The Companies’ primary business activities include (1) Audio Products business, which consists of car audio systems and audio accessories, etc., and (2) Information and Communication Equipment business, which consists of car communications and electronic components.
A summary of net sales, costs and expenses, operating income, identifiable assets, depreciation expense, and capital expenditures by business segment for the years ended March 31, 2008, 2007 and 2006 were as follows:
2008
I. Sales and operating income Net sales:
Outside customers ¥122,999 ¥129,073 ¥252,072 ¥ — ¥252,072
Inter-segment 638 426 1,064 (1,064) —
Total 123,637 129,499 253,136 (1,064) 252,072
Costs and expenses 118,277 120,020 238,297 6,763 245,060
Operating income ¥5,360 ¥9,479 ¥14,839 ¥(7,827) ¥7,012
II. Identifiable assets ¥70,871 ¥72,074 ¥142,945 ¥24,840 ¥167,785
Depreciation expense 6,092 4,455 10,547 108 10,655
Capital expenditures 8,068 5,452 13,520 153 13,673
Consolidated Elimination
and/or corporate Total
Millions of yen Information
and communication equipment business Audio products
business
2007
I. Sales and operating income Net sales:
Outside customers ¥129,337 ¥135,718 ¥265,055 ¥ — ¥265,055
Inter-segment 754 391 1,145 (1,145) —
Total 130,091 136,109 266,200 (1,145) 265,055
Costs and expenses 120,130 127,252 247,382 7,563 254,945
Operating income ¥9,961 ¥8,857 ¥18,818 ¥(8,708) ¥10,110
II. Identifiable assets ¥78,234 ¥69,765 ¥147,999 ¥33,186 ¥181,185
Depreciation expense 5,472 3,799 9,271 55 9,326
Capital expenditures 7,317 5,303 12,620 — 12,620
Consolidated Elimination
and/or corporate Total
Millions of yen Information
and communication equipment business Audio products
business
2006
I. Sales and operating income Net sales:
Outside customers ¥129,076 ¥124,907 ¥253,983 ¥ — ¥253,983
Inter-segment 667 1,464 2,131 (2,131) —
Total 129,743 126,371 256,114 (2,131) 253,983
Costs and expenses 121,485 117,154 238,639 5,673 244,312
Operating income ¥8,258 ¥9,217 ¥17,475 ¥(7,804) ¥9,671
II. Identifiable assets ¥75,920 ¥62,435 ¥138,355 ¥31,198 ¥169,553
Depreciation expense 5,119 3,435 8,554 62 8,616
Capital expenditures 6,355 4,357 10,712 66 10,778
Elimination and/or corporate Total
Millions of yen Information
and communication equipment business Audio products
business Consolidated
2008
I. Sales and operating income Net sales:
Outside customers $1,227,657 $1,288,283 $2,515,940 $ — $2,515,940
Inter-segment 6,368 4,252 10,620 (10,620) —
Total 1,234,025 1,292,535 2,526,560 (10,620) 2,515,940
Costs and expenses 1,180,527 1,197,924 2,378,451 67,502 2,445,953
Operating income $53,499 $94,610 $148,109 $(78,122) $69,987
II. Identifiable assets $707,366 $719,373 $1,426,739 $247,929 $1,674,668
Depreciation expense 60,804 44,466 105,270 1,078 106,348
Capital expenditures 80,527 54,417 134,944 1,527 136,471
Consolidated Elimination
and/or corporate Total
Thousands of U.S. dollars Information
and communication equipment business Audio products
business
The geographic area information with respect to net sales, costs and expenses, operating income, and identifiable assets for the years ended March 31, 2008, 2007 and 2006 were as follows:
2008
I. Sales and operating income Net sales:
Outside customers ¥39,848 ¥91,912 ¥98,081 ¥20,687 ¥1,544 ¥252,072 ¥ — ¥252,072
Inter-segment 152,502 1,754 32,944 49,930 0 237,130 (237,130) —
Total 192,350 93,666 131,025 70,617 1,544 489,202 (237,130) 252,072
