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TIDM35SV
RNS Number : 9252V
Pioneer Corporation
10 November 2010
For Immediate Release
November 10, 2010
Pioneer Announces Business Results for 2Q Fiscal 2011
Pioneer Corporation today announced its consolidated second-quarter business
results for the period ended September 30, 2010.
Consolidated Financial Highlights
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| | | (In millions of yen except per share information) |
+------------------+----------+--------------------------------------------------------------------------------------------------------------------------------+
| | | Three months | | Six months |
| | | ended September 30 | | ended September 30 |
+------------------+----------+----------------------------------------------------------+----------+----------------------------------------------------------+
| | | 2010 | | 2009 | |Percent | | 2010 | | 2009 | |Percent |
| | | | | | | change | | | | | | change |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Net sales | | JPY116,833 | | JPY107,976 | | +8.2% | | JPY226,681 | | JPY203,733 | | +11.3% |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Operating income | | 4,301 | | (14,004) | | - | | 6,669 | | (22,760) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Ordinary income | | 3,769 | | (15,329) | | - | | 5,454 | | (24,270) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Net income | | JPY7,056 | | JPY(36,758) | | -% | | JPY7,654 | | JPY(40,857) | | -% |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Net income | | JPY21.98 | | JPY(179.30) | | | | JPY23.84 | | JPY(199.29) | | |
| (loss) per share | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
Consolidated Business Results
For the second quarter of fiscal 2011, the three months ended September 30,
2010, consolidated net sales increased 8.2% year on year from the second quarter
of fiscal 2010 to JPY116,833 million (US$1,390.9 million). Sales were lifted by
increased sales of Blu-ray Disc drive-related products and higher sales of car
electronics products centered on OEM. This was despite decreased sales of plasma
displays, from which business Pioneer withdrew in fiscal 2010, and the negative
impact of the Japanese yen's appreciation.
Pioneer posted operating income of JPY4,301 million (US$51.2 million), compared
with an operating loss of JPY14,004 million in the second quarter of fiscal
2010. This mainly reflected substantial improvement in the gross profit margin
and reduced selling, general and administrative (SG&A) expenses owing to
restructuring benefits, in addition to increased sales, despite the impact of
the Japanese yen's appreciation. Net income was JPY7,056 million (US$84.0
million) compared with a net loss of JPY36,758 million in the second quarter of
fiscal 2010. This improvement reflected the improved operating income and a gain
on the sale of noncurrent assets such as the Company's former Head Office. The
net loss in the second quarter of fiscal 2010 included restructuring costs of
JPY17,738 million.
During the second quarter of fiscal 2011, the average value of the Japanese yen
appreciated 9.0% against the U.S. dollar and 20.8% against the euro, compared
with the second quarter of fiscal 2010.
Car Electronics sales increased 5.9% year on year to JPY63,917 million (US$760.9
million), despite the impact of the Japanese yen's appreciation. In car
navigation systems, consumer-market sales rose year on year. Although sales
decreased in North America and Europe, the growth in consumer-market sales
mainly reflected higher sales in Japan, supported partly by the roll out of new
products, despite the impact of a shortage of certain components. OEM sales
increased due to higher sales in North America and Japan, despite lower sales in
China. In car audio products, consumer-market sales were mostly unchanged from
the second quarter of fiscal 2010, as lower sales in North America and Europe
offset higher sales in newly emerging markets. OEM sales increased mainly due to
higher sales in Japan and North America. Total OEM sales in this business
segment accounted for approximately 45% of Car Electronics sales, compared with
approximately 42% in the second quarter of fiscal 2010.
By geographic region, sales in Japan increased 15.9% to JPY27,671 million
(US$329.4 million), while overseas sales were mostly unchanged from the second
quarter of fiscal 2010 at JPY36,246 million (US$431.5 million).
This segment reported operating income of JPY3,684 million (US$43.9 million)
compared with an operating loss of JPY5,312 million in the second quarter of
fiscal 2010. This change was mainly due to an improvement in the gross profit
margin and reduced SG&A expenses owing to restructuring benefits and cost
reduction measures, in addition to increased sales offsetting the impact of the
Japanese yen's appreciation.
Home Electronics sales rose 18.0% year on year to JPY40,634 million (US$483.7
million), despite the impact of the Japanese yen's appreciation. This mainly
reflected substantial growth in sales of Blu-ray Disc drive-related products as
an optical disc joint venture commenced operations in the second half of fiscal
2010, in addition to favorable sales of AV receivers, primarily in North
America.
By geographic region, sales in Japan were JPY19,539 million (US$232.6 million),
approximately 3.1 times higher than in the second quarter of fiscal 2010, while
overseas sales declined 25.2% to JPY21,095 million (US$251.1 million).
Operating income in this segment was JPY714 million (US$8.5 million), compared
with an operating loss of JPY8,215 million in the second quarter of fiscal 2010,
despite the impact of the Japanese yen's appreciation. This change was mainly
due to an improvement in the gross profit margin and reduced SG&A expenses owing
to restructuring benefits and cost reduction measures.
In the Others segment, sales decreased 7.1% year on year to JPY12,282 million
(US$146.2 million), mainly due to decreased sales of speaker units for cellular
phones, despite higher sales of factory automation systems.
