Kenwood 2000 Annual Report Download

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2000
ANNUAL REPORT
For the Year ended March 31, 2000

Table of contents

  • Page 1
    A N N U A L R E P O R T For the Year ended March 31, 2000 2000

  • Page 2
    ... radio equipment, telephones, high-grade audio products for homes and automobiles, and other electronics equipment. Its operation also stretches throughout the world to include not only Japan, the US, and Europe, but also Asia, Africa, and Latin America. In recent years, the Information Technology...

  • Page 3
    ... exchange in Net Sales 2000 1999 1998 1997 1996 (Billions of yen) Net Income (Loss) 2000 1999 1998 1997 1996 0 100 200 300 (22) (4) (2) 0 2 4 (Billions of yen) Net Income (Loss) Per Share 2000 1999 1998 1997 1996 (150) (Yen) (20) (10) 0 10 20 30 KENWOOD Corporation Annual Report...

  • Page 4
    ..., home audio sales in total decreased 1.2% to 43.7 billion, due to falling prices of component systems. In car audio, the sales amount increased 3.2% to 41.6 billion, thanks to the large growth in car navigation systems and OEM sales to automobile manufacturers. Sales of communications equipment...

  • Page 5
    ... receivers for mobile units with SIRIUS Satellite Radio of the US. With this, we are building on the success we have had with DAB receivers in Europe. Focusing at Original Technologies In order to formulate products that have a technological edge, Kenwood is placing priority on making key components...

  • Page 6
    ...has long had a reputation for superior product design, recent efforts are aimed at creating variations that fit the different personalities of users. One example is the color variations in component audio systems and radiocassette players. And another is the outdoor radio introduced in February 2000...

  • Page 7
    ... technology and new technology Toward strengthening brand value For the industry standard of the future ----- The optical microphone Creating trends by fusing Kenwood's expertise with IT Toward the cutting-edge technology Toward the forefront of the market KENWOOD Corporation Annual Report 2000...

  • Page 8
    ... to be a key component in diverse industrial fields. Kenwood continues to develop new technologies and products that will set the tune for the age, by combining its expertise in hi-fi audio and high-frequency equipment with the latest IT offered by the industry. Optical Microphone The world's first...

  • Page 9
    ... create unique lines of products, in addition to developing high performance equipment filled with advanced technologies. The Mask series car audio players, which registered a huge success in the US market with their unique retractable anti-theft device, and Rampage MD-radio-cassette players, which...

  • Page 10
    ...Home Audio Overview Sales of the home audio for the year ended March 2000 decreased 12.9% from the previous year to 95.2 billion. Despite the expansion of MD products, such as MD component systems and MD-radio-cassette players, in the domestic market, Kenwood's major items - stereo component systems...

  • Page 11
    ... them is to seek business partners among influential suppliers of automobile parts. In Japan, a DVD navigation system was developed in a joint effort with Denso, a Toyota affiliate. In Latin America, a complete knockdown assembly of car audio products is in progress at a factory belonging to Visteon...

  • Page 12
    ... high Percent of Net Sales performance radio equipment is highly valued in the world market for 22.9 individual homes, and offices, as well as public institutions. Telephones and Mobile Communications Overview Total sales for telephones and communications equipment during the year ended March 2000...

  • Page 13
    ...the corporate office and factory sectors. To execute the plan, a new sales and R&D facility will open in Atlanta in July 2000. Having this new office working in tandem with the existing L.A. office will significantly increase Kenwood's sales force in the US. In Asia, Kenwood's market share for radio...

  • Page 14
    ... equipment. The world's first optical microphone, the high quality CODEC that enables the emergence of music distribution services, IRD (Integrated Receiver Decoder) and circuit modules for digital broadcasting ...Kenwood continues to lead the industry with its innovations for the digital network...

  • Page 15
    ... in Japan and the US is also a key to invigorating the broadcast business, in addition to the expansion of IRD sales in Europe. Already in March 2000, Kenwood signed a contract with Sirius Satellite Radio in the US to develop a car receiver for the BS digital radio broadcasts they plan to start in...

  • Page 16
    ... MD player and car navigation systems performed well, the price drop of component audio systems and weakened foreign currencies had negative effects on the outcome. In communications equipment business, sales were affected by the delay in the introduction of new cellular phones in Japan and remained...

  • Page 17
    ... Total capital expenditures during the term under review were 11.0 billion, an increase of 6.9% from the previous year, of which a majority was spent for obtaining metal dies for new products. Financial Indicators At the end of March 2000, the shortage in working capital was 5.6 billion. The current...

  • Page 18
    ... Total investments and other assets Total See notes to consolidated financial statements. 17,686 1,685 5,056 2,523 5,145 14,070 46,165 212,472 18,802 1,128 3,838 - 6,826 11,490 42,084 213,253 166,849 15,896 47,698 23,802 48,538 132,736 435,519 $ 2,004,453 KENWOOD Corporation Annual Report 2000...