Costs and expenses 182,047 92,132 131,133 67,525 1,460 474,297 (229,237) 245,060 Operating income ¥10,303 ¥1,534 ¥(108) ¥3,092 ¥84 ¥14,905 ¥(7,893) ¥7,012 II. Identifiable assets ¥100,267 ¥28,345 ¥38,214 ¥33,099 ¥620 ¥200,545 ¥(32,760) ¥167,785
Consolidated Total
Asia
Millions of yen Europe
North America
Japan Other areas Elimination
and/or corporate
2007
I. Sales and operating income Net sales:
Outside customers ¥47,778 ¥99,330 ¥103,520 ¥12,963 ¥1,464 ¥265,055 ¥ — ¥265,055
Inter-segment 154,896 1,760 31,704 46,575 2 234,937 (234,937) —
Total 202,674 101,090 135,224 59,538 1,466 499,992 (234,937) 265,055
Costs and expenses 190,821 97,726 134,051 56,603 1,430 480,631 (225,686) 254,945
Operating income ¥11,853 ¥3,364 ¥1,173 ¥2,935 ¥36 ¥19,361 ¥(9,251) ¥10,110
II. Identifiable assets ¥103,724 ¥33,689 ¥41,715 ¥30,416 ¥518 ¥210,062 ¥(28,877) ¥181,185
Consolidated Total
Asia
Millions of yen Europe
North America
Japan Other areas Elimination
and/or corporate
2006
I. Sales and operating income Net sales:
Outside customers ¥48,628 ¥97,656 ¥99,457 ¥7,044 ¥1,198 ¥253,983 ¥ — ¥253,983
Inter-segment 147,878 1,769 25,427 42,704 3 217,781 (217,781) —
Total 196,506 99,425 124,884 49,748 1,201 471,764 (217,781) 253,983
Costs and expenses 185,855 96,775 122,758 48,411 1,212 455,011 (210,699) 244,312
Operating income ¥10,651 ¥2,650 ¥2,126 ¥1,337 ¥(11) ¥16,753 ¥(7,082) ¥9,671
II. Identifiable assets ¥100,690 ¥31,616 ¥39,131 ¥23,905 ¥442 ¥195,784 ¥(26,231) ¥169,553
Consolidated Total
Asia
Millions of yen Europe
North America
Japan Other areas Elimination
and/or corporate
2008
I. Sales and operating income Net sales:
Outside customers $397,724 $917,377 $978,950 $206,478 $15,411 $2,515,940 $ — $2,515,940 Inter-segment 1,522,128 17,507 328,815 498,353 0 2,366,803 (2,366,803) — Total 1,919,852 934,884 1,307,765 704,831 15,411 4,882,743 (2,366,803) 2,515,940 Costs and expenses 1,817,017 919,573 1,308,843 673,970 14,573 4,733,976 (2,288,023) 2,445,953 Operating income $102,835 $15,311 $(1,078) $30,861 $838 $148,767 $(78,780) $69,987 II. Identifiable assets $1,000,769 $282,912 $381,415 $330,362 $6,189 $2,001,647 $(326,979) $1,674,668
Consolidated Total
Asia
Thousands of U.S. dollars Europe
North America Other areas Elimination
and/or corporate Japan
The overseas sales by geographic area in 2008, 2007 and 2006 were as follows:
2008
I. Overseas sales ¥90,824 ¥98,095 ¥27,439 ¥2,698 ¥219,056
II. Consolidated sales 252,072
III. Ratio of overseas sales (%) 36.0% 38.9% 10.9% 1.1% 86.9%
Total Other areas
Europe
Millions of yen North America
2007
I. Overseas sales ¥98,249 ¥103,574 ¥23,704 ¥2,852 ¥228,379
II. Consolidated sales 265,055
III. Ratio of overseas sales (%) 37.1% 39.1% 8.9% 1.1% 86.2%
Total Other areas
Europe
Millions of yen North America
2006
I. Overseas sales ¥96,230 ¥99,650 ¥16,531 ¥2,870 ¥215,281
II. Consolidated sales 253,983
III. Ratio of overseas sales (%) 37.9% 39.2% 6.5% 1.1% 84.8%
Total Other areas
Europe
Millions of yen North America
2008
I. Overseas sales $906,518 $979,090 $273,870 $26,928 $2,186,406
II. Consolidated sales 2,515,940
III. Ratio of overseas sales (%) 36.0% 38.9% 10.9% 1.1 % 86.9%
Total Other areas
Europe
Thousands of U.S. dollars North America
Notes: Sales in Asia were reported in other areas in the fiscal year ended March 31, 2007 and 2006. In the fiscal year ended March 31, 2008, sales in Asia exceeded 10% of the Company’s total net sales and accordingly were reported as a separate geographic classification. For comparative purposes, net sales for the fiscal year ended March 31, 2007 and 2006 have been restated according to the current geographic classifications.