By geographic region, sales in Japan decreased 11.2% to JPY7,726 million
(US$92.0 million), while overseas sales were mostly unchanged from the second
quarter of fiscal 2010 at JPY4,556 million (US$54.2 million).
This segment reported operating income of JPY847 million (US$10.1 million),
compared with an operating loss of JPY143 million in the second quarter of
fiscal 2010. This improvement reflected reduced SG&A expenses owing to
restructuring benefits, despite lower sales.
For the first half of fiscal 2011, the six months ended September 30, 2010,
consolidated net sales increased 11.3% year on year to JPY226,681 million
(US$2,698.6 million). Pioneer recorded operating income of JPY6,669 million
(US$79.4 million), compared with an operating loss of JPY22,760 million in the
first half of fiscal 2010. It also posted net income of JPY7,654 million
(US$91.1 million), compared with a net loss of JPY40,857 million, including
restructuring costs of JPY18,376 million, in the same period of fiscal 2010.
Notes:1.Operating income (loss) in each business segment represents operating
income (loss) before elimination of intersegment transactions.
2.In the first quarter of fiscal 2011, AV accessories were reclassified from the
Others segment to the Home Electronics segment. Consequently, figures for the
second quarter of fiscal 2010 were also reclassified in accordance with the
presentation used in the second quarter of fiscal 2011.
Consolidated Financial Position
Total assets as of September 30, 2010 were JPY377,457 million (US$4,493.5
million), a decrease of JPY12,262 million from March 31, 2010, mainly reflecting
decreases in property, plant and equipment and investment securities, despite
higher cash and deposits, and inventories. Cash and deposits increased JPY7,424
million to JPY97,669 million (US$1,162.7 million). Inventories increased
JPY5,654 million to JPY60,704 million (US$722.7 million), reflecting the
stockpiling of car electronics and home electronics inventories in line with
sales projections for the third quarter of fiscal 2011 and beyond. Meanwhile,
property, plant and equipment decreased JPY12,478 million to JPY77,586 million
(US$923.6 million), partly due to the sale of the Company's former Head Office
and other assets, in addition to curbs on capital expenditures. Investment
securities decreased JPY4,385 million to JPY12,635 million (US$150.4 million)
due to a fall in the market price of shares held.
Total liabilities as of September 30, 2010 were JPY293,043 million (US$3,488.6
million), a decrease of JPY6,022 million from March 31, 2010. This mainly
reflected a decrease in borrowings of JPY4,445 million.
Total equity was JPY84,414 million (US$1,004.9 million), a decrease of JPY6,240
million from March 31, 2010, despite net income of JPY7,654 million (US$91.1
million). This reflected a deterioration of JPY9,568 million in foreign currency
translation adjustments due to the yen's appreciation, in addition to a decrease
of JPY3,944 million in unrealized gain on available-for-sale securities mainly
due to the decline in the market price of shares held.
Cash Flows
During the first half of fiscal 2011, operating activities provided net cash of
JPY15,261 million (US$181.7 million). The main factors providing cash were
income before income taxes and minority interests of JPY10,443 million (US$124.3
million), and the addback of non-cash expenses, namely depreciation and
amortization of JPY16,090 million (US$191.5 million) and an increase in trade
payables of JPY8,254 million (US$98.3 million), despite an increase in
inventories of JPY9,187 million (US$109.4 million), and a gain of JPY4,673
million (US$55.6 million) on the sale and disposal of noncurrent assets.
Investing activities provided net cash of JPY137 million (US$1.6 million). This
mainly reflected proceeds of JPY11,917 million (US$141.9 million) from the sale
of noncurrent assets and investment securities, despite JPY11,079 million
(US$131.9 million) used for new purchases of noncurrent assets. Financing
activities used net cash of JPY4,141 million (US$49.3 million), mainly for the
repayment of borrowings. In addition, cash and cash equivalents denominated in
foreign currencies declined by JPY3,819 million (US$45.5 million) upon
translation into Japanese yen, due to the yen's sharp appreciation.
Consequently, cash and cash equivalents as of September 30, 2010 were JPY91,580
million (US$1,090.2 million), up JPY7,438 million from March 31, 2010.
Business Forecasts for Fiscal 2011
Consolidated full-year business forecasts for fiscal 2011, ending March 31,
2011, have been revised from those announced on May 13, 2010, as shown below.
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
| | | | | | | | | (In millions of yen) |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+----------------------------------+
| | | Revised | | Previous | | Amount | |Percent | | Full-year |
| | | forecasts | | forecasts | | Change | | change | | results |
| | | (A) | | (B) | | (A - B) | | (A-B / | | for |
| | | | | | | | | B) | | fiscal |
| | | | | | | | | | | 2010 |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
| Net sales | | JPY460,000 | | JPY480,000 | | JPY(20,000) | | -4.2% | | JPY438,998 |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
| Operating income | | 17,000 | | 17,000 | | 0 | | - | | (17,514) |
| (loss) | | | | | | | | | | |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
| Ordinary income | | 12,500 | | 12,500 | | 0 | | - | | (24,740) |
| (loss) | | | | | | | | | | |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
| Net income (loss) | | JPY11,000 | | JPY11,000 | | JPY0 | | -% | | JPY(58,276) |
+-------------------+----------+------------+----------+------------+----------+-------------+----------+---------+----------+-------------+
The net sales forecast has been revised taking into account the recent foreign
exchange situation, and a conservative estimate of consumption trends and the
competitive environment from the third quarter of fiscal 2011 onward.
