Kenwood 2004 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... and consumer spending in Japan as well as other major countries; demand for Kenwood's products and pressure of falling prices due to fierce competition; corporate ability to continue to develop products and cutting-edge technologies that appeal to consumers in a highly competitive market; and...

  • Page 3
    ... in our products, our people and our business practices.฀ Quality and Performance฀ Confidence and Trust฀ To build confidence in the brand and lasting goodwill through relationships based on trust.฀ ฀ Brand Statement฀ Listen to the Future Financial highlights Kenwood Corporation and...

  • Page 4
    ... stakeholders Record high income booked as efforts for sweeping restructuring and concentrating on core businesses take hold Kenwood Corporation, which had continuously expanded its audio and radio communications businesses as core competences since its foundation, had kept its operating balance in...

  • Page 5
    ... The Company is now working on networking of home audio systems and automotive electronics, commercialization of new car-navigation and car-multimedia systems by integrating PCs, networks and home audio equipment based on proprietary Kenwood technologies, and production of business-use digital radio...

  • Page 6
    ..., global networks and the brand. We will continue our utmost effort to establish the business of "Mobile & Home Multimedia Systems" by combining audio and radio communications technologies, our core competences, and become the dominant company in the world. Car Electronics Business Consumer Car...

  • Page 7
    Business ฀ "KENWOOD" Bases brand is enhanced at 17 nations and 53 sites in the world. Head Office / Hachioji Office Yokohama Office Yamagata Factory Nagano Factory Offices Factories Sales Malaysia Factory Singapore Factory Shanghai Factory France Factory Consolidated sales composition ...

  • Page 8
    ... this acquisition, the Company now can supply a large number of products to public agencies and power utilities, as well as utilize networks and huge resources or technologies relating to radio equipment operations. It is now expanding its radio equipment business in Japan. 08 Annual Report 2004

  • Page 9
    ... a business centering on speaker systems, through which it plays a part in further enhancement of the audio sector.฀ The Home Electronics Business is another of our longstanding operations like the radio equipment business. Since our commercialization of a high-class FM tuner using advanced...

  • Page 10
    ... the new corporate management structure. Under the action plan, we implemented restructuring across the company seeking to break free of the negative net worth specter, focusing on "business," "cost," "management" and "financial restructuring." As a result, the Company could receive support from...

  • Page 11
    ... reassessing product models and sales territories, the Company revised its marketing strategy and decided to sell home theater systems, pure audio equipment and portable radio devices mainly in the three major markets, Japan, North America and Europe. As for the Communications Business, the Company...

  • Page 12
    ...innovation and other systematized management for reinvestment in developing new products and technologies, strengthening the brand name and "sharing profits among employees," while expanding audio and radio communications businesses as core competences to the greatest extent. 12 Annual Report 2004

  • Page 13
    ...affecting radio communication domain. In the home electronics business, the Company, concentrating its efforts on home theater systems, pure audio equipment and portable audio devices, developed digital amplifiers with high quality and next-generation network-based audio systems, as well as products...

  • Page 14
    ...developed a "systematized management" featuring more precise management based on numerical data. To this end, it strengthened its consolidated operations from production to marketing, and implemented Transition of sales composition by Home Electronics business Home theater (%) Pure audio Portable...

  • Page 15
    ... competitiveness and ability to respond to market change. In view of making the use of resources on a consolidated basis more efficient, improving SCM and increasing CS, the Company further accelerated the reorganization of domestic affiliates, merging Kenwood Service Corporation, an after-sales...

  • Page 16
    ... business plan "Excellent Kenwood Plan." While aiming to post a record high of consolidated net income for the third consecutive year, the Company will strive to rebuild its financial framework through implementation of the "New Financial Strategy." It will also enhance competitiveness and promote...

  • Page 17
    ... stock it had issued, through public share offering on 1st July 2004 and capital reduction with and without compensation on 6th August 2004. As a result, it became possible for the Company to organize a new syndicated loan (including commitment line contracts with a number of financial institutions...

  • Page 18
    ... brand statement, "Listen to the Future." Furthermore, the Company will commercialize flagship models attuned to the corporate vision for every business, to present to the world the reborn Kenwood.฀ Reinforcement of competitiveness and promotion of a growth strategy under the four-profit center...

