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To Our Stakeholders Message from the President Business Conditions and Results in Fiscal 2012 Business Conditions in Fiscal 2012 In fiscal 2012, business conditions were increasingly challenging overall. The Japanese economy remained sluggish due to factors including the impact of the Great East Japan Earthquake, the strong yen, and continued deflation. Despite growth in global demand, particularly from emerging countries, there was also increased uncertainty surrounding the global economy as its growth appeared to slow further. Review of Operations in Fiscal 2012 Against this backdrop, the Group worked to further expand its marketing capability to capture global demand. As well as focusing on rigorous cost reduction, new technology and product development, along with sales expansion, the Group had worked on the early recovery of our bases impacted by the Great East Japan Earthquake and the Thai floods, and strengthening its marketing and production structure in order to meet increased post-recovery demand. In the first half of the year, we were unable to avoid a year-on-year fall in revenue and profit, due to the impact of the earthquake disaster, but in the second half we re-established growth in revenue and profit, despite challenging business conditions including sharp yen appreciation. However, the benefits of this recovery were mainly experienced in the fourth quarter, due to the occurrence of the Thai floods in the third quarter. As a result, while sales increased 1.3% year on year to ¥2,059.3 billion, operating income fell 16.2% year on year to ¥86.9 billion, which was short of the forecast we announced at the beginning of the year. Nonetheless, during the second half of the year we achieved a 5.7% year-on-year increase in sales and a 9.2% year-on-year increase in operating income due to the record high global production volume of automotive wiring harnesses, cutting tools and flexible printed circuits (FPCs). In particular, we posted a record high level of operating income in the fourth quarter, taking into account the effect of exchange rates. Net Sales and Operating Income by Segment Automotive Information & Communications Electronics <strong>Electric</strong> Wire & Cable, Energy Industrial Materials & Others Eliminations 1,500 1,000 500 0 -100 Net Sales (Billions of yen) 468.9 119.4 86.0 214.6 133.1 (31.4) Net Sales 990.6 Operating Income 46.0 32.7 3.9 3.9 7.0 491.1 98.8 92.2 250.3 144.4 1,043.3 57.8 31.4 4.5 2.7 9.5 9.8 Operating Income (Billions of yen) (0) (33.6) (0.2) (31.3) (0)(0) (35.3) (0.2) 1st Half (1.5) 2nd Half 1st Half (4.2) 2nd Half (1.6) FY2011 Results FY2012 Results 451.3 76.3 86.1 238.2 136.2 956.8 23.8 14.0 4.9 9.3 540.4 85.7 99.7 270.5 141.6 1,102.5 63.1 40.3 3.3 12.1 9.2 100 80 60 40 20 0 -10 14 SUMITOMO ELECTRIC Annual Report 2012
Masayoshi Matsumoto President and CEO Annual Report 2012 SUMITOMO ELECTRIC 15
Page 1 and 2: Annual Report 2012 Information & Co
Page 3 and 4: Glorious Excellent Company The Sumi
Page 5 and 6: Review of Operations Automotive Inf
Page 7 and 8: Society our daily lives. The Sumito
Page 9 and 10: uri Capabilities a leading position
Page 11 and 12: Materials with a Global Impact year
Page 13 and 14: World Stage The Americas In fiscal
Page 15: Net Sales Operating Income Net Inco
Page 19 and 20: VISION 2012 Q3 As mentioned earlier
Page 21 and 22: Segments Performance Sumitomo Elect
Page 23 and 24: Net Sales (Billions of yen) 1,200 1
Page 25 and 26: Net Sales (Billions of yen) 300 250
Page 31 and 32: & Net Sales (Billions of yen) 300 2
Page 33 and 34: anisotropic conductive film for fin
Page 35 and 36: Highlights of Fiscal 2012 Our Respo
Page 37 and 38: Board of Directors The Board of Dir
Page 39 and 40: Strengthened Competition Law Compli
Page 41 and 42: short-term fluctuations in interest
Page 43 and 44: Financial Section 2012 Five-Year Fi
Page 45 and 46: Management’s Discussion and Analy
Page 47 and 48: Consolidated Balance Sheets Million
Page 49 and 50: Consolidated Statements of Changes
Page 51 and 52: Notes to Consolidated Financial Sta
Page 67 and 68:
Notes to Consolidated Financial Sta
Page 69 and 70:
Independent Auditor’s Report To t
Page 71 and 72:
• Sumitomo Electric Semiconductor
Page 73 and 74:
Company Information Investor Inform
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