Despite the reduced sales forecast and negative impact of exchange rates,
Pioneer has maintained its initial operating income forecast of JPY17.0 billion
taking into account cost reduction measures centered on fixed costs. In
addition, the ordinary income and net income forecasts remain unchanged.
For the revised forecasts, the yen-U.S. dollar exchange rate assumption for the
third quarter onward is JPY80, JPY10 stronger than previously assumed, while the
yen-euro exchange rate assumption is JPY110, JPY10 stronger than before.
Dividends
The Company regrets that it will pay no interim dividend for fiscal 2011, as in
fiscal 2010. The decision is attributable to several factors including the
Company's financial position, despite forecasting consolidated operating income
of JPY17.0 billion and consolidated net income of JPY11.0 billion for fiscal
2011. (Previously announced on September 8, 2010.)
Issues to Be Addressed
Looking ahead, uncertain economic conditions are expected worldwide, along with
the yen's sharp appreciation, making Pioneer's business environment extremely
challenging.
Pioneer will address this harsh business environment by rigorously cutting
costs, while implementing all manner of initiatives to increase sales. At the
same time, the Company will promote the following growth strategies.
First, to tackle the challenge of additional drastic cost reductions, we will
continue to reduce costs by promoting the standardization and sharing of parts,
components and modules in every process from planning to production and sales,
along with utilizing OEM and other suppliers. Additionally, in collaboration
with Mitsubishi Electric Corporation, we will work to reduce software
development costs for car navigation systems.
Our second and third initiatives are to strengthen our alliance strategy and to
expand our businesses in newly emerging markets, respectively. In the Car
Electronics business, we are operating a joint venture with Shanghai Automotive
Industry Corporation (Group), a major Chinese automaker. We aim to further
enlarge our business in China by focusing on expanding business with Shanghai
Automotive Industry, and by establishing an "Intelligent Transport System (ITS)"
tailored to road and traffic conditions in China, as ITS is expected to become
important to the Chinese market. In the Home Electronics business, Pioneer has
formed a strategic alliance with Suning Appliance Co., Ltd., a major Chinese
home electronics mass retailer. Through this alliance, Pioneer seeks to increase
home AV product sales in the Chinese market. The alliance is making steady
progress, highlighted by the launch of Pioneer brand-licensed LCD TVs in August
this year.
Our fourth initiative is to establish new business models in the Car Electronics
business. While taking full advantage of its proprietary probe (real-time
vehicle driving) information, Pioneer will work to develop new businesses that
provide information services and peripheral equipment for
communications-oriented car navigation systems, targeting the expanding
smartphone market. Through new businesses, Pioneer will propose new automotive
life services to consumers. In October 2010 we formed a basic agreement with NTT
Docomo, Inc. to collaborate on development and provision of a car navigation
application for smartphones and an in-car smartphone cradle, as well as on joint
development of an information service for smartphones. We aim to commercialize
these products and services during fiscal 2011.
Our last initiative is to actively develop new businesses. We are focusing on
accelerating the commercialization of newly developed technologies. In organic
light emitting diode (OLED) lighting, where Pioneer is working in alliance with
Mitsubishi Chemical Corporation, we are making steady progress towards beginning
mass production in 2011. Going forward, Pioneer will supply OLED lighting panels
to Mitsubishi Chemical, while both companies pursue further joint research on
OLED lighting panels with printable emitting materials and examine the
commercial feasibility of this technology. Meanwhile, HVT (Horizontal-Vertical
Transforming) speaker technology has been put on the market as a Pioneer car
audio speaker model. This technology enables slim speakers capable of producing
rich bass sounds. Pioneer is also considering the development of other
applications that leverage the advantages of these speakers in terms of their
distinctive low-vibration, omni-directional properties, such as for home use.
Pioneer will continue to make every effort to implement the foregoing
initiatives to achieve its initial earnings targets in fiscal 2011 and to drive
future growth.
Information Regarding Going Concern Assumption
Pioneer's financial position remained under strain in the previous fiscal year,
due to a sharp drop in net sales and large losses. However, Pioneer's financial
position has improved substantially, mainly due to measures implemented in March
2010, including stable funding secured through the refinancing of loans from
financial institutions, and capital increases through an international offering.
In the first half of fiscal 2011, Pioneer restored profitability at the
operating income and net income levels, supported by a large increase in net
sales compared with the first half of fiscal 2010. As in fiscal 2010, Pioneer
has continued to sell assets that have a low degree of relevance to its main
businesses. The sale of the Company's former Head Office was completed on
schedule at the end of July 2010. Cash and deposits as of the end of September
2010 were JPY97.7 billion. In light of the above, Pioneer has sufficient cash
for the redemption of JPY60.0 billion in the aggregate principal amount of its
convertible bonds due in March 2011.
As a result of the foregoing, the Company believes that material uncertainty
about Pioneer's ability to continue its business activities into the future has
been largely resolved.
Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this release with respect to our current plans, estimates,
strategies and beliefs, and other statements that are not historical facts are
forward-looking statements about our future performance. These statements are
based on management's assumptions and beliefs in light of the information
currently available to it. We caution that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. It is not our obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. We disclaim any such obligation. Risks and uncertainties
that might affect us include, but are not limited to: (i) general economic
conditions in our markets, particularly levels of consumer spending, and levels
of demand in the major industrial sectors which we serve; (ii) exchange rates,
particularly between the Japanese yen and the euro, the U.S. dollar, and other
currencies in which we make significant sales or in which our assets and
liabilities are denominated; (iii) our ability to continuously design and
develop and win acceptance for our products in extremely competitive markets;
(iv) our ability to successfully implement our business strategies; (v) the
success of our joint ventures, alliances and other business relationships with
third parties; (vi) our ability to access funding; (vii) our continued ability
to devote sufficient resources to research and development, and capital
expenditure; (viii) our ability to ensure the quality of our products; and (ix)
the outcome of contingencies.
Pioneer Corporation is a leading global manufacturer of consumer- and
business-use electronics products such as car electronics, audio and video
products. Its shares are traded on the Tokyo Stock Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translations of Japanese yen,
for convenience only, at the rate of JPY84=US$1.00, the approximate rate
prevailing on September 30, 2010.
Attached are consolidated financial statements for the three months and the six
months ended September 30, 2010.
For further information, please contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Japan
Phone: +81-44-580-1004 / Fax: +81-44-580-4064
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
(1) CONSOLIDATED BALANCE SHEETS
+----------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | September | | March 31, |
| | | 30, | | 2010 |
| | | 2010 | | |
+----------------------------------------------+-+------------+-+------------+
| ASSETS | | | | |
+----------------------------------------------+-+------------+-+------------+
| Current assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Cash and deposits | | JPY97,669 | | JPY90,245 |
+----------------------------------------------+-+------------+-+------------+
| Trade receivables | | 66,599 | | 70,800 |
+----------------------------------------------+-+------------+-+------------+
| Merchandise and finished goods | | 29,486 | | 25,218 |
+----------------------------------------------+-+------------+-+------------+
| Work in process | | 11,680 | | 10,211 |
+----------------------------------------------+-+------------+-+------------+
| Raw materials and supplies | | 19,538 | | 19,621 |
+----------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 5,841 | | 5,808 |
+----------------------------------------------+-+------------+-+------------+
| Other current assets | | 13,848 | | 13,845 |
+----------------------------------------------+-+------------+-+------------+
| Allowance for doubtful receivables | | (1,741) | | (1,875) |
+----------------------------------------------+-+------------+-+------------+
| Total current assets | | 242,920 | | 233,873 |
+----------------------------------------------+-+------------+-+------------+
| Noncurrent assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Property, plant and equipment: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Buildings and structures | | 78,686 | | 92,245 |
+----------------------------------------------+-+------------+-+------------+
| Machinery, vehicles, tools, furniture and | | 157,632 | | 168,397 |
| fixtures | | | | |
+----------------------------------------------+-+------------+-+------------+
| Others | | 25,653 | | 29,395 |
+----------------------------------------------+-+------------+-+------------+
| Accumulated depreciation | | (184,385) | | (199,973) |
+----------------------------------------------+-+------------+-+------------+
| Total property, plant and equipment | | 77,586 | | 90,064 |
+----------------------------------------------+-+------------+-+------------+
| Intangible assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Goodwill | | 1,303 | | 1,343 |
+----------------------------------------------+-+------------+-+------------+
| Software | | 25,668 | | 28,357 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 1,717 | | 1,603 |
+----------------------------------------------+-+------------+-+------------+
| Total intangible assets | | 28,688 | | 31,303 |
+----------------------------------------------+-+------------+-+------------+
| Investments and other assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Investment securities | | 12,635 | | 17,020 |
+----------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 8,841 | | 9,389 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 6,548 | | 7,762 |
+----------------------------------------------+-+------------+-+------------+
| Allowance for doubtful accounts | | (0) | | (10) |
+----------------------------------------------+-+------------+-+------------+
| Total investments and other assets | | 28,024 | | 34,161 |
+----------------------------------------------+-+------------+-+------------+
| Total noncurrent assets | | 134,298 | | 155,528 |
+----------------------------------------------+-+------------+-+------------+
| Deferred assets | | 239 | | 318 |
+----------------------------------------------+-+------------+-+------------+
| Total assets | | JPY377,457 | | JPY389,719 |
+----------------------------------------------+-+------------+-+------------+
+----------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | September | | March 31, |
| | | 30, | | 2010 |
| | | 2010 | | |
+----------------------------------------------+-+------------+-+------------+
| LIABILITIES | | | | |
+----------------------------------------------+-+------------+-+------------+
| Current liabilities: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Trade payables | | JPY62,327 | | JPY57,694 |
+----------------------------------------------+-+------------+-+------------+
