Stanley Electric Co., Ltd.

Transcription

ANNUAL
ANNUALREPORT
REPORT2010
2010
Fiscal
FiscalYear
YearEnded
EndedMarch
March31,
31,2010
2010
STANLEY
STANLEY
FUTURE
NOW
NOW && FUTURE
2-9-13,
2-9-13,Nakameguro,
Nakameguro,Meguro-ku,
Meguro-ku,Tokyo
Tokyo153-8636,
153-8636,Japan
Japan
Telephone:
Telephone:81-3-3710-2222
81-3-3710-2222 Facsimile:
Facsimile:81-3-3792-0007
81-3-3792-0007
URL
URLhttp://www.stanley.co.jp/
http://www.stanley.co.jp/
This
Thisreport
reportis isprinted
printedininJapan
Japanonon100%
100%recycled
recycledpaper.
paper.
Company Profile
Stanley Electric Co., Ltd., was founded in 1920 by Takaharu
Kitano. In those days, there were no more than 8,000 cars
in Japan—all imported models. Under the circumstances,
it certainly took courage, vision, and a challenging spirit to
start a company devoted to the manufacturing of automotive
light bulbs.
The Company was named after the intrepid 19th-century
explorer Sir Henry Morton Stanley, who was renowned for
the vision and courage he had so abundantly demonstrated
during his exploits on the continent of Africa.
Stanley Electric has carried on that spirit of challenge,
constantly responding to the demand of the times. Through
our dedication in the pursuit of the potential of light, we
have grown in influence, ability, and knowledge.
We have, in fact, maintained a position as leader in the
automotive-equipment industry, developing cutting-edge
products in automotive lighting equipment, accessories, and
electronic components through the application of innovative
technologies. Accordingly, we have contributed to the safety
and satisfaction of a modern automotive lifestyle.
Regarding electronic components, Stanley Electric
has been successful in the research and development of
value-added products, such as semiconductors, parts for
information and communication devices, automotive
electronics products, and, of course, lighting devices. By
offering a large variety of products for use in a wide range
of industries, we, as a company, have become a part of the
success our customers enjoy.
Based on the Stanley Group Vision shared by the
management and employees of the Stanley Group around
the globe, we successfully completed the first three-year
management plan in March 2004 and the second three-year
management plan in March 2007, achieving steady results.
With the three-year management plan, the Group Vision is
translated into specific measures for action. In April 2007,
we embarked on the third three-year management plan.
In the third three-year management plan, we have
“visualized” strategies from the perspectives of financing,
provision of value to customers, operational processes,
human resources, and corporate culture in deciding
measures to be implemented. By steadily implementing these
measures, Stanley Electric is making itself sufficiently strong
and flexible to withstand the changing environment, and to
continue to grow powerfully.
As we continue our pursuit of the value of light, we
will challenge the industry to “outshine light.” Through
our exploration of light and its limitless possibilities, we
will master the philosophy of manufacturing and open new
avenues to the future.
Financial Highlights
Board of Directors
Stanley Electric Co., Ltd. and its Subsidiaries
For the years ended March 31, 2010 and 2009
(As of June 24, 2010)
Millions of Yen,
except for per share data
Thousands of U.S. Dollars,
except for per share data
2009
2010
2009
President ¥283,302
¥238,888
$2,567,595
$3,044,955
2010
Results of operations:
Net sales
Gross profit
53,683
57,267
576,998
615,519
Operating income
24,336
23,392
261,573
251,424
Net income
17,128
12,128
184,094
130,359
7.2 %
4.3 %
Takanori Kitano
Senior
Director
7.2% Managing
4.3%
As a percentage of net sales
Capital expenditures
¥20,447
¥26,709
$219,773
$287,077
Net income
¥98.2
¥68.5
$1.06
$0.74
Cash dividends
25.0
30.0
Managing
Directors
0.27
0.32
$3,246,293
$2,935,323
108,770
1,222
2,120,622
1,964,874
Makio Natsusaka
Per share data:
STANLEY GROUP VISION
STANLEY SPIRIT
Outshining Light
We shall blaze our own trail to a brilliant future by daring to‘‘outshine light.”
BUSINESS PHILOSOPHY
The boundless pursuit of the Value of Light
We shall contribute broadly to society by exploring the infinite possibilities of light and bringing its value to humankind.
Business innovation by maximizing our potential as a manufacturer
Year-end financial position:
Shinichi Katano
¥273,102
Hidenari yamazaki
10,119
Katsumi Kondo 113
Total assets
¥302,035
Long-term debt, including finance lease obligations,
less current portion
Total equity attributable to shareholders of the parent
(Note 2)
We shall continually reinvent our processes to draw out further value and quality from our business base in manufacturing.
Ensuring the welfare of those who truly support our mission
We shall value those who truly support Stanley and endeavor to ensure their welfare.
182,812
197,302
Director
(Note 1) Yen amounts are translated into U.S. dollars, solely for convenience, at the prevailing exchange rate on March 31, 2010, of ¥93.04=U.S.$1.00
(Note 2) Total equity attributable to shareholders of the parent = Total net assets - Minority interests (as recorded on the consolidated balance sheets)
Shigeki Muto
Yutaka Hiratsuka
THE FIVE WAYS OF CREATING VALUE WITH LIGHT
We shall create new benefits to humankind by dedicating ourselves to the Five Ways of Creating Value with Light.
CREATING
RECOGNIZING
INFORMING
ENERGIZING
EXPRESSING
creating light
sensing and recognizing with light
processing information with light
harnessing light's energy
producing feeling with light
Net Sales
Net Income
Statutory Corporate Auditors
Net Income per Share
Total Assets
(Millions of Yen)
(Millions of Yen)
(Yen)
GUIDELINES FOR ACTION
Always challenge yourself with the highest standards and set out to reach them.
INNOVATE
Combine boundless creativity and user understanding to create new value.
29,732
354,469
338,680
CHALLENGE
26,283
311,785
COLLABORATE
283,302
Share and leverage our diverse total know-how to enhance our overall value.
(Millions of Yen)
Ryuta Yamaguchi
162.9
Shigeru Furuya
Yoshiaki Yamauchi
142.1 Sakuma
Yoichiro
Mitsuhiro Amitani
340,816
325,798
304,238
302,035
273,102
HUMANIZE
Be considerate of society in general and our environment to develop your humanity.
GLOBALIZE
238,888
Respect and understand global diversity.
20,619
110.2
98.2
17,128
68.5
12,128
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
1
To Our Shareholders
Consolidated Business Forecasts for the fiscal year ending in March 2011 (From April 1, 2010 to March 31, 2011)
Sales
(Millions of Yen except per share data)
orders, and steadily pushed for cost reductions including,
“innovation-in-production” activities aimed at enhancing
productivity. These efforts have been firmly put in place and
have produced good results. The automobile and electronics
markets, within which the Company operates, are still on the
road to recovery. Sales decreased from the previous fiscal year
while operating income increased due to an improvement in
productivity through “innovation-in-production” activities.
The Group’s net income increased due to extraordinary
income generated from the extinction of projected benefit
obligations related to the proxy portion of the employees’
pension fund (of the past). This was in spite of losses on the
disposal of equipment caused by the withdrawal from the
CCFL business.
During the consolidated business year (April-March), net
sales totaled ¥238,888 million, down 15.7% from the previous
fiscal year. Operating income amounted to ¥24,336 million,
up 4.0%. Net income stood at ¥17,128 million, up 41.2%.
Consolidated financial standing
We sincerely thank our shareholders for their loyal support
of Stanley Electric. We are pleased to provide details of the
company accounts for the fiscal year 2009 ended March 31,
2010.
Overall review of business operations
for the year under review
During the consolidated business year in review, the Japanese
economy was on a continued recovery trend due to global
economic incentives and an increase in exports. However,
the domestic economy is still in a state of mild deflation and
the unstable employment/income environment is yet to see
robust recovery.
Looking overseas, the Americas have been continuing on
a gradual recovery path due mainly to progress in inventory
reduction, which has in turn led to a recovery in production.
Personal consumption has remained steady and deterioration
of the employment climate has slowed down. The Asia-Pacific
region also saw continued recovery mainly due to the growth
of exports. In China, both domestic and overseas demands
have risen, as seen in the increased personal consumption and
exports, which have been the drivers of economic expansion.
In Europe, while exports continued to see a mild recovery,
domestic demand has been generally weak due to the difficult
employment and income climates.
Under these economic circumstances, Stanley Electric
and its group companies (“the Group”) worked to develop
products that meet market needs exactly, strengthened its
marketing activities in a bid to clinch a greater volume of
2
Gross assets at the end of the consolidated business year under
review stood at ¥302,035 million, representing an increase
of ¥28,933 million from a year earlier. Of the total assets,
current assets increased by ¥28,525 million. Investment and
other assets rose by ¥9,620 million while tangible fixed assets
fell by ¥8,808 million. The major factors for the increase in
current assets included the increase in cash and deposits and
securities due to corporate bond issuance, the rise in notes and
accounts receivable due to sales growth in the fourth quarter
of the consolidated business year in review, and the increase
in short-term deferred tax assets due to registering of accrued
lump contribution to the defined contribution corporate
pension. In investment and other assets, investment securities
increased following the rise in stock prices, while long-term
deferred tax assets decreased due to the decrease in provision
for retirement benefits. On the other hand, as for tangible
fixed assets, buildings and structures increased due to the
completion of the new building No.1 of the Hatano Factory,
while machinery, equipment and vehicles decreased due to the
withdrawal from the CCFL business.
Liabilities increased by ¥12,352 million from a year
earlier to ¥90,762 million. This was mainly due to the
increase of corporate bonds outstanding through the issue of
¥10,000 million worth of such bonds, and the rise in notes
and accounts payable through larger purchases during the
fourth quarter of the consolidated fiscal year in review. Longterm deferred tax liabilities and other current liabilities also
increased following the decrease in provision for retirement
benefits due to the return of the proxy portion of employees’
pension funds and the switch to a defined contribution
corporate pension plan.
Net assets stood at ¥211,272 million, an increase of
¥16,580 million from the previous fiscal year-end. Of the net
assets, shareholders’ equity increased by ¥11,434 million while
Operating income
Current term net income
Consolidated Total for the Second Quarter
123,000
13.0%
14,300
94.0%
8,200
105.6%
Full Fiscal Year
260,000
8.8%
32,500
33.5%
20,000
16.8%
* Numerical percentages show the year-on-year increase (decrease) for the full-fiscal-year and the increase (decrease) from the same quarter in the previous fiscal year for the consolidated total
for the second quarter.
* The foreign exchange rate for the next fiscal term is estimated to be ¥100 per US dollar.
* Note that Stanley Electric made these projections based on currently available information and they do not take into account risks in foreign exchange, etc. and other uncertainties. Actual
business performance may differ dramatically from these projections as a result of various important factors.
valuation and translation adjustments increased by ¥3,057
million. The major factor for the increase in shareholders’
equity was the decrease in retained earnings due to treasury
stock retirements and dividend payments, which resulted in
a decrease (or an increase in terms of net assets) of treasury
stocks, despite a rise due to the posting of current year net
income. As for valuation and translation adjustments, the
increase was brought about by the rise in net valuation
difference on available-for-sale securities resulting from the
rise in stock prices.
Projected consolidated earnings for
the current year and expected payments
of dividends
The world economy shifted from the global financial crisis of
