We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Paragon M. C47 | LSE:35SV | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS Number : 2937U Pioneer Corporation 13 May 2008 For Immediate Release May 13, 2008 Pioneer Announces Business Results for Fiscal 2008 TOKYO - Pioneer Corporation today announced its business results on consolidated and non-consolidated bases for fiscal 2008, ended March 31, 2008. Consolidated Financial Highlights (In millions of yen except per share information) Year ended March 31 2008 2007 % to prior year Operating revenue ¥774,477 ¥797,102 97.2% Operating income 10,907 12,487 87.3 Income (loss) from continuing 3,434 (7,717) - operations before income taxes Loss from continuing operations (17,992) (9,536) - Income from discontinued operations, - 2,775 - net of tax Net loss ¥ (17,992) ¥ (6,761) -% Net loss per share: Basic ¥(98.23) ¥(38.76) Diluted ¥(98.23) ¥(38.76) Note:In fiscal 2007, the Company sold subsidiaries involved in the electronic components business. The operating results of these subsidiaries and the gain on the sale are presented as income from discontinued operations in the table above. Consolidated Business Results In fiscal 2008, the year ended March 31, 2008, consolidated operating revenue decreased 2.8% year on year to ¥774,477 million (US$7,744.8 million). This decrease mainly reflected a drop in sales of plasma displays and DVD recorders, despite higher sales of DVD drives, Blu-ray Disc-related devices, car audio products and car navigation systems. Operating income decreased 12.7% year on year to ¥10,907 million (US$109.1 million), chiefly due to a larger loss in the plasma display business, despite higher earnings in the Car Electronics business. The net loss was ¥17,992 million (US$179.9 million), compared with a net loss of ¥6,761 million in the previous fiscal year. This was due mainly to impairment losses of ¥23,293 million (US$232.9 million) primarily on plasma display production facilities, and higher income taxes following an evaluation of deferred tax assets, despite a gain on sale of all land and buildings at the Tokorozawa Plant and some at the Omori Plant. During fiscal 2008, the average value of the Japanese yen appreciated 2.4% against the U.S. dollar and depreciated 7.1% against the euro, compared with the previous fiscal year. Car Electronics sales increased 4.5% year on year to ¥373,883 million (US$3,738.8 million) due to higher sales of both car navigation systems and car audio products. In car navigation systems, consumer-market sales were mostly the same as in the previous fiscal year, while OEM sales increased in North America. In car audio products, consumer-market sales increased in Central and South America, but decreased in North America due to market contraction, while OEM sales rose in Japan, China and North America. Total OEM sales in this segment accounted for approximately 39% of Car Electronics sales in fiscal 2008, compared with approximately 36% in fiscal 2007. In terms of geographic sales, sales in Japan were ¥126,362 million (US$1,263.6 million), largely unchanged from fiscal 2007, while overseas sales increased 6.9% year on year to ¥247,521 million (US$2,475.2 million). Operating income in this segment rose 18.3% to ¥26,154 million (US$261.5 million). This principally reflected lower selling expenses for consumer-market products, such as advertising and sales promotion expenses, despite higher development expenses in the OEM business. Home Electronics sales decreased 8.8% year on year to ¥329,530 million (US$3,295.3 million). Plasma display sales declined due to a drop in sales volume mainly in North America and Europe. Plasma display sales accounted for approximately 40% of Home Electronics sales, compared with approximately 49% in the previous fiscal year. Sales of DVD drives and Blu-ray Disc-related devices rose, while sales of DVD recorders fell. In terms of geographic sales, sales in Japan declined 21.4% to ¥46,285 million (US$462.9 million), and overseas sales decreased 6.4% to ¥283,245 million (US$2,832.5 million). The operating loss in this segment was ¥17,968 million (US$179.7 million), compared with an operating loss of ¥15,814 million in the previous fiscal year. This was mainly attributable to the larger loss in the plasma display business due to