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RNS Number : 8472L
Pioneer Corporation
13 May 2010
For Immediate Release
May 13, 2010
Pioneer Announces Business Results for Fiscal 2010
Pioneer Corporation today announced its consolidated and non-consolidated
business results for the year ended March 31, 2010.
Consolidated Financial Highlights
+----------------------------------+-+------------+-+------------+-+--------+
| (In millions of yen except per share information) |
+---------------------------------------------------------------------------+
| | | Year ended March 31 |
+----------------------------------+-+--------------------------------------+
| | | 2010 | | 2009 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------------------+-+------------+-+------------+-+--------+
| Net sales | | JPY438,998 | | JPY558,837 | | 78.6% |
+----------------------------------+-+------------+-+------------+-+--------+
| Operating income (loss) | | (17,514) | | (54,529) | | - |
+----------------------------------+-+------------+-+------------+-+--------+
| Ordinary income (loss) | | (24,740) | | (54,420) | | - |
+----------------------------------+-+------------+-+------------+-+--------+
| Net loss | | JPY | | JPY | | -% |
| | | (58,276) | | (130,529) | | |
+----------------------------------+-+------------+-+------------+-+--------+
| | | | | | | |
+----------------------------------+-+------------+-+------------+-+--------+
| Net loss per share | | JPY | | JPY | | |
| | | (272.70) | | (636.68) | | |
+----------------------------------+-+------------+-+------------+-+--------+
In fiscal 2010, consolidated net sales decreased 21.4% year on year to
JPY438,998 million (US$4,720.4 million). This was mainly the result of decreased
sales of plasma displays, from which business Pioneer withdrew in fiscal 2010,
and lower sales of car electronics products and DVD drives, as well as the
impact of the Japanese yen's appreciation. This was despite increased sales of
Blu-ray Disc-related products.
Operating loss was JPY17,514 million (US$188.3 million) in fiscal 2010,
improving from JPY54,529 million in fiscal 2009. This change primarily reflected
lower selling, general and administrative (SG&A) expenses and improvement in the
gross profit margin, owing to benefits from restructuring, despite the drop in
net sales. On a semi-annual basis, the operating loss was JPY22,760 million in
the first half, and operating income was JPY5,246 million in the second half.
Pioneer thus restored operating profitability in the second half of the fiscal
year. The net loss improved from JPY130,529 million in fiscal 2009 to JPY58,276
million (US$626.6 million) in fiscal 2010. In addition to improved operating
results, the smaller net loss reflected decreases in the loss on valuation of
investment securities and in income taxes.
During fiscal 2010, the average value of the Japanese yen appreciated 8.3% and
9.4% against the U.S. dollar and euro, respectively, compared with the previous
fiscal year.
Car Electronics sales decreased 14.5% year on year to JPY249,331 million
(US$2,681.0 million) because of lower sales of both car navigation systems and
car audio products. In car navigation systems, overall sales declined due to
decreased consumer-market sales in Japan, Europe and North America, and reduced
OEM sales mainly in Japan and North America. In car audio products,
consumer-market sales decreased mainly because of lower overseas sales.
Meanwhile, OEM sales rose due to higher sales in Japan and China. Total OEM
sales in this business segment accounted for approximately 44% of Car
Electronics sales, compared with approximately 41% in the previous fiscal year.
In terms of geographic sales, sales in Japan decreased 8.5% to JPY104,350
million (US$1,120.0 million), while overseas sales decreased 18.4% to JPY144,981
million (US$1,558.9 million).
This segment recorded an operating loss of JPY7,274 million (US$78.2 million),
improving from JPY12,337 million in the previous fiscal year. This change was
due to reduced fixed costs and improvement in the gross profit margin, owing to
benefits from restructuring, despite decreased sales.
Home Electronics sales decreased 36.3% year on year to JPY133,329 million
(US$1,433.6 million), mainly due to lower sales of plasma displays and DVD
drives, despite higher sales of Blu-ray Disc-related products as an optical disc
joint venture commenced operations.