2008 to an expansionary phase, mainly in Asia and China.
The automotive and electronics markets have remained in a
recovery phase. However, the situation is still unpredictable
due to the possible impact of any backlash caused by the
termination of global economic incentives, political unrest in
Thailand and the volatility of crude oil prices.
In the automotive equipment industry to which the
Group belongs, the swift shift of production to China and
other emerging-country markets is a pressing task, along with
efforts to enhance quality and cut costs. In the electronic
equipment industry, the Group has been facing increasing
pressure from new entrants, especially those from overseas.
As a result, competition is intensifying over the development
of new products and technologies. In order to expand orders
and survive the competition, a more dynamic and expeditious
response has become absolutely necessary for the Group.
As mentioned above, the business climate for the Stanley
Electric Group is expected to remain difficult throughout
the current year. However, the Group is resolved to promote
“innovation-in-production” activities aimed at enhancing
productivity, which all of its member companies are united in
implementing, so as to produce tangible results. By doing so,
the Group aims to establish business fundamentals which can
generate profits under any adverse business circumstances. The
Group is resolved to be united in promoting such business
activities while keeping a healthy sense of crisis.
As a result, net sales for the current consolidated business
year are projected to total ¥260 billion, up 8.8% from the
preceding year. Operating income is forecast to amount to
¥32.5 billion, up 33.5%. Net income is projected to reach ¥20
billion, up 16.8%.
The Group seeks to reinforce its financial strength and
business infrastructure while maintaining stable dividends
and returning a reasonable level of profit to our shareholders.
The Group intends to use its retained earnings for investments
targeted at enhancing enterprise value, such as developing new
products and businesses as well as building a more efficient
management structure. The Group aims, therefore, to further
strengthen its business structure and competitiveness.
Maintaining stable dividend payments and returning part
of its profit to shareholders in an adequate manner is Stanley
Electric’s basic dividend policy. As of January 29, 2010, the
Company released a plan to pay a year-end dividend of ¥13
per share for the consolidated business year ended in March
as part of its efforts to boost the dividend payout ratio to 20%
on a consolidated basis. Combined with an interim dividend
of ¥12 per share, the Company’s annual dividend will amount
to ¥25.
The Company plans to pay an annual dividend of ¥26
per share for the next fiscal year, an increase of ¥1 from
the dividend paid for the year ended in March, despite the
severity in the business climate that is expected to continue
due to the negative impact of the termination of global
economic incentives, political unrest in Thailand and the rise
in raw material prices. The interim and year-end dividends are
expected to be ¥13 per share respectively.
During the year under review, Stanley Electric
implemented the acquisition of treasury stocks worth ¥1,499
million. The acquisition was designed to allow the Company
to return part of its profit to shareholders and implement a
flexible capital policy in response to changes in the business
climate. The Company also retired ¥11,689 million (6 million
shares) worth of treasury stocks on December 7, 2009.
We hope that our shareholders will provide continued
patronage and loyal support to the Company.
June 2010
Takanori Kitano
President
3
Introduction of Our Business
Review of Segment Operations
Automotive
Equipment
Business
Although global auto production dropped year on year, except
in China, it has been on a continued recovery trend thanks to
the economic incentives implemented in various countries.
Under these circumstances, sales in the automotive
equipment business decreased year on year but operating
income increased due to improvements in productivity
through the Company’s “innovation-in-production” activities.
Stanley Electric has been focusing on eco-friendly LED
headlamps and rear combination lamps and intends to actively
promote the products in order to gain larger orders for hybrid
and electric vehicles.
As a result, sales in the automotive equipment business
were ¥178,840 million in the consolidated business year
under review, down 14.2% from the preceding year. Operating
income for the year amounted to ¥21,178 million, up 15.5%.
Breakdown of Sales in
Automotive Equipment
Business
Changes in Sales in
Automotive Equipment
Business
(Millions of Yen)
Stanley Electric’s headlamps and rear combination lamps do more than ensure safety for the driver and passengers. They answer
the demand for beautiful styling. In particular, our MR headlamps and flexible curved-surface headlamps, which mirror the full
spectrum of our optical technologies, have generated considerable acclaim for their innovative contributions to automotive design.
Stanley Electric was early in commercializing outstanding, value-added products, including high-intensity discharge (HID)
products widely used as an automobile headlamp light source, adaptive front-lighting system (AFS), Night Vision, etc.
Automotive Lighting Business—These example show our products in car models.
246,184
231,138
213,811
208,497
178,840
74.9
Honda Odyssey
Honda Stepwgn
Honda CR-Z
Toyota Prius
MMC RVR
Mazda Premacy
Nissan Fuga
Suzuki Alto
Air conditioner operation panels for
automobiles (Honda CR-V)
%
¥178,840 million
2006
2007
2008
2009
2010
Motorcycle Lighting Business—These example show our products in car models.
Winofdow
Technology
1
Range measurement camera system
Stanley Electric is developing vision chips for cameras with
range measurement features.
Vision chips feature range measurement based on
the time it takes LED light to reflect on an object and
return. In addition to providing images, they will enable
the measurement of the distance to an object as well as the
direction and speed of movement of the object. The system is
expected to be used for automobile perimeter monitoring and
security equipment.
4
using vision chips
Honda VFR1200F
Honda DN-01
Yamaha Majesty
Suzuki Bandit 650S
Hyper halogen bulb
LED room lamp
Accessory & Parts Business
Vision chips
Hyper HID Burner Lightning
RAYBRIG LED color bulb
5
Introduction of Our Business
Review of Segment Operations
Stanley Electric, thanks to its cutting-edge research and development, has created an extensive lineup of lighting devices and
applications for use in mobile devices and office equipment and industry and urban infrastructures, contributing to the creation of a
better way of life. The Company’s value-added products include Light Emitting Diodes, LCD elements, and Subminiature lamps.
Electronic
Equipment
Business
Breakdown of Sales in
Electronic Equipment
Business
Changes in Sales in
Electronic Equipment
Business
(Millions of Yen)
Component Business
107,069 107,995
The global electronics market benefited from an improvement
in consumer spending due to global economic incentives.
This led to the continuation of the recovery trend in digital
still cameras (DSC), flat panel display (FPD) TVs and laptop
computers.
Under these market conditions, the Group’s electronic
equipment business continued its efforts to attempt to win
larger orders by launching new products that meet market
needs exactly. Sales in the business generally declined from
the preceding year, but operating income showed only a small
decrease, thanks to improvement in productivity due to the
Company’s “innovation-in-production” activities.
Stanley Electric has also launched new eco-friendly “LED
lighting” products. The Company intends to aggressively
enhance product lineups with a focus on customer needs.
As a result, sales in the Group’s electronic equipment
business totaled ¥59,618 million in the year under review,
down 20.0% from the previous fiscal year. Operating income
was ¥4,693 million, down 4.7%.
96,378
74,511
25.0
%
59,618
Surface mount LEDs
Through-hole LEDs
Optical sensors
Subminiature lamps
Automotive light bulbs
Liquid crystal displays (LCDs)
¥59,618 million
2006
2007
2008
2009
2010
Lighting Business
Other
Business
Total sales in other businesses were ¥429 million (up 46.3%
year-on-year).
Compact LED lamps
Winofdow
Technology
2
LED lighting modules
LED street light
LEDs for indoor lighting applications
Operation panels
LED signal lights
Electric Application Business
LED floodlights
Stanley Electric has developed lightweight and compact
high-power LED floodlights that provide intense brightness.
Through temperature control using a newly-developed
cooling system, Stanley Electric has realized intense brightness
and stable lighting performance, in spite of the floodlight’s
compact size.
Since they can also be used outdoors, they are anticipated
to serve as an alternative to metal halide lamps.
LED backlight units for LCDs
Flash units for cameras
LED floodlights
6
7
Review of Regional Operations
Business Highlights for the Term under Review
Japan
various countries, personal consumption saw further recovery
and exports have shown signs of picking up.
The Group’s sales of components used for motorcycles,
electronic devices and applied electronic products were
mostly unchanged from the previous fiscal year. Operating
income increased due to the contribution from improvements
in productivity generated under the Company’s “innovationin-production” activities.
As a result, the Group’s net sales in the Asia-Pacific region
totaled ¥32,317 million in the consolidated year under review,
down 0.1% from the previous fiscal year. Operating income
reached ¥5,473 million, up 26.6%.
The automotive and electronics markets in Japan contracted
from the previous fiscal year due to the effects of the global
economic slowdown since autumn 2008. However, the
markets are on a continued recovery trend thanks to the
positive effects of economic incentives implemented by the
government.
Since the markets are yet to see full recovery, the
Group’s sales in Japan dropped from the previous fiscal year.
However, operating income remained mostly unchanged due
to improvements in productivity through the Company’s
“innovation-in-production” activities.
As a result, the Group’s net sales in Japan came to
¥122,160 million in the consolidated business year under
review, down 23.0% year on year. Operating income totaled
¥6,907 million, down 0.2%.
China
The Americas
Bouncing back from the large drops in U.S. automobile sales
that have occurred since autumn 2008, some companies have
been on a recovery track due to positive effects brought about
by economic incentives. However, a full-scale recovery is
expected to take some time since earning gaps can still be seen
between companies. The Stanley Electric Group was not an
exception, with sales and operating income in the Americas
dropping from the previous fiscal year.
Consequently, the Group’s net sales in the Americas stood at
¥32,768 million, down 17.0%. Operating income was ¥623
million, down 45.2%.
Although both net sales and operating income decreased year
on year, they have been on a continued upward trend since the
global economic crisis that arose in the autumn of 2008.
Asia-Pacific
The recovery trend in the economy of the region has become
apparent. Thanks to economic incentives implemented in
Regional sales component ratio
(%)
17.8
Other Regions
While the economy in Europe, which is a part of the “Other
Regions” category, was on a gradual recovery trend driven
mainly by exports, internal demand measured by consumer
spending and capital expenditure was weak. Sales and
operating income of the Group’s automotive equipment,
electronic devices and applied electronic products in Europe
generally dropped from the previous fiscal year.
Consequently, sales in the “Other Regions” category
totaled ¥9,199 million, down 36.5% from the preceding year.
Operating loss came to ¥82 million yen, down 106.7%.
Although sales of this category saw a year-on-year
decrease, they have been continuing on an improving trend
since the global economic crisis of autumn 2008.
In October 2009, Stanley Electric established a new company,
brought positive results within the Group from the beginning.
The expansion into South America will further enhance
Stanley Electric do Brasil Ltda. in the Federative Republic of
the Group’s international competitiveness in the global
Brazil.
business arena.
Through the establishment of a company in Brazil, a
