Annual Report 2012

Transcription

Annual Report 2012

Komori corporation
KOMORI CORPORATION
Annual Report 2012
Annual Report 2012
Fiscal year ended March 31, 2012
KOMORI CORPORATION
11-1 Azumabashi 3-chome, Sumida-ku, Tokyo 130-8666, Japan
Kando : Beyond Expectations
Tel: +81-3-5608-7811
http://www.komori.com
Printed in Japan
For nearly 90 years, since its establishment in 1923, the Komori Group has been producing offset printing presses. Our
flagship products include sheet-fed offset presses such as the “LITHRONE series” and “ENTHRONE series,” web offset
presses such as the “SYSTEM series” and related equipment and devices. Moreover, the Group has been supplying security
printing presses to the National Printing Bureau in Japan as well as to overseas customers in dozens of countries.
The Komori Group endeavors to improve the quality and productivity of its basic printing presses and develop printing
information networks and automated integrated printing systems to respond to the recent trend of digital workflow and
networking, and realize a total printing production system. With its sights fixed on remaining a trusted Print Engineering
Service Provider, the Group also works to bring the range of its proposals to bear in solving customer issues.
Contents
1 Consolidated Financial Highlights
21 Consolidated Statements of Changes in Net Assets
2 KOMORI at a Glance
22 Consolidated Statements of Cash Flows
4 An Interview with Top Management
23 Notes to Consolidated Financial Statements
10 Special Feature: Report on ‘drupa 2012’
40 Report of Independent Auditors
‘KOMORI OnDemand’ Demonstrated at
World’s Largest Printing Equipment Exhibition
41 Branch Offices and Plants, Subsidiaries
42 Corporate Data and Investor Information
12 Directors, Corporate Auditors and Operating Officers
13 Corporate Governance
14 Six-Year Summary of Consolidated Financial Data
15 Financial Review
18 Consolidated Balance Sheets
20 Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
Caution Regarding Forward-Looking Statements
This annual report contains information about forward-looking
statements related to such matters as the Company’s plans, strategies,
and business results. These forward-looking statements represent
judgments made by the Company based on information available at
present and are inherently subject to a variety of risks and uncertainties.
The Company’s actual activities and business results could differ
significantly due to changes, including changes in the economic
environment, business environment, demand, and exchange rates.
Consolidated Financial Highlights
Komori Corporation and Consolidated Subsidiaries
Millions of yen
Thousands of
U.S. dollars
(Note 1)
Percent change
2012
2012/2011
2012
Net sales
¥68,719 ¥72,234 ¥72,298
0.1%
$ 879,641
Operating income (loss)
(7,051) (3,977) (3,954)
—
(48,106)
Income (loss) before income taxes
(8,458) (5,360) (5,257)
—
(63,964)
Net income (loss)
(10,502) (6,216) (5,293)
—
(64,398)
Total assets
174,410 161,186 149,277
(7.4)
1,816,245
Total net assets
132,245 124,179 115,012
(7.4)
1,399,346
Years ended March 31
2010
2011
Yen
U.S. dollars
(Note 1)
Percent change
Per share:
Net income (loss)—primary
¥(157.15) ¥(93.03) ¥(80.69)
—%
$ (0.98)
Cash dividends
20.00 20.00 20.00
0.0
0.24
%
Percentage point
change
Ratio:
Equity ratio
75.8% 77.0% 77.0%
0.0
Notes:1.U.S. dollar amounts are converted from Japanese yen for convenience only at the rate of ¥82.19 = US$1.00.
2. Financial figures throughout this report are rounded to the nearest whole identified unit.
Net Sales
Net Income (Loss)
(Billions of yen)
160
Total Assets and Equity Ratio
(Billions of yen)
154.8
10
8.7
(Billions of yen)
(%)
250
100
211.8
8
6
111.4
120
200
68.7
72.2
72.3
(6.2)
(7.1)
77.0
80
149.3
150
60
100
40
50
20
(5.3)
(8)
(10)
10
77.0
0
(6)
09
75.8
174.4
(2)
40
08
180.9
161.2
(4)
0
79.5
4
2
80
73.6
11
12
(12)
(10.5)
08
09
10
11
12
0
08
09
10
11
12
0
Annual Report 2012
1
KOMORI at a Glance
Sheet-Fed
Presses
Sheet-Fed Offset
Offset Presses
Sheet-fed offset presses print on individual sheets of
paper cut to specified sizes and are suitable for
small-lot, high-quality commercial printing, such as
brochures and posters as well as packaging printing.
LITHRONE G40
Length: 15.2 meters; Height: 2.2 meters; Colors: 6
Komori’s Net Sales by Region
The Printing Industry
• According to data announced in February 2010, the scale of the global printing industry
(Billions of yen)
stood at approximately US$706.1 billion in 2008, up 55% compared with 2001.
200
200
• North America, Western Europe and Japan accounted for around 70% of this total.
Other Regions
Used Presses,
• Compared with 2008, the global printing industryService
is forecast
to experience 3% growth over
and Repair
Greater China
the six years through to 2014. Despite a slowdown
the pace
of growth in the mature
WebinOffset
Presses,
Europe
North America
Japan
154.8
Pressesmarket expansion of
markets of North America, Western Europe and Security
Japan, Printing
extraordinary
Sheet-Fed
more than 40% over those same six years is projected
in emerging regions and countries,
Offset Presses
including China and Russia. 154.8
150
150
Source: NPES (The U.S. Association
for Suppliers of Printing, Publishing and Converting Technologies)
111.4
111.4
Global Printing Industry Market Scale
100
(Billions of U.S. dollars)
100
Other Regions
+3%
1,000
68.7
72.2
72.3
+55%
9.6
14.7
800
68.7
706
Greater China
14.9 Japan
11.8
455 50
15.2
North America
724
600
50
Europe
72.3
72.2
400
7.2
45.6
200
25.7
0
0
2
08
09
10
KOMORI CORPORATION
11
12
2001
2008
0
08
09
2014
10
11 (Outlook)
12
Web
Presses
Web Offset
Offset Presses
Web offset presses print on a continuous roll of paper, the pages
being cut to size and folded after they have been printed. These
presses are suitable for high-quality, large-volume commercial
printing, such as magazines, inserts and direct mail.
SYSTEM 38S
Length: 24.9 meters; Height: 4.6 meters; Colors: 4
Komori’s Net Sales by Product Category
The Printing Machinery Industry
• The printing machinery industry’s market scale, which encompasses presses and peripheral
equipment, amounted to approximately US$22.2 billion on a global basis in 2008.
200
• Of this total, the market scale of offset presses,*1 Komori’s mainstay product, is estimated at
(Billions of yen)
200
Other Regions
around US$7.2 billion.
Used Presses,
Service and Repair
Greater China
• The manufacture of offset presses requires precise metalworking expertise as well as
Web Offset Presses,
Security Printing Presses
Europe
adequate industrial infrastructure encompassing such wide-ranging fields as machinery,
North America
Sheet-Fed
Offset Presses
electronics, chemicals and paper. For these reasons the majority of leading offset press
Japan
154.8
154.8
manufacturers is concentrated in Germany and Japan.
• Komori’s offset presses
boast an approximate 15% share of the global market*1, ranking
150
150
among the top four*2 offset press manufacturers in the world.
• As the leading offset press manufacturer in Japan, Komori maintains a dominant position
with an approximate 50% share of the domestic market.
Notes: *1Excluding web offset presses
for newspaper and other printings
111.4
*2 Heidelberger Druckmaschinen AG (Germany), Komori Corporation (Japan), MAN Roland
Druckmaschinen AG (Germany), Koenig & Bauer AG (Germany)
111.4
Source:NPES (The U.S.
100Association for Suppliers of Printing, Publishing and Converting Technologies)
The Worldwide Printing Machinery Industry by Process
68.7
72.2
68.7
9.6
Web Offset Presses
Web Offset Presses for Newspaper and Other Printings
Flexographic Printing Presses
14.7
Large-Format Inkjet Printing Presses
Digital Printing Presses
(2008)
72.3
Sheet-Fed Offset Presses
Market Scale
50
Approximately
US$22.2 billion
100
15.2
Gravure Printing Presses
7.2
Screen and Letterpress Printing Presses
Peripheral Equipment, Components
72.2
72.3
25%
7%
6%
11%
8%
6%
5%
5%
27%
14.9
11.8
50
45.6
25.7
Offset Printing: Offset printing is a widely used printing technique where the inked image is transferred (or “offset”)
from a plate
rubber blanket
then to the11
printing surface.
Offset printing today accounts for a
0 to a08
09 and 10
12
major share of the color printing market.
0
08
09
10
11
12
Annual Report 2012
3
An Interview with Top Management
With swift action, we will achieve
transformation of the business structure as we
work toward an improvement of profitability.
Yoshiharu Komori
Chairman, President and CEO
Overview of Fiscal 2012
Q
Please provide us with an overview of
Komori’s performance in fiscal 2012,
ended March 31, 2012
exchange rate in fiscal 2012 was ¥79 to the U.S. dollar and ¥110
to the euro. This was markedly higher than fiscal 2011 when a
dollar commanded ¥86 and the euro was ¥114. The increasing
appreciation of the yen has undercut our competitiveness against
German press manufacturers and weighed on Komori’s
In fiscal 2012, orders received decreased 9% year on year to
performance, which moved from recovery to stagnation.
¥69.8 billion and net sales rose 0.1% to ¥72.3 billion, roughly
The third major factor was the shrinking of the printing
comparable to net sales in the previous fiscal year. The Company
machinery market in developed countries. Especially in developed
posted an operating loss totaling ¥4.0 billion and a net loss of
countries, print demand is decreasing due to the transition from
¥5.3 billion. Komori failed to accomplish its target of moving into
paper media to electronic media such as the internet. As a result,
the black, something we deeply regret.
mergers and acquisitions are rapidly enveloping the printing
There were three primary factors preventing us from
industries.
successfully achieving the recovery of our performance.
The first factor is the impact of the worldwide recession and
the confluence of these factors, Komori posted an operating loss
deterioration of the international monetary market. Backed by the
for the third consecutive fiscal year and a net loss for the fourth
debt crisis in Europe, the propensity for capital investment in the
consecutive fiscal year.
printing industries declined globally. Moreover, our sales rapidly
declined in the China market through the year-end, despite
previously showing steady growth. This was attributable to the
impact of monetary tightening policies.
4
The second factor was the yen’s appreciation. The average
KOMORI CORPORATION
It is with a heavy heart that I must inform you that, due to
Q
environment. These include the shrinking printing machinery
What were the most notable
accomplishments of fiscal 2012?
market, delayed demand recovery in developed countries,
contrasting growth in emerging markets, and the ongoing
migration of media from paper to digital format.
Komori aims to be a Print Engineering Service Provider. We
First of all, the revolutionary H-UV curing system that Komori
are working to broaden the scope of our business and expand
developed independently has continued to earn solid marks. As a
our capabilities to meet the complex needs of the printing
result, Komori’s shipments have increased, in contrast to overall
industry. To achieve this goal, we will work to advance the
shipments in the domestic printing industry which decreased.
development of offset printing technologies, enhance efficiency
With the H-UV curing system, we were able to increase our
and make efforts to realize cost reduction.
domestic market share which was already on top.
Over the last two years, the Company found itself in
One of the businesses we are concentrating on is the
increasingly harsh circumstances due to rapid transformation that
security printing press business. Komori received an order for a
has changed the very structure of the printing machinery market,
security printing press from De La Rue International Limited of the
as well as the sharp appreciation of the yen. It will be exceedingly
United Kingdom, the world’s largest private securities printing
difficult to achieve the revenue target of ¥120.0 billion set for the
company in the fiscal year under review. The order was
fiscal year ending March 2013. Nevertheless, the basic strategies
subsequent to a large order from Bangko Sentral ng Pilipinas (the
of the Medium-Term Management Plan steer us in the right
Central Bank of the Philippines) in the previous fiscal year. Komori
direction. Through reinforced implementation of these strategies,
is steadily accumulating accomplishments in this field.
we are aiming to move into the black and secure a foundation for
Moreover, we made a full-fledged move into the commercial
future growth. We will ensure a stable profit through exhaustive
digital printing business. In February 2012, Komori announced its
cost reduction, as well as the further development of existing
global sales alliance and co-development of a digital printing
businesses, while expanding into new fields to achieve this
press with Konica Minolta Business Technologies, Inc. (Konica
transformation.
Minolta BT), a subsidiary of Konica Minolta Holdings, Inc.
*“Leaning Against the Wind” Project
The Third Medium-Term Management Plan
Q
Could you please tell us about the
progress and further initiatives of the Third
Medium-Term Management Plan which
reaches its final year in fiscal 2013?
Further Develop the Offset Printing Press Business
Q
The H-UV curing system is earning a high
reputation in the market. Could you tell us
about current performance and whether there
are strategies for further market penetration?
In January 2009, the Komori Group implemented the LAW Project*
The innovative H-UV curing system, which instantly dries ink, has
as an emergency response to the sudden deterioration in
received staunch praise. Indeed the Japanese Society of Printing
performance triggered by the worldwide recession after the Lehman
Science and Technology presented Komori with the Technology
Brothers bankruptcy. As a result of this 15-month project, Komori
Prize for its development of H-UV in February 2011. Moreover,
was able to significantly lower its break-even point.
Komori was awarded the Printing Industries of America InterTech™
Technology Award in July 2011. This is a very high honor as this
In April 2010 Komori initiated the Third Medium-Term
Management Plan. This three-year plan built on the results of the
award is very prestigious in the United States. In the domestic
LAW Project. The plan identified our primary management goal
market, we received orders for more than 120 H-UV equipped
as the transformation of the profit structure. Succeeding in this
presses in the three years since its release. Amazingly, in fiscal 2012,
goal is vital given the continued changes in the external
70% of presses with the option were shipped H-UV equipped.
Annual Report 2012
5
We are also accumulating H-UV sales overseas. For
they occur. Proposals are premised on the continuing development
example, orders from principal countries in North America and
of our service program, which brings added benefits to customers.
Europe exceeded 30 presses in the most recent two years. At
This makes developing our maintenance programs crucial.
drupa 2012, the world’s largest international exhibition of printing
Furthermore, developing new service programs helps to improve our
equipment and materials held in Germany in May 2012, we
service structure, ultimately contributing to higher efficiency and
presented OffsetOnDemand* solutions including H-UV, the KHS-AI
quality of service. Thanks to such efforts as the ongoing expansion
integrated control system and Komori’s color management
of the service program, the Komori Preventive Maintenance Service
system. Komori demonstrated the efficiency of this system, which
is now well known among customers across Japan. In fact, the
greatly reduces makeready time, limiting waste to less than 20
service is becoming a source of best practice.
sheets per job, and instantly dries ink. Also on display was the
The service business also includes the sale of materials and
system’s capability with both digital printing and H-UV equipped
supplies such as ink, rollers, blankets and other expendables under
offset printing by matching colors with great accuracy. Indeed,
the brand K-Supply. These specialized materials and supplies are
these solutions garnered praise, and sales negotiations at the
designed to maximize the printing performance of Komori presses.
Komori stand were brisk following the product demonstrations.
