Seiko Epson : Epson's Annual Report 2022 (Full version)

Annual Report 2022

SEIKO EPSON CORPORATION

April 2021 - March 2022

Note: This document has been extracted and translated for reference purposes only from the Japanese original report (Yukashoken-Hokokusho) issued on June 29, 2022, which was created in accordance with the Financial Instruments and Exchange Act. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Cautionary Statement

This report includes forward-looking statements that are based on management's view from the information available at the time of the announcement. These statements are subject to various risks and uncertainties. Actual results may be materially different from those discussed in the forward-looking statements. The factors that may affect Epson include, but are not limited to, general economic conditions, the ability of Epson to continue to quickly introduce new products and services, consumption trends, competition, technology trends, and exchange rate fluctuations.

In this annual report, "Epson" or the "Group" refers to the Epson Group, while "the Company" may refer to the Group or the parent company, Seiko Epson Corporation.

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Annual Securities Report

(80th term)

From April 1, 2021 to March 31, 2022

SEIKO EPSON CORPORATION

(E01873)

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		Table of Contents
Corporate Data and Investor Information ................................................................................................................	4
Part 1.	Company Information ...................................................................................................................................	5
I.	Overview of Company.....................................................................................................................................	5
1.	Key financial data..........................................................................................................................................	5
2.	Company milestones .....................................................................................................................................	6
3.	Description of business..................................................................................................................................	8
4.	Subsidiaries and other affiliated entities......................................................................................................	13
5.	Employees ...................................................................................................................................................	18
II.	Overview of Business ....................................................................................................................................	19
1.	Management policy, business environment and issues to be addressed, etc................................................	19
2.	Risks related to Epson's business operations ..............................................................................................	36
3.	Management analysis of financial position, operating results and cash flows ............................................	43
4.	Major management contracts.......................................................................................................................	49
5.	Research and development activities...........................................................................................................	50
III.	Information About Facilities..........................................................................................................................	52
1.	Overview of capital expenditures ................................................................................................................	52
2.	Major equipment and facilities ....................................................................................................................	53
3.	Plans for new additions or disposals............................................................................................................	55
IV.	Information About Reporting Company ........................................................................................................	56
1.	Company's shares, etc. ................................................................................................................................	56
	(1)	Total number of shares, etc. ....................................................................................................................	56
	(2)	Subscription rights to shares ...................................................................................................................	56
	(3)	Exercises, etc. of moving strike convertible bonds, etc. .........................................................................	56
	(4)	Changes in number of outstanding shares, share capital, etc. .................................................................	56
	(5)	Distribution of ownership among shareholders.......................................................................................	57
	(6)	Major shareholders..................................................................................................................................	58
	(7)	Voting rights ............................................................................................................................................	60
	(8)	Officer and employee stock ownership plans..........................................................................................	61
2.	Acquisition and disposal of treasury shares.................................................................................................	64
3.	Dividend policy ...........................................................................................................................................	66
4.	Corporate governance..................................................................................................................................	67
	(1)	Overview of corporate governance .........................................................................................................	67
	(2)	Officers....................................................................................................................................................	77
	(3)	Internal audits..........................................................................................................................................	87
	(4)	Officer compensation, etc. ......................................................................................................................	92
	(5)	Securities held by the Company............................................................................................................	101
V.	Financial Information ..................................................................................................................................	104
Consolidated financial statements, etc. ............................................................................................................	105
	(1)	Consolidated financial statements .........................................................................................................	105
	(2) Other ......................................................................................................................................................	172
VI.	Outline of Share-Related Administration of Reporting Company...............................................................	173
VII.	Reference Information of Reporting Company ...........................................................................................	174
1.	Information about parent of reporting company........................................................................................	174
2.	Other reference information ......................................................................................................................	174
Part 2. Information About Reporting Company's Guarantor, Etc.........................................................................	175
Report of Independent Auditors.......................................................................................................................	176

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Corporate Data and Investor Information

1. Company name
2. Founded
3. Head office
4. Tokyo office
5. Investor information Closing of accounts
   Regular general shareholders' meeting Date for confirmation to shareholders of
   the cash dividend payment date
   Date for confirmation to shareholders of the interim cash dividend payment date

Transfer agent

Agent's business address

Intermediary offices

Posting of public notices

Seiko Epson Corporation

May 1942

3-5, Owa 3-chome, Suwa, Nagano 392-8502, Japan Tel: [phone] (main)

JR Shinjuku Miraina Tower, 4-1-6 Shinjuku, Tokyo

160-8801, Japan

Tel: [phone] (main)

March 31

June

March 31

September 30

Mitsubishi UFJ Trust and Banking Corporation 4-5, Marunouchi 1-chome,Chiyoda-ku, Tokyo

Stock Transfer Agency Department

Mitsubishi UFJ Trust and Banking Corporation

1-1, Nikkocho, Fuchu, Tokyo, Japan

Tel: [phone]https://www.tr.mufg.jp/english/

Head Office and Branches of Mitsubishi UFJ Trust and Banking Corporation

Public notices will be posted electronically. In the event of accidents or other circumstances preventing the electronic posting of information, such information will be made available through the Nihon Keizai Shimbun newspaper (Japanese).

Public notice website addresshttps://kmasterplus.pronexus.co.jp/main/corp/6/7/6724/index.html(Japanese)

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