country experiencing rapid growth in
Outline of Stanley Electric do Brasil Ltda.
the electronics and automobile markets
Location:
Near Sao Paulo, Federative Republic of Brazil
in recent years, Stanley Electric will
commence manufacturing and sales of
Establishment:
October 1, 2009
electronic and automotive equipment.
Common shares: 70 million reais
In order to quickly establish advanced
Sales:
Approx. 800 million yen (Fiscal 2011 plan)
and efficient management control and
No. of employees: Approx. 50 (Fiscal 2011 plan)
production methods, the new company
Business:
Manufacturing and sales of electronic and automotive equipment
will aggressively adopt “innovationMain customers: Electronics and automobile manufacturers, etc.
in-production” activities, which have
Asian Stanley International and
Guangzhou Stanley Electric
to expand plants
31,243
Japan
The Americas
Asia-Pacific
China
Other Regions
23,506
16,663
24,684
30,262
35,195
36,265
42,541
66,417
57,284
14,485
38,370
9,199
32,357
42,443
39,491
32,317
51.1
32,768
195,940
194,649
184,675
158,597
122,160
13.7
2006
8
(Left)
Rendering of new company facility
(Above)
Asian Stanley International’s new plant (in red box)
(Millions of Yen)
65,603
13.5
(Above)
Groundbreaking ceremony in March 2010
Regional changes in sales
Japan
The Americas
Asia-Pacific
China
Other Regions
3.9
The Chinese economy saw a continued expansion trend. The
Group’s sales in China increased mainly due to the recovery
in orders for automotive equipment. Operating income also
increased due to improvements in productivity through
“innovation-in-production” activities.
As a result, the Group’s sales in China amounted to
¥42,443 million in the consolidated year under review, up
10.6%. Operating income totaled ¥8,842 million, up 22.1%.
Stanley Electric established
Stanley Electric do Brasil Ltda.
in Brazil
2007
2008
2009
2010
(Left)
Rendering of Guangzhou Stanley Electric’s plant no. 3
As a result of customers seeking “global optimum
procurement,” the Group is in the process of building a global
network in order to provide the best products with high
quality and cost performance on a global scale.
In January 2010, a new plant was completed at Asian
Stanley International (Pathumthanee, Thailand). Unlike
existing plants, the new two-storied plant consists only of
clean rooms and will commence production of LCDs and car
electronics products.
In December 2009, Guangzhou Stanley Electric
conducted a groundbreaking ceremony of its plant no. 3.
Scheduled for completion in October 2010, this plant aims
to enhance production of automotive lighting equipment for
the Chinese automobile market which is seeing continued
growth.
9
Stanley’s International Presence
Stanley Electric (U.K.) Co., Ltd.
Tianjin Stanley Electric Co., Ltd.
Stanley Electric GmbH
9 11
10
Suzhou Stanley LED Lighting Technology Co., Ltd.
Stanley Electric Hungary Kft.
8
7
Stanley Electric Korea Co., Ltd.
STANLEY - IDESS S.A.S.
Chongqing Hua-yu Stanley Lighting Co., Ltd.
Lumax Industries Ltd.
22
23 24
28
Ltd. 13 14
Stanley Electric Engineering India Pvt.
Guangzhou Stanley Electric Co., Ltd.
29
27 25
12
19
15
16
18
Asian Stanley International Co., Ltd.
20
Stanley Electric Holding Asia-Pacific Pte. Ltd.
Stanley Electric Holding of America, Inc.
I I Stanley Co., Inc.
26
17 PT.
1
Stanley Electric Co., LTD.
Shanghai Stanley Electric Co., Ltd.
Taiwan Stanley Electric Co., Ltd.
4
3
5
2
Stanley Electric U.S. Co., Inc.
Stanley Electric Sales of America, Inc.
Shenzhen Stanley Electric Co., Ltd.
Stanley Electric (Asia Pacific) Ltd.
Vietnam Stanley Electric Co., Ltd.
2 Stanley Electric U.S. Co., Inc.
Ohio, U.S.A.
Manufacture and sales of automotive lighting equipment
17 PT. Indonesia Stanley Electric.
4 Stanley Electric Sales of America, Inc.
California, U.S.A.
Sales and procurement of semiconductors, subminiature lamps, and
electronic components
5 Stanley Electric Holding of America, Inc.
Michigan, U.S.A.
Administration of three locations in the Americas
6 Stanley Electric do Brasil Ltda. (completed in November, 2010)
Sao Paulo ,Brazil
Electronics and automobile manufacturers, etc.
Thai Stanley Electric Public Co., Ltd.
7 Stanley Electric Hungary Kft.
Gyongyos, Hungary
Manufacture and sales of automotive lighting equipment and
electronic components
Indonesia Stanley Electric.
Stanley Electric do Brasil Ltda.
(completed in November, 2010)
21 Hella-Stanley
16 Thai Stanley Electric Public Co., Ltd.
3 I I Stanley Co., Inc.
Michigan, U.S.A.
Manufacture and sales of automotive lighting equipment,
semiconductors, and electronic equipment
Suzhou Stanley Electric Co., Ltd.
Stanley Electric Holding Europe Co., Ltd.
1 Stanley Electric Co., LTD.
Tokyo, Japan
Manufacture and sales of automotive equipment,
Semiconductors, and electronic equipment
Holding Pty Ltd
Stanley all around
the world
Stanley—in exploration of light and mastery of manufacturing, contributes to the creation of
brighter future for the world. From the perspective of global operations, the Stanley Group
divides the world into five area—Japan, America, Europe, the Asian Pacific and China—
thereby implementing a thorough operational matrix.
6
Pathumthanee, Thailand
Manufacture and sales of automotive lighting equipment, automotive
light bulbs, and dies and molds
Banten, Indonesia
Manufacture and sales of automotive lighting equipment, dies and
molds, electronic equipment
18 Vietnam Stanley Electric Co., Ltd.
Hanoi, Vietnam
Manufacture and sales of automotive light bulbs, automotive lighting
equipment, and electronic equipment
19 Stanley Electric (Asia Pacific) Ltd.
Hong Kong, People’s Republic of China
Sales of semiconductors and subminiature lamps, and procurement
of electronic component
20 Stanley Electric Holding Asia-Pacific Pte. Ltd.
Singapore
Administration of seven locations in the Asia Pacific
21 Hella-Stanley Holding Pty Ltd
Victoria, Australia
Investment in automotive lighting business of Stanley / Hella
22 Stanley Electric Korea Co., Ltd.
Seoul, Korea
Sales and procurement of electronic equipment
8 Stanley Electric GmbH
Moerfelden-Walldorf, Germany
Sales and procurement of semiconductors, electronic equipment,
and automotive lighting equipment
23 Suzhou Stanley Electric Co., Ltd.
9 Stanley Electric (U.K.) Co., Ltd.
Suzhou, People’s Republic of China
Manufacture and sales of semiconductor lighting equipment
Berkshire , U. K.
10 STANLEY - IDESS S.A.S.
Nanterre, France
11 Stanley Electric Holding Europe Co., Ltd.
Berkshire, U.K.
Administration of four locations in the Europe
12 Taiwan Stanley Electric Co., Ltd.
Tainan, Taiwan
R&D, manufacture and sales of cold cathode fluorescent lamps
(CCFLs), CCFL applications and backlight units for LCDs
13 Stanley Electric Engineering India Pvt. Ltd.
Haryana , India
Design and development of automotive lighting equipment, and
manufacture and sales of dies and molds
14 Lumax Industries Ltd.
New Delhi , India
Suzhou, People’s Republic of China
Manufacture and sales of semiconductors and electronic equipment
24 Suzhou Stanley LED Lighting Technology Co., Ltd.
25 Shenzhen Stanley Electric Co., Ltd.
Shenzhen, People’s Republic of China
Manufacture and sales of electronic equipment
26 Tianjin Stanley Electric Co., Ltd.
Tianjin, People’s Republic of China
Manufacture and sales of automotive lighting equipment,
semiconductors, subminiature lamps
27 Guangzhou Stanley Electric Co., Ltd.
Guangzhou, People’s Republic of China
Manufacture and sales of automotive lighting equipment and
electronic equipment
28 Chongqing Hua-yu Stanley Lighting Co., Ltd.
Chongqing, People’s Republic of China
29 Shanghai Stanley Electric Co., Ltd.
Shanghai, People’s Republic of China
Sales and procurement of semiconductors, subminiature lamps, and
photoelectric devices
15 Asian Stanley International Co., Ltd.
10
Pathumthanee, Thailand
Manufacture and sales of semiconductors, subminiature lamps, and
photoelectric devices
11
Financial Review
Stanley’s Environmental Philosophy
We of the Stanley Group are working to preserve the environment through a compassionate
and understanding view of people and the natural world.
Brimming with desire to fulfill our responsibilities as a citizen
of the world, we are continually reexamining every aspect
of corporate activity through the lens of environmental
preservation.
That view has engendered within us a wholehearted
approach to the conservation of natural resources. Thus, in
the spirit of Stanley’s “Basic Philosophy on the Environment
and Environmental Policy,” we have pledged “not to produce,
use or dispose of substances that negatively impact the
environment.”
ISO 14001 Accreditation
Basic Philosophy on the Environment
Environmental Conservation
The Stanley Group is fully committed to the effective use
of resources and the maintenance and improvement of our
environment in every aspect of corporate activity. We know
this is the only way to ensure that succeeding generations
inherit a healthy and beautiful planet free from the ravages of
uncaring consumption.
Environmental Policy
We at Stanley shall engage in all areas of corporate activity
in the spirit of our Basic Philosophy on the Environment;
that is, with an awareness of the roles and responsibilities
each individual has in the effort to preserve the earth and its
precious resources.
Stanley’s head office, all domestic facilities and the Stanley
group’s nineteen domestic and overseas subsidiaries and
affiliates have obtained ISO 14001 certification, the
international standard for environmental management.
*The certification of domestic facilities was unified in 2007.
A Human/Organizational Approach to
Stanley is actively promoting a range of programs designed
to educate employees on the environment and provide
information regarding environmental issues. These programs
go forward under the auspices of the Environmental
Conservation Activity Committee, as established in 1998.The
Committee works to build environmental awareness among
individual employees, encouraging them to adopt “green”
practices in their daily lives and activities.
Our Approach to Environmental
Conservation in Product Development
We are also striving to save energy and resources, reduce
waste, and eliminate the generation/use of greenhouse gases
and toxic chemical substances from all processes during the
product cycle - from design and development to production,
distribution, collection, and, ultimately, disposal.
Stanley’s Logo for
environmental preservation
12
Operating Results
During the fiscal year ended March 31, 2010, consolidated net sales decreased by 15.7% to ¥238,888 million ($2,567,595 thousand).
Cost of sales (COS) decreased by 18.1% to ¥185,205 million ($1,990,597 thousand). Gross profit on sales decreased by 6.3% to
¥53,683 million ($576,998 thousand).
Selling, general and administrative expenses decreased by 13.4% to ¥29,347 million ($315,425 thousand). As a result, operating
income increased by 4.0% to ¥24,336 million ($261,573 thousand).
Income before income taxes and minority interests amounted to ¥32,555 million ($349,910 thousand). After deducting income
taxes of ¥12,371 million ($132,970 thousand) and minority interests of ¥3,056 million ($32,846 thousand), Stanley Electric Co.,
Ltd. (the “Company”) and its subsidiaries posted a net income of ¥17,128 million ($184,094 thousand). Cash dividends declared
for the fiscal year ended March 31, 2010 were ¥25.0 per share, a decrease of ¥5.0 compared to the previous fiscal year.
Financial Position and Cash Flows
The Company and its subsidiaries’ financial position remained stable during the fiscal year ended March 31, 2010. The shareholders’
equity ratio declined by 1.6%, from 66.9% to 65.3%.
Net cash provided by operating activities increased by 3.7% to ¥47,326 million ($508,663 thousand). Expenditures on property,
plant, and equipment (mainly for molds and dies, semiconductor manufacturing facilities, and automotive lighting equipment
manufacturing facilities) decreased by 23.4% to ¥20,447 million ($219,773 thousand).
Five-Year Summary
Stanley Electric Co., Ltd. and its Subsidiaries For the years ended March 31
2010
Net sales
Gross profit
Operating income
Net income
Per share data:
Net income
Cash dividends
Total assets
Long-term debt, including
lease obligations, less current portion
Total equity attributable to shareholders
of the parent (Note 2)
Net sales
Gross profit
Operating income
Net income
Per share data:
Net income
Cash dividends
Total assets
Long-term debt, including
lease obligations, less current portion
Total equity attributable to shareholders
of the parent (Note 2)
2009
Millions of Yen, except for per share data
2008
2007
2006
¥238,888
53,683
24,336
17,128
7.2%
¥20,447
¥283,302
57,267
23,392
12,128