In terms of geographic sales, sales in Japan increased 29.3% to JPY40,096
million (US$431.1 million), while overseas sales declined 47.7% to JPY93,233
million (US$1,002.5 million).
This segment recorded an operating loss of JPY9,138 million (US$98.3 million),
improving from JPY38,622 million in fiscal 2009. The smaller operating loss
reflected reduced fixed costs, owing to benefits from restructuring, and the
recording of lump-sum income from patents related to plasma displays, despite
the drop in sales.
In the Others segment, sales decreased 2.7% year on year to JPY56,338 million
(US$605.8 million), due to lower sales of factory automation systems and speaker
units for cellular phones. This was despite increased royalty revenue from
patents related to optical disc technologies, as well as higher sales of
electronics devices and parts, and business-use AV systems.
In terms of geographic sales, sales in Japan were JPY37,674 million (US$405.1
million), remaining mostly unchanged from fiscal 2009, while overseas sales
decreased 8.5% to JPY18,664 million (US$200.7 million).
This segment recorded operating income of JPY689 million (US$7.4 million) in
fiscal 2010, compared with an operating loss of JPY3,377 million in fiscal 2009,
chiefly due to reduced fixed costs, owing to benefits from restructuring, as
well as to increased royalty revenue from patents.
Note:Operating income (loss) in each business segment represents operating
income (loss) before elimination of intersegment transactions.
Consolidated Financial Position
Total assets as of March 31, 2010 were JPY389,719 million (US$4,190.5 million),
a decrease of JPY39,374 million from March 31, 2009, reflecting decreases in
inventories as well as in property, plant and equipment and intangible assets.
Inventories declined JPY29,836 million from March 31, 2009 to JPY55,050 million
(US$591.9 million) as of March 31, 2010, reflecting reduced inventories in the
plasma displays, from which business we withdrew, as well as in the Car
Electronics. Property, plant and equipment decreased JPY22,103 million from
March 31, 2009 to JPY90,064 million (US$968.4 million) as of March 31, 2010, as
we curtailed capital expenditures. Intangible assets were JPY31,303 million
(US$336.6 million) as of March 31, 2010, a decrease of JPY13,495 million from
March 31, 2009, mainly due to curbs on new software acquisitions and to the sale
of patents.
Total liabilities as of March 31, 2010 were JPY299,065 million (US$3,215.8
million), a decrease of JPY18,180 million from March 31, 2009. This mainly
reflected a decrease of JPY15,182 million in borrowings, as well as a decrease
of JPY10,950 million in accrued expenses mainly due to special retirement
benefits paid. These decreases were partly offset by an increase of JPY16,896
million in trade payables reflecting increased production.
Total equity as of March 31, 2010 was JPY90,654 million (US$974.8 million), a
decrease of JPY21,194 million from March 31, 2009. This chiefly reflected a net
loss of JPY58,276 million, despite a combined increase of JPY34,866 million in
common stock and capital surplus as a result of increases in capital.
Cash Flows
During fiscal 2010, net cash provided by operating activities was JPY7,956
million (US$85.5 million). The main factors providing cash were non-cash
expenses, namely depreciation and amortization of JPY39,303 million (US$422.6
million) and a decrease in inventories of JPY29,342 million (US$315.5 million),
as well as an increase in trade payables of JPY17,056 million (US$183.4
million). These were partly offset by a loss before income taxes and minority
interests of JPY49,530 million (US$532.6 million), a decrease in accrued
expenses of JPY10,715 million (US$115.2 million), and an increase in trade
receivables of JPY9,959 million (US$107.1 million).
Net cash used in investing activities was JPY8,432 million (US$90.7 million).
This principally reflected the payment of JPY23,802 million (US$255.9 million)
for purchases of noncurrent assets mainly in the Car Electronics business,
despite proceeds of JPY15,536 million (US$167.1 million) from sales of
noncurrent assets such as patents and of JPY6,448 million (US$69.3 million) from
sales of investment securities.