falling sales, despite a smaller loss in DVD recorders reflecting a reduction in development expenses. In Patent Licensing, royalty revenue decreased 57.1% year on year to ¥1,999 million (US$20.0 million). This decrease was attributable to the impact of the expiration of some patents licensed to the optical disc industry. Operating income in this segment declined 59.5% to ¥1,591 million (US$15.9 million), in line with the decrease in royalty revenue. In the Others segment, sales decreased 5.5% year on year to ¥69,065 million (US$690.7 million). This mainly reflected lower sales of factory automation (FA) systems and business-use AV systems. In terms of geographic sales, sales in Japan decreased 11.3% to ¥42,996 million (US$430.0 million), while overseas sales increased 5.8% to ¥26,069 million (US$260.7 million). Operating income in this segment was ¥161 million (US$1.6 million), down 93.4% year on year. This was mainly attributable to lower profitability in FA systems and business-use AV systems due to lower sales. Note:Operating income (loss) in each business segment represents operating income (loss) before elimination of intersegment transactions. Cash Flows During fiscal 2008, operating activities provided net cash of ¥22,032 million (US$220.3 million). This was due mainly to adjustments for non-cash expenses, such as depreciation and amortization of ¥33,309 million (US$333.1 million), impairment losses of ¥23,293 million (US$232.9 million) on property, plant and equipment, and deferred taxes of ¥13,277 million (US$132.8 million). These outweighed the following factors reducing cash: a net loss of ¥17,992 million (US$179.9 million), a decrease in other accrued liabilities of ¥12,337 million (US$123.4 million) and a gain on sale and disposal of fixed assets of ¥11,742 million (US$117.4 million), for which we received most of the cash proceeds in fiscal 2007. Investing activities used net cash of ¥72,373 million (US$723.7 million). This reflected capital expenditures of ¥41,989 million (US$419.9 million), mainly related to the Car Electronics business and the newly established Kawasaki Plant, as well as ¥19,750 million (US$197.5 million) for the purchase of Sharp Corporation shares as part of a business and capital alliance with Sharp. Additionally, cash of ¥14,732 million (US$147.3 million) was used for the purchase of shares of consolidated subsidiaries, mainly for making Tohoku Pioneer Corporation a wholly owned subsidiary. Financing activities provided net cash of ¥35,932 million (US$359.3 million), mainly through proceeds of ¥41,358 million (US$413.6 million) from a third-party allotment of newly issued Pioneer shares to Sharp. Consequently, cash and cash equivalents at March 31, 2008 were ¥81,180 million (US$811.8 million), a decrease of ¥20,640 million from March 31, 2007. The alliance with Sharp provided net cash of ¥21,608 million (US$216.1 million), after offsetting the aforementioned purchase of Sharp shares against the above proceeds from the third-party allotment of newly issued Pioneer shares to Sharp. Dividends Pioneer positions its dividend policy as one of the highest management priorities. On the basis of maintaining stable dividends, the Company sets dividend payments appropriately in light of its financial position, consolidated business results, and other factors. Retained earnings are effectively used primarily to develop businesses, as well as reinforce competitiveness and our management base. Based on this dividend policy, Pioneer has decided to pay a year-end dividend of ¥2.5 (US$0.03) per share of common stock for fiscal 2008, a decrease of ¥2.5 from that for the previous fiscal year. The decision to reduce the year-end dividend mainly reflects the Company's large losses for fiscal 2008 on both non-consolidated and consolidated bases. This year-end dividend is subject to approval by the ordinary general meeting of shareholders to be held in June 2008. The total annual dividend for fiscal 2008, including the interim dividend, will be ¥7.5 per share. Business Forecasts for Fiscal 2009 Consolidated business forecasts for fiscal 2009, the year ending March 31, 2009, are as follows: (In millions of yen) First half Full year Projections for Results for Percent Projections for Results for Percent fiscal 2009 fiscal 2008 changes fiscal 