 and 2014, the total amount of other...

  • Page 64
    ...: Thousands of U.S. dollars March 31, 2014 2013 Amount Short-term loans payable Current portion of long-term loans payable Current portion of lease obligations Long-term loans payable from financial institutions Lease obligations Unsecured bonds issued by the Company Unsecured bonds issued by the...

  • Page 65
    ...510,104 Millions of yen Year ended March 31 2013 2014 ¥75,000 2,000 500 50,000 ¥127,500 ¥2,000 500 50,000 ¥52,500 Year ending March 31 2014 2015 2017 2018 Total The maturities of lease obligations outstanding as of March 31, 2013 and 2014, were as follows: Thousands of U.S. dollars Year ended...

  • Page 66
    ... year ending March 31, 2013.) The Company and its Japanese subsidiaries maintain corporate defined benefit pension plans and defined contribution pension plans covering the majority of their employees. In certain cases, additional severance costs may be provided. The funded status of these plans as...

  • Page 67
    ... obligations for the years ended March 31, 2013, was primarily as follows: Discount rate Long-term rate of return on plan assets 1.7% 2.5 （The fiscal year ending March 31, 2014.） The Company and its Japanese subsidiaries maintain corporate defined benefit pension plans and defined contribution...

  • Page 68
    ...31, 2014 was as follows: Thousands of Millions of yen Projected benefit obligations (funded plans) Plan assets at fair value ...31, 2014, was as follows: Thousands of Millions of yen Service cost Interest cost Expected return on plan assets Amortization and expenses: Actuarial loss Prior service cost...

  • Page 69
    ... reserve on the date of distribution until an aggregated amount of additional paid-in capital and legal reserve equals 25% of common stock. Under the Japanese Companies Act, distributions can be made at any time by resolution of the shareholders, or by the board of directors if certain conditions...

  • Page 70
    ... the year ended March 31, 2014, were June 25, 2013, and December 6, 2013, respectively. The proposed cash dividends of retained earnings of the Company for the year ended March 31, 2014, approved at the general shareholders' meeting, which was held on June 24, 2014, were as follows: Cash dividends...

  • Page 71
    ...loss) per share for the years ended March 31, 2013 and 2014, is as follows: Thousands of U.S. dollars Year ended March 31, 2014 $813,233 Millions of yen Year ended March 31 2013 Net income (loss) attributable to common shares (¥10,091) 2014 ¥83,698 Thousands of shares Weighted-average number of...

  • Page 72
    ... and liabilities as of March 31, 2013 and 2014, were as follows: Millions of yen March 31, March 31, 2013 2014 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 loss and...

  • Page 73
    ...selling, general and administrative expenses for the years ended March 31, 2013 and 2014, were as follows: Thousands of Millions of yen U.S. dollars Year ended Year ended March 31 2013 Salaries and wages Retirement benefit expenses Advertising Sales promotion Shipping costs Research and development...

  • Page 74
    ...2014, mainly comprised the settlement of the lawsuits concerning the allegations of a LCD price-fixing cartel. 18. Leases As of March 31, 2014, capital leases, mainly comprised of uninterruptible power supply, host computers and computer terminals. Future lease payments for non-cancelable operating...

  • Page 75
    ... 2014, by transaction and type of instrument, excluding derivatives qualifying for hedge accounting. Currency-related transactions Millions of yen March 31, 2013 Instruments Notional amounts Unrealized gains (losses) Fair value Forward exchange contracts: Sell U.S. dollar (buy Japanese yen) Euro...

  • Page 76
    ... lists notional amounts and fair value of derivatives as of March 31, 2013 and 2014, by transaction and type of instrument, qualifying for hedge accounting. Currency-related transactions Millions of yen March 31, 2013 Notional amounts Fair value Instruments Forward exchange contracts: Sell Euro...

  • Page 77
    ..., 2014 Notional amounts Fair value ¥33,455 Forecasted transactions in foreign currency sales 2,997 3,648 (¥506) (92) (300) Forecasted transactions in foreign currency sales 2,424 2,047 2,142 ¥46,716 31 (116) (20) (¥1,004) Instruments Forward exchange contracts: Sell Euro (buy Japanese yen...

  • Page 78
    ...' credit risks. Epson operates internationally, exposing its foreign operating receivables to the risk of fluctuations in foreign currency exchange rates. Epson principally manages its exposure to fluctuations in exchange rates on a net basis and mainly uses forward exchange contracts and non...

  • Page 79
    Derivative instruments are mainly comprised of forward exchange contracts and non-deliverable forwards (NDF). 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 ...

  • Page 80
    ... ¥897 million at March 31, 2013 are not included above because there is no market value and it is therefore extremely difficult to estimate their fair value. Millions of yen March 31, 2014 Instruments Cash and deposits Notes and accounts receivable-trade Short-term investment securities Investment...