Financing activities provided net cash of JPY21,846 million (US$234.9 million),
principally reflecting proceeds of JPY34,732 million (US$373.5 million) from
issuance of common stock through an international offering and third-party
allotments, despite JPY14,774 million (US$158.9 million) used for payment of
debt.
Consequently, cash and cash equivalents as of March 31, 2010 were JPY84,142
million (US$904.8 million), an increase of JPY20,396 million from March 31,
2009.
Business Forecasts for Fiscal 2011
Consolidated business forecasts for fiscal 2011, the year ending March 31, 2011,
are as follows:
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
| | | | | (In millions of yen) |
+------------------+----------+---------------------------------------------------------+----------+---------------------------------------------------------+
| | | First half | | Full year |
+------------------+----------+---------------------------------------------------------+----------+---------------------------------------------------------+
| | | Forecasts | | Results | |Percent | | Forecasts | | Results | |Percent |
| | | for | | for | |changes | | for | | for | |changes |
| | | fiscal | | fiscal | | | | fiscal | | fiscal | | |
| | | 2011 | | 2010 | | | | 2011 | | 2010 | | |
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
| Net sales | | JPY223,500 | | JPY203,733 | | +9.7% | | JPY480,000 | | JPY438,998 | | +9.3% |
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
| Operating income | | 6,000 | | (22,760) | | - | | 17,000 | | (17,514) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
| Ordinary income | | 3,500 | | (24,270) | | - | | 12,500 | | (24,740) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
| Net income | | JPY7,500 | | (40,857) | | -% | | JPY11,000 | | (58,276) | | -% |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+------------+----------+---------+----------+------------+----------+------------+----------+---------+
In fiscal 2011, Pioneer is forecasting consolidated net sales of JPY480.0
billion, an increase of 9.3% year on year. In the Home Electronics business,
this forecast mainly reflects increased sales from an optical disc joint
venture, as well as a boost in sales from an expanded lineup of audio products,
despite reduced sales due to the withdrawal from the display business. In the
Car Electronics business, the forecast mainly reflects higher sales in newly
emerging markets, and increased OEM sales volume in line with improving auto
market conditions.
Pioneer expects to restore operating profitability in fiscal 2011. The Company
is forecasting operating income of JPY17.0 billion, an improvement of JPY34.5
billion from an operating loss in the previous fiscal year. This improvement
reflects a reduction in fixed costs of approximately JPY20.0 billion year on
year, mainly owing to benefits from restructuring, as well as the positive
impact of increased sales, cost-cutting initiatives and other factors. In
addition, Pioneer is projecting ordinary income of JPY12.5 billion and net
income of JPY11.0 billion.
We are assuming an average U.S. dollar-yen exchange rate of JPY90 and a euro-yen
exchange rate of JPY120 for the aforementioned consolidated business forecasts
for fiscal 2011.
Dividends
Pioneer positions its dividend policy as one of its highest management
priorities. On the basis of maintaining stable dividends, the Company's policy
is to set appropriate dividend payments in light of its financial position,
consolidated business results, and other factors.
In fiscal 2010, Pioneer recorded a consolidated net loss of JPY58,562 million.
Consequently, Pioneer deeply regrets that it has decided to pay no year-end
dividend for fiscal 2010, as in fiscal 2009. Accordingly, no dividends will be
paid for the year ended March 31, 2010.
Basic Management Policies and Issues to Be Addressed
Pioneer seeks to create new value for customers by offering innovative,
high-quality, and high value-added electronics products, with the aim of
realizing the Pioneer Group's philosophy of "Move the Heart and Touch the Soul"
with more people around the world.
In fiscal 2010, Pioneer implemented business restructuring measures centered on
business portfolio realignment and cost reduction, in order to shift to a lean
operating structure. At the same time, we strengthened our financial position by
raising funds through the issuance of new shares. Looking ahead, while striving
to enhance profitability in existing businesses through the aforementioned
measures, Pioneer will promote the following key initiatives in its growth
strategy.