Komori is augmenting these sales activities and developing new
To continue expanding the introduction of H-UV, we must
products, with the aim of creating a new earnings pillar.
first ensure a stable supply of specialized high-sensitivity ink. At
One of our most important missions as a reliable business
the Komori Graphic Technology Center (KGC), we are now
supplier is to keep improving customer confidence and ensuring
verifying whether inks and materials readily available in any given
parts supply across the world. To accomplish this, we are training
region are adequate for this curing system. The work that KGC is
our service staff, utilizing a skill matrix, in order to raise and
conducting will facilitate further adoption of H-UV.
maintain customer satisfaction throughout the entire transaction,
Noting the sales growth of Komori’s H-UV equipped
from the acceptance inspection to the end of the guarantee
presses, some of our competitors have developed their own
period. Also, we are striving to ensure sufficient parts supply for
versions with curing systems, which profess to have similar
customers in South America and China.
functionality. Some of these have already been released to the
market. Nevertheless, by leveraging our unsurpassed
technologies and the accumulated know-how of KGC, we aim for
further market penetration with H-UV.
*Developed independently by Komori, OffsetOnDemand is a system that handles
short runs and tight delivery schedules by cutting print preparation time, paper waste
and the time needed for all printing processes while retaining both the high print
quality and high productivity that are the outstanding feature of offset presses.
Strengthening Service Business Capability
Q
6
Opening Up New Markets in Emerging Nations
Q
What are your sales strategies in newly
emerging nations?
Printing demand is expanding in China, India, countries in Central
and South America, and Southeast Asia led by their economic
growth. In fact, printing machinery markets in those countries are
How much progress was made in
expanding service offerings?
also growing. Given this growth, Komori is engaged in sales activities
utilizing distributors with solid sales and service capabilities in each
emerging country. This requires developing the sales capabilities and
service level of the distributors. Hence, Komori staff members are
We are promoting Komori Preventive Maintenance Service, with the
collaborating with distributors in initiatives such as joint customer
goal of avoiding malfunctions and downtime, ultimately reducing
visits, sales activities, exhibitions and open houses, and finances.
overall maintenance costs for our clients. Preventative maintenance
We also train distributors and ensure that proper technique is
requires advanced service skills to spot potential malfunctions before
adopted in providing product checks and maintenance. Through
KOMORI CORPORATION
collaboration, Komori is determined to increase its market share in
Limited, subsequent to an order from Bangko Sentral ng Pilipinas
these newly emerging nations.
(the Central Bank of the Philippines) in the previous fiscal year.
We are also assiduously working to develop products highly
De La Rue International Limited, the world’s largest private
suited for these markets. Targeting Asian markets, Komori
securities printing firm, engages in designing and printing
released the LITHRONE A37 in February 2012. This 37-inch
banknotes for over 150 countries. The agreement between
sheet-fed offset press is designed for Asia where demand is
Komori and De La Rue extends beyond providing securities
strong for both the A1 format and the 36-37 inch sheet width
printing systems to a comprehensive technological cooperation
format. Boasting compact design, the LITHRONE A37 is also
agreement with Komori. Through this agreement, both
cost effective due to streamlined specifications focused on highly
companies plan to closely collaborate to improve the quality,
sought functions. In Asia and other emerging counties, we
productivity and cost effectiveness of securities printing systems
believe the LITHRONE A37 will contribute to sales increases, as
while undertaking the development of revolutionary new security
will the ENTHRONE 29, a machine released in the last year amid
printing technology. In addition, the scope of the agreement
considerable market praise.
includes marketing assistance. For example, open houses for our
customers will be held in the De La Rue plant. The momentum of
Expand the Security Printing Press Business
Q
this agreement will help Komori reach an even larger customer
base in the overseas market in this field.
Could you please provide an update on
the progress of efforts to broaden sales
of overseas security printing presses?
The overseas security printing machinery market had been
monopolized by one particular German press manufacturer and the
market longed for the entry of a new manufacturer. In Japan, Komori
dominated the market with over 50 years of transactions with the
National Printing Bureau and advanced automated technologies
accumulated in the commercial offset printing business. Indeed,
The CURRENCY IC-532 III,
an intaglio printing press for security printing
anticipation had been steadily growing over several years as global
customers awaited the full-fledged participation of Komori’s security
printing presses in the global market.
In response, Komori developed a new security printing
press in fiscal 2011 where it was exhibited at the Tsukuba Plant.
In fiscal 2012, we held another exhibition. Numerous people
Orders Received: Security printing presses
(Billions of yen)
from around the world have attended and showed great
7
interest. Government officials and executives of private
6
securities printing firms have been impressed with Komori’s new
5
security printing presses which appeal strongly due to their
4
excellent print quality, capacity, usability and innovative
3
technologies that ensure security.
With the help of an aggressive global marketing strategy,
Komori was able to receive a major order for a security printing
press from the UK-based company, De La Rue International
2
6.3
4.1
3.4
1.5
1.9
1.8
08
09
1
0
07
10
11
12
Annual Report 2012
7
Develop New Business
Q
the digital printing press can perform small-lot runs. These
operations are possible only with the support of K-ColorSimulator,
which precisely matches the H-UV-equipped offset printing sheet
What’s happening in the digital printing
press business?
with the true color output of the digital printing press.
With future growth in mind, we also developed two
prototypes of inkjet printing machines and exhibited these at
drupa 2012. Komori developed the Impremia IS29 sheet-fed
press with Konica Minolta. The Impremia IW20 web-fed press
was developed independently by Komori.
At drupa 2012, Komori also entered into an agreement with the
Landa Corporation, based in Israel. Under this global strategic
partnership, Landa will license Komori to manufacture and market digital
printing presses using the Landa Nanographic Printing™ process.
Through years of manufacturing offset printing presses, Komori
has gained unrivalled expertise. By leveraging this expertise, Komori
will keep releasing new products to the digital printing press market.
Our devotion to development is continuous.
From the left
Yoshiharu Komori, the president of Komori Corporation
Masatoshi Matsuzaki, the president of Konica Minolta Holdings, Inc.
In February 2012, Komori announced a global sales agreement for
digital printing presses with Konica Minolta BT. The Impremia C
Komori is now advancing Printed Electronics (PE). These
series is an OEM version of the Konica Minolta bizhub PRESS C
technologies are used to form electronic circuits with print
series supplied by Konica Minolta BT. We will market this series of
technology. The PE field is an industry which is expected to
digital printing press under the trademark of Komori’s Impremia C
expand in the future. As a result of product development in the
series in four regions, initially Japan, then the United States, Europe
PE business over recent years, we are now offering customers
and China. Through this sales partnership, we will more accurately
the first model of the rotary gravure offset printing press which
perceive the needs of our customers and accumulate essential
prints electronic circuits for touch screens. As the machine is
know-how for the digital printing business, spanning all phases of
evaluated by customers, we will use their feedback to establish a
the business from development and production to sales and service.
strong business structures in the PE industry.
We believe what we learn will contribute to future business.
gravure offset printing press, with market release planned for the
Komori also developed and released K-ColorSimulator. This
In addition, the Company is planning to develop a flat-bed
color management system (CMS) software provides high-
summer of 2012. Komori is also participating in a government
precision color matching technologies to synchronize both digital
project which aims to develop methods of forming micro transistors
printing and offset printing. By combining the features of the
with PE technology. We will integrate our advanced printing
system with digital printing presses, we are presenting customers
technologies and precision machinery manufacturing technologies,
with unique options to improve operations. For example, small-lot
as we work to achieve further innovation in this promising new field.
sample print runs, prior to a large order, can be met with digital
printing presses, while the large-lot printing can be performed
with an H-UV equipped offset press. When reprints are required,
8
Q
What are some other new business
developments?
KOMORI CORPORATION
Improve Profitability
Q
Could you please tell us about the
progress of initiatives to improve
profitability?
underlying policy, Komori strives to ensure a stable dividend
payout and comprehensive return of profit through the acquisition
of treasury stock. Regarding the dividend in the fiscal year ended
March 31, 2012, Komori continued to prioritize the payment of a
stable dividend stream and declared a full-year dividend of ¥20
(US$0.24) per share, unchanged from the previous fiscal year. To
improve capital efficiency and return profit to shareholders,
To improve profitability, the Komori Group is advancing the “SGA20
Komori conducted the acquisition of treasury stock totaling
Project” to reduce the ratio of SG&A expenses as a percentage of sales to
4,840,000 shares at ¥2,498 million, representing 7.1% of issued
20%. To this end, Komori is working to rationalize operations through the
stock, from December 2011 through February 2012.
use of IT, extensive cost reduction in day-to-day tasks through
Unfortunately, the Company expects business conditions to
streamlining, and the transfer of personnel to new business fields. In fiscal
remain severe. As a result, Komori plans to pay an interim cash
2012, however, the ratio of SG&A expenses as a percentage of sales
dividend of ¥5 per common share and a fiscal year-end cash
stood at 30% due to such factors as depressed sales. We must do better.
dividend of ¥5 per common share for a combined annual
dividend of ¥10 per common share in fiscal 2013. We sincerely
In fiscal 2013, we will review and streamline fixed costs and
variable expenses to take further steps toward cost reduction. In
ask our shareholders and investors for their understanding with
particular, we are aiming to reduce R&D expenses by focusing on
this planned decrease of the annual dividend from ¥20 per share
the theme of cost reduction technology, elemental technology and
in fiscal 2012.
products targeted to new business fields. Continuous efforts to
improve efficiency are being made throughout the production
investors for the anxiety this has caused. Four years of
system. We are implementing such steps as Value Analysis and
unprofitable financial results is most regrettable. Komori’s most
Industrial Engineering with the aim of reducing plant workload,
pressing task is to reverse this chronic state of deficit.
specifically targeting machine processing and assembly procedures.
To make it happen, we will achieve transformation of the
The Komori Group established the Overseas Production
business structure with swift action. The Komori Group will rally
Promotion Office in February 2011 to examine overseas part
the strength of all employees and management to fulfill the
procurement and production to improve profitability and to mitigate
expectations of our shareholders and investors. We sincerely ask
exchange risks. To accelerate these efforts, we have launched the
for your continued support and encouragement as we work
Overseas Production Project, and plan to establish a local
toward an improvement of profitability.
We express our deep apologies to our shareholders and
corporation in China in June 2012. When it comes to overseas
procurement, Komori currently purchases such goods as devices,
casting materials and parts chiefly from the United States, Europe
and China. We are aiming to promote and increase the overseas
procurement ratio to 15% of total procurement by March 31, 2013.
Cash Dividends per Share
(Yen)
To Our Shareholders and Investors
Q
50
40
40
40
What is Komori’s policy on shareholder
returns? Do you have a message you
would like to relay to your shareholders
and investors?
30
20
20
20
10
11
12
20
10
Komori positions the continuous return of profits to its
shareholders as a key management priority. Guided by this
0
08
09
Annual Report 2012
9
Special Feature: Report on ‘drupa 2012’
‘KOMORI OnDemand’ Demonstrated at World’s Largest
Printing Equipment Exhibition
Renowned as one of the most comprehensive international exhibitions of printing equipment and materials, drupa
2012 was held for two weeks beginning on May 3, 2012 in Dusseldorf, Germany. Komori maintained the largest stand
of all Japanese press manufacturers and presented the latest solutions, including digital printing technologies on the
theme of ‘KOMORI OnDemand.’ The Komori exhibits earned high praise from attendees.
Overview of drupa 2012
Offset
314,500 attendees visited drupa 2012 from more than 130 countries. The 15th
exhibition in drupa’s long history was marked by fewer visitors, compared with drupa
Eight-color H-UV-equipped
40-inch convertible perfecting
sheet-fed offset press
2008, when the exhibition was last held. The decrease of roughly 75,500 visitors was
largely attributed to fewer visitors from Germany and the U.S., due to the downturn in
the printing industry. Some 1,850 companies from 52 countries exhibited at drupa.
With 615 companies exhibiting, Germany was best represented. China came in
second with 251 companies: a distinctive feat displaying the prominence of Chinese
corporate power.
The dominating themes at drupa 2012 were automation, packaging printing, digital
printing, hybrid technologies, Web-to-print applications, and environmentally sound printing.
At press manufacturers’ exhibition booths, many demonstrations and
presentations were shown in which offset and digital solutions complemented rather
Offset
Four-color 37-inch sheet-fed
offset press
than competed with each other.
KOMORI OnDemand
The Komori stand featured KOMORI OnDemand as its main theme. The exhibit machines consisted of six sheet-fed offset printing presses, including two totally new
products, and three digital printing presses.
Komori presented solutions which meet the diverse needs of customers through
a large number of demonstrations. These featured OffsetOnDemand, which adopts
offset printing as the core, performing efficiently in concert with digital printing and
postpress. DigitalOnDemand was also featured, including two newly developed inkjet
digital printing machines. And, of course, other Komori solutions were on exhibit.
OffsetOnDemand Solutions
Demonstrations of OffsetOnDemand Solutions were performed on the LITHRONE
G40P (eight-color H-UV-equipped 40-inch convertible perfecting sheet-fed offset press),
10 KOMORI CORPORATION
a machine widely proven in many installations, and the LITHRONE S29 (five-color
H-UV-equipped 29-inch sheet-fed offset press). At this demonstration, Komori also
used K-ColorSimulator, Komori’s color management system with both presses to
exhibit high-precision color matching technologies. Indeed, the system displayed its
capability with both digital printing and offset printing by matching colors with great
accuracy.
Digital
Technology Exhibit
DigitalOnDemand Solutions
Two prototypes of newly developed inkjet digital printing machines were exhibited.
The Impremia IW20, a web-fed inkjet digital printing system, was developed
Four-color 20-inch web-fed inkjet
digital printing system
independently by Komori. Komori developed the other machine, the Impremia IS29
sheet-fed inkjet digital printing system, with Konica Minolta.
In addition, the Impremia C80 was also exhibited. This full-color
electrophotographic digital printing system is supplied by Konica Minolta Business
Technologies, Inc. on an OEM basis.
Komori Stand: A roaring success
Though overall visitors to drupa 2012 declined by about 20 percent, a huge number
Digital
Technology Exhibit
came to the Komori stand, which grew even more crowded when demonstrations
were held. The visitors showed especially great interest in the inkjet digital printing
presses, as these presses were exhibited for the first time. The LITHRONE A37 (37-
Four-color 29-inch sheet-fed inkjet digital
printing system
inch sheet-fed offset press), a cost effective machine in a compact design, and the
LITHRONE G40P, a convertible perfecting press with Komori’s latest automated
technologies installed, have earned a solid reputation. Visitors also came away
impressed by the innovative H-UV curing system. The understanding they gained of
its superior features at this exhibition will, we believe, contribute to broader
international sales.
Encouraged by the attendees’ reactions at drupa 2012, Komori will promote
Digital
new developments to continue delivering comprehensive solutions and products that
meet the diverse needs and trends of the times.
Full-color digital printing system
(OEM version of Konica Minolta bizhub
PRESS C8000)
Annual Report 2012 11
Directors, Corporate Auditors and Operating Officers
(As of June 20, 2012)
Directors
YOSHIHARU KOMORI
SATOSHI MOCHIDA
Chairman, President, CEO and
Representative Director
COO and Representative Director
KAZUNORI SAITOH
MAKOTO KONDO
MASARU TSUKAMOTO
MASAMITSU YOSHIKAWA
Director and Managing
Operating Officer
Director, CFO and Managing
Operating Officer
Director and Operating Officer
Director
Corporate Auditors
Operating Officers
YASUMICHI SATO
TOSHIYUKI TSUGAWA
YUTAKA IWATA
Corporate Auditor
Operating Officer
Operating Officer
EIRO HAMADA
TSUTOMU NIITSUMA
JUNYA SHIMADA
Corporate Auditor
Operating Officer
Operating Officer
HARUNOBU KAMEYAMA
YOSHINOBU KOMORI
KOICHI MATSUNO
Corporate Auditor
Operating Officer
Operating Officer
TAKESHI MITSUMA
MASANORI MOCHIZUKI
EIJI KAJITA
Corporate Auditor
Operating Officer
Operating Officer
Corporate Governance
Fundamental Concepts
Internal Audits and Audits by Corporate Auditors
Komori has positioned corporate governance as a key management
priority and an essential means to maximize corporate value and fulfill the
expectations of all stakeholders, including shareholders, customers,
suppliers, local communities, employees and their families. To that end,
Komori employs an audit system as a core part of its corporate
governance activities.