2009 fiscal 2008 changes Operating revenue ¥350,000 ¥383,161 -8.7% ¥780,000 ¥774,477 +0.7% Operating income (loss) (15,000) 2,262 - 7,000 10,907 -35.8 Income (loss) before income (15,000) 17,645 - (7,500) 3,434 - taxes Net income (loss) ¥ (18,000) ¥ 9,936 -% ¥ (19,000) ¥ (17,992) -% For fiscal 2009, Pioneer is forecasting operating revenue of ¥780,000 million on a full-year basis, largely on a par with fiscal 2008. This mainly reflects projected sales increases in the Car Electronics business, particularly for car navigation systems in the Japanese consumer market and car audio products primarily in Central and South America, as well as projected sales decreases in the Home Electronics business, chiefly for plasma displays. For the full year, we are forecasting a 35.8% year-on-year decrease in operating income to ¥7,000 million. This forecast mainly reflects projected higher development expenses in the Car Electronics business. However, Pioneer expects to see profitability in the display business of the Home Electronics business improve from the second half as a result of restructuring measures. Furthermore, business restructuring expenses of ¥15,000 million are planned for the second half. Consequently, Pioneer is forecasting a loss before income taxes of ¥7,500 million and a net loss of ¥19,000 million. We are assuming average yen-U.S. dollar and yen-euro exchange rates of ¥105 and ¥155, respectively. 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; (ii) exchange rates, particularly between the yen and the U.S. dollar, euro, and other currencies in which we make significant sales or in which our assets and liabilities are denominated; (iii) our ability to continue to design and develop and win acceptance of our products and services, which are offered in highly competitive markets characterized by continual new product introductions, rapid developments in technology, severe price competition and subjective and changing consumer preferences; (iv) our ability to successfully implement our business strategies; (v) our ability to compete, as well as develop and implement successful sales and distribution strategies, in light of technological developments in and affecting our businesses; (vi) our continued ability to devote sufficient resources to research and development, and capital expenditure; (vii) our ability to continuously enhance our brand image; (viii) the success of our joint ventures and alliances; (ix) the success of our business restructuring plans; and (x) the outcome of contingencies. Basic Management Policies and Medium-term Management Strategies Pioneer positions customer satisfaction at the core of management. We seek to offer innovative, high-quality, and value-added electronics products that create new value for customers, aiming to realize the Pioneer Group's philosophy, "Move the Heart and Touch the Soul," with more people around the world. Based on this group philosophy, Pioneer formulated a group vision: "To become a company that encourages all its members to work as a team, with everyone customer-focused, integrating each one's professionalism in pursuing innovations one after another." This vision will serve as a reference point for the activities of individual employees and is expected to underpin improvement in Pioneer's performance. Looking at medium-term management strategies, Pioneer will make a group-wide effort to expand its Car Electronics business and improve earnings in the Home Electronics business, with the aim of improving its operating results and generating stable earnings. In the Car Electronics business, Pioneer aims to grow its earnings by allocating more resources to maintain a leading position in consumer markets and to drive further expansion in the OEM business, as well as by developing products more efficiently. Furthermore, to pave the way for further business expansion, Pioneer has endeavoured to increase production capacity at overseas sites. Through these initiatives, Pioneer aims to maintain an operating margin of around 6% in the Car Electronics business over the medium term. In the Home Electronics business, Pioneer will work to improve profitability in the display business by implementing sweeping restructuring measures, while growing its audio/video product business, which mainly involves Blu-ray