Overseas sales consist of export sales by the Company and sales by the overseas consolidated subsidiaries except for their export sales to Japan.
Asia
Asia
Asia
Asia
Independent Auditors’ Report
To the Board of Directors of ALPINE ELECTRONICS, INC.:
We have audited the accompanying consolidated balance sheets of ALPINE ELECTRONICS, INC. and consolidated subsidiaries as of March 31, 2008 and 2007, and the related consolidated statements of income for the years then ended March 31, 2008, 2007 and 2006, the consolidated statement of changes in net assets for the year ended March 31, 2008 and 2007, the consolidated statement of stockholders’
equity for the year ended March 31, 2006, and the consolidated statements of cash flows for the years ended March 31, 2008, 2007 and 2006, expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to independently express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of ALPINE ELECTRONICS, INC. and subsidiaries as of March 31, 2008 and 2007, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 2008, in conformity with accounting principles generally accepted in Japan.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2008 are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements.
Tokyo, Japan June 16, 2008
Overseas Subsidiaries / Overseas Affiliates
Europe
ALPINE ELECTRONICS (EUROPE) GMBH Frankfurter Ring 117,80807 Munich, Germany Phone: 49 (0) 89-324264-240
Fax: 49 (0) 89-324264-241 ALPINE ELECTRONICS R&D EUROPE GMBH
Vor Dem Lauch 14 70567, Stuttgart, Germany Phone: 49 (711) 72048-521
Fax: 49 (711) 72048-101 ALPINE ELECTRONICS GMBH
Frankfurter Ring 117, 80807 Munich, Germany Phone: 49 (0) 89-324264-240
Fax: 49 (0) 89-324264-241
ALPINE ELECTRONICS OF U.K., LTD.
Alpine House Earlplace Business Park, Fletchamstead Highway, Coventry CV4, 9TW, U.K.
Phone: 44-2476-719500 Fax: 44-2476-719501
ALPINE ELECTRONICS FRANCE S.A.R.L.
98, Rue de la Belle Etoile, Z.I. Paris Nord, B.P.
50016, 95945 Roissy, C.D.G. Cédex, France Phone: 33 (1) 4863-8989 Fax: 33 (1) 4863-2581 ALPINE ITALIA S.P.A.
Viale C. Colombo 8, 20090 Trezzano Sul Naviglio (MI), Italy Phone: 39 (02) 484781 Fax: 39 (02) 48403555
ALPINE ELECTRONICS DE ESPAÑA, S.A.
Portal de Gamarra 36, Pabellón 32, 01013 Vitoria (Alava)-APDO 133, Spain
Phone: 34 (945) 283588 Fax: 34 (945) 283461 ALPINE ELECTRONICS, INC.
Headquarters : IWAKI 20-1 Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1192, Japan
Phone: 81 (246) 36-4111 Fax: 81 (246) 36-6554 Headquarters : TOKYO
1-1-8 Nishi-gotanda,Shinagawa-ku, Tokyo 141-8501, Japan
Phone: 81 (3) 3494-1101 Fax: 81 (3) 3494-1109
North and Latin America
ALPINE ELECTRONICS OF AMERICA, INC.
19145 Gramercy Place, Torrance, California, 90501-1162, U.S.A.
Phone: 1 (310) 326-8000 Fax: 1 (310) 533-0369 ALPINE ELECTRONICS RESEARCH OF AMERICA, INC.
19145 Gramercy Place, Torrance, California 90501-1162, U.S.A.
Phone: 1 (310) 326-8000 Fax: 1 (310) 320-8079 ALPINE ELECTRONICS OF CANADA, INC.