  • Page 19
    ...offer new added value to the market. To this end, the Company will further develop the home electronics New Organization Outlook for fiscal year ending March 2005 (Millions of yen) Profit Centers Communications Division Net sales Consumer Car Electronics Division Consumer Business Sector OEM Car...

  • Page 20
    ... a new management structure, centering on the executive officer system, as part of restructuring measures provided in "Revitalization Action Plan." Under the new framework, the Company invited community and business leaders of diverse values as outside directors to make management accountable and...

  • Page 21
    ...Consolidated Statements of Operations฀ 26 Consolidated Statements of Shareholders' Equity (Capital Deficiency)฀ 27 Consolidated Statements of Cash Flows฀ 28 Notes to the Consolidated Financial Statements 29 Independent Auditors' Report 40 Consolidated Balance Sheets฀ Kenwood Corporation 21

  • Page 22
    ...the USA) and the first civilian use of tuners for terrestrial digital broadcasting high definition radios. The Company also embarked on the full-fledged introduction of complete navigation systems on the Chinese consumer market as the first Japanese manufacturer to do so. ฀ 22 Annual Report 2004

  • Page 23
    ... marketing, development and production. With development of digital radios progressing smoothly, the Company launched new products based on the Association of Public-Safety Communication Officials (APCO) standard in the USA. It also plans to switch to digital systems for its Formula One racing radio...

  • Page 24
    Consolidated Balance Sheets Kenwood Corporation and Consolidated Subsidiaries As of March 31, 2004 and 2003 24 Annual Report 2004

  • Page 25
    Kenwood Corporation 25

  • Page 26
    Consolidated Statements of Operations Kenwood Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 26 Annual Report 2004

  • Page 27
    Consolidated Statements of Shareholders' Equity (Capital Deficiency) Kenwood Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 Kenwood Corporation 27

  • Page 28
    Consolidated Statements of Cash Flows Kenwood Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 28 Annual Report 2004

  • Page 29
    Notes to the Consolidated Financial Statements Kenwood Corporation and Consolidated Subsidiaries For the years ended March 31, 2004 and 2003 Kenwood Corporation 29

  • Page 30
    Notes to the Consolidated Financial Statements 30 Annual Report 2004

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    Kenwood Corporation 31

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    Notes to the Consolidated Financial Statements 32 Annual Report 2004

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    Kenwood Corporation 33

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    Notes to the Consolidated Financial Statements 34 Annual Report 2004

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    Kenwood Corporation 35

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    Notes to the Consolidated Financial Statements 36 Annual Report 2004

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    Kenwood Corporation 37

  • Page 38
    Notes to the Consolidated Financial Statements 38 Annual Report 2004

  • Page 39
    Kenwood Corporation 39

  • Page 40
    Independent auditors' report 40 Annual Report 2004

  • Page 41
    ... Electronics Co., Ltd. into a wholly owned company 2003 Begins to manufacture portable MD players at Kenwood Yamagata Corporation 2003 Posts a record net income in the first half of the year through March 2004 2004 Signs an agreement with Toyo Communication Equipment Co., Ltd. to acquire its radio...

  • Page 42
    ...฀ Kenwood Device Corporation 1-16-2, Hakusan, Midori-ku, Yokohama-shi, Kanagawa, 226-8525 Japan Phone: 81 (45) 934-0508 FAX: 81 (45) 934-1325 ฀ Kenwood Electronics Bretagne S.A. Rue Saint-Exupery 35150 Janze, France Phone: 33 (2) 99473232 FAX: 33 (2) 99470550 ฀ Kenwood Electronics Technologies...

  • Page 43
    ... (21) 5882-8711 ฀ Kenwood Electronics Trading (Shanghai) Co., Ltd. Beijing Office Rm 1508,Beijing Fortune Building, 5 Dong San Huan Bei-lu, Chao Yang District, Beijing, China Postal Code 100004 Phone: 86 (10) 6590-8280 FAX: 86 (10) 6590-8283 Japan Kenwood Core Corporation 1-16-2, Hakusan, Midori...

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