Disc players, and its professional sound & visual (Pro SV) business, which involves DJ equipment. In this way, Pioneer aims to restore profitability in the Home Electronics business as a whole in fiscal 2010. Through the business alliance with Sharp Corporation, we will utilize each other's resources and promote joint development in each of our businesses, in order to develop new products and businesses and improve the efficiency of development activities. Through the aforementioned initiatives, the Company aims to achieve medium-term management targets of consolidated operating revenue of ¥900 billion and operating income of ¥37 billion in fiscal 2011, the year ending March 31, 2011. Issues to Be Addressed The overall economic outlook is for continuing increases in materials prices, including crude oil prices, growing uncertainty over a possible downturn in consumer spending in developed countries stemming from recent financial instability in the U.S., as well as exchange rate volatility. Meanwhile, Pioneer faces extremely challenging business conditions due to fiercer competition involving its core products. In the Car Electronics business, specifically car navigation systems for the consumer market in Japan, Pioneer will launch models with telematics functions employing mobile phones and the Internet. This is part of efforts to transform car navigation systems into comprehensive in-vehicle information terminals offering much more than merely car navigation in a bid to stimulate new demand. Another goal is to counter growing demand for portable navigation devices. Here, Pioneer will expand its customer base for in-dash car navigation systems by proposing value not offered by portable navigation devices. For instance, Pioneer is developing in-dash car navigation systems with built-in audio/video functions that feature connectivity with peripheral electronics and innovative device operability. In OEM car navigation systems, we will concentrate on winning contracts for assembly line products worldwide for automakers. At the same time, we will grow business in the domestic dealer options market. Through these measures, Pioneer aims to expand the scope of its car navigation system business as a whole. In car audio/video products for consumer markets, we will compensate for contraction in the consumer markets in Japan, North America and Europe by actively responding to rapid market expansion in the BRICs nations. Concurrently, we plan to maintain profitability by shifting our center of gravity from models equipped with CD players to those with higher value-added DVD players. We will also vigorously offer new value propositions by responding to a variety of media and networks. In these ways, we aim to maintain our market share. On the development front, Pioneer will work to boost efficiency by implementing reforms of increasingly complex software development processes and by embracing common platforms for OEM products for which orders are growing. These and other measures will help us to maintain profitability as we grow our business. In the Home Electronics business, Pioneer is focusing on improving profitability by growing sales of Blu-ray Disc-related products, as well as by restructuring its display business. In the display business, Pioneer reached a basic agreement with Matsushita Electric Industrial Co., Ltd. in April 2008 on procuring plasma display panels from this company from the summer of 2009. This follows Pioneer's decision to terminate in-house plasma display panel production after panel production is completed for models scheduled for release in 2008. Pioneer's proprietary technologies will be adopted by Matsushita as part of the process of supplying plasma display panels to Pioneer. The two companies plan to cooperate on developing panels befitting Pioneer's commitment to high picture quality and premium-grade products. Pioneer plans to convert certain panel production facility to a final display assembly center, and a product distribution and inspection center for the Japanese market. The Company also plans to redeploy some production and development personnel to growth businesses in other fields. Furthermore, Pioneer plans to successively roll out Sharp-supplied LCD TVs starting in Europe in August 2008. Going forward, Pioneer plans to