  • Page 81
    ... net amount. Thousands of U.S. dollars March 31, 2014 Unrealized Carrying gains value Fair value (losses) $1,152,059 1,419,403 826,...Fair value was measured using mainly exchange market value. (3) Notes and accounts payable-trade, short-term loans payable, accounts payable-other Due to the short...

  • Page 82
    ... rates are affected in the short term by fluctuations in market interest rates, and because Epson's credit status has not changed greatly since they were implemented, it is assumed that their fair value is equal to the carrying amounts. The fair value of loans payable based on fixed interest rates...

  • Page 83
    ... products segment mainly includes Crystal units, crystal oscillators, quartz sensors, CMOS LSIs, Watches, watch movements, Metal powders, surface finishing and others. The sensing & industrial solutions segment mainly includes Industrial robots, IC handlers, industrial inkjet printing systems...

  • Page 84
    ... (loss). Transfer prices between operating segments are on an arm's length basis. (c) Information of the amount of sales , income (loss), assets and other in each reporting segment The following table summarizes the reporting segment information of Epson for the year ended March 31, 2013 and 2014...

  • Page 85
    ...2014 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...8,413,058 Devices & precision products Sensing & industrial solutions Total ...

  • Page 86
    ... do not correspond to the reporting segments. These include expenses relating to research and development for new businesses and basic technology, and general corporate expenses. Epson transferred the optical products business, which was categorized under "Devices & precision products" in the prior...

  • Page 87
    ... do not correspond to the reporting segments. These include expenses relating to research and development for new businesses and basic technology, and general corporate expenses. Epson transferred the optical products business, which was categorized under "Devices & precision products" in the prior...

  • Page 88
    ... include 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, 2013 and 2014: Millions of yen...

  • Page 89
    ...April 1, 2010 for the year ended March 31, 2013 and 2014: Millions of yen Year ended March 31, 2013 Informationrelated equipment Amortization of negative goodwill Negative goodwill \\- Devices & precision products ¥48 ¥25 Sensing & industrial solutions \\- Other Corporate expenses \\\\- Total...

  • Page 90
    Report of Independent Auditors 89

  • Page 91
    ...100.0 and sensing systems, Financial assistance, Leasing of assets Manufacture of metal 100.0 powders, etc., Financial assistance Holding company in 100.0 Americas, Interlocking directors Regional headquarters in Americas, 100.0 Sales of printers and other (100.0) PC peripherals and sales of factory...

  • Page 92
    ... of electronic devices Sales of printers and other PC peripherals, and sales of 100.0 electronic devices, Guaranty of liabilities Regional headquarters in Asia-Pacific, 100.0 Sales of printers and other PC peripherals, and Epson Taiwan Technology & Trading Ltd. Taipei, Taiwan Epson Singapore Pte...

  • Page 93
    ... Bekasi, Indonesia Manufacture of 23,000 information-related (thousand USD equipment Manufacture of 57,533 information-related (thousand USD) equipment Manufacture of 16,000 devices and precision (thousand MYR) products Lipa, Philippines Epson Precision Malaysia Sdn. Bhd. Kuala Lumpur, Malaysia...

  • Page 94
    ... of company and affiliate voting rights (%) Equity method affiliates Time Module (Hong Kong) Ltd. Five other companies Hong Kong, China 5,001 Sales of devices and (thousand HKD) precision products 33.3 Sales of watch movements - - - - - Notes 1. Ownership percentage of voting rights...

  • Page 95
    ... As of March 31, 2014 Name Sanko Kigyo Kabushiki Kaisha Japan Trustee Services Bank, Ltd. (Trustee Account) The Master Trust Bank of Japan, Ltd. (Trust account) Seiko Holdings Corporation Yasuo Hattori Address 6-1 Ginza 5-chome, Chuo-ku, Tokyo 8-11, Harumi 1-chome, Chuo-ku, Tokyo 11-3 Hamamatsu...

  • Page 96
    ..., E14 5JP, UK － Address Tokyo Building, 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo Number of shares held 5,133,500 Shareholding ratio (%) 2.57 248,923 0.12 780,569 6,162,992 0.39 3.08 5. Mizuho Corporate Bank, Ltd. and its joint holders submitted a Report of Change to the Director of the...

  • Page 97
    ... 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 72nd year March 2014 3,390 795 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...

  • Page 98
    ... data and investor information (1) Company name (2) Founded (3) Head office 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 Nishi-shinjuku 2-chome, Shinjuku-ku, Tokyo 163-0811, Japan Tel: +81...

  • Page 99
    3-3-5 Owa, Suwa, Nagano 392-8502, Japan tel: +81-266-52-3131 http://global.epson.com