First, to tackle the challenge of additional drastic cost reductions, we will
continue to reduce costs across all business categories, including the Car and
the Home Electronics businesses. In every process from planning to production
and sales, by promoting the standardization and sharing of parts, components and
modules, and through the use of OEM and other suppliers, we will expand our
product line to include low-end products. Additionally, in collaboration with
Mitsubishi Electric Corporation, we will drastically reduce software development
costs through joint development of shared car navigation system platforms, with
the aim of further enhancing our competitiveness.
Our second and third initiatives are to strengthen our alliance strategy and
expand our businesses in emerging markets, respectively. In the Car Electronics
business, we established a joint venture (JV) in October 2009 with Shanghai
Automotive Industry Corporation (Group), a major Chinese automaker and commenced
its business. Going forward, we aim to further expand our business in China by
focusing on expanding business with core customers like Toyota Motor Corporation
and Honda Motor Co., Ltd., as well as with the Shanghai Automotive Industry
Corporation (Group). Another priority is to establish an "Intelligent Transport
System (ITS)" tailored to road and traffic conditions in China, as ITS becomes
increasingly important to Chinese consumers.
In the Home Electronics business, Pioneer concluded a strategic alliance
agreement in November 2009 with Suning Appliance Co., Ltd., a major Chinese home
electronics mass retailer. Through this alliance, Pioneer will drive further
business expansion in the Chinese market utilizing Suning Appliance's strong
sales channels and infrastructure, as well as unique marketing expertise and
other resources.
Our fourth initiative is to establish new business models in the Car Electronics
business. While taking full advantage of our 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.
Our last initiative is to actively develop new businesses. We are focusing on
accelerating the commercialization of newly developed technologies. In February
2010, Pioneer concluded a business alliance agreement concerning organic light
emitting diode (OLED) lighting with Mitsubishi Chemical Corporation. OLED is
expected to become a highly efficient next-generation lighting source that could
replace conventional lighting. Pioneer will supply OLED lighting panels to
Mitsubishi Chemical which plans to begin sales of OLED lighting in 2011. At the
same time, both companies will pursue joint research on OLED lighting panels
with printable emitting materials and examine the commercial feasibility of this
technology.
Going forward, Pioneer will restore operating profitability in fiscal 2011 and
make every effort to implement the foregoing initiatives to drive future growth.
Material Events Regarding Going Concern Assumption
Pioneer's financial position remained under strain in fiscal 2010, as in fiscal
2009, due to a sharp drop in net sales and large losses. However, Pioneer's
business condition has improved substantially, highlighted by its return to
profitability at the operating income level in the second half of fiscal 2010,
as a result of implementing drastic restructuring.
Since fiscal 2009, the Company's business performance and financial position had
triggered breaches of financial covenants under a loan agreement with a number
of lender financial institutions. However, on March 29, 2010, Pioneer signed a
new loan agreement (by method of syndication) with multiple financial
institutions for a total loan amount of JPY89.4 billion. With this loan
agreement, the breaches of financial covenants were resolved. Pioneer was also
able to secure stable funding with the assistance of its lender banks.
Pioneer plans to use its own internal funds for the redemption of JPY60 billion
in the aggregate principal amount of its convertible bonds due in March 2011,
based on progress with the sale of assets that have a low degree of relevance to
its main businesses. This includes the signing on March 30, 2010 of an agreement
to sell the land and buildings of the Company's former head office in Meguro,
Tokyo.
Furthermore, as a means of procuring growth funds, Pioneer raised JPY34.9
billion by issuing new shares in March 2010 through an international offering
and third-party allotments. Consequently, Pioneer's financial position has
improved substantially.
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.
Proposed Changes in Management
<Effective June 25, 2010>
(1) Candidates for directors to be newly elected at the ordinary general meeting
of shareholders:
- Mr. Kunio Kawashiri, currently Executive Officer, will become Director.