develop LCD TVs that combine its proprietary technologies with sophisticated LCD panels to be supplied by Sharp, for an expanding number of regions. These restructuring measures in the display business began in fiscal 2009, and are expected to have a significant beneficial effect on profitability from fiscal 2010. With regards to Blu-ray Disc-related products, Pioneer will strive to launch products in a timely manner to boost sales. In particular, we will conduct businesses focused on Blu-ray Disc players and Blu-ray Disc drives for PCs, both of which are expected to find growing markets. In the speaker business, Pioneer is working to raise efficiency and expand business by concentrating speaker development and production for a broad range of products at Tohoku Pioneer Corporation, which became a wholly owned subsidiary in October 2007. These products range from car speakers and home-use speakers, to speaker units for cellular phones, TVs and other products. Proposed Changes in Management (Previously Announced on March 31, 2008) Pioneer has announced the following proposed changes in management, which are subject to approval by the ordinary general meeting of shareholders to be held on June 26, 2008. (1)Candidates for directors to be newly elected: *Mr. Susumu Kotani, currently Senior Executive Officer, and General Manager of Home Entertainment Business Group, will be elected as Managing Director. *Mr. Masanori Koshoubu, currently Senior Executive Officer, and General Manager of Research & Development Group and General Manager of Technology Development Center, will be elected as Managing Director. (2)Mr. Akira Haeno, currently Managing Director, will be promoted to Senior Managing Director and Representative Director. (3)Mr. Shinji Yasuda, currently Managing Director, and in charge of Research & Development Group and Intellectual Property Division, will retire at the conclusion of the shareholder's meeting. Pioneer Corporation is a leading global manufacturer of consumer- and business-use electronics products such as audio, video and car electronics. 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 ¥100=US$1.00, the approximate rate prevailing on March 31, 2008. Attachments: I.Consolidated financial statements for the year ended March 31, 2008 II.Non-consolidated financial statements for the year ended March 31, 2008 For further information, please contact: Investor Relations Department, Corporate Branding and Communications Division Pioneer Corporation, Tokyo Phone: +81-3-3495-6773 / Fax: +81-3-3495-4301 E-mail: pioneer_ir@post.pioneer.co.jp IR Website: http://pioneer.jp/ir-e/ I. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2008 (1) OPERATING REVENUE BY SEGMENT (In millions of yen) Year ended March 31 2008 2007 % to Amount % to total Amount % to total prior year Domestic ¥126,362 16.3% ¥126,278 15.8% 100.1% Overseas 247,521 32.0 231,531 29.1 106.9 Car Electronics 373,883 48.3 357,809 44.9 104.5 Domestic 46,285 6.0 58,856 7.4 78.6 Overseas 283,245 36.5 302,654 38.0 93.6 Home Electronics 329,530 42.5 361,510 45.4 91.2 Domestic - - - - - Overseas 1,999 0.3 4,661 0.6 42.9 Patent Licensing 1,999 0.3 4,661 0.6 42.9 Domestic 42,996 5.5 48,485 6.1 88.7 Overseas 26,069 3.4 24,637 3.0 105.8 Others 69,065 8.9 73,122 9.1 94.5 Domestic 215,643 27.8 233,619 29.3 92.3 Overseas 558,834 72.2 563,483 70.7 99.2 Total ¥774,477 100.0% ¥797,102 100.0% 97.2% (2) CONSOLIDATED STATEMENTS OF OPERATIONS (In millions of yen) Year ended March 31 2008 2007 % to prior year Operating revenue: Net sales ¥772,478 ¥792,441 97.5% Royalty revenue 1,999 4,661 42.9 Total operating revenue 774,477 797,102 97.2 Operating costs and expenses: Cost of sales 601,875 614,444 98.0 Selling, general and administrative 161,695 170,171 95.0 expenses Total operating costs and expenses 763,570 784,615 97.3 Operating income 10,907 12,487 87.3 Other income (expenses): Interest income 6,508 5,873 110.8 Foreign exchange loss (1,031) (2,558) 40.3 Interest expense (1,897) (2,622) 72.3 Other-net (11,053) (20,897) 52.9 Total other expenses (7,473) (20,204) 37.0 Income (loss) from continuing 3,434 (7,717) - operations before income taxes Income taxes 21,256 1,758 - Minority interest in earnings of (306) (404) 75.7 subsidiaries Equity in earnings of affiliated 136 343 39.7 companies Loss from continuing