| Short-term borrowings | | 11,398 | | 14,567 |
+----------------------------------------------+-+------------+-+------------+
| Current portion of long-term debt | | 37,478 | | 2,553 |
+----------------------------------------------+-+------------+-+------------+
| Current portion of bonds | | 60,600 | | 60,600 |
+----------------------------------------------+-+------------+-+------------+
| Accrued income taxes | | 3,961 | | 5,016 |
+----------------------------------------------+-+------------+-+------------+
| Accrued expenses | | 37,923 | | 39,813 |
+----------------------------------------------+-+------------+-+------------+
| Warranty reserve | | 3,089 | | 3,504 |
+----------------------------------------------+-+------------+-+------------+
| Other current liabilities | | 12,459 | | 15,420 |
+----------------------------------------------+-+------------+-+------------+
| Total current liabilities | | 229,235 | | 199,167 |
+----------------------------------------------+-+------------+-+------------+
| Long-term liabilities: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Long-term debt | | 50,676 | | 86,877 |
+----------------------------------------------+-+------------+-+------------+
| Accrued pension and severance costs | | 9,310 | | 9,300 |
+----------------------------------------------+-+------------+-+------------+
| Other long-term liabilities | | 3,822 | | 3,721 |
+----------------------------------------------+-+------------+-+------------+
| Total long-term liabilities | | 63,808 | | 99,898 |
+----------------------------------------------+-+------------+-+------------+
| Total liabilities | | 293,043 | | 299,065 |
+----------------------------------------------+-+------------+-+------------+
| EQUITY | | | | |
+----------------------------------------------+-+------------+-+------------+
| Shareholders' equity: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Common stock | | 87,257 | | 87,257 |
+----------------------------------------------+-+------------+-+------------+
| Capital surplus | | 119,487 | | 119,487 |
+----------------------------------------------+-+------------+-+------------+
| Retained earnings | | (37,442) | | (45,096) |
+----------------------------------------------+-+------------+-+------------+
| Treasury stock | | (11,050) | | (11,049) |
+----------------------------------------------+-+------------+-+------------+
| Total shareholders' equity | | 158,252 | | 150,599 |
+----------------------------------------------+-+------------+-+------------+
| Valuation and translation adjustments: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Unrealized gain on available-for-sale | | 953 | | 4,897 |
| securities | | | | |
+----------------------------------------------+-+------------+-+------------+
| Deferred loss on derivatives under hedge | | (323) | | - |
| accounting | | | | |
+----------------------------------------------+-+------------+-+------------+
| Foreign currency translation adjustments | | (75,958) | | (66,390) |
+----------------------------------------------+-+------------+-+------------+
| Pension adjustments recognized by foreign | | (1,787) | | (1,946) |
| consolidated subsidiaries | | | | |
+----------------------------------------------+-+------------+-+------------+
| Total valuation and translation adjustments | | (77,115) | | (63,439) |
+----------------------------------------------+-+------------+-+------------+
| Minority interests | | 3,277 | | 3,494 |
+----------------------------------------------+-+------------+-+------------+
| Total equity | | 84,414 | | 90,654 |
+----------------------------------------------+-+------------+-+------------+
| Total liabilities and equity | | JPY377,457 | | JPY389,719 |
+----------------------------------------------+-+------------+-+------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+----------------------------------------------+-+-------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+----------------------------+
| | | Three months ended |
| | | September 30 |
+----------------------------------------------+-+----------------------------+
| | | 2009 | | 2010 |
+----------------------------------------------+-+-------------+-+------------+
| Net sales | | JPY107,976 | | JPY116,833 |
+----------------------------------------------+-+-------------+-+------------+
| Cost of sales | | 95,653 | | 91,474 |
+----------------------------------------------+-+-------------+-+------------+
| Gross profit | | 12,323 | | 25,359 |
+----------------------------------------------+-+-------------+-+------------+
| Selling, general and administrative expenses | | 26,327 | | 21,058 |
+----------------------------------------------+-+-------------+-+------------+
| Operating income (loss) | | (14,004) | | 4,301 |
+----------------------------------------------+-+-------------+-+------------+
| Non-operating income: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Interest income | | 172 | | 81 |
+----------------------------------------------+-+-------------+-+------------+
| Dividends income | | 48 | | 57 |
+----------------------------------------------+-+-------------+-+------------+
| Foreign exchange gains | | - | | 700 |
+----------------------------------------------+-+-------------+-+------------+
| Subsidy income | | 402 | | 8 |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 262 | | 172 |
+----------------------------------------------+-+-------------+-+------------+
| Total non-operating income | | 884 | | 1,018 |
+----------------------------------------------+-+-------------+-+------------+
| Non-operating expenses: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Interest expenses | | 876 | | 936 |
+----------------------------------------------+-+-------------+-+------------+
| Foreign exchange loss | | 323 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 1,010 | | 614 |
+----------------------------------------------+-+-------------+-+------------+
| Total non-operating expenses | | 2,209 | | 1,550 |
+----------------------------------------------+-+-------------+-+------------+
| Ordinary income (loss) | | (15,329) | | 3,769 |
+----------------------------------------------+-+-------------+-+------------+
| Extraordinary income: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Gain on sales of noncurrent assets | | 108 | | 5,270 |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 122 | | 149 |
+----------------------------------------------+-+-------------+-+------------+
| Total extraordinary income | | 230 | | 5,419 |