4.3%
¥26,709
¥354,469
82,635
46,563
29,732
8.4%
¥30,606
¥338,680
76,800
40,649
26,283
7.8%
¥35,990
¥311,785
66,028
32,039
20,619
6.6%
¥25,945
¥98.2
25.0
¥68.5
30.0
¥162.9
30.0
¥142.1
25.0
¥110.2
20.0
¥302,035
¥273,102
¥325,798
¥340,816
¥304,238
10,119
113
—
10,000
10,004
197,302
182,812
192,385
195,601
173,977
2010
2009
2008
2007
2006
$2,567,595
576,998
261,573
184,094
7.2%
$219,773
$3,044,955
615,519
251,424
130,359
4.3%
$287,077
$3,809,858
888,176
500,470
319,563
8.4%
$328,961
$3,640,164
825,454
436,903
282,502
7.8%
$386,832
$3,351,086
709,682
344,367
221,615
6.6%
$278,869
$1.06
0.27
$0.74
0.32
$1.75
0.32
$1.53
0.27
$1.18
0.21
$3,246,293
$2,935,323
$3,501,702
$3,663,114
$3,269,972
108,770
1,222
—
107,481
107,524
2,120,622
1,964,874
2,067,777
2,102,337
1,869,926
Thousands of U.S. Dollars, except for per share data
(Note 1) Yen amounts are translated into U.S. dollars, solely for convenience, at the prevailing exchange rate on March 31, 2010, of ¥93.04=U.S.$1.00
(Note 2) Total equity attributable to shareholders of the parent = Total net assets - Minority interests (as recorded on the consolidated balance sheets)
13
Consolidated Balance Sheets
As of March 31, 2010 and 2009
Millions of Yen
ASSETS
2010
Thousands of U.S. Dollars (Note 3)
2009
2010
2009
Current assets:
Cash and cash equivalents
¥46,627
$718,400
$501,154
4,336
605
46,612
6,511
48,548
43,480
521,799
467,330
Affiliates
494
520
5,319
5,595
Less, allowance for doubtful accounts
(86)
(111)
Notes and accounts receivable:
Trade
(928)
(1,193)
48,956
43,889
526,190
471,732
14,017
14,535
150,659
156,223
Deferred tax assets (Note 8)
4,786
2,266
51,442
24,363
Other
7,650
10,137
82,199
108,933
146,584
118,059
1,575,502
1,268,916
Inventories (Note 4)
Total current assets
Investments and advances:
Investment securities (Note 5)
33,368
23,824
358,645
256,063
Investments in affiliates (Note 5)
8,037
7,463
86,383
80,217
Other
5,920
3,107
63,627
33,393
47,325
34,394
508,655
369,673
Land
13,237
11,278
142,280
121,217
Buildings and structures
77,751
74,056
835,681
795,960
Machinery, equipment and vehicles
90,846
98,160
976,427
1,055,035
123,895
118,757
1,331,641
1,276,410
229
175
2,466
1,884
9,893
14,691
106,301
157,897
315,851
317,117
3,394,796
3,408,403
(211,217)
(203,675)
(2,270,174)
(2,189,116)
104,634
113,442
1,124,622
1,219,287
Lease assets (Note 10)
Construction in progress
Less, accumulated depreciation
Other
Total assets
2010
2009
Short-term loans, including current portion of lease
obligations (Notes 6 and 10)
¥6,568
¥9,714
$70,596
$104,410
33,444
26,687
359,464
286,835
590
332
6,346
3,574
11,138
4,629
119,711
49,754
45,172
31,648
485,521
340,163
Accrued expenses
7,607
6,866
81,761
73,804
Income taxes payable (Note 8)
2,092
1,228
22,485
13,205
13
9
147
107
3,160
3,324
33,952
35,692
64,612
52,789
694,462
567,381
10,119
113
108,770
1,222
Deferred tax liabilities (Note 8)
8,365
437
89,914
4,703
Provision for retirement benefits (Note 9)
4,653
22,291
50,015
239,594
Other
3,013
2,780
32,359
29,859
90,762
78,410
975,520
842,759
30,514
30,514
327,977
327,977
29,825
29,825
320,561
320,561
Retained earnings (Note 11)
153,036
151,784
1,644,843
1,631,388
Treasury stock: 8,190,235 shares in 2010 and 13,394,106 shares
in 2009
(15,955)
(26,137)
197,420
185,986
2,121,890
1,998,998
13,721
8,829
147,479
94,892
(13,838)
(12,003)
(148,747)
(129,016)
(117)
(3,174)
(1,268)
(34,124)
Notes and accounts payable:
Trade
Affiliates
Other
Deferred tax liabilities (Note 8)
Other
Total current liabilities
Long-term debt, including lease obligations,
less current portion (Notes 6 and 10)
Total liabilities
Net assets
Shareholders’ equity:
Capital stock:
Authorized 750,000,000 shares in 2010 and 2009
Issued 182,240,000 shares in 2010 and 188,240,256 shares
in 2009
Capital surplus
Total shareholders’ equity
(171,491)
(280,928)
Valuation and translation adjustments
Other assets:
Deferred tax assets (Note 8)
2009
2010
Commitments and contingent liabilities (Note 12)
Property, plant and equipment:
Tools, furniture and fixtures
LIABILITIES AND NET ASSETS
Current liabilities:
¥66,839
Time deposits
Millions of Yen
858
4,169
9,225
44,811
2,634
3,038
28,289
32,636
¥302,035
¥273,102
$3,246,293
$2,935,323
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets
13,970
11,880
150,151
127,690
211,273
194,692
2,270,773
2,092,564
¥302,035
¥273,102
$3,246,293
$2,935,323
The accompanying notes are an integral part of these balance sheets.
14
15
Consolidated Statements of Income
Consolidated Statements of Changes in Net Assets
Millions of Yen
2009
2010
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses (Notes 13 and 14)
Operating income
2010
2009
¥238,888
¥283,302
$2,567,595
$3,044,955
185,205
226,035
1,990,597
2,429,436
53,683
57,267
576,998
615,519
29,347
33,875
315,425
364,095
24,336
23,392
261,573
251,424
Non-operating income (expenses):
Interest and dividends income
833
1,608
8,956
17,284
Equity in earnings of affiliates
768
333
8,263
3,584
Royalty income
806
939
8,665
10,100
Interest expenses
(358)
(337)
(3,857)
(3,625)
Gain on sales of noncurrent assets
232
1,874
2,498
20,144
22
—
245
—
14,539
—
156,272
—
Gain on sales of subsidiaries and affiliates’ stocks
Gain on transfer of benefit obligation relating
to employees’ pension fund
Impairment loss
Loss on retirement of noncurrent assets
—
(178)
—
(1,919)
(1,864)
(1,527)
(20,038)
(16,420)
(78)
(3,291)
(846)
(35,374)
Loss on valuation of investment securities
Loss on liquidation of business
(3,925)
—
(42,194)
—
Loss on abolishment of retirement benefit plan
(2,238)
—
(24,051)
—
(916)
(3,657)
(9,852)
Other, net
(340)
8,219
(1,317)
88,337
(14,159)
32,555
22,075
349,910
237,265
Current
6,764
6,678
72,705
71,775
Deferred
5,607
603
60,265
6,476
12,371
7,281
132,970
78,251
20,184
14,794
216,940
159,014
(3,056)
(2,666)
(32,846)
(28,655)
Income before income taxes and minority interests
Millions of Yen
Shareholders’
equity
Number of
shares of
capital
stock
(Thousands)
Balance at March 31, 2008
Effect of changes in accounting policies
applied to foreign subsidiaries
Changes of items during the year
Dividends from surplus
Net income for the year
Purchase of treasury stock
Disposal of treasury stock
Net changes of items other than
shareholders’ equity
Total changes during the year
Retirement of treasury stock
shareholders' equity
Income before minority interests
Net income
¥17,128
¥12,128
$184,094
Yen
2010
$130,359
U.S. Dollars
2009
2010
2009
Per share (Note 2 (p)):
Net income
Cash dividends in respect of the year
The accompanying notes are an integral part of these statements.
¥98.2
¥68.5
$1.06
$0.74
25.0
30.0
0.27
0.32
¥30,514
Capital
surplus
Retained
earnings
¥29,826
¥145,168
(1)
188,240
30,514
(1)
29,825
Treasury
stock
¥(18,669)
(6,000)
182,240
¥(7,892)
¥11,131
¥203,516
369
(5,873)
12,128
(5,873)
12,128
(7,489)
12
(5,873)
12,128
(7,489)
12
(8)
6,247
151,784
1,252
¥153,036
¥29,825
¥13,438
Total
net assets
369
(0)
(11,690)
¥30,514
¥186,839
Minority
interests
369
(7,489)
21
(7,468)
(26,137)
(1,222)
185,986
(1,508)
0
11,690
(4,186)
17,128
(1,508)
0
—
(4,186)
17,128
(6,000)
Valuation
Foreign
Total
on currency
shareholders’ difference
available-for- translation
equity
sale securities adjustment
(4,609)
(4,111)
749
(7,971)
(4,609)
8,829
(4,111)
(12,003)
749
11,880
(9,193)
194,692
(4,186)
17,128
(1,508)
0
—
10,182
11,434
¥(15,955) ¥197,420
4,892
(1,835)
2,090
5,147
4,892
¥13,721
(1,835)
¥(13,838)
2,090
¥13,970
16,581
¥211,273
Minority
interests
Total
net assets
Shareholders’
equity
Number of
shares of
capital
stock
(Thousands)
Income taxes (Note 8):
Minority interests in income
188,240
Capital
stock
Valuation and
translation adjustments
Effect of changes in accounting policies
applied to foreign subsidiaries
Retirement of treasury stock
188,240
Capital
surplus
$327,977
$320,575 $1,560,277
3,966
$(200,662) $2,008,167
3,966
(63,129)
130,359
(63,129)
130,359
(80,498)
133
(85)
Treasury
stock
Valuation
Foreign
Total
on currency
shareholders’ difference
available-for- translation
equity
sale securities adjustment
Capital
stock
(14)
Retained
earnings
Valuation and
translation adjustments
(80,498)
232
$144,428
327,977
(6,000)
(14)
67,145
320,561 1,631,388
(80,266)
(13,135)
(280,928) 1,998,998
(44,999)
184,094
(44,999)
184,094
(16,208)
5
—
(2)
(125,638)
(16,208)
7
125,638
(44,198)
8,060
(49,536)
(44,198)
94,892 (129,016)
8,060
127,690
(98,809)
2,092,564
22,461
(44,999)
184,094
(16,208)
5
—
55,317
52,587
(6,000)
182,240 $327,977
13,455
$320,561 $1,644,843
109,437
122,892
$(171,491) $2,121,890
$119,630 $2,187,407
3,966
(63,129)
130,359
(80,498)
133
(85,674)
(49,536)
188,240
$(84,818)
52,587
$147,479
(19,731)
(19,731)
22,461
178,209
$(148,747) $150,151 $2,270,773
16
17
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Millions of Yen
2010
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Adjustments to reconcile income before income taxes and
minority interest to net cash provided by operating activities:
Depreciation and amortization
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
Interest and dividends income
Interest expenses
Equity in (earnings) losses of affiliates
Loss (gain) on sales and retirement of noncurrent assets
Loss (gain) on sales of stocks of subsidiaries and affiliates
Loss (gain) on valuation of investment securities
Loss on liquidation of investment securities
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Other, net
Subtotal
Interest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
2010
2009
¥32,555
¥22,075
$349,910
$237,265
20,403
178
2
(118)
(17,640)
(833)
358
(768)
1,631
(22)
78
—
3,925
(5,538)
254
7,217
8,048
49,730
1,261
(252)
(3,413)
47,326
25,218
—
103
(496)
(71)
(1,608)
337
(333)
(346)
—
3,291
122
—
30,625
3,264
(21,840)
(2,402)
57,939
1,802
(375)
(13,730)
45,636
219,295
1,919
24
(1,273)
(189,600)
(8,956)
3,857
(8,263)
17,540
(245)
846
—
42,194
(59,526)
2,731
77,570
86,485
534,508
13,562
(2,715)
(36,692)
508,663
271,051
—
1,108
(5,336)
(766)
(17,284)
3,625
(3,584)
(3,724)
—
35,374
1,316
—
329,163
35,087
(234,739)
(25,820)
622,736
19,370
(4,036)
(147,571)
490,499
(6,361)
572
(19,752)
829
(918)
(1,376)
(620)
50
(26,980)
2,395
(742)
(2,518)
(68,370)
6,154
(212,303)
8,919
(9,871)
(14,795)
(6,672)
537
(289,986)
25,749
(7,986)
(27,069)
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales and redemption of short-term and long term
investment securities
Other, net
Net cash provided by (used in) investing activities
(276)
(27,094)
681
(25,234)
(2,974)
(291,210)
7,333
(271,224)
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
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 equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(2,902)
10,000
—
(1,508)
(4,186)
(749)
(57)
598
(618)
20,212
46,627
¥66,839
1,736
—
(10,000)
(7,489)
(5,873)
(1,338)
12
(22,952)
(2,348)
(4,898)
51,525
¥46,627
(31,192)
107,481
—
(16,208)
(44,999)
(8,052)
(600)
6,430
(6,637)
217,246
501,154
$718,400
18,668
—
(107,481)
(80,498)
(63,131)
(14,391)
133
(246,700)
(25,225)
(52,650)
553,804
$501,154
18
2009
188
2,500
2,030
26,870
1. Basis of Presentation of Consolidated Financial Statements:
The accompanying consolidated financial statements have been prepared based on the accounts maintained by Stanley Electric Co.,
Ltd. (the “Company”) and all of its domestic subsidiaries in accordance with the provisions set forth in the Japanese Corporation
Law, the Financial Instruments and Exchange Law and the related accounting regulations, and in conformity with accounting
principles generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of
International Financial Reporting Standards. The accompanying consolidated financial statements also include the accounts of all
of its overseas subsidiaries. The financial statements of the Company’s overseas consolidated subsidiaries for consolidation purposes
have been prepared in conformity with International Financial Reporting Standards or accounting principles generally accepted in
the United States of America.
Certain items presented in the consolidated financial statements filed with the Kanto Finance Bureau of the Ministry of Finance
in Japan have been reclassified and translated into English for the convenience of readers outside Japan. Some supplementary
information included in the statutory Japanese language consolidated financial statements, but not considered necessary for fair
presentation, is not presented in the accompanying consolidated financial statements.
2. Summary of Significant Accounting Policies:
(a) Principles of Consolidation
The consolidated financial statements include the accounts of the Company and all of its subsidiaries. At March 31, 2010 and 2009,
the Company had 34 and 33 subsidiaries, respectively. All significant inter-company balances, transactions and unrealized profits