operations (17,992) (9,536) - Income from discontinued operations, - 2,775 - net of tax Net loss ¥ (17,992) ¥ (6,761) -% (3) CONSOLIDATED BALANCE SHEETS (In millions of yen) March 31 2008 2007 Increase (Decrease) ASSETS Current assets: Cash and cash equivalents ¥ 81,180 ¥101,820 ¥(20,640) Trade receivables, less 93,068 117,875 (24,807) allowance Inventories 104,168 105,331 (1,163) Other current assets 70,821 69,066 1,755 Total current assets 349,237 394,092 (44,855) Investments and long-term 36,397 27,219 9,178 receivables Property, plant and equipment, 122,752 146,475 (23,723) less depreciation Intangible assets 17,738 18,248 (510) Other assets 49,992 49,440 552 Total assets ¥576,116 ¥635,474 ¥(59,358) LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings and ¥ 28,484 ¥ 18,605 ¥ 9,879 current portion of long-term debt Trade payables 86,195 93,351 (7,156) Other current liabilities 107,328 130,757 (23,429) Total current liabilities 222,007 242,713 (20,706) Long-term debt 72,041 86,015 (13,974) Other long-term liabilities 33,311 24,341 8,970 Total liabilities 327,359 353,069 (25,710) Minority interests 1,362 14,289 (12,927) Shareholders' equity: Common stock 69,824 49,049 20,775 Capital surplus 103,578 82,983 20,595 Retained earnings 145,295 165,321 (20,026) Accumulated other (60,178) (16,784) (43,394) comprehensive loss Treasury stock (11,124) (12,453) 1,329 Total shareholders' equity 247,395 268,116 (20,721) Total liabilities, minority ¥576,116 ¥635,474 ¥(59,358) interests and shareholders' equity Breakdown of accumulated other comprehensive loss: Pension liability adjustments ¥(12,279) ¥ (5,009) ¥ (7,270) Net unrealized gains on 1,943 7,405 (5,462) securities Foreign currency translation (49,842) (19,180) (30,662) adjustments Total accumulated other ¥(60,178) ¥(16,784) ¥(43,394) comprehensive loss (4) CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions of yen) Common Capital Retained Accumulated Treasury Total Stock Surplus Earnings Other Stock Sharehol Comprehensive ders' Loss Equity Balance at March 31, 2006 ¥49,049 ¥82,910 ¥173,826 ¥(20,092) ¥(12,443) ¥273,250 Net loss (6,761) (6,761) Other comprehensive 3,308 3,308 income Value ascribed to stock 73 73 options Cash dividends (1,744) (1,744) (¥10 per share) Acquisition and disposal (10) (10) of treasury stock, net Balance at March 31, 2007 49,049 82,983 165,321 (16,784) (12,453) 268,116 Adjustment pursuant to (302) (302) FIN 48 Net loss (17,992) (17,992) Other comprehensive (43,394) (43,394) loss Issuance of new shares 20,775 20,583 41,358 Value ascribed to stock 12 12 options Cash dividends (1,385) (1,385) (¥7.5 per share) Acquisition and disposal (347) 1,329 982 of treasury stock, net Balance at March 31, 2008 ¥69,824 ¥103,578 ¥145,295 ¥(60,178) ¥(11,124) ¥247,395 (5) CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of yen) Year ended March 31 2008 2007 I. Cash flows from operating activities: Net loss ¥ (17,992) ¥ (6,761) Depreciation and amortization 33,309 41,127 Deferred income taxes 13,277 (7,422) Impairment losses of long-lived assets 23,293 22,711 Loss (gain) on sale and disposal of fixed (11,742) 185 assets, net Decrease (increase) in trade receivables 18,869 (6,348) Decrease (increase) in inventories (6,986) 4,380 Decrease in trade payables (358) (11,841) Decrease in other accrued liabilities (12,337) (12,444) Other (17,301) (6,835) Net cash provided by operating activities 22,032 16,752 II. Cash flows from investing activities: Payment for purchase of fixed assets (41,989) (41,932) Payment for purchase of shares of consolidated (14,732) (485) subsidiaries Payment for purchase of marketable equity (19,843) (2,478) securities Proceeds from sale of discontinued operations - 10,949 Other 4,191 17,478 Net cash used in investing activities (72,373) (16,468) III. Cash flows from financing activities: Decrease in short-term borrowings and (980) (17,012) long-term debt Dividends paid (1,744) (1,308) Proceeds from issuance of new shares, net of 41,358 - issuance cost Other (2,702) (3,353) Net cash provided by (used in) financing 35,932 (21,673) activities Effect of exchange rate changes on cash and (6,231) 1,529 cash equivalents Net decrease in cash and cash equivalents (20,640) (19,860) Cash and cash equivalents, beginning of year 101,820 121,680 Cash and cash equivalents, end of