+----------------------------------------------+-+-------------+-+------------+
| Extraordinary loss: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Loss on sales and disposal of noncurrent | | - | | 476 |
| assets | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Impairment loss | | 28 | | 116 |
+----------------------------------------------+-+-------------+-+------------+
| Loss on valuation of investment securities | | 16 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Restructuring costs | | 17,738 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 996 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Total extraordinary losses | | 18,778 | | 592 |
+----------------------------------------------+-+-------------+-+------------+
| Income (loss) before income taxes and | | (33,877) | | 8,596 |
| minority interests | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Income taxes-current | | 737 | | 1,194 |
+----------------------------------------------+-+-------------+-+------------+
| Income taxes-deferred | | 2,040 | | 303 |
+----------------------------------------------+-+-------------+-+------------+
| Total income taxes | | 2,777 | | 1,497 |
+----------------------------------------------+-+-------------+-+------------+
| Income before minority interests | | - | | 7,099 |
+----------------------------------------------+-+-------------+-+------------+
| Minority interests in income | | 104 | | 43 |
+----------------------------------------------+-+-------------+-+------------+
| Net income (loss) | | JPY(36,758) | | JPY7,056 |
+----------------------------------------------+-+-------------+-+------------+
+----------------------------------------------+-+-------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+----------------------------+
| | | Six months ended |
| | | September 30 |
+----------------------------------------------+-+----------------------------+
| | | 2009 | | 2010 |
+----------------------------------------------+-+-------------+-+------------+
| Net sales | | JPY203,733 | | JPY226,681 |
+----------------------------------------------+-+-------------+-+------------+
| Cost of sales | | 182,004 | | 176,617 |
+----------------------------------------------+-+-------------+-+------------+
| Gross profit | | 21,729 | | 50,064 |
+----------------------------------------------+-+-------------+-+------------+
| Selling, general and administrative expenses | | 44,489 | | 43,395 |
+----------------------------------------------+-+-------------+-+------------+
| Operating income (loss) | | (22,760) | | 6,669 |
+----------------------------------------------+-+-------------+-+------------+
| Non-operating income: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Interest income | | 345 | | 155 |
+----------------------------------------------+-+-------------+-+------------+
| Dividends income | | 261 | | 191 |
+----------------------------------------------+-+-------------+-+------------+
| Foreign exchange gains | | 58 | | 974 |
+----------------------------------------------+-+-------------+-+------------+
| Subsidy income | | 402 | | 17 |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 441 | | 351 |
+----------------------------------------------+-+-------------+-+------------+
| Total non-operating income | | 1,507 | | 1,688 |
+----------------------------------------------+-+-------------+-+------------+
| Non-operating expenses: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Interest expenses | | 1,641 | | 1,824 |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 1,376 | | 1,079 |
+----------------------------------------------+-+-------------+-+------------+
| Total non-operating expenses | | 3,017 | | 2,903 |
+----------------------------------------------+-+-------------+-+------------+
| Ordinary income (loss) | | (24,270) | | 5,454 |
+----------------------------------------------+-+-------------+-+------------+
| Extraordinary income: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Gain on sales of noncurrent assets | | 6,062 | | 5,391 |
+----------------------------------------------+-+-------------+-+------------+
| Gain on sales of investment securities | | - | | 642 |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 130 | | 150 |
+----------------------------------------------+-+-------------+-+------------+
| Total extraordinary income | | 6,192 | | 6,183 |
+----------------------------------------------+-+-------------+-+------------+
| Extraordinary loss: | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Loss on sales and disposal of noncurrent | | - | | 718 |
| assets | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Impairment loss | | 28 | | 116 |
+----------------------------------------------+-+-------------+-+------------+
| Loss on valuation of investment securities | | 363 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Restructuring costs | | 18,376 | | - |
+----------------------------------------------+-+-------------+-+------------+
| Loss on adjustment for changes of accounting | | - | | 359 |
| standard for asset retirement obligations | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Others | | 1,053 | | 1 |
+----------------------------------------------+-+-------------+-+------------+
| Total extraordinary losses | | 19,820 | | 1,194 |
+----------------------------------------------+-+-------------+-+------------+
| Income (loss) before income taxes and | | (37,898) | | 10,443 |
| minority interests | | | | |
+----------------------------------------------+-+-------------+-+------------+
| Income taxes-current | | 1,407 | | 2,589 |
+----------------------------------------------+-+-------------+-+------------+
| Income taxes-deferred | | 1,516 | | (44) |
+----------------------------------------------+-+-------------+-+------------+
| Total income taxes | | 2,923 | | 2,545 |
+----------------------------------------------+-+-------------+-+------------+
| Income before minority interests | | - | | 7,898 |
+----------------------------------------------+-+-------------+-+------------+
| Minority interests in income | | 36 | | 244 |
+----------------------------------------------+-+-------------+-+------------+
| Net income (loss) | | JPY(40,857) | | JPY7,654 |
+----------------------------------------------+-+-------------+-+------------+
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
+----------------------------------------------+-+-------------+-+-----------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | Six months ended |