Komori also recognizes that securing management transparency,
prompt decision-making, compliance, and strengthening the audit function
are fundamental to corporate governance. Based on these fundamental
concepts, the Company will pursue efforts to ensure comprehensive
corporate governance in all facets of management, including supervision of
management. Moreover, the Company implements and annually evaluates
its system of internal controls through the CSR Planning & Coordination
Office, which reports the results at a Board of Directors’ meeting.
Examining the business affairs of the Group as a whole to ascertain
whether they are being performed appropriately and efficiently, six staff
members conduct internal audits under the auspices of the Internal Audit
Office, which is directly controlled by the president.
Corporate auditors conduct audits on directors in the execution of
the latter’s duties in accordance with the auditing standards set by the
Board of Corporate Auditors.
In addition to regular bimonthly meetings, corporate auditors hold
meetings with the Internal Audit Office on an as required basis so as to
avoid the duplication of respective audit plans and to share information.
Based on the results of previous audits, they also verify and confirm the
status of business execution at operating divisions and exchange
opinions on matters such as follow-ups and improvements.
Corporate auditors shall liaise closely with independent auditors in
their daily business and receive reports related to ongoing audits from
the independent auditors as necessary. In addition, corporate auditors
exchange opinions on outlines of audit plans, including internal control
audits, and share information on significant audit matters. While receiving
such regularly scheduled information as the results of fiscal period-end
audits, quarterly reviews and internal control audits and ensuring a good
exchange of views, corporate auditors shall accompany independent
auditors on their rounds, auditing operating bases and conducting
inspections of physical inventory, as necessary, in pursuit of efficient and
effective audits.
Corporate Organization and Internal Control System
Composed of six directors (including one from outside the Company) as
of June 20, 2012, the Board of Directors meets once a month in
principle to determine matters relating to law, fundamental management
policies, and other matters of importance as the Company’s ultimate
decision-making body, while supervising the executive function of
directors. Fully observing and widely disseminating the management
policies and other decisions made by the Board of Directors, the Board
of Operating Officers, which consists of 13 operating officers, is tasked
with securing sound business execution toward the achievement of
annual targets and maximizing corporate value. The Board of Corporate
Auditors is composed of four corporate auditors including three outside
corporate auditors. Corporate auditors attend meetings of major
importance and oversee the executive function of directors.
Management meetings, chaired by the president and attended by
the operating officers in charge of the Corporate Planning Office,
production and development sections, and Administration Group
together with corporate auditors as observers, are held to deliberate and
formulate policies relating to key management issues and the Company’s
medium-term management plan. In order to thoroughly disseminate
policies decided in this meeting, a Companywide meeting is usually held
on a monthly basis. Each meeting is attended by relevant directors and
general managers who deliberate matters of importance and confirm the
proper execution of duties.
Outside Directors and Outside Corporate Auditors
Outside directors are expected to perform several significant roles such
as monitoring the Board of Directors’ business execution from an
external viewpoint. The Company has one outside director as of June
20, 2012. Outside director Masamitsu Yoshikawa has extensive
knowledge and experience relating to banknote printing, and brings
meaningful input to Board of Directors’ meetings. Meanwhile, the
Company has notified the designation of its outside corporate
auditors—namely, Messrs. Eiro Hamada, Harunobu Kameyama and
Takeshi Mitsuma—as independent corporate auditors to the Tokyo
Stock Exchange, pursuant to the bourse’s Securities Listing Regulations.
The Company designated their status as independent as they have no
conflict of interest with the Company’s shareholders.
Corporate Governance Structure (Overview)
General Meeting of Shareholders
Appoint/Dismiss
Appoint/Dismiss
Board of Directors
6 directors
(including 1 outside director)
Appoint
Audit
Elect/Monitor/Supervise
Report
Direct
President and Representative Director
Report
Direct and
Supervise Report
Board of
Operating Officers
Operating Officers
Direct
Direct and
Supervise
CSR
Committee
Direct
Report
Direct and
Supervise
Management
Meetings
Direct
Report
Board of Corporate Auditors
4 corporate auditors
(including 3 outside corporate auditors)
CSR Planning &
Coordination Office
Report
Cooperation
Independent Auditors
Cooperation
Cooperation
Direct
Appoint/Dismiss
Cooperation
Cooperation
Audit
Internal Audit
Office
Internal Audit
Each Division, Subsidiary and Affiliated Company
Six-Year Summary of Consolidated Financial Data
Years ended March 31
2007
2008
2009
2010
Millions of yen
Thousands of
U.S. dollars
(Note 1)
2012
2012
2011
Net sales
¥141,871 ¥154,839 ¥111,405 ¥68,719 ¥72,234 ¥72,298 $ 879,641
Cost of sales
93,676 99,841 75,149 53,034 54,890
54,166
659,037
Selling, general and
administrative expenses
33,275 36,697 32,903 22,760 21,364
22,040
268,147
15,003 18,350 3,366 (7,051) (3,977)
(3,954)
(48,106)
16,224 14,955 (1,385) (8,458) (5,360)
(5,257)
(63,964)
Net income (loss)
9,247 8,671 (7,092) (10,502) (6,216)
(5,293)
(64,398)
Capital expenditure
3,156 2,035 5,320 6,257 1,271
849
10,330
Depreciation and amortization
2,376 2,785 2,921 2,903 3,083
2,849
34,663
R&D expenses
5,385 6,008 5,768 4,015 4,321
4,830
58,770
Total assets
215,404 211,774 180,875 174,410 161,186
149,277
1,816,245
Total net assets
153,979 155,863 143,814 132,245 124,179
115,012
1,399,346
Interest-bearing debt
1,611 1,257 3,828 12,992 9,782
7,785
94,714
Yen
U.S. dollars
(Note 1)
Per share:
¥ 133.47 ¥ 127.39 ¥(105.43) ¥(157.15) ¥ (93.03) ¥ (80.69) Net assets
2,249.67 2,304.73 2,152.08 1,979.06 1,858.43 1,855.97
Cash dividends
30.00 40.00 40.00 20.00 20.00 20.00 0.24
%
Financial indicators:
Return on sales (Note 2)
10.6%
11.9%
Equity ratio
71.5
73.6
79.5
75.8
77.0
77.0
Return on total assets (Note 3)
4.4
4.1
(3.6)
(5.9)
(3.7)
(3.4)
Return on equity (Note 4)
6.1
5.6
(4.7)
(7.6)
(4.8)
(4.4)
22.5
31.4
—
—
—
—
Payout ratio (Consolidated basis)
3.0%
(10.3)%
(5.5)%
(5.5)%
Times
Debt-to-equity ratio (Note 5)
0.01
0.01
0.03
0.10
0.08
0.07
Number of employees at
fiscal year-end
2,426 2,506 2,471 2,190 2,138 2,104
Number of shares outstanding at
fiscal year-end (Note 6)
68,445,189 67,627,400 66,825,656 66,821,843 66,818,844 61,968,861
Notes: 1. U.S. dollar amounts are converted from Japanese yen for convenience only at the rate of ¥82.19 = US$1.00.
2. Return on sales = Operating income (loss)/Net sales X 100
3. Return on total assets = Net income (loss)/Average total assets X 100
4. Return on equity = Net income (loss)/Average net assets X 100
5. Debt-to-equity ratio = Interest-bearing debt/Equity
6. Number of shares outstanding at fiscal year-end does not include treasury stock.
$(0.98)
22.58
Financial Review
REVENUES AND EARNINGS
In fiscal 2012, consolidated net sales
increased 0.1% compared with the previous
fiscal year to ¥72,298 million (US$879.6
million). Overseas sales declined 5.1% year
on year to ¥46,610 million (US$567.1
million). This represented 64.5% of total net
sales, a decrease of 3.5 percentage points.
The cost of sales decreased 1.3% year
on year to ¥54,166 million (US$659.0
million). Cost of sales ratio represented
74.9% of total net sales, a decrease of 1.1
percentage points, which can be attributed
to Komori’s efforts of cost cutting.
Selling, general and administrative
(SG&A) expenses increased to ¥22,040
million (US$268.1 million), up 3.2%
compared with the previous fiscal year. This
was primarily attributable to increasing
research and development expenses. The
ratio of SG&A expenses to net sales climbed
0.9 of a percentage point to 30.5%.
As a result, Komori posted an operating
loss totaling ¥3,954 million (US$48.1 million),
compared with operating loss totaling
¥3,977 million in the previous fiscal year.
The balance of other income and
expenses totaled net other expenses of
¥1,303 million (US$15.9 million), a slight
improvement from net other expenses of
¥1,383 million in the previous fiscal year.
Foreign exchange losses, which had
amounted to ¥1,020 million in the previous
DIVIDENDS
While considering the level of retained
earnings required to prudently secure a
robust operating platform and ensure future
business growth from a long-term
perspective, Komori positions the continuous
and stable return of profits to its
shareholders as a key management priority.
Guided by this underlying policy, Komori
strives to ensure a dividend payout ratio of
30% on a consolidated net income basis. In
addition, the Company maintains a basic
policy of paying both an interim and a fiscal
year-end dividend. The interim dividend is
determined by the Board of Directors, the
fiscal year-end dividend at Komori’s Annual
General Meeting of Shareholders.
Despite the harsh consequences in terms
of its performance over the fiscal year under
review, Komori continued to prioritize the
payment of a stable dividend stream and
declared a full-year dividend of ¥20 (US$0.24)
per share unchanged from the previous fiscal
year, made up of equal interim and fiscal
year-end dividends of ¥10 per share.
(Billions of yen)
160
154.8
11
12
25.7
46.6
10
23.1
49.1
08
72.3
09
40
0
72.2
68.7
21.6
80
31.1
111.4
120
47.1
In the fiscal year ended March 31, 2012, the
debt crisis in Greece triggered worldwide
financial turmoil, which spread a sense of
growing uncertainty throughout the global
economy.
The printing industry—the key market of
the Komori Group—also saw a decrease in
shipment value reflecting the global
economic slowdown and declining print
demand due to the popularization of the
internet in developed countries.
Domestic Sales and
Overseas Sales
80.3
BUSINESS ENVIRONMENT
fiscal year, decreased to ¥587 million
(US$7.1 million) in the fiscal year under
review. In addition, the Company posted an
impairment loss totaling ¥1,004 million
(US$12.2 million) on fixed assets such as
production subsidiaries of Komori Machinery
Co., Ltd.
As a result of the above, Komori reported
a loss before income taxes totaling ¥5,257
million (US$64.0 million) in the fiscal year
under review, roughly comparable to the loss
before income taxes totaling ¥5,360 million
in the previous fiscal year.
The Company posted a net loss for the
fiscal year under review of ¥5,293 million
(US$64.4 million), an improvement from
fiscal 2011 when the reversal of deferred tax
assets in a subsidiary contributed to a net
loss of ¥6,216 million.
Net loss per share amounted to ¥80.69
(US$0.98), a modest improvement from net
loss per share of ¥93.03 in fiscal 2011.
42.1
The Komori Group consists of Komori
Corporation and 16 subsidiaries. As of
March 31, 2012, consolidated financial
statements included the accounts of the
parent company and 14 majority-owned
subsidiaries.
112.8
scope of consolidation
Domestic sales
Overseas sales
Ratio of Operating Income (Loss)
to Net Sales, and Ratio of
Net Income (Loss) to Net Sales
(%)
15
10
11.9
5.6
3.0
5
0
(5.5)
(5.5)
(7.3)
(5)
(6.4)
(10)
(10.3)
(15)
(20)
(8.6)
(15.3)
08
09
10
11
12
Ratio of operating income (loss) to net sales
Ratio of net income (loss) to net sales
FINANCIAL POSITION
Total assets as of March 31, 2012, stood at
¥149,277 million (US$1,816.2 million), a
decrease of ¥11,909 million compared with
the previous fiscal year-end.
Financial Review
Return on Equity and
Return on Total Assets
(%)
8
6
5.6
4.1
4
2
0
(2)
(3.6)
(3.7)
(4)
(3.4)
(4.4)
(4.8)
(4.7)
(5.9)
(6)
(7.6)
(8)
08
09
10
11
12
Return on equity
Return on total assets
Total Net Assets and
Equity Ratio
(Billions of yen)
(%)
200
85
155.9
143.8
150
79.5
132.2
80
124.2 115.0
77.0
75.8
100
77.0
75
73.6
70
50
0
08
09
Total net assets
Equity ratio
10
11
12
65
Total current assets totaled ¥97,033
million (US$1,180.6 million), down ¥6,954
million year on year, while total noncurrent
assets amounted to ¥52,244 million
(US$635.7 million), a drop of ¥4,955 million.
Key factors contributing to the decline in
total assets included a ¥4,360 million fall in
cash and deposits, a ¥2,688 million decrease
in inventories, a ¥3,222 million drop in total
property, plant and equipment, and a ¥1,796
million decline in insurance funds. The key
contributor to the increase in total assets was
a ¥1,812 million rise in notes and accounts
receivable—trade.
Total liabilities stood at ¥34,265 million
(US$416.9 million), down ¥2,742 million
compared with the end of the previous
fiscal year.
Total current liabilities climbed ¥4,932
million to ¥31,626 million (US$384.8 million).
Total noncurrent liabilities decreased ¥7,674
Major factors contributing to the
reduction in total liabilities included a ¥762
million decline in notes and accounts
payable—trade and a ¥1,997 million drop in
short- and long-term loans payable.
As of the end of the fiscal year under
review, total net assets amounted to
¥115,012 million (US$1,399.3 million), down
¥9,167 million year on year. Major factors
leading to the drop in total net assets were a
¥6,630 million decrease in retained earnings,
attributable to the posting of net loss and the
payment of cash dividends, and a ¥2,499
million decline due to the acquisition of
treasury stock.
Taking these factors into account, the
equity ratio stood at 77.0%, exactly the same
as the previous fiscal year-end. Net assets
per share decreased slightly to ¥1,855.97
(US$22.58) from ¥1,858.43 at March 31,
2011.
RESEARCH AND DEVELOPMENT
EXPENSES
The Komori Group’s R&D activities are
primarily conducted by the Company’s
Technology Group. Efforts are prioritized in
accordance with business strategies as well
as the degree of importance and urgency of
each project.
The principal R&D activities conducted
during the fiscal year under review are set
out below.
Komori developed and unveiled the
LITHRONE G40P and the ENTHRONE 29P.
Based on the LITHRONE G40 (40-inch
sheet-fed offset press) and ENTHRONE 29
(29-inch sheet-fed offset press), Komori
equipped the newly released models with
perfecting mechanisms. Komori also
released the LITHRONE A37, a 37-inch
sheet-fed offset press with specifications
perfectly suited for the target A1 format
market.
The LITHRONE G40P utilizes state-ofthe-art technologies including Komori’s newly
developed asynchronous automatic plate
changer (A-APC) that greatly reduces time
requirements. OffsetOnDemand solutions
provide a printing system incorporating the
H-UV curing system and KHS-AI (an
advanced integrated control system which
further reduces print preparation time).