year ¥ 81,180 ¥101,820 Free cash flows (I + II) ¥(50,341) ¥284 (6) SEGMENT INFORMATION The following segment information is prepared pursuant to the regulations under the Financial Instruments and Exchange Law of Japan. (In millions of yen) Year ended March 31 2008 2007 % to prior year Operating Operating Operating Operating Operating Operating Revenue Income Revenue Income Revenue Income Car Electronics ¥375,885 ¥ 26,154 ¥359,802 ¥ 22,116 104.5% 118.3% Home Electronics 330,200 (17,968) 362,157 (15,814) 91.2 - Patent Licensing 2,616 1,591 5,423 3,924 48.2 40.5 Others 102,001 161 107,576 2,453 94.8 6.6 Total 810,702 9,938 834,958 12,679 97.1 78.4 Corporate and Eliminations (36,225) 969 (37,856) (192) - - Consolidated ¥774,477 ¥ 10,907 ¥797,102 ¥ 12,487 97.2% 87.3% (In millions of yen) Year ended March 31 2008 2007 % to prior year Operating Operating Operating Operating Operating Operating Revenue Income Revenue Income Revenue Income Japan ¥ 630,396 ¥ (6,375) ¥ 632,730 ¥ (941) 99.6% -% North America 184,897 640 208,914 423 88.5 151.3 Europe 167,342 1,082 180,038 4,945 92.9 21.9 Other Regions 391,333 14,221 350,431 6,580 111.7 216.1 Total 1,373,968 9,568 1,372,113 11,007 100.1 86.9 Corporate and Eliminations (599,491) 1,339 (575,011) 1,480 - - Consolidated ¥ 774,477 ¥10,907 ¥ 797,102 ¥12,487 97.2% 87.3% Note: Geographic segment information is based on the location of the parent company and its subsidiaries. (In millions of yen) Year ended March 31 2008 2007 % to Amount % to total Amount % to total prior year Japan ¥215,643 27.8% ¥233,619 29.3% 92.3% North America 180,911 23.4 208,615 26.2 86.7 Europe 169,146 21.8 186,637 23.4 90.6 Other Regions 208,777 27.0 168,231 21.1 124.1 Consolidated ¥774,477 100.0% ¥797,102 100.0% 97.2% Note: Operating revenue by geographic market is based on the location of each unaffiliated customer. Notes: 1. The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, except for the disclosure of segment information. 2. The Company's business is classified into four segments: "Car Electronics," "Home Electronics," "Patent Licensing" 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: plasma displays, DVD recorders, DVD players, DVD drives, Blu-ray Disc players, Blu-ray Disc drives, audio systems, audio components, DJ equipment and equipment for cable TV systems Patent Licensing: licensing of patents related to laser optical disc technologies Others: organic light-emitting diode displays, factory automation systems, speaker units, electronics devices and parts, telephones and business-use AV systems 3. Effective from this fiscal 2008, the Company classified telephones in "Others," which were previously included in "Home Electronics." Reclassifications have been made to previously reported "Operating revenue by segment" and "Segment information" to conform to this presentation. 4. In fiscal 2007, the Company sold subsidiaries involved in the electronic components business. The operating results of these subsidiaries and the gain on the sale are presented as "Income from discontinued operations" in the consolidated statements of operations. 5. In fiscal 2008, the Company sold all land and buildings at the Tokorozawa Plant and some at the Omori Plant. The gain on these sales of ¥11,891 million has been included in "Other-net" in the consolidated statements of operations. 6. From May 15, 2007 to June 19, 2007, the Company conducted a tender offer to make 67.1%-owned Tohoku Pioneer Corporation a wholly owned subsidiary. The Company acquired an additional 30.5% of Tohoku Pioneer's shares for ¥13,506 million through this tender offer. The Company then acquired the remaining 2.4% of Tohoku Pioneer's shares through a share exchange effective October 1, 2007, and Tohoku Pioneer accordingly became a wholly owned subsidiary of the Company. 7. On December 20, 2007, the Company issued 30,000,000 new shares of common stock (14.3% of post-allotment total issued shares) through a third-party allotment to Sharp Corporation for ¥41,550 million. On the same date, the Company also subscribed to 10,000,000 shares of Sharp's treasury stock (0.9% of Sharp's total issued shares) through a third-party allotment at a cost of ¥19,750 million. 