have been eliminated. The assets and liabilities of subsidiaries acquired in a business combination are recorded based on their full
fair values at the time of consummation. The excess of the cost over the fair value of the underlying net assets of investments in
subsidiaries (“goodwill”) is being amortized by the straight-line method over a five-year period.
Investments in affiliates are accounted for by the equity method. Investments in certain affiliates are stated at cost because the
effect of application of the equity method would be immaterial.
(b) Cash and Cash Equivalents
Cash and cash equivalents in the consolidated financial statements comprise cash on hand, bank deposits able to be withdrawn on
demand and short-term investments with an original maturity of three months or less and for which there is a minor risk of material
fluctuations in value.
(c) Financial Instruments
1) Derivatives
Derivatives designated as hedging instruments by the Company are forward exchange contracts. The related hedged items are
accounts receivable denominated in foreign currencies.
The Company has a policy of utilizing the above hedging instruments in order to reduce the Company’s exposure to the risk of
foreign currency fluctuations. Accordingly, the Company’s purchases of hedging instruments are limited to, at maximum, the amounts
of the hedged items. Gains or losses resulting from forward exchange contracts are principally deferred as an asset or a liability.
Contract amounts for US$ basis and Euro basis are ¥1,844 million ($19,823 thousand) and ¥463 million ($4,979 thousand),
respectively, and fair values for them are ¥1,888 million ($20,296 thousand) and ¥453 million ($4,873 thousand), respectively. The
method used to calculate the fair value is based on forward exchange rate.
2) Securities
Securities except for investments in affiliates are classified depending on management’s intent as either ‘Held-to-maturity securities’
or ‘Available-for-sale securities’. Held-to-maturity securities which are expected to be held to maturity are carried at amortized cost.
Available-for-sale securities, for which fair values are available, are stated at fair value with any unrealized gains or losses reported as a
separate component of net assets at a net-of-tax amount. Available-for-sale securities, for which fair values are unavailable, are stated
at cost. Cost of securities sold is determined by the moving-average method.
(d) Allowance for Doubtful Accounts
The allowance for doubtful accounts has been provided based upon estimated uncollectible amounts for individually identified
doubtful accounts and historical loss experience for other accounts.
(e) Inventories
Inventories are mainly stated at cost by the periodic average method (As for the value stated in the balance sheets, the method of
book value devaluation based on decline in profitability is used).
(f ) Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation.
In fiscal year 2008, the straight-line method was used for the following property, plant and equipment:
• All buildings (excluding attached structures) of the Company and its domestic subsidiaries
• Molds and tools of the Company and its domestic subsidiaries
• Yamagata plant
• Property, plant and equipment of overseas subsidiaries
19
The depreciation of other property, plant and equipment of the Company and its domestic subsidiaries was computed using the
declining-balance method at rates based on the estimated useful lives of the assets.
In fiscal year 2009, the straight-line method is used for all property, plant and equipment.
The range of useful lives is as follows:
• Buildings and structures: 3-to-50 years
• Machinery, equipment and vehicles: 4-to-15 years
(Change to the method of computing the depreciation of property, plant and equipment)
Prior to April 1, 2009, the declining-balance method was used to compute the depreciation of all property, plant and equipment
other than buildings (excluding attached structures), molds and tools included in tools, furniture and fixtures, and the Yamagata
plant. Effective April 1, 2009, however, the Company and its domestic consolidated subsidiaries changed to the straight-line method.
The Company has undertaken gradual restructuring and made a plant and equipment investment at the Hatano Factory, which is
the Company’s main plant for motor vehicle headlamps in Japan, with the aim of making this plant a model plant where productivity
can be pursued to its ultimate. The Company is implementing this restructuring in order to meet its customers’ demand for quality,
for example through improvements to the quality of the headlamps, by incorporating the know-how the Company cultivated in its
“innovation-in-production” activities into the design stage of the buildings, developing the plant as a plant that pursues maximum
investment efficiency, pushing production efficiency to the maximum, and taking exhaustive actions to control waste and dust in
order to create a cleaner manufacturing environment.
Furthermore, based on the same policy as for the Hatano Factory, the Company has been making a series of plant and equipment
investments in other production plants including the Hamamatsu Factory, the Okazaki Factory and the new Hiroshima plant, etc.
The culmination of these efforts, the second phase of construction of the new No. 1 Plant at Hatano Factory, was completed
during the year under review, and the new plant also commenced operations. The Company took this opportunity to review the
method of computing depreciation the Company had been using particularly on plant and equipment investment in the production
plants. As a result of this review, the Company judged that allocating the depreciation costs equally over the period that the property,
plant and equipment can be used is appropriate for the purpose of matching costs and revenues, because the performance of the plant
and equipment has improved, the risk of technological or economic obsolescence is small, and the costs of maintaining the plant
and equipment, such as repairs, etc., are averaging out at about the same as conservation costs. Therefore, the Company changed the
method of computing depreciation from the declining-balance method to the straight-line method.
The Company took the opportunity of the above change to change the method of computing depreciation to the straightline method in its domestic consolidated subsidiaries. Accordingly, the Company and all its consolidated subsidiaries adopted the
straight-line method for computing the depreciation of property, plant and equipment effective April 1, 2009.
The effect of this change was to increase operating income by ¥3,045 million ($32,737 thousand) and income before income
taxes and minority interests by ¥3,189 million ($34,283 thousand) for the year ended March 31, 2010, compared to the results that
would have been obtained under the former method.
(g) Intangible Assets
Software development costs for those that are purposed for internal use are capitalized and amortized. Amortization of such software
is computed using the straight-line method over a five-year period.
(h) Leases
Finance leases of the Company and its domestic subsidiaries in which the ownership of the leased properties does not transfer to the
lessees and that started after April 1, 2008 are accounted for in a manner similar to the accounting for ordinary purchase transactions
and the leased properties are capitalized as lease assets. Depreciation of lease assets concerning finance lease transactions in which
the ownership of the leased properties does not transfer to the lessees is calculated using the straight-line method over the lease terms
without residual value. Finance lease transactions in which the ownership of the leased properties does not transfer to the lessees and
that started before April 1, 2008 are accounted for in a manner similar to the accounting for ordinary rental transactions.
(i) Research and Development Costs
Research and development costs are entirely charged to income as incurred.
(j) Bond Issue Costs
Bond issue costs are charged to income as incurred.
(k) Provision for Bonuses
Provision for bonuses are provided based on the estimated future bonus payments attributable to employees’ services rendered during
the year.
(l) Provision for retirement benefits
Provision for retirement benefits represent the estimated present value of projected benefit obligations in excess of the fair value of
plan assets, unrecognized prior service credit (costs) and unrecognized actuarial differences. Prior service costs are amortized on a
straight-line basis over a period within the average remaining service period of 7 to 15 years. Unrecognized actuarial differences are
amortized on a straight-line basis over a period within the average remaining service period of 7 to 15 years beginning in the year that
follows a year in which they arose.
Provision for retirement benefits in the accompanying consolidated balance sheets include unfunded severance benefits for
directors and statutory auditors of certain subsidiaries amounting to ¥122 million ($1,309 thousand) and ¥141 million ($1,522
thousand) at March 31, 2010 and 2009, respectively. The amount is accrued based on the internal guideline at an amount of required
payout had the covered directors and statutory auditors voluntarily been terminated. The actual payment of these severance benefits
is subject to advance approval at a shareholders’ meeting.
20
In accordance with the Defined Benefit Pension Plan Law, the Company and its domestic subsidiaries applied for transfer of the
substitutional portion of past pension obligations to the government and obtained approval by the Ministry of Health, Labor and
Welfare on March 1, 2010. Based upon this approval, the Company recognized a gain on transfer of benefit obligation relating in
the amount of ¥14,539 million ($156,272 thousand) for the year ended March 31, 2010. At the same time, the Company and its
domestic subsidiaries implemented a defined contribution pension plan in March 2010 by which the former employees’ pension
fund plan was terminated. Based upon this transfer, the Company recognized a loss on abolishment of retirement benefit plan in the
amount of ¥2,238 million ($24,051 thousand) for the year ended March 31, 2010.
(m) Income Taxes
Income taxes are provided based on pre-tax income reported for financial reporting purpose. Deferred income taxes are determined
using the asset and liability method, whereby deferred tax assets, net of valuation allowance, and liabilities are recognized for the
estimated future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts
in the financial statements, and tax loss and other credit carryforwards.
(n) Accounting for Consumption Taxes
In Japan, consumption taxes are imposed at a flat rate of 5 per cent on all domestic consumption of goods and services with certain
exceptions. Consumption taxes imposed on the domestic sales of the Company and its domestic subsidiaries are withheld at the time
of sale and are paid to the national government and the local public body subsequently. The consumption tax withheld upon sale
and the consumption tax paid on the purchases of goods and services are not included in the related amounts in the accompanying
consolidated statements of income.
(o) Foreign Currency Translation
All monetary assets and liabilities denominated in foreign currencies, whether long-term or short-term, are translated into Japanese
yen at the exchange rates prevailing at the balance sheet date. Resulting gains and losses are included in net income or loss for
the period. All asset and liability accounts on the balance sheets of the foreign subsidiaries are translated into Japanese yen at the
exchange rates prevailing at the balance sheet date. Profit and loss accounts for the year are translated into Japanese yen using the
average exchange rate during the year. The resulting differences in yen amounts arising from the use of different rates are presented as
a separate component of net assets under “foreign currency translation adjustments”.
(p) Net Income and Dividends per Share
Net income per share of common stock is calculated by dividing net income available to common shareholders by the weightedaverage number of shares of common stock outstanding during each year. The number of common shares used in the net income per
share computations was 174,337 thousand and 176,945 thousand in the years ended March 31, 2010 and 2009, respectively. Diluted
net income per share information is not presented in the consolidated financial statements because the Company does not have