- Mr. Masahiro Tanizeki, President and Representative Director of Toyotsu Syscom
Corporation, will be elected as Outside Director.
(2) Change in Representative Director:
Mr. Mikio Ono, currently Managing Director, will be elected as Managing
Director and Representative Director.
(3) Directors who will retire:
- Mr. Akira Haeno, currently Senior Managing Director and Representative
Director.
- Mr. Shunichi Sato, currently Outside Director.
(4) Candidate for Corporate Auditor to be newly elected at the ordinary general
meeting of shareholders:
Mr. Toshiyuki Ito, currently Senior Executive Officer of Pioneer Corporation,
and Chairman & Managing Director of Pioneer Europe NV. He will be elected as
full time Corporate Auditor.
(5) Change in status of Corporate Auditor:
Mr. Michiyoshi Ogawa, currently full time Corporate Auditor, will become
Corporate Auditor.
(6) Substitute Auditor in case of a vacancy who will retire:
Mr. Takashi Miyazawa, currently Substitute Auditor in case of a vacancy.
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 the Japanese
yen, for convenience only, at the rate of JPY93=US$1.00, the approximate rate
prevailing on March 31, 2010.
Attachments:
I. Consolidated financial statements for the year ended March 31, 2010
II. Non-consolidated financial statements for the year ended March 31, 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/
I. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2010
(1) CONSOLIDATED BALANCE SHEETS
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+---------------------------------------------------------+----------+
| | | March 31 | |
+---------------------------------------------------------+------------+---------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| ASSETS | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Current assets: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Cash and deposits | | JPY63,745 | | JPY90,245 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Trade receivables | | 60,989 | | 70,800 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Merchandise and finished goods | | 45,169 | | 25,218 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Work in process | | 14,699 | | 10,211 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Raw materials and supplies | | 25,018 | | 19,621 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Deferred tax assets | | 7,097 | | 5,808 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Other current assets | | 17,420 | | 13,845 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Allowance for doubtful receivables | | (2,035) | | (1,875) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total current assets | | 232,102 | | 233,873 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Noncurrent assets: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Property, plant and equipment: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Buildings and structures | | 102,285 | | 92,245 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Accumulated depreciation | | (57,112) | | (54,241) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Net | | 45,173 | | 38,004 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Machinery, equipment and vehicles | | 82,080 | | 89,196 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Accumulated depreciation | | (59,844) | | (73,127) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Net | | 22,236 | | 16,069 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Land | | 33,705 | | 29,062 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Construction in progress | | 373 | | 333 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Others | | 94,513 | | 79,201 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Accumulated depreciation | | (83,833) | | (72,605) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Net | | 10,680 | | 6,596 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Total property, plant and equipment | | 112,167 | | 90,064 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Intangible assets: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Goodwill | | 1,420 | | 1,343 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Software | | 39,215 | | 28,357 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Others | | 4,163 | | 1,603 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total intangible assets | | 44,798 | | 31,303 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Investments and other assets: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Investment securities | | 18,972 | | 17,020 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Deferred tax assets | | 12,484 | | 9,389 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Others | | 8,470 | | 7,762 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Allowance for doubtful accounts | | (7) | | (10) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total investments and other assets | | 39,919 | | 34,161 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Total noncurrent assets | | 196,884 | | 155,528 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Deferred assets: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Stock issuance cost | | 107 | | 318 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total deferred assets | | 107 | | 318 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total assets | | JPY429,093 | | JPY389,719 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+-----------+----------+
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+---------------------------------------------------------+----------+
| | | March 31 | |
+---------------------------------------------------------+------------+---------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| LIABILITIES | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Current liabilities: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Trade payables | | JPY40,798 | | JPY57,694 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Short-term borrowings | | 110,000 | | 14,567 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Current portion of long-term debt | | 2,664 | | 2,553 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Current portion of bonds | | - | | 60,600 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Accrued income taxes | | 4,153 | | 5,016 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Accrued expenses | | 50,763 | | 39,813 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Warranty reserve | | 4,222 | | 3,504 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Other current liabilities | | 19,820 | | 15,420 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Total current liabilities | | 232,420 | | 199,167 