777 Supertest Road, Toronto, Ontario, M3J 2M9 Canada
Phone: 1 (416) 736-6211 Fax: 1 (416) 736-6911 ALCOM ELECTRONICS DE MEXICO, S.A. DE C.V.
Avenida Industrial Del Norte L5-1 Parque Industrial Del Norte 88730 Ciudad Reynosa, Tamaulipas, Mexico
Phone: 52 (8) 921-0800 Fax: 52 (8) 921-0805 ALPINE DO BRAZIL LTDA.
Av. Imperatriz Leopoldina, 1480 Via Leopoldina, CEP 05305-002 Sao Paulo,SP,Brasil
Phone: 55 (11) 3837-9977 Fax: 55 (11) 3835-4344
Global Network
ALPINE ELECTRONICS MANUFACTURING OF EUROPE, LTD.
H-2051 Biatorbagy, Vendel Park, Budai utca 1, Hungary Phone: 36 (23) 534-111 Fax: 36 (23) 534-112 ALPINE DISTRIBUTION NETWORK S.P.A.
ALDINET
Viale C. Colombo 8, 20090 Trezzano Sul Naviglio (MI), Italy Phone: 39 (02) 484781 Fax: 39 (02) 48403555
Asia and Oceania
ALPINE ELECTRONICS (CHINA) CO., LTD.
R2-4F, China Merchants Tower No.116 Jianguo Street,Chaoyang District, Beijing 100022, China Phone: 86 (10) 6566-0308
Fax: 86 (10) 6566-0093
ALPINE ELECTRONICS (CHINA) CO., LTD.
(DALIAN R&D CENTER)
8-6 Ruanjianyuan Road, Software Park, Dalian, 116023 P.R.China
Phone: 86 (411) 8476-0015 Fax: 86 (411) 8475-7021
DALIAN ALPINE ELECTRONICS CO., LTD.
No.2, Yingbin Road, Jinzhou Economic Development Zone, Dalian City, Liaoning Province,116100, China Phone: 86 (411) 8769-8716 Fax: 86 (411) 8767-5820
TAICANG ALPINE ELECTRONICS CO., LTD.
No.200, Shanghai East Road, Taicang Economic Development Zone Taicang City,
Jiangsu Province, China (P.C 215400) Phone: 86 (512) 5356-8111 Fax: 86 (512) 5356-8112
●Headquarters
●Regional Headquarters
●Sales Office
●Manufacturing Plant
●Development Center
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Domestic Subsidiaries / Domestic Affiliates ALPINE ELECTRONICS HONG KONG, LTD.
Unit 2010, Tower 6, the Gateway, 9 Canton Road, Tsim Sha Tsui, Kowloon, Hong kong
Phone: 852 (2537) 0907 Fax: 852 (2537) 0902 ALPINE ELECTRONICS OF ASIA PACIFIC 555 Rasa Tower I, Floor 26
Unit No. 2601-2602 Phaholyothin Rd.
Chatuchak, Chatuchak, Bangkok 10900 Phone: 662-937-0505 Fax: 662-937-0569 ALPINE TECHNOLOGY MANUFACTURING (THAILAND) CO., LTD.
210 Moo 13, Suwansorn Road, Tambol Dong-Khee-Lek, Amphur Muang, Prachinburi 25000, Thailand
Phone: 66 (37) 403330 Fax: 66 (37) 403335 ALPINE ELECTRONICS OF AUSTRALIA PTY.LTD.
161-165 Princes Highway Hallam Victoria 3803 Australia
Phone: 61 (3) 8787-1200 Fax: 61 (3) 8787-1250 NEUSOFT CORPORATION.
No.2 Xin Xiu Street, Hun Nan New District, Shenyang 110179, China
Phone: 86 (24) 8366-4005 Fax: 86 (24) 2378-2842
ALPINE CUSTOMERS SERVICE CO., LTD.
2-7-2 Miyaharacho, Kita-ku, Saitama, Saitama 331-0812, Japan
Phone: 81 (48) 662-5930 Fax: 81 (48) 664-8122 ALPINE KYOTO SALES, INC.