any dilutive common shares. Cash dividends per share shown for each year in the accompanying consolidated statements of income
represent dividends declared for each respective year.
3. United States Dollar Amounts:
The Company and its domestic subsidiaries maintain their accounting records in Japanese yen. The dollar amounts included in
the consolidated financial statements and notes thereto represent the arithmetical results of translating yen to dollars at a rate of
¥93.04=US$1, the rate of exchange prevailing on March 31, 2010. The inclusion of such dollar amounts is solely for the convenience
of readers outside Japan and is not intended to imply that yen amounts have been or could be readily converted, realized or settled in
U.S. dollars at this or any other rate.
4. Inventories:
Inventories at March 31, 2010 and 2009 consisted of the following:
Millions of Yen
Finished goods
Work in process
Raw materials and supplies
2010
¥8,023
2,054
3,939
2009
¥8,284
1,491
4,758
Thousands of U.S. Dollars
2010
$86,240
22,081
42,338
2009
$89,039
16,035
51,150
5. Financial Instruments:
<Additional Information>
Effective from the fiscal year ended March 31, 2010, the Company adopted the revised Accounting Standard, “Accounting
Standard for Financial Instruments” (Accounting Standards Board of Japan (“ASBJ”) Statement No. 10 revised on March 10,
2008) and the “Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No.19 revised on March
10, 2008). Information on financial instruments for the year ended March 31, 2010 required pursuant to the revised accounting
standards is as follows.
21
<Financial Instruments>
1. Qualitative information on financial instruments
(1) Policies for using financial instruments
The Company and its consolidated subsidiaries place importance on “safety”, the first priority, “liquidity”, the second priority, and
“profitability”, the third priority, to manage financial instruments. The ways of raising capital are mainly based on bond issue and
bank loans. Derivatives are utilized for mitigating risks which will hereinafter be described, and not for speculation purposes.
(2) Details of financial instruments used, the exposures to risk and policies and processes for managing the risk
Cash and cash equivalents and time deposits are exposed to credit-related losses of correspondent financial institutions. In order
to mitigate this risk, the Company and its consolidated subsidiaries conduct a transaction with only high credit-rating financial
institutions as a result of attaching importance to safety, which is stated in “Policy of Dealing with Financial Institutions”.
Notes and accounts receivable-trade, which are operating receivables, are exposed to credit-related losses of customers. In order
to mitigate this risk, the Company and its consolidated subsidiaries establish a system in which business administration staff of each
department conduct due date controls and management of balance by collection of debts during a specified period under the terms
and conditions. The Company and its consolidated subsidiaries sell the products in Japan, the Americas, and other regions, and
operating receivables in foreign currency are exposed to currency rate fluctuation risks. In order to mitigate this risk, the Company
and its consolidated subsidiaries offset the risk with forward exchange contracts, and execute and manage them in departments in
charge of Accounting and Overseas. In addition, forward exchange contracts are conducted based on company regulations decided
in management conferences etc. which are a decision-making setting of each company.
Investment securities are mainly composed of the stock of companies with on-the-job relationship, and they are exposed to
market fluctuation risks. The Company and its consolidated subsidiaries keep track of fair value every month for risk mitigation.
As for notes and accounts payable-trade, which are operating payables, most of the due for payments are set within a year. Shortterm loans are mainly for raising operating capital, and bonds are for raising operating capital and equipment fund. Operating
payables, debts, and bonds are exposed to the risk of liquidity. The Company and its consolidated subsidiaries manage the risk by
preparing statements of cash receipts and disbursement.
2. Fair value of financial instruments
(1) The carrying amount recorded on the consolidated balance sheets, fair value and unrealized gains (losses) as of March 31, 2010 were
as follows. The financial instruments for which fair value is extremely difficult to identify are not included in the following chart (Note 2).
2010
Millions of Yen
Carrying amount
(1) Cash and cash equivalents
(2) Time deposits
(3) Notes and accounts receivable-trade
Allowance for doubtful accounts (Note)
(4) Short-term investment securities and
investment securities:
Available-for-sale securities
(including investments in affiliates)
Total assets of financial instruments
¥66,839
4,336
49,043
(50)
48,993
Fair value
¥66,838
4,336
48,993
Unrealized gains
(losses)
¥(1)
—
—
Unrealized gains
Fair value
(losses)
Carrying amount
$718,400
46,612
527,118
(546)
526,572
$718,380
46,612
$(20)
—
526,572
(Note 2) Financial instruments for which fair value is extremely difficult to identify were as follows:
2010
Millions of Yen
¥3,395
$36,494
Unlisted shares
This is not included in the “(4) Short-term investment securities and investment securities” because the market price does not exist
and fair value is extremely difficult to identify.
(Note 3) The redemption schedule for monetary claims and securities with maturity dates subsequent to March 31, 2010 is
summarized as follows:
2010
Millions of Yen
Due in one
year or less
Cash and cash equivalents
Time deposits
Notes and accounts receivable-trade
Other
Total
¥16,541
4,337
49,024
—
¥69,902
Due after one year
through five years
¥—
—
18
2,063
¥2,081
Due in one
year or less
Over five years
¥—
—
—
—
¥—
$177,780
46,612
526,923
—
$751,315
Due after one year
through five years
Over five years
$—
—
195
22,173
$22,368
$—
—
—
—
$—
(Note 4) The repayment schedule for bonds payable and lease obligations subsequent to March 31, 2010 is summarized as follows:
Millions of Yen
—
40,113
2,103
408,533
431,144
22,611
158,178
160,280
2,102
1,700,117
1,722,708
22,591
35,533
6,515
10,000
172
35,533
6,515
10,287
172
—
—
287
—
381,898
70,031
107,481
1,855
381,898
70,031
110,567
1,855
—
—
3,086
—
52,220
52,507
287
561,265
564,351
3,086
¥—
¥—
¥—
$—
$—
(Note) Allowance for doubtful accounts for certain customers is deducted from notes and accounts receivable-trade.
$—
(Note 1) The method used to calculate fair value of financial instruments, securities, and derivatives is as follows:
Assets
(1) Cash and cash equivalents, (2) Time deposits, and (3) Notes and accounts receivable-trade
The carrying amount is used to determine fair value because fair value is almost equivalent to the carrying amount. However, fair
value of debt securities and MMF is based on the price presented by correspondent financial institutions.
(4) Short-term investment securities and investment securities
Fair value of short-term investment securities and investment securities is determined by the stock exchange price. Please refer to
<Securities> for the notes of each security.
22
Derivatives
Details of derivatives are stated in the “2. Summary of Significant Accounting Policies; (c) Financial Instruments”.
2010
38,010
(1) Notes and accounts payable-trade
(2) Short-term loans payable
(3) Bonds payable
(4) Lease obligations
Total liabilities of financial
instruments
Derivatives
Liabilities
(1) Notes and accounts payable-trade, and (2) Short-term loans payable
The carrying amount is used to determine fair value because fair value is almost equivalent to the carrying amount.
(3) Bonds payable
Fair value of bonds issued by the Company is based on the price presented by correspondent financial institutions.
(4) Lease obligations
The carrying amount is used to determine fair value because fair value is almost equivalent to the carrying amount.
Due in one
year or less
Bonds payable
Lease obligations
Total
¥—
52
¥52
Due after one year
through five years
¥10,000
118
¥10,118
Due in one
year or less
Over five years
¥—
1
¥1
$—
566
$566
Due after one year
through five years
Over five years
$107,481
1,269
$108,750
$—
21
$21
<Securities>
(1) The fair value recorded on the consolidated balance sheets, acquisition cost, and unrealized gains (losses) of available-for-sale
securities for which fair values are available as of March 31, 2010 and 2009 were as follows:
2010
Millions of Yen
Fair value
Available-for-sale securities whose
fair value exceeds acquisition cost :
Equity securities
acquisition cost exceeds fair value:
Equity securities
Acquisition cost
Unrealized gains
(losses)
Fair value
Acquisition cost
Unrealized gains
(losses)
¥29,954
¥6,880
¥23,074
$321,954
$73,953
$248,001
¥238
¥30,192
¥283
¥7,163
¥(45)
¥23,029
$2,549
$324,503
$3,043
$76,996
$(494)
$247,507
23
Millions of Yen
Acquisition cost
fair value exceeds acquisition cost :
Equity securities
acquisition cost exceeds fair value:
Equity securities
Debt securities
¥3,038
Fair value
¥18,733
At March 31, 2010 and 2009, significant components of deferred tax assets and liabilities were as follows:
2009
Unrealized gains
(losses)
Unrealized gains
Acquisition cost
Fair value
(losses)
¥15,695
$32,651
$201,350
¥3,835
¥2,971
¥(864)
$41,224
$31,932
1,000
0
(1,000)
10,748
0
¥7,873
¥21,704
¥13,831
$84,623
$233,282
In the year ended March 31, 2010 and 2009, there were no sales transactions of available-for-sale securities.
$168,699
$(9,292)
(10,748)
$148,659
a) Investments in affiliated companies
b) Available-for-sale securities:
Unlisted shares
¥7,463
$80,217
2,120
¥9,583
22,782
$102,999
6. Short-term Loans and Long-term Debt:
Short-term loans principally consisted of notes payable to banks at a weighted average interest rate of 2.0% and 3.1% as of March
31, 2010 and 2009, respectively. Customarily, these notes are renewed at maturity, subject to renegotiations of interest rates and
other terms.
Long-term debt at March 31, 2010 and 2009 consisted of the following:
Millions of Yen
1.67% unsecured straight bonds due April 2014
Lease obligations
Less current portion
2009
¥—
156
156
(43)
¥113
2010
¥10,000
172
10,172
(53)
¥10,119
2009
$—
1,677
1,677
(455)
$1,222
2010
$107,481
1,855
109,336
(566)
$108,770
The aggregate annual maturities of bonds subsequent to March 31, 2010 are summarized as follows:
Years ending March 31,
2015
Millions of Yen
¥10,000
$107,481
The aggregate annual maturities of lease obligations subsequent to March 31, 2010 are summarized as follows:
Years ending March 31,
Millions of Yen
¥53
49
37
21
12
¥172
$566
536
407
235
111
$1,855
2011
2012
2013
2014
2015 and thereafter
7. Commitment Lines
In order to facilitate efficient working capital management, the Company maintains committed lines of credit with 10 financial
institutions. The unused balance of credit lines under these commitments was as follows:
Millions of Yen
Total amount of committed credit lines
Less amount borrowed against credit lines
Credit lines unused
2010
¥10,000
—
¥10,000
2009
¥10,000
—
¥10,000
2010
$107,481
—
$107,481
2009
$107,481
—
$107,481
8. Income Taxes:
The statutory tax rate used for calculating deferred tax assets and liabilities in the years ended March 31, 2010 and 2009 was
approximately 40.4%.
24
1. Current assets
Deferred tax assets:
Accrued defined contribution transferred
Provision for bonuses
Accrued expenses
Tax loss carry forwards
Accrued enterprises taxes
Other
Less valuation allowance
Total deferred tax assets
Deferred tax liabilities:
Undistributed earnings of subsidiaries and affiliates
Other
Total deferred tax liabilities
Net deferred tax assets
(2) Major categories of securities for which fair values are unavailable as of March 31, 2009 were as follows:
2009
Millions of Yen
Millions of Yen
2009
2010
2. Non-current assets
Tax loss carry forwards
Provision for retirement benefits
Unrealized intercompany profit on plant, property and equipment
Other
Less valuation allowance
Reserve for advanced depreciation of noncurrent assets
Net deferred tax assets
3. Current liabilities
Allowance for doubtful accounts
Other
4. Non-current liabilities
Reserve for advanced depreciation of noncurrent assets
Depreciation
Other
Provision for retirement benefits
Other
Net deferred tax liabilities
2009
2010
¥2,780
1,271
476
305
202
68
654
5,756
(661)
5,095
¥—
1,320
—
203
449
118
509
2,599
(17)
2,582
$29,882
13,667
5,119
3,288
2,174
731
7,005
61,866
(7,098)
54,768
$—
14,188
—
2,192
4,830
1,276
5,458
27,944
(181)