Thanks to these features, the LITHRONE
G40P can successfully handle short print
runs and tight delivery schedules.
The ENTHRONE 29P offers compact
design for ease of installation, and provides
high print quality with high efficiency features,
such as substantially shortening makeready
time by facilitating the changeover between
light and heavy paper stocks.
The LITHRONE A37 is a high
performance press that inherits the basic
performance of the LITHRONE Series
machines. Komori developed this press to
target markets in newly emerging nations,
especially Asia.
Regarding specialized presses for
currency and security printings, Komori
received an order from Bangko Sentral ng
Pilipinas (the Central Bank of the Philippines)
for a security printing press in February 2011.
In response, Komori has developed and
delivered the Currency RN332 III, a
numbering press, subsequent to the intaglio
printings and offset presses. The Currency
RN332 III is a new, high quality numbering
press with high printing capacity for currency
and security printings, equipped with graphic
inspection and number inspection
mechanisms and incorporating Komori’s
latest sheet-fed offset press technologies.
Komori is continuously engaging in
research and development, including digital
printing, to commercialize new presses which
are expected to generate future earnings.
Total R&D expenses in the fiscal year
under review amounted to ¥4,830 million
(US$58.8 million), an increase of 11.8% year
on year. This was equivalent to 6.7% of total
net sales.
CAPITAL EXPENDITURE, DEPRECIATION AND AMORTIZATION
Total capital expenditure for fiscal 2012 was
¥849 million (US$10.3 million), a decrease of
¥422 million compared with the previous
fiscal year. Komori has invested in its
production facilities to correspond to the
release of newly developed products as well
as to streamline its production systems
through system renewal and integration.
Depreciation and amortization fell ¥234
Looking ahead, Komori plans to engage in
capital expenditure totaling ¥768 million in
fiscal 2013.
CASH FLOWS
Net cash used in operating activities in the
fiscal year ended March 31, 2012 amounted
to ¥793 million (US$9.6 million), a decrease
of ¥5,307 million compared with net cash
provided by operating activities of ¥4,514
million in the previous fiscal year. Principal
cash outflows included a loss before income
taxes of ¥5,257 million (US$64.0 million) and
a ¥1,814 million (US$22.1 million) increase in
notes and accounts receivable—trade. Major
cash inflows were ¥2,849 million (US$34.7
million) of depreciation and amortization, a
¥2,232 million (US$27.2 million) decrease in
inventories and an impairment loss of ¥1,004
million (US$12.2 million).
Net cash provided by investing activities
totaled ¥4,623 million (US$56.2 million), an
increase of ¥15,883 million from ¥11,260
million used in investing activities in the
previous fiscal year. Principal cash inflows
included a ¥2,934 million net decrease in
time deposits maturing over three months
and a ¥2,098 million (US$25.5 million) net
decrease in insurance funds.
Net cash used in financing activities
totaled ¥5,462 million (US$66.5 million), a
¥1,835 million decrease from ¥3,627 million
used in financing activities in the previous
fiscal year. The principal components of the
decrease were a net increase in treasury
stock totaling ¥2,499 million (US$30.4
million), cash dividends paid amounting to
¥1,336 million (US$16.3 million) and a
¥1,305 million (US$15.9 million) repayment
of long-term loans payable.
As a result of the aforementioned
activities, cash and cash equivalents at the
end of the fiscal year stood at ¥39,264 million
(US$477.7 million), a decrease of ¥1,849
million compared with March 31, 2011.
Capital Expenditure,
Depreciation and Amortization
(Billions of yen)
8
6.3
6
5.3
4
BUSINESS AND OTHER RISKS
1. The Komori Group’s ratio of overseas
sales to total sales is nearly 65% and,
accordingly, is subject to movements
in foreign exchange currency rates. While
our principal markets are Europe, the
Americas and Asia, we do not rely on any
particular region for our business. In
addition, the Company works to reduce
risk through the application of foreign
exchange forward contracts. Komori does
however recognize that significant and
volatile movements in foreign currency
exchange rates may adversely affect its
business performance.
2. The Komori Group is a specialized
manufacturer of printing presses, primarily
engaged in the manufacture, sale and
repair of offset presses. Historically,
demand for printing presses is impacted
by economic conditions and trends. In
other words, capital investment is
significantly subdued in periods of
economic downturn. Accordingly, in the
event of a major economic recession in
the Company’s principal markets of
Japan, Europe, the Americas and Asia,
Komori’s performance may be significantly
affected.
3. In the printing press market, additional
services such as providing finance are
integral to securing competitive
advantage. To this end, the Company on
occasion provides a debt guarantee to
lease companies and banks for
customers who have purchased its
products. While the Company maintains a
reserve for possible loss on guarantees
based on historic data and an individual
assessment of each transaction, Komori’s
performance and financial condition may
be impacted by customer bankruptcy due
to factors such as an economic recession.
2.8
2.9
3.1
2.9
2.8
2.0
2
1.3
0.8
0
08
09
10
11
12
Capital expenditure
Cash Flows
(Billions of yen)
30
21.0
20
15.8
7.2
10
4.5
4.6
(0.8)
0
(0.7)
(2.0)
(2.6) (2.7)
(4.8) (5.2)
(10)
(3.6)
(5.5)
(11.3)
(20)
(30)
08
09
10
11
12
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Consolidated Balance Sheets
Millions of yen
Thousands of
U.S. dollars
(Note 1)
2011
2012
2012
¥ 49,764
¥ 45,404
$ 552,431
18,331
20,143
245,084
2,840
2,317
28,188
15,005
13,338
162,278
Work in process
8,763
7,394
89,959
Raw materials and supplies
March 31, 2011 and 2012
ASSETS
Current Assets:
Cash and deposits (Note 3)
Notes and accounts receivable—trade (Notes 3 and 14)
Short-term investment securities (Notes 3 and 4)
Merchandise and finished goods
5,920
6,268
76,264
Current portion of insurance funds
804
374
4,553
Deferred tax assets (Note 11)
100
79
956
2,749
(289)
2,022
(306)
24,603
(3,727)
103,987
97,033
1,180,589
Buildings and structures
29,817
29,297
356,459
Machinery, equipment and vehicles
Other
23,311
8,189
22,742
7,334
276,706
89,233
Accumulated depreciation
61,317
(41,878)
59,373
(42,684)
722,398
(519,335)
Land
Construction in progress
19,439
17,693
187
16,689
17,221
187
203,063
209,529
2,279
Total property, plant and equipment
37,319
34,097
414,871
2,203
2,065
25,121
Other
Allowance for doubtful accounts
Total current assets
Noncurrent Assets:
Property, plant and equipment:
Intangible assets
Investments and other assets:
Investment securities (Notes 3, 4 and 6)
6,650
6,502
79,108
Long-term time deposits
470
570
6,935
Deferred tax assets (Note 11)
111
59
724
Insurance funds
9,144
7,778
94,635
Other
Allowance for doubtful accounts
1,650
(348)
1,478
(306)
17,982
(3,720)
Total investments and other assets
17,677
16,082
195,664
Total noncurrent assets
57,199
52,244
635,656
¥161,186
¥149,277
$1,816,245
Total assets
The accompanying notes are an integral part of these consolidated financial statements.
Millions of yen
Thousands of
U.S. dollars
(Note 1)
2011
2012
2012
¥ 14,545
¥ 13,783
$ 167,703
1,846
7,065
85,957
Income taxes payable (Note 11)
180
140
1,709
Provision for bonuses
634
641
7,799
Provision for product warranties
839
855
10,400
Provision for loss on guarantees
LIABILITIES AND NET ASSETS
Current Liabilities:
Notes and accounts payable—trade (Notes 3 and 14)
Short-term loans payable (Notes 3 and 7)
1,210
1,041
12,664
Provision for point card certificates
—
18
223
Provision for loss on retirement of building
55
20
243
Provision for loss on disaster
65
—
—
129
7,191
175
7,888
2,128
95,970
26,694
31,626
384,796
Long-term loans payable (Notes 3 and 7)
7,936
720
8,757
Deferred tax liabilities (Note 11)
10,294
Deferred installment income
Other
Total current liabilities
Noncurrent Liabilities:
1,059
846
Provision for directors' retirement benefits
4
5
59
Provision for retirement benefits (Note 12)
663
643
7,820
Provision for point card certificates
Provision for environmental measures
Other
49
6
67
10
592
10
409
123
4,983
Total noncurrent liabilities
10,313
2,639
32,103
Total liabilities
37,007
34,265
416,899
Issued: 68,292,340 shares at March 31, 2011 and 2012
37,715
37,715
458,873
Capital surplus
37,797
37,797
459,878
Retained earnings
51,727
45,097
548,695
(2,451)
124,788
(4,950)
115,659
(60,225)
1,407,221
879
(1,488)
840
(1,487)
10,221
(18,096)
Contingent Liabilities (Note 13)
Net Assets:
Shareholders’ Equity:
Capital stock:
Authorized: 295,500,000 shares at March 31, 2011 and 2012
Treasury stock, at cost 1,473,496 and 6,323,479 shares
at March 31, 2011 and 2012
Total shareholders’ equity
Other comprehensive income:
Valuation difference on available-for-sale securities (Note 4)
Foreign currency translation adjustment
Total other comprehensive income
Total net assets
Total liabilities and net assets
(609)
(647)
(7,875)
124,179
115,012
1,399,346
¥161,186
¥149,277
$1,816,245
Consolidated Statements of Income
Millions of yen
For the years ended March 31, 2011 and 2012
Net Sales (Note 19)
Cost of Sales
Reversal of Unrealized Income on Installment Sales
Provision of Unrealized Income on Installment Sales
Gross profit
Selling, General and Administrative Expenses (Notes 8, 9 and 12)
Operating income (loss) (Note 19)
Other Income (Expenses):
Interest income
Dividends income
Interest expenses
Foreign exchange gains (losses)
Compensation for damage
Gain on sales of noncurrent assets
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Loss on valuation of investment securities (Note 4)
Impairment loss (Note 10)
Provisions for loss on retirement of building
Provisions for loss on disaster
Business structure improvement expenses
Loss on disaster
Insurance return
Other
Total other income (expenses)
Income Taxes (Note 11):
Income taxes—current
Income taxes—deferred
Total income taxes
Income (Loss) before Minority Interests
Net income (loss)
2011
2012
2012
¥72,234
54,890
17,344
43
—
17,387
¥72,298
54,166
18,132
41
87
18,086
$879,641
659,037
220,604
499
1,062
220,041
21,364
(3,977)
22,040
(3,954)
268,147
(48,106)
65
155
(296)
(1,020)
(106)
5
(0)
(23)
(51)
(204)
(55)
(65)
—
(114)
104
222
(1,383)
(5,360)
147
162
(292)
(587)
(34)
116
(0)
(9)
(1)
(1,004)
(20)
—
(30)
(30)
59
220
(1,303)
(5,257)
1,793
1,969
(3,558)
(7,144)
(408)
1,412
(5)
(114)
(13)
(12,216)
(243)
—
(368)
(359)
723
2,673
(15,858)
(63,964)
102
754
856
(6,216)
¥ (6,216)
84
(48)
36
(5,293)
¥ (5,293)
1,014
(580)
434
(64,398)
$ (64,398)
Yen
Per Share (Note 18):
Cash dividends
Thousands of
U.S. dollars
(Note 1)
¥ (93.03)
20.00
¥ (80.69)
20.00
U.S. dollars
(Note 1)
$ (0.98)
0.24
Millions of yen
Income (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Comprehensive income
Comprehensive income attributable to:
Comprehensive income attributable to owners of the parent
Thousands of
U.S. dollars
(Note 1)
2011
2012
2012
¥(6,216)
¥(5,293)
$(64,398)
(345)
(166)
(511)
¥(6,727)
(39)
1
(38)
¥(5,331)
(472)
5
(467)
$(64,865)
(6,727)
(5,331)
(64,865)
Consolidated Statements of Changes in Net Assets
Millions of yen
Shareholders’ equity
For the year ended March 31, 2011
Number of
shares issued
(After deducting
treasury stock)
Balance at April 1, 2010
66,821,843 ¥37,715 ¥37,797 ¥59,279
Dividends from retained earnings
(Note 18 (3))
—
—
—
(1,336) —
(1,336) —
—
—
(1,336)
Net income (loss)
—
—
—
(6,216) —
(6,216) —
—
—
(6,216)
(3,090) —
—
—
(3) —
—
—
(3)
0
—
—
0
—
Purchase of treasury stock
Disposal of treasury stock
Capital
stock
Capital
surplus
Total
shareholders’
equity
Valuation
difference on
available-forsale securities
¥(2,448) ¥132,343
¥1,224
Retained
earnings
91
—
—
—
—
—
—
Treasury
stock
(3) (0) 0
—
Foreign
currency
translation
adjustment
Total other
comprehensive
income
Total
net assets
¥(1,322) ¥ (98) ¥132,245
Net changes of items other
than shareholders’ equity
Balance at March 31, 2011
66,818,844 ¥37,715 ¥37,797 ¥51,727
¥(2,451) ¥124,788
¥879
¥(1,488) ¥(609) ¥124,179
66,818,844 ¥37,715 ¥37,797 ¥51,727
¥(2,451) ¥124,788
¥879
¥(1,488) ¥(609) ¥124,179
(Note 18 (3))
—
—
—
(1,337) —
(1,337) —
—
—
(1,337)
Net income (loss)
—
—
—
(5,293) —
(5,293) —
—
—
(5,293)
(4,849,983) —
—
—
(2,499) (2,499) —
—
—
(2,499)
—
—
—
(39) 1
(38) Total changes of items
during the period
(4,849,983) —
—
(6,630) (2,499) (9,129) (39) 1
(38) (9,167)
61,968,861 ¥37,715 ¥37,797 ¥45,097
—
(345) (166) (511) (511)
—
—
—
¥(4,950) ¥115,659
¥ 840
(38)
¥(1,487) ¥ (647) ¥115,012
Note: “Number of shares issued” represents shares issued less treasury stock shares.