8. From this fiscal 2008, the Company adopted the Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109" ("FIN 48"). As a result, as of the beginning of fiscal 2008 the amount of ¥302 million has been recognized to the balance of "Retained earnings" upon the adoption of FIN 48. II. NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2008 (1) CONDENSED STATEMENTS OF OPERATIONS (In millions of yen) Year ended March 31 2008 2007 % to prior year Net sales ¥537,754 ¥532,895 100.9% Cost of sales 482,233 468,442 102.9 Selling, general and 78,145 81,730 95.6 administrative expenses Operating loss (22,624) (17,277) - Non-operating income-net 40,780 5,007 814.4 Ordinary income (loss) 18,156 (12,269) - Other expenses-net (39,577) (10,518) - Loss before income taxes (21,421) (22,788) - Income taxes 9,975 (501) - Net loss ¥ (31,396) ¥ (22,286) -% (2) CONDENSED BALANCE SHEETS (In millions of yen) March 31 Increase (Decrease) 2008 2007 ASSETS Current assets: Cash ¥ 19,297 ¥ 30,367 ¥(11,069) Notes and accounts 44,299 50,462 (6,162) receivable-trade Inventories 28,431 28,630 (198) Other current assets 58,113 44,733 13,380 Total current assets 150,142 154,192 (4,050) Fixed assets: Tangible 59,174 63,904 (4,729) Intangible 37,099 31,348 5,751 Investments and others 203,886 190,518 13,367 Total fixed assets 300,161 285,770 14,390 Deferred assets 170 - 170 Total assets ¥450,474 ¥439,963 ¥ 10,510 LIABILITIES Current liabilities: Notes and accounts ¥ 48,186 ¥ 52,701 ¥ (4,514) payable-trade Accrued expenses 50,325 55,787 (5,461) Other current liabilities 52,406 63,050 (10,643) Total current liabilities 150,919 171,538 (20,619) Long-term liabilities 98,276 72,019 26,257 Total liabilities 249,196 243,558 5,637 NET ASSETS Shareholders' equity: Common stock 69,823 49,048 20,775 Capital surplus 102,053 81,314 20,738 Retained earnings 39,099 72,574 (33,475) Treasury stock (11,048) (12,452) 1,404 Total shareholders' equity 199,928 190,485 9,442 Adjustments to valuation and translation: Net unrealized gains on 1,299 6,041 (4,742) securities Deferred gains (losses) on 51 (121) 172 hedges Total adjustments to valuation 1,350 5,920 (4,570) and translation Total net assets 201,278 196,405 4,872 Total liabilities and net ¥450,474 ¥439,963 ¥ 10,510 assets (3) CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (In millions of yen) Shareholders' Equity Common Capital Retained Treasury Total Stock Surplus Earnings Stock Sharehol ders' Equity Balance at March 31, 2007 ¥49,048 ¥ 81,314 ¥ 72,574 ¥(12,452) ¥190,485 Issuance of new shares 20,775 20,775 41,550 Dividends paid (1,744) (1,744) Net loss (31,396) (31,396) Acquisition and disposal of (36) (334) 1,404 1,033 treasury stock, net Net change in items other - than shareholders' equity Balance at March 31, 2008 ¥69,823 ¥102,053 ¥ 39,099 ¥(11,048) ¥199,928 Adjustments to Total Valuation and Translation Net Assets Net Deferred Total Unrealized Gains Adjustments (Losses) to Valuation Gains on on Hedges and Securities Translation Balance at March 31, 2007 ¥ 6,041 ¥(121) ¥ 5,920 ¥196,405 Issuance of new shares - 41,550 Dividends paid - (1,744) Net loss - (31,396) Acquisition and disposal of - 1,033 treasury stock, net Net change in items other (4,742) 172 (4,570) (4,570) than shareholders' equity Balance at March 31, 2008 ¥ 1,229 ¥51 ¥ 1,350 ¥201,278 (In millions of yen) Shareholders' Equity Common Capital Surplus Retained Treasury Total Stock Earnings Stock Sharehol ders' Equity Balance at March 31, 2006 ¥49,048 ¥81,315 ¥ 96,169 ¥(12,442) ¥214,090 Dividends paid (1,308) (1,308) Net loss (22,286) (22,286) Acquisition and disposal of 0 (10) (10) treasury stock, net Net change in items other - than shareholders' equity Balance at March 31, 2007 ¥49,048 ¥81,314 ¥ 72,574 ¥(12,452) ¥190,485 Adjustments to Total Valuation and Translation Net Assets Net Deferred Total Unrealized Gains Adjustments (Losses) to Valuation Gains on on Hedges and Securities Translation Balance at March 31, 2006 ¥ 7,409 - ¥ 7,409 ¥221,500 Dividends paid - (1,308) Net loss - (22,286) Acquisition and disposal of - (10) treasury stock, net Net change in items other (1,368) ¥(121) (1,489) (1,489) than shareholders' equity Balance at March 31, 2007 ¥ 6,041 ¥(121) ¥15,920 ¥196,405 This information is provided by RNS The company news service from the London Stock Exchange END FR FKNKPCBKKQPD
1 Year Paragon M. C47 Chart |
1 Month Paragon M. C47 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions