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Foster 20080709 Business Report

Foster 20080709 Business Report

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Published by stephluk

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Published by: stephluk on Jul 29, 2014
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05/19/2015

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Foster Electric Company, Limited
From April 1, 2007, to March 31, 2008
Business Report
for the 74th Fiscal Term
 
1
Contents
Yasuo HigashiPresident
To Our Shareholders
2
Review of Operations (Consolidated) , Changes in Operating Results and Total Assets
3, 4
Consolidated Balance Sheets (Condensed) , Consolidated Statements of Income (Condensed)
5
Consolidated Statement of Changes in Shareholders' Equity
6
Consolidated Statements of Cash Flows (Condensed)
6
Nonconsolidated Balance Sheets (Condensed) , Nonconsolidated Statements of Income (Condensed)
7
Topics
8
Company Profile, Directors and Corporate Auditors
9
Group Companies
10, 11, 12
Stock Information
13
Introduction of Our Products
14
 
2
To Our Shareholders
During the 74th fiscal term, the year ended March 31, 2008, the digitalization of home appliances further advanced in the electronics industry, accelerating the dissemination of flat televisions, mobile phones, portable audio products and game machines in Japan. On the other hand, starting with the subprime loan crisis in the United States that led to financial concerns worldwide, uncertainty increased in the markets especially in Japan, the United States and Europe. Rising prices of crude oil and raw materials also became conspicuous.In this business circumstances, the Foster Group enhanced aggressive proactive marketing activities to pursue orders and sales, as well as new structural reforms.In Vietnam, second factory started operation during the year in Binh Duong province and management decided to construct a new factory in Da Nang. The Group has established a new production subsidiary in Nanning, China, and its factory started partial operation during the year. The Group endeavored to establish more efficient production activity by promoting “Production Innovation Activity” centered in the factory at Panyu, China. As for marketing, a new sales office was opened in Germany and it was determined to open offices in Thailand and the United States to develop the group-wide marketing system to have closer contact with customers.As a result, net sales and profit for the year under review each reached a record high on a consolidated basis.Management decided to distribute a year-end dividend of ¥20 per share as a performance-based profit appropriation and in appreciation of the support of our shareholders. As a consequence, the annual dividend for the year under review has been ¥36 per share, which has been an increase of ¥12 per share compared with the previous fiscal year.For the 75th fiscal term, the year ending March 31, 2009, market growth toward further digitalization is expected to continue in the electronics industry although sluggishness will likely remain in the global economy.The Company’s annual management guideline for the 75th fiscal term (FY2008) is “To maximize corporate value, by increase both in sales and profit through quality evolution.” Based on the Medium-Term Business Plan, we will conduct various policies to raise our corporate value in the pursuit of target achievement and endeavor to become a socially appreciated company through the development of corporate activities with an emphasis on the CSR.We deeply appreciate your ongoing support and encouragement and wish you all the best.Yasuo Higashi, Presidentand Representative Director

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