Thousands of U.S. dollars (Note 1)
Shareholders’ equity
Capital
stock
Capital
surplus
Retained
earnings
Treasury
stock
Total
shareholders’
equity
Valuation
difference on
available-forsale securities
Foreign
currency
translation
adjustment
Total other
comprehensive
income
Total
net assets
$458,873 $459,878 $629,353 $(29,825) $1,518,279 $10,693
(Note 18 (3))
— — (16,260) — (16,260) —
—
—
(16,260)
Net income (loss)
— — (64,398) — (64,398) —
—
—
(64,398)
— — — (30,400) (30,400) —
—
—
(30,400)
— — — — (472) 5
(467) Total changes of items
during the period
— — (80,658) (30,400) (111,058) (472) 5
(467) (111,525)
$458,873 $459,878 $548,695 $(60,225) $1,407,221 $10,221
— $(18,101) $(7,408) $1,510,871
(467)
$(18,096) $ (7,875) $1,399,346
Consolidated Statements of Cash Flows
2011
Net Cash Provided by (Used in) Operating Activities:
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for business structure improvement
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on valuation of investment securities
Insurance return
Decrease (increase) in notes and accounts receivable—trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable—trade
Increase (decrease) in accrued consumption taxes
Other, net
Subtotal
Interest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net Cash Provided by (Used in) Investing Activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment and intangible assets
Proceeds from sales of property, plant and equipment and intangible assets
Collection of loans receivable
Purchase of insurance funds
Proceeds from maturity of insurance funds
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Net Cash Provided by (Used in) Financing Activities:
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Net decrease (increase) in treasury stock
Cash dividends paid
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 period (Note 15)
Cash and cash equivalents at end of period (Note 15)
¥(5,360) 3,083
204
(227)
(17)
31
(25)
(220)
296
1,143
51
(104)
(242)
3,656
1,611
362
37
4,279
218
(311)
328
4,514
Millions of yen
Thousands of
U.S. dollars
(Note 1)
2012
2012
¥(5,257) $(63,964)
2,849
34,663
1,004
12,216
(12)
(146)
7
88
(7)
(83)
—
—
(309)
(3,761)
292
3,558
268
3,261
1
13
(59)
(723)
(1,814)
(22,075)
2,232
27,153
(581)
(7,069)
(44)
(530)
631
7,681
(799)
(9,718)
300
3,655
(292)
(3,560)
(2)
(22)
(793)
(9,645)
(12,323)
4,513
(4,034)
30
118
(1,235)
1,587
(28)
112
(11,260)
(8,852)
11,786
(769)
364
0
(701)
2,799
(154)
150
4,623
(1,963)
(193)
(132)
(3)
(1,336)
(3,627)
(585)
(10,958)
52,071
¥41,113 (269)
(1,305)
(53)
(2,499)
(1,336)
(5,462)
(217)
(1,849)
41,113
¥39,264 (107,702)
143,399
(9,354)
4,431
1
(8,534)
34,050
(1,871)
1,826
56,246
(3,273)
(15,882)
(640)
(30,400)
(16,259)
(66,454)
(2,635)
(22,488)
500,213
$477,725
Notes to Consolidated Financial Statements
1
BASIS OF PRESENTING THE CONSOLIDATED FINANCIAL STATEMENTS
(1) Accounting Principles
The accompanying consolidated financial statements of Komori
Corporation (the “Company”) and its subsidiaries are prepared on
the basis of accounting principles generally accepted in Japan,
which are different in certain respects from the application and
disclosure requirements of International Financial Reporting
Standards, and are compiled from the consolidated financial
statements prepared by the Company as required by the Financial
Instruments and Exchange Law of Japan.
Certain items presented in the consolidated financial statements
submitted to the Director of Kanto Finance Bureau in Japan have
been reclassified for the convenience of readers outside Japan. The
account reclassification, however, has no effect on shareholders’
equity, net sales or net income.
The figures shown in the consolidated financial statements have
been rounded to the nearest million yen.
Amounts in U.S. dollars are included solely for the convenience
of readers outside Japan. The rate of ¥82.19 = US$1.00, which was
the rate of exchange as of March 31, 2012, has been used for the
translation. The inclusion of such amounts is not intended to imply
that Japanese yen have been or could be readily converted, realized
or settled in U.S. dollars at that rate or any other rates.
(2) Accounting Changes
was listed in “Other, net” under “Net Cash Provided by (Used in)
Operating Activities” in the previous fiscal year, was changed to ¥204
million of “Impairment loss” and ¥37 million of “Other, net.”
“Purchase of insurance funds” which was included in “Other
payments” under “Net Cash Provided by (Used in) Investing
Activities” in the previous fiscal year, became more significant in
terms of monetary value, and is presented separately for the current
fiscal year. The consolidated statements of cash flows for previous
fiscal year has been adjusted to reflect this change in presentation.
As a result, a negative ¥1,263 million, which was listed in “Other
payments” under “Net Cash Provided by (Used in) Investing
Activities” in the previous fiscal year, was changed to a negative
¥1,235 million of “Purchase of insurance funds” and a negative ¥28
million of “Other payments.”
“Proceeds from maturity of insurance funds” which was included
in “Other proceeds” under “Net Cash Provided by (Used in) Investing
Activities” in the previous fiscal year, became more significant in terms
of monetary value, and is presented separately for the current fiscal
year. The consolidated statements of cash flows for previous fiscal
year has been adjusted to reflect this change in presentation. As a
result, ¥1,699 million, which was listed in “Other proceeds” under
“Net Cash Provided by (Used in) Investing Activities” in the previous
fiscal year, was changed to ¥1,587 million of “Proceeds from maturity
of insurance funds” and ¥112 million of “Other proceeds.”
There is no change in accounting method.
(4) Additional Information
(3) Changes in Disclosure Methods
(Consolidated Statements of Cash Flows)
“Impairment loss” which was included in “Other, net” under “Net
Cash Provided by (Used in) Operating Activities” in the previous fiscal
year, became more significant in terms of monetary value, and is
presented separately for the current fiscal year. The consolidated
statements of cash flows for previous fiscal year has been adjusted
to reflect this change in presentation. As a result, ¥241 million, which
2
(Accounting Standard and Implementation Guidance on Correction
of Accounting Changes and Error Corrections)
Effective from the fiscal year ended March 31, 2012, the Company
has adopted the “Accounting Standard for Accounting Changes and
Error Corrections” (ASBJ Statement No. 24, issued on December 4,
2009) and the “Guidance on Accounting Standard for Accounting
Changes and Error Corrections” (ASBJ Guidance No. 24, issued on
December 4, 2009).
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Scope of Consolidation
The Company has 16 majority-owned subsidiaries as of March 31, 2012 (17 as of March 31, 2011).
(a) Consolidated subsidiaries
The consolidated financial statements include the accounts of the Company and 14 (15 in 2011) of its majority-owned subsidiaries (together,
hereinafter referred to as the “Companies”). The major subsidiaries that are consolidated with the Company as of March 31, 2012 are listed below:
Country of
incorporation
Komori Machinery Co., Ltd.
Komori Electronics Co., Ltd.
Komori Engineering Co., Ltd.
Komori America Corporation
Komori International (Europe) B.V.
Komori U.K. Limited
Komori France S.A.S.
Komori Italia S.r.l.
Komori International Netherlands B.V.
Komori-Chambon S.A.S.
Komori Leasing Incorporated
Komori Hong Kong Limited
Komori Taiwan Limited
Komori Printing Machine (Shenzhen) Co., Ltd.
Direct and indirect
ownership
percentage
Paid-in capital
(millions)
(Japan) 100.0% ¥1,600
(Japan)
100.0
¥50
(Japan)
100.0
¥20
100.0
(U.S.A.)
$22.2
(Netherlands)
100.0
EUR 1.5
(U.K.)
100.0
£6.2
(France)
100.0
EUR 1.8
(Italy)
100.0
EUR 0.5
(Netherlands)
100.0
EUR 1.0
(France)
100.0
EUR 8.0
100.0
(U.S.A.)
$1.0
(Hong Kong)
100.0
HK$ 18.1
(Taiwan)
100.0
TW$ 45.9
(China)
100.0
CNY 16.1
Due to liquidation, Komori Australia Pty. Ltd. was excluded from the
scope of consolidation.
(b) Unconsolidated subsidiaries
The unconsolidated subsidiaries, Komori Realty Co., Ltd. and
Komori Asia Technical Service Center Sdn. Bhd., are small-scale
companies and were excluded from the scope of consolidation as
their total assets, net sales, net income and retained earnings
(corresponding to equity share) were immaterial in relation to the
consolidated financial statements.
The two unconsolidated subsidiaries are considered insignificant
in the context of the consolidated financial statements in terms of
their impact upon net income, retained earnings (corresponding to
equity share) and other qualitative factors. The Company accounts
for these subsidiaries as investments at historical cost.
(2) Fiscal Year-End of Consolidated Subsidiaries
Komori Printing Machine (Shenzhen) Co., Ltd., a consolidated
subsidiary, prepares its accounts to December 31. For the purpose
of preparing consolidated financial statements, statements are
based upon a provisional settlement of accounts conducted at the
consolidated year-end. The closing dates for earnings of all other
consolidated subsidiaries align with that of the Company.
(3) Elimination and Combination for Consolidation
For the purposes of preparing the consolidated financial statements,
all significant intercompany transactions, account balances and
unrealized profits among the Companies have been eliminated.
(4) Inventories
Merchandise, finished goods and work in process are stated at the
lower of cost and net realizable value determined by using the
specific identification method.
Raw materials and supplies are stated at the lower of cost and
net realizable value determined by using the first-in, first-out method.
Inventories are, in principle, carried at cost on the balance
sheets. However, in the case that the net selling value falls below
cost at the end of the period, inventories are stated at the net
realizable value on the balance sheets.
(5) Financial Instruments
(a) Securities
Securities held by the Company and its subsidiaries are classified
into two categories:
Securities for which market quotations are available:
Stated at fair value, determined by the market price valuation
method on the closing date of the period under review (the
difference between the carrying amount and the market value is
included in net assets, while the cost of securities sold is
computed using the moving-average method). Net unrealized
gains or losses on these securities are reported as a separate
component of net assets at a net-of-tax amount.
Securities for which market quotations are unavailable:
Stated at cost, determined by the moving-average method.
Investments in certain unconsolidated subsidiaries are stated at
cost.
For further details, see “(1)(b) Unconsolidated subsidiaries,”
above.
In cases where the fair value of equity securities issued by
unconsolidated subsidiaries or available-for-sale securities has
declined significantly and such impairment of the value is not
deemed temporary, those securities are written down to the fair
value and the resulting losses are recognized in the statements of
income for the period.
(b) Derivatives
All derivatives are stated at fair value, with changes in fair value
included in net profit or loss for the period in which they arise, except
for derivatives that are designated as “hedging instruments.” There
are no hedging instruments among the derivatives held by the
Company and its subsidiaries.
(6) M
ethods for Depreciating and Amortizing
Depreciable Assets
(a) Property, plant and equipment (excluding lease assets)
This is primarily accounted for using the declining balance method.
Identical standards to regulations in the Corporate Income Tax Law
are utilized to determine expected lifetime and salvage value.
However, the straight-line method is used for buildings (except for
attached facilities) obtained by the Company and Komori Machinery
Co., Ltd. on and after April 1, 1998.
(b) Intangible assets (excluding lease assets)
Goodwill
Komori Taiwan Limited: Straight-line method over 10 years
Software
Straight-line method for an estimated in-house usable period of
5 years
Other
Straight-line method
(c) Lease assets
Lease assets under finance leases other than those that are deemed
to transfer ownership of the leased assets to lessees.
Depreciation is based on the straight-line method over the lease
term of the leased assets with no residual value.
(7) Foreign Currency Translation and Transactions
All monetary assets and liabilities denominated in foreign currencies
are translated into Japanese yen at the exchange rates prevailing at
the balance sheet date. Resulting gains and losses are included in
net profit or loss for the period.
All assets and liabilities of overseas subsidiaries and affiliates are
translated at the foreign exchange rates prevailing at the respective
balance sheet dates, and all income and expense accounts are
translated at the average foreign exchange rates for the respective
periods. Foreign currency financial statement translation differences
are included in the consolidated balance sheets under “Foreign
currency translation adjustment” in net assets.
(8) Taxes
Accrued income taxes are stated at the estimated amount payable
for Corporation, Enterprise, and Inhabitant taxes. The asset and
liability approach is used to recognize deferred tax assets and
liabilities for the expected future tax consequences of temporary
differences between the carrying amounts and the tax bases of
assets and liabilities.
(9) Accounting for Allowances and Provisions
(a) Allowance for doubtful accounts
An allowance for doubtful accounts receivable is provided by setting
a percentage based on the Company’s average historical experience
of bad debt loss against the balance of total receivables. In addition,
the full amount deemed necessary to cover uncollectible receivables
is provided when appropriate.
(b) Provision for bonuses
In order to provide for the payment of bonuses to employees, the
Company and its domestic consolidated subsidiaries record
amounts related to the current fiscal year as a part of the estimated
year end payable amount.
(c) Provision for product warranties
In order to provide for charge-free repair costs under warranty
contract, a provision for product warranties is created based on an
amount estimated by applying a ratio of the amount of charge-free
repair costs actually incurred under the product warranties against
total net sales. In addition, an amount to cover individual charge-free
repair costs is provided for when appropriate.
(d) Provision for loss on guarantees
A provision for loss on guarantees is maintained by the Company
and a portion of its overseas consolidated subsidiaries to cover
guarantees provided to lease companies and affiliated banks by the
Company and the aforementioned subsidiaries for loans to
customers who purchase the Company’s products. The amount of
the provision is determined by applying the ratio of the actual loss on
guarantees against the amount of total guarantees plus the amount
deemed necessary to cover potential losses of individual loans.
(e) Provision for loss on retirement of building
A provision is recorded based on estimated expenses related to
property and other asset retirement, and site restoration.
(f) Provision for directors’ retirement benefits
A specified amount determined by internal regulations is recorded to
prepare for the payment of retirement benefits to directors of a
number of the Company’s domestic consolidated subsidiaries.
(g) Provision for retirement benefits
The provision to provide for the payment of employee retirement
benefits is determined primarily at the net amount of the estimated
present value of projected benefit obligations and the estimated fair
value of pension plan assets at the end of the current period.
Unrecognized actuarial differences are amortized on a straight-line
basis over the period of 15 years from the year following that in
which they arise.
(h) Provision for point card certificates
Accrued sales promotion expenses are recorded in an amount
determined based on the estimated amount payable in connection
with the use by customers of a loyalty point system established as
part of a campaign initiative designed to promote sales.
(i) Provision for environmental measures
A provision for environmental measures is maintained by the
Company in an amount determined based on an estimate of the
amount required to cover the future removal and disposal of
polychlorinated biphenyl held in storage.
(10) Installment Sales
The Company accounts for installment sales on the basis of the
installment method prescribed by the Japanese tax laws. Under the
method, gross profit from installment sales is recognized in
proportion to the amount of installment payments which become
due. The remaining portion of the gross profit, where the due date
has not yet arrived, is deferred as “Deferred installment income.”
(11) Appropriation of Retained Earnings
Under the Japanese Corporate Code and the Articles of
Incorporation of the Company, the plan for appropriation of retained
earnings (including year-end cash dividend payments) proposed by
the Board of Directors should be approved at the shareholders’
meeting, which must be held within 3 months of each financial year
end. The appropriation of retained earnings reflected in the financial
statements represents the results of such appropriations that are
applicable to the immediately preceding financial year and approved
at the shareholders’ meeting, and paid during that year. Year-end
cash dividends are paid to shareholders on the shareholders’ register
at the end of each financial year.
The Japanese Corporate Code provides that interim cash
dividends may be distributed upon approval of the Board of
Directors. The Company has paid such interim cash dividends to
shareholders on record as of September 30 each year.
(12) Net Income and Dividends per Share
Net income per share of common stock is based upon the weighted
average number of shares of common stock outstanding during
each year.
Cash dividends per share shown for each year in the statements
of income represent dividends declared as applicable to the
respective period.
(13) Consumption Tax
Consumption tax is imposed at the flat rate of 5% on all domestic
consumption of goods and services (with certain exemptions).
The consumption tax withheld upon sale is not included in the
amount of “net sales” in the accompanying statements of income,
but is recorded as a liability. The balances of “consumption tax
withheld” (a liability item) and “consumption tax paid” (an asset item),
which are borne by the Company on the purchase of goods and
services are not included in the amounts of costs and expenses in
the statements of income, but offset and the net balance included in
“other current assets” or “other current liabilities” in the consolidated
balance sheets.
(14) Cash and Cash Equivalents
Cash and cash equivalents in the consolidated statements of cash
flows include cash on hand, bank deposits able to be withdrawn on
demand and short-term investment securities with an original
maturity of 3 months or less, and which represent a minor risk of
fluctuations in value.