| | | September 30 |
+----------------------------------------------+-+---------------------------+
| | | 2009 | | 2010 |
+----------------------------------------------+-+-------------+-+-----------+
| I.Cash flows from operating activities: | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Income (loss) before income taxes and | | JPY(37,898) | | JPY10,443 |
| minority interests | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Depreciation and amortization | | 21,006 | | 16,090 |
+----------------------------------------------+-+-------------+-+-----------+
| Impairment loss | | 28 | | 116 |
+----------------------------------------------+-+-------------+-+-----------+
| Increase (decrease) in accrued pension and | | (2,526) | | 345 |
| severance costs | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Interest and dividends income | | (606) | | (346) |
+----------------------------------------------+-+-------------+-+-----------+
| Interest expenses | | 1,641 | | 1,824 |
+----------------------------------------------+-+-------------+-+-----------+
| Loss on valuation of investment securities | | 363 | | - |
+----------------------------------------------+-+-------------+-+-----------+
| Loss (gain) on sales and disposal of | | (5,010) | | (4,673) |
| noncurrent assets, net | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Decrease (increase) in trade receivables | | (4,850) | | 1,398 |
+----------------------------------------------+-+-------------+-+-----------+
| Decrease (increase) in inventories | | 17,888 | | (9,187) |
+----------------------------------------------+-+-------------+-+-----------+
| Increase in trade payables | | 16,822 | | 8,254 |
+----------------------------------------------+-+-------------+-+-----------+
| Increase (decrease) in accrued expenses | | 6,504 | | (835) |
+----------------------------------------------+-+-------------+-+-----------+
| Other, net | | (2,983) | | (2,849) |
+----------------------------------------------+-+-------------+-+-----------+
| Subtotal | | 10,379 | | 20,580 |
+----------------------------------------------+-+-------------+-+-----------+
| Interest and dividends income received | | 546 | | 317 |
+----------------------------------------------+-+-------------+-+-----------+
| Interest expenses paid | | (1,656) | | (1,815) |
+----------------------------------------------+-+-------------+-+-----------+
| Income taxes paid | | (3,343) | | (3,821) |
+----------------------------------------------+-+-------------+-+-----------+
| Net cash provided by operating activities | | 5,926 | | 15,261 |
+----------------------------------------------+-+-------------+-+-----------+
| II.Cash flows from investing activities: | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Purchase of noncurrent assets | | (11,456) | | (11,079) |
+----------------------------------------------+-+-------------+-+-----------+
| Proceeds from sales of noncurrent assets | | 9,116 | | 10,429 |
+----------------------------------------------+-+-------------+-+-----------+
| Proceeds from sales of investment securities | | 200 | | 1,488 |
+----------------------------------------------+-+-------------+-+-----------+
| Other, net | | 41 | | (701) |
+----------------------------------------------+-+-------------+-+-----------+
| Net cash provided by (used in) investing | | (2,099) | | 137 |
| activities | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| III.Cash flows from financing activities: | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Net increase (decrease) in short-term | | 803 | | (2,696) |
| borrowings | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Repayment of long-term debt | | (1,210) | | (1,276) |
+----------------------------------------------+-+-------------+-+-----------+
| Other, net | | (224) | | (169) |
+----------------------------------------------+-+-------------+-+-----------+
| Net cash used in financing activities | | (631) | | (4,141) |
+----------------------------------------------+-+-------------+-+-----------+
| Effect of exchange rate changes on cash and | | (1,741) | | (3,819) |
| cash equivalents | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Net increase in cash and cash equivalents | | 1,455 | | 7,438 |
+----------------------------------------------+-+-------------+-+-----------+
| Cash and cash equivalents, beginning of | | 63,746 | | 84,142 |
| period | | | | |
+----------------------------------------------+-+-------------+-+-----------+
| Cash and cash equivalents, end of period | | JPY65,201 | | JPY91,580 |
+----------------------------------------------+-+-------------+-+-----------+
(4) SEGMENT INFORMATION
<Net Sales by Segment>
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| | | (In millions of yen) |
+----------------------+-+----------------------------------------------------------------------------+
| | | Three months ended September 30 |
+----------------------+-+----------------------------------------------------------------------------+
| | | 2009 | | 2010 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+-----------------------+-+--------------------------------+--------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | JPY23,874 | | 22.1% | | JPY27,671 | | 23.7% | | 115.9% |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 36,456 | | 33.8 | | 36,246 | | 31.0 | | 99.4 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Car Electronics | | 60,330 | | 55.9 | | 63,917 | | 54.7 | | 105.9 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 6,219 | | 5.8 | | 19,539 | | 16.7 | | 314.2 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 28,206 | | 26.1 | | 21,095 | | 18.1 | | 74.8 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Home Electronics | | 34,425 | | 31.9 | | 40,634 | | 34.8 | | 118.0 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 8,702 | | 8.0 | | 7,726 | | 6.6 | | 88.8 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 4,519 | | 4.2 | | 4,556 | | 3.9 | | 100.8 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Others | | 13,221 | | 12.2 | | 12,282 | | 10.5 | | 92.9 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 38,795 | | 35.9 | | 54,936 | | 47.0 | | 141.6 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 69,181 | | 64.1 | | 61,897 | | 53.0 | | 89.5 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Total | | JPY107,976 | | 100.0% | | JPY116,833 | | 100.0% | | 108.2% |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| | | (In millions of yen) |