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Long-term liabilities: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Bonds payable | | 60,600 | | - | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Long-term debt | | 6,515 | | 86,877 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Accrued pension and severance costs | | 12,704 | | 9,300 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Other long-term liabilities | | 5,006 | | 3,721 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Total long-term liabilities | | 84,825 | | 99,898 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total liabilities | | 317,245 | | 299,065 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | EQUITY | | | | |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Shareholders' equity: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Common stock | | 69,824 | | 87,257 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Capital surplus | | 102,054 | | 119,487 |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Retained earnings | | 13,250 | | (45,096) |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Treasury stock | | (11,124) | | (11,049) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total shareholders' equity | | 174,004 | | 150,599 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Valuation and translation adjustments: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Unrealized gain on available-for-sale securities | | 1,552 | | 4,897 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | Deferred gain on derivatives under hedge accounting | | 42 | | - |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Foreign currency translation adjustments | | (63,549) | | (66,390) |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| | Pension adjustments recognized by foreign consolidated | | (1,551) | | (1,946) |
| | subsidiaries | | | | |
+----------+---------------------------------------------------------+------------+---------------------+------------+----------------------+
| Total valuation and translation adjustments | | (63,506) | | (63,439) | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Minority interests | | 1,350 | | 3,494 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total equity | | 111,848 | | 90,654 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| Total liabilities and equity | | JPY429,093 | | JPY389,719 | |
+---------------------------------------------------------+------------+---------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+-----------+----------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Net sales | | JPY558,837 | | JPY438,998 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Cost of sales | | 477,965 | | 366,165 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Gross profit | | 80,872 | | 72,833 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Selling, general and administrative expenses | | 135,401 | | 90,347 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Operating loss | | (54,529) | | (17,514) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Non-operating income: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Interest income | | 3,066 | | 587 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Dividends income | | 630 | | 391 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Subsidy income | | - | | 490 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Others | | 678 | | 954 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total non-operating income | | 4,374 | | 2,422 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Non-operating expenses: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Interest expenses | | 2,840 | | 3,302 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Foreign exchange losses | | 243 | | 2,850 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Borrowing cost | | - | | 1,650 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Equity in losses of affiliated companies | | 132 | | 276 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Others | | 1,050 | | 1,570 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total non-operating expenses | | 4,265 | | 9,648 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Ordinary loss | | (54,420) | | (24,740) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Extraordinary income: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Gain on sales of noncurrent assets | | 961 | | 8,255 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Gain on sales of investment securities | | - | | 2,139 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Others | | 155 | | 537 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total extraordinary income | | 1,116 | | 10,931 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Extraordinary loss: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Loss on sales and disposal of noncurrent assets | | 2,856 | | 4,976 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Impairment loss | | 4,132 | | 7,932 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Loss on valuation of investment securities | | 14,871 | | 327 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Restructuring costs | | 24,744 | | 21,875 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Others | | 32 | | 611 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total extraordinary loss | | 46,635 | | 35,721 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Loss before income taxes and minority interests | | (99,939) | | (49,530) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Income taxes?current | | 4,805 | | 4,715 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Income taxes?deferred | | 25,620 | | 3,729 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total income taxes | | 30,425 | | 8,444 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Minority interests in income | | 165 | | 302 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Net loss | | JPY(130,529) | | JPY(58,276) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