3
FINANCIAL INSTRUMENTS
(A) Summary of Financial Instruments’ Status
(1) Action policy with regard to financial instruments
With regard to the management of funds, it is the policy of the
Companies to invest temporary surpluses in highly secure financial
assets, while bank loans are used to procure funds. Derivatives are
used to avoid the currency exchange risks associated with notes and
accounts receivable. Speculative transactions are not conducted.
(2) D
etails of financial instruments, respective risks
and risk management structure
Operating receivables, such as notes and accounts receivable—
trade, are subject to customer credit risks. Moreover, because the
Company engages in business globally, operating receivables
denominated in foreign currencies are subject to the risk of
fluctuating foreign exchange rates. To manage credit risks,
management offices at each Company division and those at its
subsidiaries monitor maturity dates and balances due, while the
Sales Administration Department is responsible for controlling
uncollected receivables. With regard to the risk associated with
foreign exchange rate fluctuations, as a general rule the Company
uses foreign exchange forward contracts.
Stocks that are investment securities are subject to the risk
associated with market price fluctuations. However, these are
primarily company stocks held for business activities and are not
intended for speculative transactions. In addition, the Finance
Department regularly confirms fair value and the Board of Directors
makes resolutions with regard to important purchases and sales.
Notes and accounts payable—trade that are included in
operating liabilities have a repayment date within one year.
Loans are mainly for the procurement of funds associated with
the business activities of overseas subsidiaries. These are bank
loans of limited amounts, the outstanding balances of which the
Company regularly confirms.
Derivative transactions generally involve market and credit risk.
Market risk infers the potential to incur a loss due to currency
exchange and interest rate fluctuations. No significant market risk is
identified based on the nature of transactions entered into being
limited to hedging activities, and the insignificant value of such
transactions. Credit risk infers the possibility of loss due to
nonperformance by counterparties. It has been determined that only
major financial institutions entail negligible risk as counterparties.
Foreign exchange forward contracts and currency option trading are
used to avoid exchange rate fluctuation risk associated with assets
and liabilities denominated in foreign currencies. As a general rule, it
is the Company’s policy to use derivative transactions within the
scope of the aforementioned objectives and to not conduct
speculative transactions.
Foreign exchange forward contracts are utilized in accordance
with the Company’s policy, which includes limits of the number of
contracts, which can be entered into. The foreign currency committee
manages currency option trading. The execution and management of
the transaction is performed by the Finance Department, and results
of transactions are reported to the officer in charge.
(3) S
upplemental explanation of items with regard
to fair value of financial instruments
Contract amounts included in “(B) Items with Regard to Fair Value of
Financial Instruments,” are not indicative of the market risks
associated with the derivative transactions.
(B) Items with Regard to Fair Value of Financial
Instruments
The carrying amounts and fair values of financial instruments, as well
as the differences between these amounts are shown in the table
below, with the exception of items for which it was not possible to
ascertain fair value (refer to Note 2).
Millions of yen
2011
(1) Cash and deposits
(2) Notes and accounts receivable—trade
(3) Short-term investment securities and investment securities
(4) Notes and accounts payable—trade
(5) Short-term loans payable
(6) Long-term loans payable
(7) Derivatives
Carrying amount*
Fair value*
Difference
¥49,764
18,331
9,048
(14,545)
(1,846)
(7,936)
(98)
¥49,764
18,331
9,048
(14,545)
(1,846)
(8,441)
(98)
¥—
—
—
—
—
(505)
—
Millions of yen
2012
(7) Derivatives
Carrying amount*
Fair value*
Difference
¥45,404
20,143
8,386
(13,783)
(7,065)
(720)
(24)
¥45,404
20,143
8,386
(13,783)
(7,065)
(739)
(24)
¥—
—
—
—
—
(19)
—
Thousands of U.S. dollars
2012
Carrying amount*
(7) Derivatives
$552,431 245,084
102,037
(167,703)
(85,957)
(8,757)
(287)
Fair value*
Difference
$552,431
245,084
102,037
(167,703)
(85,957)
(8,997)
(287)
$—
—
—
—
—
(240)
—
*Liabilities are shown in parentheses.
Note 1: The calculation method of financial instrument fair value together with securities and derivative transactions
These are routinely settled in the short term at book value. As such, the book value is ordinarily equivalent to the fair value, and is used to approximate fair value.
These are routinely settled in the short term at book value. As such, the book value is ordinarily equivalent to the fair value. While there are items which it
will take more than one year to collect, unless there is a significant deterioration in the creditworthiness of the counterparty, book value is used to approximate fair value.
Fair values for short-term investment securities and investment securities are determined by the stock exchange price. Please refer to “4 SHORT-TERM
INVESTMENT SECURITIES AND INVESTMENT SECURITIES” regarding short-term investment securities and their respective objectives.
(4) Notes and accounts payable—trade and (5) Short-term loans payable
These are routinely settled in the short term at book value. As such, the book value is ordinarily equivalent to the fair value, and is used to approximate fair value.
Fair value for long-term loans payable is calculated by discounting the total amount of principal and interest to be paid, using the market rate obtainable
were the Company to enter into a similar borrowing arrangement, with the same terms and conditions as at the balance sheet date.
(7) Derivatives
Please refer to “5 DERIVATIVE INFORMATION.”
Note 2: Financial instruments for which it is not possible to ascertain fair value
2011
Unlisted equity securities
Millions of yen
Thousands of
U.S. dollars
2012
2012
¥442 ¥432 $5,256
No market price was available for these instruments, and it was not possible to estimate their future cash flows. Consequently, measuring fair
value is difficult to measure and such instruments are not included in “(3) Short-term investment securities and investment securities.”
Note 3: Expected maturity schedule following the date of the consolidated financial accounts of monetary assets and investment securities.
Millions of yen
2011
Cash and deposits
Notes and accounts receivable—trade
Short-term investments
Investment security with maturity
Certificate of deposit
Total
Within 1 year
Within 5 years
over 1 year
Within 10 years
over 5 years
Over 10 years
¥49,763
16,320
¥—
1,845
¥—
166
¥—
—
2,840
¥68,923
—
¥1,845
—
¥166
—
¥—
Millions of yen
2012
Cash and deposits
Total
Within 1 year
Within 5 years
over 1 year
Within 10 years
over 5 years
Over 10 years
¥45,404
18,944
¥—
1,179
¥—
20
¥—
—
2,317
¥66,665
—
¥1,179
—
¥20
—
¥—
2012
Cash and deposits
Total
Within 1 year
Within 5 years
over 1 year
Within 10 years
over 5 years
Over 10 years
$552,433
230,487
$—
14,351
$—
246
$—
—
28,188
$811,108
—
$14,351
—
$246
—
$—
Note 4: Expected repayment following the date of the consolidated financial accounts settlement for long-term loans payable and other interest-bearing debt is
shown in “ 7 SHORT-TERM LOANS PAYABLE, LONG-TERM LOANS PAYABLE AND LEASE OBLIGATIONS.”
4
SHORT-TERM INVESTMENT SECURITIES AND INVESTMENT SECURITIES
(A) Securities for the Period Ended March 31, 2011
(1) Available-for-sale securities with market value
Carrying amount, the acquisition cost, gross unrealized holding gains and gross unrealized holding losses for available-for-sale securities with
market value by security type at March 31, 2011 are as follows:
Carrying amount
Market value exceeding acquisition cost:
Equity securities
Market value equal to or less than acquisition cost:
Equity securities
Total
Millions of yen
Gross
unrealized losses
Gross
unrealized gains
The acquisition cost
¥4,342
¥2,258
¥2,084
¥—
¥1,866
¥6,208
¥2,497
¥4,755
¥—
¥2,084
¥(631)
¥(631)
In addition to the available-for-sale securities presented in the table above, the Company holds transferable deposits totaling ¥2,840 million.
Because transferable deposits are settled within the short term and their market prices do not differ significantly from their book values, they are
presented on a book-value basis.
(2) Available-for-sale securities sold during the period
Proceeds and gross realized gains and losses from the sale of available-for-sale securities during the year ended March 31, 2011 were as
follows:
Equity securities
Others
Total
Proceeds amount
Gross
realized gains
Millions of yen
Gross
realized losses
¥11
0
¥11
¥—
—
¥—
¥6
0
¥6
(3) Impairment of available-for-sale securities during the fiscal period
Impairment losses on available-for-sale securities of ¥51 million was recorded for the year ended March 31, 2011.
(B) Securities for the Period Ended March 31, 2012
(1) Available-for-sale securities with market value
Carrying amount, the acquisition cost, gross unrealized holding gains and gross unrealized holding losses for available-for-sale securities with
market value by security type at March 31, 2012 are as follows:
Carrying amount
Equity securities
Equity securities
Total
¥4,637
¥2,681
¥1,956
¥—
¥1,433
¥6,070
¥2,096
¥4,777
¥—
¥1,956
¥(663)
¥(663)
Carrying amount
Equity securities
Equity securities
Total
Millions of yen
Gross
unrealized losses
Gross
unrealized gains
Gross
Gross
unrealized gains
unrealized losses
$56,415
$32,616
$23,799
$17,434
$73,849
$25,502
$58,118
$ —
$23,799
$—
$(8,068)
$(8,068)
In addition to the available-for-sale securities presented in the table above, the Company holds transferable deposits totaling ¥2,317 million
($28,188 thousand). Because transferable deposits are settled within the short term and their market prices do not differ significantly from their
book values, they are presented on a book-value basis.
(2) Available-for-sale securities sold during the period
Proceeds and gross realized gains and losses from the sale of available-for-sale securities during the year ended March 31, 2012 were as
follows:
Equity securities
Total
Proceeds amount
Gross
realized gains
Millions of yen
Gross
realized losses
¥0
¥0
¥0
¥0
¥—
¥—
Proceeds amount
Gross
realized gains
Gross
realized losses
$0
$0
$0
$0
$—
$—
Equity securities
Total
(3) Impairment of available-for-sale securities during the fiscal period
Impairment losses on available-for-sale securities of ¥1 million ($13 thousand) were recorded for the year ended March 31, 2012.
5
DERIVATIVE INFORMATION
(A) Derivative Information for the Period Ended March 31, 2011
Derivative transactions to which hedge accounting is not applicable are as follows:
Millions of yen
Contractual value or
notional principal amount
Total
Over 1 year
Foreign exchange forward contracts (selling)
Currency option trading (selling)
Currency option trading (buying)
Total
¥1,461
¥578
¥578
—
—
—
—
—
Fair value
¥(85)
¥(8)
¥(5)
—
Valuation gain
¥(85)
¥(8)
¥(5)
¥(98)
Fair value was estimated based on the quotations obtained from major financial institutions.
(B) Derivative Information for the Period Ended March 31, 2012
Derivative transactions to which hedge accounting is not applicable are as follows:
Millions of yen
Total
Over 1 year
Total
¥852 ¥852 ¥—
¥—
Fair value
Valuation gain
¥(24) ¥(24) ¥(24)
¥(24)
Total
Over 1 year
Total
$10,371
$10,371
$—
$—
Fair value
Valuation gain
$(287) $(287) $(287)
$(287)
Fair value was estimated based on the quotations obtained from major financial institutions.
6
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES
Investments in unconsolidated subsidiaries as of March 31, 2011 and 2012 were as follows:
Percentage of
ownership
Investments in unconsolidated subsidiaries:
Komori Realty Co., Ltd.
Komori Asia Technical Service Center Sdn. Bhd.
Total
100%
100
—
Millions of yen
Thousands of
U.S. dollars
2012
2012
¥73 ¥73
100 100
¥173 ¥173
$888
1,219
$2,107
2011
7
SHORT-TERM LOANS PAYABLE, LONG-TERM LOANS PAYABLE AND LEASE OBLIGATIONS
(1) Short-Term Loans Payable as of March 31, 2011 and 2012 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
2012
2012
2011
Short-term loans payable
Current portion of long-term loans payable
Total
¥1,476 ¥1,111 $13,517
370 5,954 72,440
¥1,846 ¥7,065 $85,957
Average rate of short-term loans payable as of March 31, 2012: 1.3%
Average rate of current portion of long-term loans payable as of March 31, 2012: 3.1%
Average rates presented are weighted average for short-term loans payable and current portion of long-term loans payable.
(2) Long-Term Loans Payable as of March 31, 2011 and 2012 consisted of the following:
Thousands of
U.S. dollars
Millions of yen
2011
Long-term loans payable
2012
2012
¥7,936 ¥ 720
$ 8,757
Average rate of long-term loans payable as of March 31, 2012: 3.1%
Maturity date of long-term loans payable is April 2013 through March 2015.
Average rates presented are weighted average for long-term loans payable.
(3) R
epayments of Long-Term Loans Payable (excluding those that mature within 1 year) as of March 31, 2012
are scheduled within 5 years period as follows:
Within 2 years
over 1 year
Within 3 years
over 2 years
Within 4 years
over 3 years
Within 5 years
over 4 years
¥365
$4,444
—
—
—
—
Millions of yen
Thousands of
U.S. dollars
2012
2012
The scheduled maturities of assumed future lease payments on such lease contracts:
Due within 1 year
¥78 ¥52
Due over 1 year
59 67
Total
¥137 ¥119
$632
813
$1,445
Millions of yen
¥354
$4,312
(4) Lease Obligations as of March 31, 2011 and 2012 consisted of the following:
2011
The average rate for lease obligations is not presented in the table because the Company included the total gross lease amount in its
consolidated balance sheets without deducting an amount equivalent to interest relating to these lease obligations.
(5) R
epayments of Long-Term Lease Obligations (excluding those that mature within 1 year) as of March 31,
2012 are scheduled within a 5 year period as follows:
Within 2 years
over 1 year
Millions of yen
¥28
$341
The maturity date of lease obligations over 1 year is April 2013 through December 2016.
Within 3 years
over 2 years
¥20
$239
Within 4 years
over 3 years
¥14
$166
Within 5 years
over 4 years
¥5
$67
8
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The major elements of selling, general and administrative expenses for the years ended March 31, 2011 and 2012 are as follows:
Thousands of
U.S. dollars
Millions of yen
2011
Salaries and wages
Shipping expenses
Research and development expenses
Depreciation
Pension expenses
Provision of allowance for doubtful accounts
9
2012
¥4,397 3,579
4,321
452
146
454
328
21
30
¥4,294
3,776
4,830
584
124
478
299
142
96
2012
$52,249
45,939
58,770
7,103
1,504
5,816
3,638
1,731
1,162
RESEARCH AND DEVELOPMENT EXPENSES
The research and development expenses incurred during the years ended March 31, 2011 and 2012 included in “Cost of sales” and “Selling,
general and administrative expenses” aggregated to ¥4,321 million and ¥4,830 million ($58,770 thousand), respectively.
10
IMPAIRMENT LOSSES
The Company and consolidated subsidiaries have grouped their fixed assets by business unit. Idle properties are treated separately. Recoverable
amounts were determined by net sales value (fair value less costs to sell) or value in use.
For the year ended March 31, 2011, the Company and its subsidiaries recognized an impairment loss in respect of the following business unit:
Function or status
Idle property
Location
Sumida-ku, Tokyo
Type of assets
Buildings and structures, etc.
Impairment loss for the year ended March 31, 2011 consisted of the following
Millions of yen
Total
¥204
¥204
Recoverable amounts were determined by net sales value, which was assessed at ¥0 because the Company has decided to demolish the
above assets.
For the year ended March 31, 2012, the Company and its subsidiaries recognized impairment losses in respect of the following business units:
Function or status
Location
Type of assets
Idle property
Matsudo City, Chiba
Buildings and structures, Machinery, equipment and vehicles, etc.