+----------------------+-+----------------------------------------------------------------------------+
| | | Six months ended September 30 |
+----------------------+-+----------------------------------------------------------------------------+
| | | 2009 | | 2010 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+-----------------------+-+--------------------------------+--------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | JPY48,504 | | 23.8% | | JPY53,927 | | 23.8% | | 111.2% |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 66,061 | | 32.4 | | 72,688 | | 32.1 | | 110.0 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Car Electronics | | 114,565 | | 56.2 | | 126,615 | | 55.9 | | 110.5 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 14,327 | | 7.0 | | 34,397 | | 15.2 | | 240.1 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 50,264 | | 24.7 | | 41,294 | | 18.2 | | 82.2 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Home Electronics | | 64,591 | | 31.7 | | 75,691 | | 33.4 | | 117.2 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 16,625 | | 8.2 | | 15,538 | | 6.8 | | 93.5 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 7,952 | | 3.9 | | 8,837 | | 3.9 | | 111.1 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Others | | 24,577 | | 12.1 | | 24,375 | | 10.7 | | 99.2 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Domestic | | 79,456 | | 39.0 | | 103,862 | | 45.8 | | 130.7 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Overseas | | 124,277 | | 61.0 | | 122,819 | | 54.2 | | 98.8 |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
| Total | | JPY203,733 | | 100.0% | | JPY226,681 | | 100.0% | | 111.3% |
+----------------------+-+------------+-+--------+-+------------+----------+--------+--------+--------+
<Business Segments>
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| | | | | | | | | | | (In millions of |
| | | | | | | | | | | yen) |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+-------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| September 30, | | | | | | | | | |Eliminations | | |
| 2009 | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY60,330 | | JPY34,425 | | JPY13,221 | | JPY107,976 | | - | | JPY107,976 |
| customers | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 482 | | 178 | | 4,104 | | 4,764 | | JPY(4,764) | | - |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 60,812 | | 34,603 | | 17,325 | | 112,740 | | (4,764) | | 107,976 |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating loss | | JPY(5,312) | | JPY(8,215) | | JPY(143) | | JPY(13,670) | | JPY(334) | | JPY(14,004) |
+------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| | | | | | | | | | | (In millions of |
| | | | | | | | | | | yen) |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+-------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| September 30, | | | | | | | | | |Eliminations | | |
| 2010 | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Unaffiliated | | JPY63,917 | | JPY40,634 | | JPY12,282 | | JPY116,833 | | - | | JPY116,833 |
| customers | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Inter-segment | | 348 | | 134 | | 1,739 | | 2,221 | | JPY(2,221) | | - |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Total | | 64,265 | | 40,768 | | 14,021 | | 119,054 | | (2,221) | | 116,833 |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating income | | JPY3,684 | | JPY714 | | JPY847 | | JPY5,245 | | JPY(944) | | JPY4,301 |
| (loss) | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| | | | | | | | | | | (In millions of |
| | | | | | | | | | | yen) |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+-------------------------------+
|Six months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, | |Electronics | |Electronics | | | | | | and | | |
| 2009 | | | | | | | | | |Eliminations | | |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY114,565 | | JPY64,591 | | JPY24,577 | | JPY203,733 | | - | | JPY203,733 |
| customers | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 867 | | 363 | | 7,671 | | 8,901 | | JPY(8,901) | | - |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Total | | 115,432 | | 64,954 | | 32,248 | | 212,634 | | (8,901) | | 203,733 |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY(14,005) | | JPY(7,243) | | JPY(1,710) | | JPY(22,958) | | JPY198 | | JPY(22,760) |
| (loss) | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| | | | | | | | | | | (In millions of |
| | | | | | | | | | | yen) |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+-------------------------------+
|Six months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, | |Electronics | |Electronics | | | | | | and | | |
| 2010 | | | | | | | | | |Eliminations | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Unaffiliated | | JPY126,615 | | JPY75,691 | | JPY24,375 | | JPY226,681 | | - | | JPY226,681 |
| customers | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Inter-segment | | 609 | | 210 | | 3,817 | | 4,636 | | JPY(4,636) | | - |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Total | | 127,224 | | 75,901 | | 28,192 | | 231,317 | | (4,636) | | 226,681 |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating income | | JPY5,671 | | JPY720 | | JPY941 | | JPY7,332 | | JPY(663) | | JPY6,669 |
| (loss) | | | | | | | | | | | | |
+------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
Notes:
1.The Company's business is classified into three segments: "Car Electronics,"
"Home Electronics" and "Others." Principal products and services included in
each segment are as follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
audio systems, audio components, DJ equipment, equipment
for cable-TV systems, Blu-ray Disc players, Blu-ray Disc drives, DVD players,
DVD drives and AV accessories
Others:
factory automation systems, speaker units, electronics devices and
parts, organic light-emitting diode displays, telephones, business-use AV
systems, map software and licensing of patents related to laser optical disc
technologies
2.Effective from the first quarter of fiscal 2011, the Company applied
Accounting Standards Board of Japan (the "ASBJ") Statement No. 18, "Accounting
Standard for Asset Retirement Obligations" and ASBJ Guidance No. 21, "Guidance
on Accounting Standard for Asset Retirement Obligations," both issued on March
31, 2008. The effect of this change on the accompanying consolidated financial
statements was immaterial.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFFELDLILII
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