(3) CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| SHAREHOLDERS' EQUITY | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Common Stock: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, beginning of year | | JPY69,824 | | JPY69,824 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Issuance of new shares | | - | | 17,433 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | - | | 17,433 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | 69,824 | | 87,257 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Capital Surplus: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 102,054 | | 102,054 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Issuance of new shares | | - | | 17,433 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | - | | 17,433 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | 102,054 | | 119,487 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Retained Earnings: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 144,370 | | 13,250 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Adjustment pursuant to FASB158 | | (75) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Dividends from surplus | | (513) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Net loss | | (130,529) | | (58,276) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Disposal of treasury stock | | (3) | | (70) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (131,045) | | (58,346) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | 13,250 | | (45,096) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Treasury Stock: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | (11,124) | | (11,124) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Purchase of treasury stock | | (4) | | (0) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Disposal of treasury stock | | 4 | | 75 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | - | | 75 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | (11,124) | | (11,049) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Total Shareholders' Equity: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 305,124 | | 174,004 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Adjustment pursuant to FASB158 | | (75) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Issuance of new shares | | - | | 34,866 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Dividends from surplus | | (513) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Net loss | | (130,529) | | (58,276) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Purchase of treasury stock | | (4) | | (0) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Disposal of treasury stock | | 1 | | 5 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (131,045) | | (23,405) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | JPY174,004 | | JPY150,599 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| VALUATION AND TRANSLATION ADJUSTMENTS | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Unrealized Gain on Available-for-Sale Securities: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, beginning of year | | JPY2,351 | | JPY1,552 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (799) | | 3,345 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (799) | | 3,345 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | 1,552 | | 4,897 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Deferred Gain on Derivatives Under Hedge Accounting: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 51 | | 42 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (9) | | (42) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (9) | | (42) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | 42 | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Foreign Currency Translation Adjustments: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | (49,699) | | (63,549) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (13,850) | | (2,841) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (13,850) | | (2,841) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | (63,549) | | (66,390) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Pension Adjustments Recognized by Foreign Consolidated | | | | | |
| Subsidiaries: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 166 | | (1,551) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (1,717) | | (395) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (1,717) | | (395) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | (1,551) | | (1,946) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Total Valuation and Translation Adjustments: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | (47,131) | | (63,506) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (16,375) | | 67 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (16,375) | | 67 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Balance, end of year | | (63,506) | | (63,439) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| MINORITY INTERESTS | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 1,362 | | 1,350 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (12) | | 2,144 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (12) | | 2,144 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | JPY1,350 | | JPY3,494 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| TOTAL EQUITY | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | JPY259,355 | | JPY111,848 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Adjustment pursuant to FASB158 | | (75) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Changes of items during the year: | | | | |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Issuance of new shares | | - | | 34,866 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Dividends from surplus | | (513) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Net loss | | (130,529) | | (58,276) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Purchase of treasury stock | | (4) | | (0) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Disposal of treasury stock | | 1 | | 5 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (16,387) | | 2,211 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total changes of items during the year | | (147,432) | | (21,194) | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | JPY111,848 | | JPY90,654 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
(4) CONSOLIDATED STATEMENT OF CASH FLOWS