27,763
(279)
(30)
(309)
¥4,786
(270)
(46)
(316)
¥2,266
(3,002)
(324)
(3,326)
$51,442
(2,907)
(493)
(3,400)
$24,363
¥1,473
487
303
281
—
141
2,685
(1,827)
858
¥—
—
8,902
332
559
1,885
11,678
(521)
11,157
$15,842
5,241
3,260
3,022
—
1,503
28,868
(19,643)
9,225
$—
—
95,681
3,571
6,017
20,248
125,517
(5,597)
119,920
—
—
—
¥858
(5,990)
(998)
(6,988)
¥4,169
—
—
—
$9,225
(64,381)
(10,728)
(75,109)
$44,811
¥1
12
¥13
¥3
6
¥9
$21
126
$147
$39
68
$107
¥9,308
995
703
111
11,117
¥—
—
765
103
868
$100,050
10,700
7,561
1,183
119,494
$—
—
8,228
1,112
9,340
(1,506)
(351)
(895)
(2,752)
¥8,365
—
—
(431)
(431)
¥437
(16,191)
(3,783)
(9,606)
(29,580)
$89,914
—
—
(4,637)
(4,637)
$4,703
A reconciliation of the statutory tax rate to the effective income tax rate for the years ended March 31, 2010 and 2009 is as follows:
Statutory income tax rate
Increase (decrease) in taxes resulting from:
Lower statutory tax rates
Entertainment and other non-deductible expenses
Dividends income not taxable
Per capita levy of local resident income taxes
Tax credits for research and development
Other tax credits
Dividends income from foreign subsidiaries
Increase in valuation allowance
Other
Effective income tax rate
2010
40.4%
2009
40.4%
(7.2%)
0.9%
(2.9%)
0.2%
(1.0%)
(1.5%)
1.7%
5.8%
1.6%
38.0%
(10.9%)
1.7%
(2.6%)
0.2%
(1.4%)
(9.6%)
13.0%
—
2.2%
33.0%
25
9. Provision for Retirement Benefits:
10. Leases:
The Company and its domestic subsidiaries had operated employees’ pension fund plan, qualified pensions plan, and the severance
lump-sum payment plan. On March 1, 2010, the Company and its domestic subsidiaries implemented a defined contribution
pension plan by which the former employees’ pension fund plan was terminated. The obligation for pensioners of employees’ pension
fund plan was transferred to defined benefit pension fund which was established on the same day along with qualified pensions plan
and the severance lump-sum payment plan. Certain overseas consolidated subsidiaries operate defined benefits pension plan as well
as defined contribution pension plan.
The Company and its domestic subsidiaries obtained approval by the Ministry of Health, Labor and Welfare for exemption from
the future obligation on April 1, 2008, and for transfer of the substitutional portion of the past pension obligation to the government
on March 1, 2010.
The balance of provision for retirement benefits as of March 31, 2010 and 2009 is analyzed as follows:
(1) Finance leases (capitalized)
Effective April 1, 2008, the Company and its domestic subsidiaries have adopted Accounting Standard for Lease Transactions, and
finance lease transactions other than those that are expected to transfer ownership of the assets to the lessee are accounted for as lease
assets and lease obligations.
The lease assets acquired after April 1, 2008, include mainly information technology device and vehicles as of March 31, 2010 and
2009. The depreciation is calculated using the straight-line method over the lease term of the lease assets assuming no residual value.
Millions of Yen
2010
¥67,187
(49,282)
17,905
(13,495)
(1)
4,409
(122)
4,531
122
¥4,653
Projected benefit obligations
Plan assets
Unfunded status
Unrecognized actuarial loss
Unrecognized prior service credit (cost)
Total
Prepaid pension expenses
Provision for employees’ retirement benefits
Provision for directors’ retirement benefits
Total provision for retirement benefits
2009
¥100,639
(46,252)
54,387
(37,190)
4,953
22,150
—
22,150
141
¥22,291
2010
$722,138
(529,684)
192,454
(145,052)
(11)
47,391
(1,315)
48,706
1,309
$50,015
2009
$1,081,678
(497,115)
584,563
(399,727)
53,236
238,072
—
238,072
1,522
$239,594
(Note) The effects of the transition from a portion of employees’ pension fund plan to defined contribution pension plan for the year
ended March 31, 2010 were as follows:
Millions of Yen
Components of net periodic pension expenses relating to the retirement benefits for the years ended March 31, 2010 and 2009 were
as follows:
2010
¥2,407
1,930
(1,786)
3,637
(442)
121
5,867
Service costs
Interest costs
Expected return on plan assets
Amortization of actuarial loss
Amortization of prior service cost (credit)
Other (Note)
Net periodic pension expenses
Gain on transfer of benefit obligation relating to employees’ pension
(14,539)
fund
Loss on abolishment of retirement benefit plan
2,238
Total
¥(6,434)
(Note) “Other” consists of mainly contributions to defined contribution pension plan.
26
Acquisition costs (Note)
Other
Accumulated depreciation
Other
Net book value
Other
2009
¥2,422
1,982
(2,280)
2,700
(474)
—
4,350
2010
$25,875
20,747
(19,198)
39,100
(4,758)
1,298
63,064
2009
2010
2009
¥182
628
122
¥255
1,118
102
$1,967
6,759
1,312
$2,742
12,015
1,098
108
474
68
156
717
37
1,166
5,103
737
1,679
7,706
394
74
154
54
99
401
65
801
1,656
575
1,063
4,309
704
Both of lease payments and pro-forma depreciation expense for the years ended March 31, 2010 and 2009 amounted to ¥256 million
($2,759 thousand) and ¥328 million ($3,526 thousand), respectively. The pro-forma depreciation is calculated using the straightline method over the lease term of the lease assets assuming no residual value.
The scheduled maturities of future lease rental payments of finance leases as of March 31, 2010 and 2009 were as follows:
Millions of Yen
2009
$26,036
21,311
(24,511)
29,023
(5,100)
—
46,759
—
(156,272)
—
—
¥4,350
24,051
$(69,157)
—
$46,759
Assumptions used in the calculation of the above information for the years ended March 31, 2010 and 2009 were as follows:
Method of attributing the projected benefits to
periods of service
Discount rate
Expected rate of return on plan assets
Amortization period of prior service cost
Amortization period of unrecognized actuarial
differences
Millions of Yen
2010
(Note) Pro-forma acquisition costs include interest costs since such costs were not significant. This treatment is in accordance with
accounting standards for leases generally accepted in Japan.
Decrease in projected benefit obligations
¥(2,220)
$(23,861)
Unrecognized actuarial loss
4,457
47,912
Decrease in provision for retirement benefits
¥2,237
$24,051
The assets to be transferred to defined contribution pension plan amount to ¥12,378 million ($133,049 thousand).
Millions of Yen
(2) Finance leases (non-capitalized)
The certain finance lease transactions other than those that are expected to transfer ownership of the assets to the lessee, of which
lease assets were acquired prior to April 1, 2008, continue to be accounted for in a manner similar to the accounting for ordinary
rental transactions. Pro-forma information relating to the assumed capitalization of those finance leases as of and for the years ended
March 31, 2010 and 2009 is as follows:
2010
2009
Benefit and year of service approach
Benefit and year of service approach
2.0%
4.0%
7 to 15 years (straight-line basis)
2.0%
4.0%
Due within one year
Due after more than one year
2010
¥153
129
¥282
2009
¥261
304
¥565
2010
$1,652
1,380
$3,032
2009
$2,807
3,269
$6,076
Future lease payments include interest costs since such costs were not significant. This treatment is in accordance with accounting
standards for leases generally accepted in Japan.
(3) Operating leases
The schedule of future lease rental payments of operating leases as of March 31, 2010 and 2009 is as follows:
Millions of Yen
Due within one year
Due after more than one year
2010
¥162
83
¥245
2009
¥159
295
¥454
2010
$1,746
896
$2,642
2009
$1,714
3,175
$4,889
11. Appropriation of Retained Earnings:
Appropriation of retained earnings are not accrued in the financial statements for the period to which they relate, but are recorded
in the subsequent accounting period after board of directors’ approval has been obtained. Retained earnings at March 31, 2010
included amounts representing final cash dividends of ¥2,262 million ($24,319 thousand) which were approved at the board
meeting held on May 24, 2010.
12. Commitments and Contingent Liabilities:
The Company was contingently liable as guarantor for loans of ¥10 million ($108 thousand) from certain financial institutions in
respect of employees’ housing, as of March 31, 2010.
27
13. Selling, General & Administrative Expenses:
The major components of selling, general & administrative expenses for each of the years ended March 31, 2010 and 2009 included
the following:
Millions of Yen
Salaries and bonuses
Net periodic pension expenses
Provision for bonuses
Provision for directors’ bonuses
Provision of allowance for doubtful accounts
Provision for directors’ retirement benefits
2010
¥10,683
2,054
1,164
176
31
30
2009
¥11,001
1,574
1,131
142
95
13
2010
$114,829
22,084
12,512
1,894
336
327
2009
$118,241
16,922
12,160
1,537
1,027
144
14. Research and Development Costs:
Total research and development costs included in selling, general and administrative expenses for the years ended March 31, 2010
and 2009 were ¥3,586 million ($38,548 thousand) and ¥4,087 million ($43,935 thousand), respectively.
15. Segment Information:
The operations of the Company and its subsidiaries are classified into three business segments: (a) automotive equipment business,
consisting of the automotive lighting business, the motorcycle lighting business, the electronic equipment for automobiles business, and
the accessory & parts business, (b) electronic equipment business, consisting of the component business, and the electric application
business, and (c) other business. Operating income represents sales less cost of sales and selling, general and administrative expenses.
Under geographical segments, ”Other Regions” primarily includes the French Republic, the Federal Republic of Germany,
the United Kingdom, and the Republic of Hungary. The operating information is attributed to countries and regions based on
geographical proximity.
Effective for the year ended March 31, 2010, the Company established a new subsidiary in Brazil and included the figures for
the new subsidiary in the former “North America” category. Therefore, the Company has changed the name of the segment category
from “North America” to “The Americas” beginning from the year ended March 31, 2010.
Information by business segments and geographical segments for the years ended March 31, 2010 and 2009 is as follows:
Millions of Yen
2010
Business segments:
Sales:
Automotive Equipment Business:
Sales to outside customers
Intersegment sales or transfer
Electronic Equipment Business:
Other Business:
Elimination or Corporate
Operating income :
Automotive Equipment Business
Electronic Equipment Business
Other Business
Total assets:
Other Business
Depreciation and amortization:
Other Business
28
2009
2010
2009
¥178,840
606
179,446
¥208,497
148
208,645
$1,922,192
6,511
1,928,703
$2,240,945
1,586
2,242,531
59,618
7,534
67,152
74,511
11,855
86,366
640,784
80,970
721,754
800,852
127,424
928,276
429
2,018
2,447
(10,157)
¥238,888
¥21,178
4,693
77
25,948
(1,612)
¥24,336
¥137,962
51,654
829
190,445
111,590
¥302,035
¥15,451
3,465
58
18,974
1,429
¥20,403
293
4,619
3,026
21,691
3,319
26,310
(15,028)
(109,172)
¥283,302 $2,567,595
¥18,339
4,926
49
23,314
78
¥23,392
¥125,133
59,286
758
185,177
87,925
¥273,102
¥17,812
5,168
64
23,044
2,174
¥25,218
$227,624
50,449
827
278,900
(17,327)
$261,573
$1,482,826
555,190
8,901
2,046,917
1,199,376
$3,246,293
$166,072
37,245
620
203,937
15,358
$219,295
3,158
32,522
35,680
(161,532)
$3,044,955
$197,110
52,946
526
250,582
842
$251,424
$1,344,948
637,220
8,137
1,990,305
945,018
$2,935,323
$191,451
55,549
688
247,688
23,363
$271,051
Capital expenditures:
Other Business
¥16,378
1,629
78
18,085
2,362
¥20,447
¥18,813
3,615
217
22,645
4,064
¥26,709
Millions of Yen
2010
Geographical segments:
Sales:
Japan:
The Americas:
Asia-Pacific:
China:
Other Regions:
Operating income:
Japan
The Americas
Asia-Pacific
China
Other Regions
Total assets:
Japan
The Americas
Asia-Pacific
China
Other Regions
2009
$176,037
17,512
830
194,379
25,394
$219,773
$202,209
38,863
2,326
243,398
43,679
$287,077
2010
2009
¥122,160
24,756
146,916
¥158,597
28,540
187,137
$1,312,991
266,075
1,579,066
$1,704,611
306,760
2,011,371
32,768
6
32,774
39,491
39
39,530
352,196
63
352,259
424,455
416
424,871
32,317
9,535
41,852
32,358
11,344
43,702
347,348
102,491
449,839
347,783
121,933
469,716
42,443
9,152
51,595
38,370
11,768
50,138
456,184
98,367
554,551
412,410
126,485
538,895
9,199
292
9,491
(43,740)
¥238,888
¥6,907
623
5,473
8,842
(81)
21,764
2,572
¥24,336
¥112,252
20,920
16,579
34,984
5,710
190,445
111,590
¥302,035
14,486
98,875
261
3,140
14,747
102,015
(51,952)
(470,135)
¥283,302 $2,567,595
¥6,923
1,136
4,323
7,239
1,240
20,861
2,531
¥23,392
¥110,581
21,167
15,977
32,076
5,376
185,177
87,925
¥273,102
$74,246
6,696
58,828
95,044
(888)
233,926