88-2 Takahatacho, Kamitoba, Minami-ku, Kyoto, Kyoto 601-8101, Japan
Phone: 81 (75) 671-9400 Fax: 81 (75) 671-9402
ALPINE HYOGO SALES, INC.
133-1, Kawara, Kakogawa-cho, Kakogawa, Hyogo 675-0067, Japan
Phone: 81 (794) 54-6123 Fax: 81 (794) 25-4844 TOSHIBA ALPINE AUTOMOTIVE TECHNOLOGY, INC.
14-1 Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1144, Japan
Phone: 81 (246) 47-1720 Fax: 81 (246) 47-1723 ALPINE ELECTRONICS MARKETING, INC.
1-1-8 Nishi-Gotanda, Shinagawa-ku, Tokyo 141-0031, Japan
Phone: 81 (3) 5496-8231 Fax: 81 (3) 5496-8235 ALPINE ELECTRONICS MANUFACTURING, INC.
3-10 Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1144, Japan
Phone: 81 (246) 36-6969 Fax: 81 (246) 36-7231 ALPINE TECHNOLOGY MANUFACTURING, INC.
61-1 Ohara Aza Shinbori, Onahama, Iwaki, Fukushima 971-8111, Japan
Phone: 81 (246) 54-5161 Fax: 81 (246) 53-6265
ALPINE INFORMATION SYSTEM, INC.
20-1 Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1192, Japan
Phone: 81 (246) 36-7771 Fax: 81 (246) 36-7579
ALPINE BUSINESS SERVICE, INC.
20-1 Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1144, Japan
Phone: 81 (246) 36-8855 Fax: 81 (246) 36-9140 ALPINE PRECISION, INC.
48-1 Akai Aza Sorimachi, Taira, Iwaki, Fukushima 979-3131, Japan
Phone: 81 (246) 21-0008 Fax: 81 (246) 21-0108
ALPINE GIKEN, INC.
1-58 Yoshima-Kogyodanchi,
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The Alps Group
Alps Group
Alpine Electronics, Inc. is a consolidated subsidiary of Alps Electric Co., Ltd., one of the world’s leading manufacturers of electronic components.
The Alps Group comprises 83 subsidiaries around the globe. The Group categorizes its operations into three product categories: electronic components; audio equipment; and logistics and others. Alpine is the Alps Group’s specialized supplier of quality car audio and navigation systems.
Alps Electric Group
Core company In Japan 1 company Total 1 company
Business function company
Administrative function company In Japan
Overseas Total 13
9 4
companies companies In Japan
Overseas Total 29
2 27
companies companies
Alps Electric Group 43 companies
Core company In Japan 1 company Total 1 company
Administrative function company In Japan 2 companies Total 2 Alpine Group
Business function company In Japan
Overseas Total 24
6 18
companies companies
Alps Electric Group 27
Alps Logistics Group
Core company In Japan 1 company Total 1 company
Administrative function company In Japan 1 company Total 1 company Business function company In Japan
Overseas Total 11
1 10
company companies
Alps Electric Group 13
companies companies
companies companies companies
companies
companies
Corporate Data
Alpine Electronics, Inc.
Iwaki Headquarters
20-1, Yoshima-Kogyodanchi, Iwaki, Fukushima 970-1192
Phone : +81-246-36-4111
Tokyo Headquarters
1-1-8, Nishi-gotanda, Shinagawa-ku, Tokyo 141-8501
Phone : +81-3-3494-1101
Date of Establishment
May 1967
Paid-in Capital
¥259,205,90,000 (As of March 31, 2008)
Number of Employees (Consolidated)
13,403 (As of March 31, 2008)
Principal Stockholders
Percentage of total stocks outstanding
Alps Electric Co., Ltd.
Northern Trust Company AVFC Sub Account American Client OM04 SSB Client Omnibus
Japan Trustee Service Bank, Ltd. ( Trust Account) The Master Trust Bank of Japan, Ltd. ( Trust Account) Millennium
Morgan Stanley & Co., Inc.
State Street Bank and Trust Company
Deutsche Bank AG London PB Non Treaty Clients 613 Honda Motor Co., Ltd.