Operating property
Takahata Machi, Yamagata
Buildings and structures, Machinery, equipment and vehicles, Land, etc.
Impairment loss for the year ended March 31, 2012 consisted of the following
Thousands of
U.S. dollars
Millions of yen
Machinery, equipment and vehicles
Land
Other
Total
¥410
¥310
¥261
¥23
¥1,004
$4,984
$3,768
$3,175
$289
$12,216
For idle properties, recoverable amounts were determined by net sales value, which was assessed at ¥0 because the Company has decided
to demolish them.
For printing press manufacturing facilities, recoverable amounts were stated as value in use, which was calculated as discounted future cash
flow with a discount rate of 0.54% applied.
11
INCOME TAXES
The Company and its subsidiaries in Japan are subject to several taxes based on income, which in aggregate resulted in an effective statutory
tax rate for the years ended March 31, 2011 and 2012. Subsidiaries outside Japan are subject to income taxes of the countries in which they
operate.
(1) S
ignificant components of the Companies’ deferred income tax assets and liabilities at March 31, 2011
and 2012 are as follows:
2011
Deferred tax assets:
Tax loss carried forward
Research and development expenses
Loss on valuation of inventories
Impairment loss
Intercompany profits
Provision of allowance for doubtful accounts
Others
Subtotal
Less—Valuation allowance
Total deferred tax assets
Deferred tax liabilities:
Net unrealized gains on available-for-sale securities
Deferred earnings of fixed assets
Prepaid pension cost
Adjustments of allowance for doubtful accounts in consolidation procedure
Others
Total deferred tax liabilities
Net deferred tax liabilities
¥8,831 1,440
525
482
363
256
157
60
255
1,028
13,397
(13,115)
282
(574)
(291)
(223)
(1)
(41)
(1,130)
¥(848) Millions of yen
Thousands of
U.S. dollars
2012
2012
¥9,205
1,649
380
382
604
242
74
62
237
873
13,708
(13,509)
199
$111,998
20,062
4,618
4,645
7,344
2,945
902
755
2,886
10,638
166,793
(164,369)
2,424
(453)
(5,510)
(252)
(3,060)
(2,031)
(167)
(4)
(49)
(31)
(389)
(907)
(11,039)
¥(708) $(8,615)
Note: The net deferred tax assets (liabilities) at March 31, 2011 and 2012 are included in the following line items on the consolidated balance sheets.
2011
Current assets Deferred tax assets
Noncurrent assets Deferred tax assets
Noncurrent liabilities Deferred tax liabilities
¥100 111
(1,059)
Millions of yen
Thousands of
U.S. dollars
2012
2012
¥79 $ 956
59
724
(846)
(10,294)
(2) B
reakdown of principal items causing difference between effective statutory tax rate and the rate for
corporate and other taxes applicable after tax benefit accounting is used;
Due to the loss before income taxes recorded in the fiscal years ended March 31, 2011 and 2012, the difference between the statutory tax rate
and effective income tax rate after applying tax effect accounting has been omitted.
(3) Adjustment of deferred tax assets and deferred tax liabilities due to change of effective statutory tax rate;
Following the introduction on December 2, 2011 of the Act for Partial Revision of the Income Tax Act, etc. for the Purpose of Creating Taxation
System Responding to Changes in Economic and Social Structures and the Act on Special Measures for Securing Financial Recourses
Necessary to Implement Measures for Reconstruction Following the Great East Japan Earthquake, the effective statutory tax rate used to
measure deferred tax assets and deferred tax liabilities (only those expected to be settled or realized on or after April 1, 2012) was changed from
the previous fiscal year’s rate of 40.40% to 37.75% for temporary differences expected to be reversed during the period from April 1, 2012 to
March 31, 2015, and to 35.38% for temporary differences expected to be reversed on or after April 1, 2015. As a result of these changes,
deferred tax liabilities (net of deferred tax assets) decreased ¥116 million ($1,418 thousand), the income taxes—deferred charge decreased ¥52
million ($636 thousand), and valuation difference on available-for-sale securities recorded in the fiscal year ended March 31, 2012 increased ¥64
million ($782 thousand) respectively.
12
PROVISION FOR RETIREMENT BENEFITS
The Company adopts a defined-benefit pension plan.
A number of domestic consolidated subsidiaries adopt funded non-contributory tax qualified defined benefit pension plans. In some cases,
employees receive additional retirement benefits outside of the actuarial calculation of projected benefit obligations.
Certain overseas consolidated subsidiaries also adopt defined benefit pension plans.
The accrued retirement benefits as of March 31, 2011 and 2012 are analyzed as follows:
Thousands of
U.S. dollars
Millions of yen
2011
Projected benefit obligations
Plan assets
Unfunded projected benefit obligations
Unrecognized actuarial differences
Subtotal
Prepaid pension cost
Provision for retirement benefits
2012
¥(13,922) ¥(14,555)
12,052
12,806
(1,870)
(1,749)
1,824
1,676
(46)
(73)
617
570
¥(663) ¥(643)
2012
$(177,082)
155,806
(21,276)
20,395
(881)
6,939
$(7,820)
Certain consolidated subsidiaries accrue retirement benefits by using the simplified method.
Net pension expenses related to the retirement benefits for the years ended March 31, 2011 and 2012 are mainly as follows:
Thousands of
U.S. dollars
Millions of yen
2011
Service cost*1
Interest cost
Expected return on plan assets
Amortization of unrecognized prior service cost
Amortization of unrecognized actuarial differences
Net pension expenses
¥683 321
(239)
35
199
¥999 2012
2012
¥ 641 314
(245)
—
219
¥ 929 $ 7,799
3,816
(2,977)
—
2,660
$11,298
*1. The pension expense of consolidated subsidiaries that applied the simplified method is included in “Service cost.”
Assumptions used in the calculation of the above information were as follows:
2011
Discount rate
Expected rate of return on plan assets
Method of attributing the projected benefits to periods of services
Amortization of unrecognized prior service cost
Amortization of unrecognized actuarial differences
13
2012
Mainly 2.0%
Mainly 2.0%
Mainly 1.5%
Mainly 1.5%
Straight-line basis
Straight-line basis
Charged in full amount in Charged in full amount in
the current fiscal year the current fiscal year
15 years
15 years
CONTINGENT LIABILITIES
The Company and its subsidiaries were contingently liable for guarantees on March 31, 2011 and 2012 as follows:
Loans and lease obligations of customers who purchased the Company’s products
Seishinsya Co., Ltd. and other Japanese customers
(167 and 136 customers in 2011 and 2012, respectively)
Joon-Seong Kwon and other foreign customers
(190 and 141 customers in 2011 and 2012, respectively)
Total
2011
¥6,928 Millions of yen
Thousands of
U.S. dollars
2012
2012
¥ 5,709
3,204 2,947
¥10,132 ¥ 8,656
$ 69,457
35,855
$ 105,312
Contingent liabilities for guarantees in foreign currencies included in the above total amounts are as follows:
Thousands of foreign currency
(Equivalent amount in millions of yen)
2011
U.S. dollars
Euro
Sterling
Canadian dollars
14
Thousands of
U.S. dollars
2012
USD22,188 19,587
¥(1,844) ¥(1,610)
EUR3,414 5,074
¥(401) ¥ (557)
GBP 120 120
¥(16) ¥ (16)
CAD1,806 —
¥(154) ¥
(—)
2012
$19,587
6,779
192
—
NOTES MATURING ON THE FINAL DAY OF THE CONSOLIDATED ACCOUNTING PERIOD
The settlement of notes receivable and payable maturing on the final day of the consolidation accounting period is accounted for on the actual
clearing date. For the year ended March 31, 2012, the final day of the consolidation accounting period was a bank holiday for financial
institution. The following notes that matured on the final day of the consolidation accounting period are included in the accompanying
consolidated balance sheets.
2011
Notes receivable
Notes payable
15
Millions of yen
Thousands of
U.S. dollars
2012
2012
¥— ¥ 96 $1,169
— 145 1,760
CASH AND CASH EQUIVALENTS
Total cash and cash equivalents at year-end as included on the balance sheets for the years ended March 31, 2011 and 2012 are analyzed as
follows:
Millions of yen
2011
Cash and deposits
Time deposits with deposit term of over 3 months
Securities account (transferable deposit)
Cash and cash equivalents
16
¥49,764 (11,491)
2,840
¥41,113 2012
¥ 45,404 (8,457)
2,317
¥ 39,264 Thousands of
U.S. dollars
2012
$ 552,431
(102,894)
28,188
$ 477,725
LEASE TRANSACTIONS
The Companies have various lease agreements whereby they act both as lessees and lessors. Finance lease contracts other than those which
are deemed to transfer the ownership of the leased assets to lessees are accounted for by the method that is applicable to ordinary operating
leases.
(1) Finance Lease Transactions
Non-Ownership-Transfer Finance Lease Transactions during the year ended March 31, 2011 and 2012 are as follows:
(a) Description of lease assets
Property, plant and equipment: Mainly computers (included in “tools, furniture and fixtures”)
Intangible assets: Software
(b) Depreciation of lease assets
Lease assets are depreciated based on the straight-line method over their individual lease terms with no residual value.
(2) Operating Lease Transactions
Information on Operating Lease Transactions is as follows:
Total of future lease payment to be paid:
2011
Due within 1 year
Due over 1 year
Total
Millions of yen
Thousands of
U.S. dollars
2012
2012
¥68 ¥ 44 $ 532
207 145 1,770
¥275 ¥189 $2,302
17
ITEMS WITH REGARD TO OTHER COMPREHENSIVE INCOME
Recycle amount relating to other comprehensive income
Thousands of
U.S. dollars
Millions of yen
Valuation difference on available-for-sale securities:
Amount arising during the period
Recycle amount
Before tax effect adjustment
Tax effect
After tax effect adjustment
Foreign currency translation adjustment:
Amount arising during the period
Recycle amount
Before tax effect adjustment
Tax effect
After tax effect adjustment
18
¥(162) 1
(161)
122
(39)
$(1,965)
13
(1,952)
1,480
(472)
1
—
1
—
1
¥(38) 5
—
5
—
5
$(467)
PER SHARE INFORMATION
(1) Net Income per Share
The bases for calculating net income per share for the years ended March 31, 2011 and 2012 are as follows:
Millions of yen
Thousands of
U.S. dollars
2011
2012
2012
Net income (loss) per share
Net income (loss)
Less: Components not pertaining to common stock shareholders
Net income (loss) pertaining to common stock
Average number of shares outstanding (in thousands)
¥(6,216)
—
(6,216)
66,820
¥(5,293)
—
(5,293)
65,599
$(64,398)
—
(64,398)
65,599
Yen
U.S. dollars
Basic net income (loss) per share
¥(93.03) ¥(80.69) $(0.98)
(2) Net Assets per Share
The bases for calculating net assets per share for the years ended March 31, 2011 and 2012 are as follows:
2011
2012
2012
Yen
U.S. dollars
¥1,855.97
$ 22.58
Millions of yen
Thousands of
U.S. dollars
Net assets on consolidated balance sheets
Net assets pertaining to common stock
¥124,179 ¥115,012
124,179 115,012
$1,399,346
1,399,346
Number of shares of common stock issued as of March 31
Number of treasury shares of common stock as of March 31
Number of shares of common stock for this calculation
68,292 68,292
1,473 6,323
66,819 61,969
Net assets per share
¥1,858.43 Thousands of shares
68,292
6,323
61,969
(3) Dividends per Share
Dividends paid to shareholders’ effective date
Resolution approved by
Annual general meeting of
shareholders (Jun. 21, 2011)
Board of directors’ meeting
(Oct. 28, 2011)
Type of
shares
Common
stock
Common
stock
Amount
(Millions
of yen)
Amount
(Thousands of
U.S. dollars)
Amount
per share
(Yen)
Amount
per share
(U.S. dollars)
¥668
$8,130
¥10
$0.12
¥668
$8,130
¥10
$0.12
Shareholders’
cut-off date
Effective
date
Mar. 31,
2011
Sep. 30,
2011
Jun. 22,
2011
Nov. 30,
2011
Dividends with a shareholders’ cut-off date during the current fiscal year but an effective date subsequent to the current fiscal year
Type of
shares
Common
stock
Resolution approved by
Annual general meeting of
shareholders (Jun. 20, 2012)
19
Paid from
Amount
(Millions
of yen)
Amount
(Thousands of
U.S. dollars)
Amount
per share
(Yen)
Amount
per share
(U.S. dollars)
Shareholders’
cut-off date
Effective
date
Retained
earnings
¥620
$7,540
¥ 10
$ 0.12
Mar. 31,
2012
Jun. 21,
2012
SEGMENT INFORMATION
(1) Overview of Reportable Segments
Komori’s reportable segments are constituent units of the Company whose separate financial information is obtainable. The Company’s Board of
Directors periodically examines these segments for the purpose of deciding the allocation of management resources and assessing the
operating results.
The Komori Group is primarily engaged in a single business activity, namely, the manufacture, sale and repair of printing presses. Komori has
established a structure to manufacture all of its products, except certain products, in Japan. Meanwhile, the Company has developed a global
sales and marketing structure underpinned by subsidiaries based in important overseas markets. These overseas subsidiaries are independently
promoting business activities through the formulation and implementation of their own comprehensive, region-specific sales and marketing
strategies.
Accordingly, the Komori Group has the three reportable segments of “Japan,” “North America” and “Europe,” which have been defined in
line with the locations of these overseas subsidiaries constituting its global sales and marketing structure.
The composition of individual reportable segments is as follows.
The reportable segment “Japan” includes sales recorded in Japan, Central and South America and Asia, excluding a portion of Greater
China. Komori Corporation is in charge of sales and marketing in this segment.
The reportable segment “North America” mainly includes sales recorded in the United States. Komori America Corporation is in charge of
sales and marketing in this segment.
The reportable segment “Europe” mainly includes sales recorded in Western Europe, Eastern Europe and the Middle East. Komori
International (Europe) B.V. is in charge of sales and marketing in this segment. Komori-Chambon S.A.S., which undertakes the manufacture and
sale of package printing presses, is also included in this segment.
(2) A
ccounting Method Concerning Net Sales, Operating Income (Loss), Assets, Liabilities and Other Items by
Reportable Segment
The accounting method for the reportable segments is basically the same as those described in “2 SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES.” Intersegment income and transfers are based on the prevailing markets prices.
(3) Information Concerning Net Sales, Operating Income (Loss), Assets, Liabilities and Other Items by
Reportable Segment
Millions of yen
Reportable Segment
Year ended March 31, 2011
Net sales
Sales to outside customers
Intersegment sales
Total
Assets
Other items
Depreciation
Impairment loss
Amortization of goodwill
Increase of property, plant and equipment
and intangible assets
Japan
North America
Europe
Subtotal
Others (Note)
Total
¥ 43,718
12,172
¥ 55,890
¥ (3,296)
137,038
¥ 7,388
33
¥ 7,421
¥ (1,442)
12,700
¥17,649
483
¥18,132
¥ (202)
15,156
¥ 68,755
12,688
¥ 81,443
¥ (4,940)
164,894
¥3,479
62
¥3,541
¥ (22)
1,816
¥ 72,234
12,750
¥ 84,984
¥ (4,962)
166,710
2,871
204
—
51
—
—
149
—
—
3,071
204
—
16
—
8
3,087
204
8
1,068
17
439
1,524
5
1,529
Note: Others include figures of the Company’s business activities conducted outside the defined reportable segments, namely, in a part of Greater China and the
Oceania region.