27,647
$261,573
$1,206,500
224,854
178,198
376,016
61,349
2,046,917
1,199,376
$3,246,293
155,696
2,808
158,504
(558,402)
$3,044,955
$74,419
12,218
46,465
77,813
13,301
224,216
27,208
$251,424
$1,188,534
227,513
171,722
344,760
57,776
1,990,305
945,018
$2,935,323
Overseas net sales of the Company and its subsidiaries for the years ended March 31, 2010 and 2009 were as follows:
Millions of Yen
2010
Overseas net sales:
The Americas
Asia-Pacific
China
Other Regions
Consolidated net sales
Overseas net sales as a percent of consolidated net sales
2009
2010
2009
¥32,959
32,105
46,669
6,952
¥118,685
¥39,709
32,754
43,124
10,907
¥126,494
$354,247
345,074
501,608
74,712
$1,275,641
$426,795
352,053
463,500
117,223
$1,359,571
¥238,888
¥283,302
$2,567,595
$3,044,955
49.7%
44.7%
49.7%
44.7%
“The Americas” primarily includes the United States of America and Brazil.
“Asia-Pacific” primarily includes the Kingdom of Thailand, Hong Kong, the Socialist Republic of Vietnam, the Republic of
India, the Republic of Indonesia, Taiwan, and the Republic of Korea.
“Other Regions” primarily includes the French Republic, the Federal Republic of Germany, the United Kingdom, and the
Republic of Hungary.
29
Report of Independent Auditors
Directory
(As of March 31, 2010)
DOMESTIC
Head Office
2-9-13, Nakameguro,
Meguro-ku, Tokyo 153-8636, Japan
Telephone: 81-3-3710-2222
Facsimile: 81-3-3792-0007
URL http://www.stanley.co.jp/
Osaka Office
4-14-24, Kigawahigashi,
Yodogawa-ku, Osaka-shi, Osaka 532-0012,
Japan
Telephone: 81-6-6304-1111
Facsimile: 81-6-6304-5224
Nagoya Office
2-252, Takayashiro,
Meito-ku, Nagoya-shi, Aichi 465-0095, Japan
Telephone: 81-52-777-5111
Facsimile: 81-52-774-6524
R&D laboratory
1-3-1, Edanishi,
Aoba-ku, Yokohama-shi Kanagawa 225-0014,
Japan
Telephone: 81-45-911-1111
Facsimile: 81-45-911-0007
Tsukuba Research Laboratory
5-9-5, Tokodai,
Tsukuba-shi, Ibaraki 300-2635, Japan
Telephone: 81-29-847-8883
Facsimile: 81-29-847-4165
Utsunomiya Technical Center
2-797-1 Miyanouchi,
Utsunomiya-shi, Tochigi 321-0131, Japan
Telephone: 81-28-654-2288
Facsimile: 81-28-655-1759
Yokohama Technical Center
2-14-1, Edanishi,
Japan
Telephone: 81-45-912-9222
Facsimile: 81-45-912-9281
Opto Technical Center
1-3-3, Edanishi,
Japan
Telephone: 81-45-910-2000
Facsimile: 81-45-910-2007
30
Hatano Factory
400, Soya, Hadano-shi
Kanagawa 257-8555, Japan
Telephone: 81-463-81-1111
Facsimile: 81-463-82-5323
Okazaki Factory
3-33 Iwata, Makihira, Okazaki-shi
Aichi 444-3698 Japan
Telephone: 81-564-82-2111
Facsimile: 81-564-82-2135
Hamamatsu Factory
1705 Nakagawa, Hosoe-cho,
Kita-ku, Hamamatsu-shi Shizuoka 431-1304
Japan
Telephone: 81-53-527-2222
Facsimile: 81-53-527-2601
OVERSEAS
European Liaison Office
Residence Tercoigne,
Avenue Charles Michiels,
No.176 Bte.No.8
1170 Brussels, Belgium
Telephone: 32-2-672-0858
Facsimile: 32-2-660-6123
Stanley Electric European
Technical Office
Waldecker Strasse 5
D-64546, Moerfelden-Walldorf Germany
Telephone: 49-6105-930530
Facsimile: 49-6105-930555
OVERSEAS SUBSIDIARIES &
AFFILIATES
Stanley Electric U.S. Co., Inc.
420 E. High St., London, Ohio 43140 U.S.A.
Telephone: 1-740-852-5200
Facsimile: 1-740-852-5201
I I Stanley Co., Inc.
• Head Office & Factory
1500 Hill-Brady Rd., Battle Creek,
Michigan 49037, U.S.A.
Telephone: 1-269-660-7777
Facsimile: 1-269-660-5555
• Detroit Sales Office
46855 Magellan Drive, Suite 300-C Novi,
Telephone: 1-248-669-7350
Facsimile: 1-248-669-7480
Stanley Electric Sales of America,Inc.
1 Musick Irvine, California 92618-1638, U.S.A.
Telephone: 1-949-222-0777
Facsimile: 1-949-222-0555
Stanley Electric Holding of America, Inc.
1500 Hill-Brady Rd., Battle Creek,
Telephone: 1-616-660-2315
Facsimile: 1-616-660-2459
Stanley Electric Hungary Kft.
3200 Gyongyos, Gabor Denes ut 1, Hungary
Telephone: 36-37-511-206
Facsimile: 36-37-511-213
Stanley Electric GmbH
Waldecker Strasse 5
D-64546, Moerfelden-Walldorf, Germany
Telephone: 49-6105-930530
Facsimile: 49-6105-930555
Stanley Electric (U.K.) Co., Ltd.
Atrium Court, The Ring,
Bracknell, Berkshire RG12 1BW,
United Kingdom
Telephone: 44-1344-393053
Facsimile: 44-1344-393153
STANLEY - IDESS S.A.S.
39, rue des Peupliers, 92000 Nanterre, France
Telephone: 33-1-47-81-85-85
Facsimile: 33-1-47-86-09-16
31
Company Profile
Board of Directors
(As of June 24, 2010)
Taiwan
Branch
StanleyElectric
ElectricCo.,
Holding
Europe
Co., Ltd.
Chongqing Hua-yu Stanley Lighting
Stanley
Ltd., was
founded
in 1920• by
Takaharu
No.375
Atrium In
Court,
Ring,
Bracknell,
Berkshire
Kitano.
thoseThe
days,
there
were no
more than7F
8,000
cars Sung-Chiang Road, Taipei 104, Co., Ltd.
Taiwan, R.O.C.
1BW, United
Kingdom
No.68, Long-Shan Road, Yubei District,
inRG12
Japan—all
imported
models. Under the circumstances,
Telephone:
44-1344-393055
Chongqing 400021, China
itTelephone:
certainly took
courage, vision, and a challenging
spirit to886-2-2512-1758
886-2-2512-1750
Facsimile:
44-1344-393054
Telephone: 86-23-676-59032
start
a company
devoted to the manufacturing Facsimile:
of automotive
Facsimile: 86-23-676-59356
light bulbs.
Electric Korea Co., Ltd.
Taiwan
Stanley Electric
Co., Ltd.
The Company
was named
after the intrepidStanley
19th-century
#2502 TRADE
No.31 Huangdung
Sec.2,Stanley, who was renowned
Shanghai Stanley Electric Co., Ltd.
explorer
Sir HenryRd.,
Morton
for TOWER,
World Trade Center,
Shanhua
Tainan,
Taiwan,
74144
the
visionTownship,
and courage
he had
so abundantly
demonstrated
R. O. C.
• Head Office
during
his exploits on the continent of Africa. 159-1, Samsung-dong, Gangnam-gu,
135-731, Korea
Telephone:
886-6-5050185
A~C/8F, Sun Tong Infoport Plaza, 55,
Stanley Electric
has carried on that spirit ofSeoul
challenge,
Telephone:
82-2-3453-7190
Facsimile: 886-6-5052418
Huai Hai Road (W), Shanghai,
constantly
responding to the demand of the times.
Through
200030 China
our dedication in the pursuit of the potential ofFacsimile:
light, we82-2-3453-7194
Telephone: 86-21-5298-9431
Stanley
Electric
Engineering
have
grown
in influence,
ability,India
and knowledge.
Facsimile: 86-21-5298-9448
Stanley
Holding Asia-Pacific
Pvt.
Ltd.
We
have, in fact, maintained a position as leader
in Electric
the
STANLEY GROUP VISION
Plot No.164 Sector-5, IMT-Manesar,
Pte. Ltd.
automotive-equipment
industry, developing cutting-edge
1 Kim Sengand
Promenade,
Gurgaon-122050,
Haryana,
India equipment, accessories,
• Tianjin Branch
products
in automotive
lighting
World City Tower West
Telephone:components
91-124-229-0852
Room 305, No.18 Guo Mao Road,
electronic
through the applicationGreat
of innovative
Singapore 237994
Facsimile: 91-124-229-0870
Free Trade
Zone,
technologies.
Accordingly, we have contributed#12-10/11,
to the safety
STANLEY
SPIRIT Tianjin, 300456 China
Telephone: 65-67342683
Telephone:
86-22-2576-0237
and satisfaction of a modern automotive lifestyle.
Outshining
Light
We shall blaze our own
trail to a brilliant
future by daring to‘‘outshine light.”
Facsimile:
86-21-2576-0239
Asian
Stanleyelectronic
International
Co., Ltd. Stanley Facsimile:
Regarding
components,
Electric 65-67342087
48/1
Moo
1, TambolinKukwang,
Ladlumkaew
has
been
successful
the research
and development of
BUSINESS PHILOSOPHY
Pathumthanee
12140, Thailand
• Huabei Branch
value-added
products,
such as semiconductors,Suzhou
parts forStanley Electric Co., Ltd.
The boundless pursuit of the Value of Light
No.158-70A Huashan Road,
Telephone: 66-2-599-1260
Roomthe802,
Scitech
Tower
Place,
information
and communication devices, automotive
We shall contribute broadly to society by exploring
infinite
possibilities
of light and
bringing its value to humankind.
Fengqiao,
Facsimile: 66-2-599-1263
No.22
Jian Gu
WaiasAvenue,
Beijing,
electronics
products, and, of course, lighting devices.
By Suzhou New District,
Business innovation by
maximizing
our Men
potential
a manufacturer
We China
shall continually reinvent our processes 100022
to draw out further
value and quality from our business base in manufacturing.
Jiansurange
Province, 215129
China
offering a large variety of products for use in a wide
Telephone:
Telephone:
86-10-65671442
T. Indonesia
Electrichave become a part
of those who
truly support our mission
ofP industries,
we,Stanley
as a company,
of the 86-512-6661-6450 Ensuring the welfare
We shall value those who truly support Stanley and endeavor to ensure their welfare.
Facsimile: 86-512-6661-6449
Jalan Bhumimas
I No.17
Kawasan Industri
Facsimile: 86-10-65671445
success
our customers
enjoy.
Cikupamas
388, Group
Tangerang
15001,
Based onPo
theBox
Stanley
Vision
shared by the
THE FIVE WAYS OF CREATING VALUE WITH LIGHT
Banten, Indonesia
Suzhou
Stanley LED Lighting
Lumax
Industries
Ltd.
management
and employees of the Stanley Group
around
We shall create new benefits to humankind
by dedicating
ourselves to the
Five Ways of Creating Value with Light.
Telephone:
62-21-59-404-506
Industrial Area, Phase-I,
Technology Co., Ltd.
the
globe, we
successfully completed the first three-year
CREATINGB-86 Mayapuri
creating light
RECOGNIZING
sensing
and recognizing
No.158-70A
Facsimile: 62-21-59-404-510
New Delhi
110064
Indiawith light
management
plan in March 2004 and the second
three-yearHuashan Road,
INFORMING
processing information with light
Fengqiao,
Suzhou New District,
Telephone:
91-11-28117336
management plan in March 2007, achieving steady
results.
ENERGIZING
harnessing light's energy
Jiansu
Province,
Facsimile:
91-11-2811-5779
Vietnam
Stanley Electric
Co., Ltd.plan, the Group
With
the three-year
management
Vision
is 215129 China
EXPRESSING
producing
feeling with light
Telephone:
Duong Xa,into
Gia specific
Lam District,
translated
measures for action. In April
2007,86-512-6661-6450
GUIDELINES FOR ACTION
Facsimile:
Hanoi,
Vietnam
Thai
Stanley Electric Public Co., Ltd.
we
embarked
on the third three-year management
plan. 86-512-6661-6449
CHALLENGE
Telephone:
84-4-38766245
29/3
1 Bangpoon-Rungsit
In the third
three-year management plan, we have
Always challenge yourself
withMoo
the highest
standards and set out to reachRd.,
them.
Facsimile: 84-4-38766188
Banklang,
Pathumthanee 12000, Thailand
Shenzhen Stanley Electric Co., Ltd.
“visualized”
strategies from the perspectives of financing,
INNOVATE
Combine boundless creativity and user understanding to create new value.
No.46, Changfu Rd., Guoxie District,
Telephone: 66-2-581-5462
provision of value to customers, operational processes,
COLLABORATE
diverse total know-how
to enhance our overall value.
Taifeng Industrial, Bogang Village, Share and leverage our
Facsimile:
66-2-581-5397
Stanley
Electric (Asia
Pacific) Ltd.
human
resources,
and corporate
culture in deciding
HUMANIZE
Shajing Western
District,
measures to be implemented. By steadily implementing
these Industrial, Bao An
Be considerate of society in general and our environment to develop your humanity.
Shenzhen
China
• Head Office
Hella-Stanley
measures,
Stanley Electric is making itself sufficiently
strong
GLOBALIZEHolding Pty Ltd
Respect and understand global diversity.
Telephone:
86-755-2975-5074
Suites
2001-4,20/F.,
Towerthe
1, changing environment,
54-76 Southern Road, Mentone,
and
flexible
to withstand
and to
Facsimile: 86-755-2975-5077
The Gateway,
25 Canton
Road,
Victoria 3194 Australia
continue
to grow
powerfully.
Tsimshatsui,
Kowloon,
Kong
As we continue
ourHong
pursuit
of the value of light, we
Telephone:
852-2730-1738
Tianjin Stanley Electric Co., Ltd.
will
challenge
the industry to “outshine light.” Through
No.140we
Nanhai Road, TEDA, Tianjin, China
Facsimile:
852-2730-1933
our
exploration
of light and its limitless possibilities,
Telephone:
86-22-2532-0174
will master the philosophy of manufacturing and
open new
Facsimile: 86-22-2532-0173
• Singapore
Branch
avenues
to the
future.
1Kim Seng Promenade,
Great World City Tower West
#12-10/11, Singapore 237994
Telephone: 65-67342683
Facsimile: 65-67342087
32
Guangzhou Stanley Electric Co., Ltd.
No.138, Jun Ye Road, Eastern section,
GETDD, Guangzhou, 510760 China
Telephone: 86-20-8226-5721
Facsimile: 86-20-8226-6206
President
Takanori Kitano
Senior Managing Director
Makio Natsusaka
Managing Directors
Shinichi Katano
Hidenari yamazaki
Katsumi Kondo
Director
Shigeki Muto
Yutaka Hiratsuka
Statutory Corporate Auditors
Ryuta Yamaguchi
Shigeru Furuya
Yoshiaki Yamauchi
Yoichiro Sakuma
Mitsuhiro Amitani

Stanley Electric Co., Ltd.

Transcription

Similar documents

Marmont Row - Falkland Islands News Network

case study: stanley steemer

HIGH MAGNETIC FIELD MEASUREMENTS ON SINTERED SmCo5

stanley steemer

Raising Up a Standard

Florida Courier - Ethnicity Models

Manage Your Account with Morgan Stanley Online

to the scanned article in pdf

Morgan Stanley Smith Barney Benefit Access Quick

EE 1106 - The University of Texas at Arlington