  • Page 19
    ... Accumulated deficit Less: Treasury stock, at cost Total shareholders' equity Total 22,382 18,144 3,160 (8,398) 35,288 (1) 35,287 212,472 22,382 18,144 - (8,276) 32,250 ( ) 32,249 213,253 211,151 171,170 29,811 (79,226) 332,906 (10) 332,896 $ 2,004,453 KENWOOD Corporation Annual Report 2000 17

  • Page 20
    ... (59,754) (11,226) 11,198 (13,594) (2,396) 765 (9,595) Yen U.S. dollars (Note 1) Per Share Data (Note 10): Net income (loss) Cash dividends applicable to the year (6.91) - 25.35 3.00 11.41 3.00 $ (0.07) - See notes to consolidated financial statements. KENWOOD Corporation Annual Report 2000 18

  • Page 21
    ... Ending balance (8,276) 1,467 (1,017) (442) (12) (118) - (8,398) (11,470) - 3,734 (442) - (98) - (8,276) (13,128) - 1,680 - (21) (3) 2 (11,470) $ (78,075) 13,840 (9,595) (4,170) (113) (1,113) - (79,226) $ See notes to consolidated financial statements. KENWOOD Corporation Annual Report 2000...

  • Page 22
    ...) on sales of property, plant and equipment, net Increase (decrease) in employees' retirement allowances (Gain) loss on sales of investment securities Devaluation of investment securities Devaluation of marketable securities Changes in assets and liabilities: Decrease (increase) in trade notes and...

  • Page 23
    ...in exchange losses, long-term receivables or payables denominated in foreign currencies are translated at the current exchange rates as of each balance sheet date. (e) Foreign Currency Financial Statements In translating the financial statements of foreign subsidiaries and associated companies into...

  • Page 24
    ... market information. Millions of yen Thousands of U.S. dollars 3. Leases The Group leases certain machinery, computer equipment, office space and other assets. Total lease payments under finance leases were 2,104 million ($19,849 thousand) and 2,179 million for the years ended March 31, 2000...

  • Page 25
    ...its own-use land to a value based on real estate appraisal information as of March 31, 2000. The resulting land revaluation surplus represents unrealized appreciation of land and is stated, net of income taxes, as a component of shareholders' equity. There is no effect on the statement of operations...

  • Page 26
    ...term lease agreements, principally for office space, machinery and computer equipment. Rental expense for the years ended March 31, 2000, 1999 and 1998 was 4,404 million ($41,547 thousand), 5,707 million and 5,745 million, respectively. One of company's subsidiaries, Kenwood Electronics Technologies...

  • Page 27
    ... radios, UHF CB transceivers, land mobile radios, telephones and personal digital cellular telephones. Operations by business segment and by geographic area for the years ended March 31, 2000, 1999 and 1998, were summarized as follows: Audio equipment Communications equipment Total Corporate...

  • Page 28
    ... of the following countries and regions: America Europe U.S., Canada and Panama Germany, France and the United Kingdom Asia Other China, Singapore and Malaysia Australia and Africa The amount of overseas sales and the ratios thereof to consolidated net sales for the years ended March 31, 1999...

  • Page 29
    ... For the Years ended March 31, 2000, 1999 and 1998 To the Board of Directors and Shareholders of Kenwood Corporation: We have examined the consolidated balance sheets of Kenwood Corporation and consolidated subsidiaries as of March 31, 2000 and 1999, and the related consolidated statements of...

  • Page 30
    ..., 150-0036, Japan Phone: (03) 3477-5301 Fax: (03) 3477-5320 BRAZIL Kenwood Electronics Brazil Ltda. Av.Moema,170-17 Andar-Cobercura B Ed.Maximum Service Center 04077-020 Moema Sao Paulo, SP, Brasil Phone: 11-5731001 Fax: 11-5732400 CHINA Kenwood Electronics (HONG KONG), Ltd. Unit 3712-3724, Level...

  • Page 31
    ... High-TechRent Corporation Meguro Center Building, 2-1, Kamiosaki 3-chome, Shinagawa-ku, Tokyo, 141-0021, Japan Phone: (03) 3440-2003 Fax: (03) 3440-2004 Kenwood Engineering Corporation 15-13 Nanpeidai, Shibuya-ku, Tokyo, 150-0036, Japan Phone: (03) 3477-5371 Fax: (03) 3477-5375 Kenwood Parts Center...

  • Page 32
    14-6, Dogenzaka 1-chome, Shibuya-ku, Tokyo 150-8501, Japan Phone:(03)5457-7111 Fax:(03)5457-7110 URL: http : // www. kenwood.com Printed in Japan on recycled paper.