Millions of yen
Reportable Segment
Net sales
Intersegment sales
Total
Assets
Other items
Depreciation
Impairment loss
Amortization of goodwill
Increase of property, plant and equipment and
intangible assets
Japan
North America
Europe
Subtotal
Others (Note)
Total
¥46,601
12,472
¥59,073
¥(3,411)
130,316
¥7,180
127
¥7,307
¥(553)
11,914
¥15,206
623
¥15,829
¥(483)
15,515
¥68,987
13,222
¥82,209
¥(4,447)
157,745
¥3,311
72
¥3,383
¥(20)
1,502
¥72,298
13,294
¥85,592
¥(4,467)
159,247
2,642
1,004
—
38
—
—
160
—
—
2,840
1,004
—
12
—
6
2,852
1,004
6
621
9
200
830
22
852
Note: Others include figures of the Company’s business activities conducted outside the defined reportable segments, namely, in a part of Greater China and the
Oceania region.
Thousands of
U.S. dollars
Reportable Segment
Japan
North America
Europe
Subtotal
Others (Note)
Total
Net sales
$566,995 $87,360 $185,006 $ 839,361 $ 40,280 $ 879,641
Intersegment sales
151,743 1,539 7,579 160,861 Total
$718,738 $88,899 $192,585 $1,000,222 $ 41,166 $1,041,388
886 161,747
$(41,504) $(6,727) $ (5,871) $ (54,102) $
Assets
1,585,543 144,955 188,769 1,919,267 18,286 1,937,553
(243) $ (54,345)
Other items
Depreciation
32,132 468 1,952 34,552 Impairment loss
12,216 — — 12,216 Amortization of goodwill
Increase of property, plant and equipment
and intangible assets
— — — 150 34,702
— 12,216
— 70 70
7,538 107 2,431 10,076 295 10,371
(4) A
djustments for Differences between Total Amounts in Reportable Segments and Corresponding Amounts
as Presented in Consolidated Financial Statements
Thousands of
U.S. dollars
Millions of yen
Net Sales
Total net sales in reportable segments
Net sales in others
3,541 3,383
Eliminations
(12,750) (13,294) (161,747)
Net sales as presented in Consolidated Financial Statements
2011
¥81,443 ¥72,234 2012
¥82,209
2012
$1,000,222
41,166
¥72,298
$879,641
Millions of yen
Thousands of
U.S. dollars
2012
2012
Operating Income (Loss)
Total operating loss in reportable segments
Operating loss in others
(22) (20) (243)
Adjustments for inventories
882 416
5,060
Eliminations
102 91
1,107
Other adjustments
1 6
Operating loss as presented in Consolidated Financial Statements
2011
¥(4,940) ¥(3,977) ¥(4,447) $(54,102)
72
¥(3,954) $(48,106)
Thousands of
U.S. dollars
Millions of yen
Assets
Total assets in reportable segments
Assets in others
1,816 1,502
Adjustments for inventories
(1,051) (635) (7,724)
Eliminations
(28,439) (31,352) (381,473)
Corporate assets
23,350 21,747
264,600
Other adjustments
616 270
3,289
Assets as presented in Consolidated Financial Statements
2011
¥164,894 ¥161,186 2012
¥157,745
¥149,277
2012
$1,919,267
18,286
$1,816,245
Note: Corporate assets are primarily short-term investments (bank deposits and marketable securities) and long-term investments (investment securities).
Thousands of
U.S. dollars
Millions of yen
Depreciation
Total depreciation in reportable segments
Depreciation in others
16 12
Adjustments for depreciation
(4) (3) (39)
Depreciation as presented in Consolidated Financial Statements
2011
¥3,071 ¥3,083 2012
¥2,840
¥2,849
2012
$34,552
150
$34,663
Thousands of
U.S. dollars
Millions of yen
Increase of property, plant and equipment and intangible assets
Total amount of increase in reportable segments
Amount of increase in others
5 22
295
Adjustments for amount of increase
(3) —
—
Amount of increase as presented in Consolidated Financial Statements
2011
¥1,524 ¥1,526 2012
¥830
¥852
2012
$10,076
$10,371
Note: Adjustments for amount of increase of property, plant, equipment and intangible assets represent intersegment transfers and installations of finished goods and
equipment.
[Related Information for the year ended March 31, 2011 and 2012]
1. Information by Product/Service
Thousands of
U.S. dollars
Millions of yen
2011
2012
2012
Manufacture and Sale of Printing Presses
¥57,090 ¥57,402
$698,404
Service and Repair, Used Presses
¥15,144 ¥14,896
$181,237
Total
¥72,234 ¥72,298
$879,641
2. Information by Region
(1) Net Sales
Thousands of
U.S. dollars
Millions of yen
2011
¥23,109 2012
2012
Japan
The Americas
10,984 9,563
116,348
Europe
16,018 13,080
159,144
Asia
19,431 21,233
258,339
Other Regions
2,692 2,734
33,265
Total
¥72,234 ¥25,688
¥72,298
$312,545
$879,641
Note: Sales are classified by countries or regions where customers are located.
(2) Property, Plant and Equipment
Information has been omitted, as the amount of property, plant and equipment located in Japan exceeds 90% of the amount of property, plant
and equipment presented in Consolidated Balance Sheets.
3. Information Concerning Principal Customer
Information of principal customer has been omitted, as no customer exceed 10% of total sales amount.
[Information Concerning Impairment Loss on Fixed Assets by Reportable Segment]
Information on impairment loss has been omitted, as similar information is disclosed in Segment Information.
[Information Concerning Amortization and Unamortized Balance of Goodwill by Reportable Segment]
Reportable Segment
Japan
North America
Europe
Subtotal
Others
Elimination or
Corporate
Millions of yen
—
—
—
—
¥6
—
¥6
—
—
—
—
$72
—
$72
Total
The balance reported in others is for Komori Taiwan Limited.
Information on amortization of goodwill has been omitted, as similar information is disclosed in Segment Information.
There was no unamortized balance of goodwill at March 31, 2012.
Information on amortization of goodwill has been omitted, as similar information is disclosed in Segment Information.
[Information Concerning Gain on Negative Goodwill by Reportable Segment]
Not applicable.
20
RELATED-PARTY TRANSACTIONS
Disclosure of related party transactions has been omitted, as there were no significant transactions with related parties.
21
OTHER
Net sales and income (loss) result of fiscal year ended March 31, 2012 for each period is as follows:
Nine months ended
(from April 1, 2011 to
December 31, 2011)
Six months ended (from
April 1, 2011 to
September 30, 2011)
Three months ended
June 30, 2011)
Net sales (millions of yen)
¥13,363
Income (loss) before income taxes (millions of yen)
¥(1,998) ¥33,198
¥47,924
¥(3,444) Year ended March 31,
2012
¥72,298
¥(5,134) ¥(5,257)
Net income (loss) (millions of yen)
¥(1,962) ¥(3,352) ¥(5,126) ¥(5,293)
Net income (loss) per share (yen)
¥(29.36) ¥(50.16) ¥(76.97) ¥(80.69)
Nine months ended
December 31, 2011)
Six months ended (from
April 1, 2011 to
September 30, 2011)
Three months ended
June 30, 2011)
Year ended March 31,
2012
Net sales (thousands of U.S. dollars)
$162,583
$879,641
Income (loss) before income taxes (thousands of U.S. dollars)
$(24,310) $(41,901) $(62,470) $(63,964)
Net income (loss) (thousands of U.S. dollars)
$(23,871) $(40,782) $(62,365) $(64,398)
Net income (loss) per share (U.S. dollars)
$(0.36) $(0.61) $(0.94) $(0.98)
$403,917
$583,091
Quarterly net income (loss) per share information
1st quarter
(from April 1,2011 to
June 30, 2011)
2nd quarter
(from July 1,2011 to
September 30, 2011)
3rd quarter
(from October 1,2011 to
December 31, 2011)
4th quarter
(from January 1,2012 to
March 31, 2012)
Net income (loss) per share (Yen)
¥(29.36) ¥(20.80) ¥(26.78) ¥(2.66)
Net income (loss) per share (U.S. dollars)
$(0.36) $(0.25) $(0.33) $(0.03)
22
SUBSEQUENT EVENTS
Not applicable.
Branch Offices and Plants, Subsidiaries
Branch Offices and Plants
Company Name
Address
Business Activities
Repair and fabrication of printing presses and related equipment, and sale of printing
press components
press components
press components
press components
Techno Service Center
Sumida-ku, Tokyo, Japan
West-Japan Service
Osaka City, Osaka, Japan
Sagami Service
Yamato City, Kanagawa Pref., Japan
Saitama Techno Center
Niiza City, Saitama Pref., Japan
Komori Global Parts Center
Noda City, Chiba Pref., Japan
Management of printing press and related equipment components
Osaka Regional Headquarters
Osaka City, Osaka, Japan
Sale, repair and fabrication of printing presses, related equipment and components
Nagoya Branch Office
Nagoya City, Aichi Pref., Japan
Kyushu Branch Office
Fukuoka City, Fukuoka Pref., Japan
Hokkaido Office
Sapporo City, Hokkaido, Japan
Tohoku Office
Sendai City, Miyagi Pref., Japan
Niigata Office
Niigata City, Niigata Pref., Japan
Hokuriku Office
Toyama City, Toyama Pref., Japan
Chugoku Office
Hiroshima City, Hiroshima Pref., Japan
Shikoku Office
Takamatsu City, Kagawa Pref., Japan
Tsukuba Plant
Tsukuba City, Ibaraki Pref., Japan
Design, development and manufacture of printing presses
Komori Graphic Technology Center
Tsukuba City, Ibaraki Pref., Japan
Komori Currency Technology
Dorking, Surrey, UK
Technical and printing training, printing technology research, and printing equipment
sales activities
Sale of platemaking equipment, printing presses and related equipment used in the
production of banknotes and securities documentation
Subsidiaries
Company Name
Address
Business Activities
Higashiokitama-gun, Yamagata Pref.,
Japan
Higashiokitama-gun, Yamagata Pref.,
Japan
Manufacture and sale of printing presses, equipment and
components
Komori Realty Co., Ltd.
Sumida-ku, Tokyo, Japan
Real estate leasing and management
Komori Engineering Co., Ltd.
Ushiku City, Ibaraki Pref., Japan
Design of printing presses and related equipment
Komori America Corporation
Rolling Meadows, Illinois, U.S.A.
Komori Leasing Incorporated
Rolling Meadows, Illinois, U.S.A.
Komori International (Europe) B.V.
Utrecht, The Netherlands
Komori International Netherlands B.V.
Utrecht, The Netherlands
Komori International Netherlands B.V. Czech Branch
Prague, Czech Republic
Komori U.K. Limited
Leeds, UK
Komori France S.A.S.
Antony Cedex, France
Komori Belgium Branch Office of Komori France
Brussels, Belgium
Komori Italia S.r.l.
Assago, Milan, Italy
Komori-Chambon S.A.S.
Orleans Cedex, France
Komori Hong Kong Limited
Hong Kong
Shenzhen, P.R.C.
Shanghai Branch
Shanghai, P.R.C.
Komori Taiwan Limited
Taipei, Taiwan
Komori Machinery Co., Ltd.
Komori Electronics Co., Ltd.
Manufacture and sale of printing press components
Import, sale, repair and fabrication of printing presses and
related equipment
Provision of customer finance for printing presses and related
equipment
related equipment; regional control of related activities
related equipment
Technical and printing training, business support, repair and
fabrication of printing presses and related equipment
related equipment
related equipment
related equipment
related equipment
Manufacture, sale, repair and fabrication of packaging printing
presses
related equipment
related equipment
related equipment
related equipment
Corporate Data and Investor Information
(As of March 31, 2012)
Investor Information
Corporate Data
Company Established:
October 1923
Listing:
Tokyo Stock Exchange, First Section
Capital:
¥37,715 million
Authorized Number of Shares:
295,500,000
Annual Sales (Consolidated basis):
¥72,298 million
Issued Number of Shares:
68,292,340
Employees (Consolidated basis):
2,104
Minimum Trading Unit:
100 shares
Headquarters:
11-1 Azumabashi 3-chome,
Sumida-ku, Tokyo 130-8666,
Japan
Tel: +81-3-5608-7811
Fax: +81-3-3624-7160
Number of Shareholders:
5,114
Stock Transfer Agent:
Mizuho Trust and Banking Co., Ltd.
Stock Transfer Agency Department
Composition of Shareholders
Government and
Municipal
Organizations 0.00%
Individuals
and Others
Financial
Institutions 35.27%
29.10%
Foreign
Institutions
and Individuals 22.60%
Securities
Companies 0.74%
Other
Japanese
Companies 12.30%
Note: The Company’s holdings of treasury stock (6,323 thousand shares)
are not included in the above figures.
Stock Price Range and Trading Volume
Stock Price Range
Trading Volume
(Yen)
(Thousands of shares)
2,100
22,000
1,800
20,000
1,500
18,000
1,200
16,000
900
14,000
600
12,000
300
10,000
0
8,000
6,000
4,000
2,000
0
’09/10 11
12 ’10/1
2
3
4
5
6
7
8
9
10
11
12 ’11/1
2
3
4
5
6
7
8
9
10
11
12 ’12/1
2
3
For nearly 90 years, since its establishment in 1923, the Komori Group has been producing offset printing presses. Our
flagship products include sheet-fed offset presses such as the “LITHRONE series” and “ENTHRONE series,” web offset
presses such as the “SYSTEM series” and related equipment and devices. Moreover, the Group has been supplying security
printing presses to the National Printing Bureau in Japan as well as to overseas customers in dozens of countries.
The Komori Group endeavors to improve the quality and productivity of its basic printing presses and develop printing
information networks and automated integrated printing systems to respond to the recent trend of digital workflow and
networking, and realize a total printing production system. With its sights fixed on remaining a trusted Print Engineering
Service Provider, the Group also works to bring the range of its proposals to bear in solving customer issues.
Contents
1 Consolidated Financial Highlights
21 Consolidated Statements of Changes in Net Assets
2 KOMORI at a Glance
22 Consolidated Statements of Cash Flows
4 An Interview with Top Management
23 Notes to Consolidated Financial Statements
10 Special Feature: Report on ‘drupa 2012’
40 Report of Independent Auditors
‘KOMORI OnDemand’ Demonstrated at
World’s Largest Printing Equipment Exhibition
41 Branch Offices and Plants, Subsidiaries
42 Corporate Data and Investor Information
12 Directors, Corporate Auditors and Operating Officers
13 Corporate Governance
14 Six-Year Summary of Consolidated Financial Data
15 Financial Review
18 Consolidated Balance Sheets
20 Consolidated Statements of Income
Caution Regarding Forward-Looking Statements
This annual report contains information about forward-looking
statements related to such matters as the Company’s plans, strategies,
and business results. These forward-looking statements represent
judgments made by the Company based on information available at
present and are inherently subject to a variety of risks and uncertainties.
The Company’s actual activities and business results could differ
significantly due to changes, including changes in the economic
environment, business environment, demand, and exchange rates.
Komori corporation
KOMORI CORPORATION
Annual Report 2012
Annual Report 2012
Fiscal year ended March 31, 2012
KOMORI CORPORATION
11-1 Azumabashi 3-chome, Sumida-ku, Tokyo 130-8666, Japan
Kando : Beyond Expectations
Tel: +81-3-5608-7811
http://www.komori.com
Printed in Japan

Annual Report 2012

Transcription

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