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+--------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+--------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Cash flows from operating activities: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Loss before income taxes and minority interests | | JPY (99,939) | | JPY (49,530) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| | Depreciation and amortization | | 43,187 | | 39,303 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Impairment loss | | 4,132 | | 7,932 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Decrease in accrued pension and severance costs | | - | | (3,804) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Interest and dividends income | | (3,696) | | (978) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Interest expenses | | 2,840 | | 3,302 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Loss (gain) on sales and disposal of noncurrent assets | | 1,895 | | (3,279) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Loss on valuation of investment securities | | 14,871 | | 327 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Decrease (increase) in trade receivables | | 27,213 | | (9,959) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Decrease in inventories | | 8,500 | | 29,342 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Increase (decrease) in trade payables | | (40,536) | | 17,056 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Decrease in accrued expenses | | (12,258) | | (10,715) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| Other, net | | 287 | | (3,331) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Subtotal | | (53,504) | | 15,666 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Interest and dividends income received | | 4,066 | | 957 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Interest expenses paid | | (3,010) | | (3,318) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Income taxes paid | | (9,115) | | (5,349) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Net cash provided by (used in) operating activities | | (61,563) | | 7,956 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Cash flows from investing activities: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Increase in time deposits | | - | | (6,103) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| | Purchase of noncurrent assets | | (45,849) | | (23,802) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Proceeds from sales of noncurrent assets | | 1,846 | | 15,536 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Proceeds from sales of investment securities | | 161 | | 6,448 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Proceeds from cancellation return of insurance | | 5,515 | | - |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| Other, net | | 35 | | (511) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Net cash used in investing activities | | (38,292) | | (8,432) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Cash flows from financing activities: | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Net increase (decrease) in short-term borrowings | | 99,842 | | (95,028) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| | Proceeds from long-term debt | | - | | 89,430 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Repayment of long-term debt | | (3,064) | | (9,176) |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Redemption of bonds | | (10,000) | | - |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Dividends paid | | (513) | | - |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Proceeds from issuance of common stock | | - | | 34,732 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| | Proceeds from stock issuance to minority shareholders | | - | | 2,040 |
+----------+---------------------------------------------------------+------------+---------------------+------------+---------------------+
| Other, net | | (432) | | (152) | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Net cash provided by financing activities | | 85,833 | | 21,846 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Effect of exchange rate changes on cash and cash | | (3,412) | | (974) | |
| equivalents | | | | | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Net increase (decrease) in cash and cash equivalents | | (17,434) | | 20,396 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Cash and cash equivalents, beginning of year | | 81,180 | | 63,746 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| Cash and cash equivalents, end of year | | JPY63,746 | | JPY84,142 | |
+---------------------------------------------------------+------------+---------------------+------------+---------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+----------+----------+-+----------+----------+----------+
(5) SEGMENT INFORMATION
<Business Segments>
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+-------------------------------------------------------------------------------------------------------------------------------------------+
| Year ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| March 31, 2009 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY291,704 | | JPY209,257 | | JPY57,876 | | JPY558,837 | | - | - | JPY558,837 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 1,797 | | 556 | | 27,304 | | 29,657 | | JPY(29,657) | | - |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 293,501 | | 209,813 | | 85,180 | | 588,494 | | (29,657) | | 558,837 |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Operating loss | | JPY(12,337) | | JPY(38,622) | | JPY(3,377) | | JPY(54,336) | | JPY(193) | | JPY(54,529) |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+------------------------------------------------------------------------------------------------------------------------------------------+
| Year ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| March 31, 2010 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY249,331 | | JPY133,329 | | JPY56,338 | | JPY438,998 | | - | - | JPY438,998 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 1,729 | | 646 | | 14,241 | | 16,616 | | JPY(16,616) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 251,060 | | 133,975 | | 70,579 | | 455,614 | | (16,616) | | 438,998 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Operating | | JPY(7,274) | | JPY(9,138) | | JPY689 | | JPY(15,723) | | JPY(1,791) | | JPY(17,514) |
| (income) loss | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
Note: Business segments are determined according to type of products and
similarity of sales markets.
<Geographic Segments>
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+-----------------+----------+------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Year ended | | Japan | | North | | Europe | | Other | | Total | | Corporate | |Consolidated |
| March 31, 2009 | | | | America | | | | Regions | | | | and | | |
| | | | | | | | | | | | |Eliminations | | |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY222,451 | | JPY109,394 | | JPY111,717 | | JPY115,275 | | JPY558,837 | | - | | JPY558,837 |
| customers | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 216,656 | | 4,046 | | 375 | | 170,288 | | 391,365 | | JPY(391,365) | | - |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 439,107 | | 113,440 | | 112,092 | | 285,563 | | 950,202 | | (391,365) | | 558,837 |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
| Operating | | JPY(60,693) | | JPY(3,694) | | JPY(4,920) | | JPY4,162 | | JPY(65,145) | | JPY10,616 | | JPY(54,529) |
| income (loss) | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+------------+----------+------------+----------+------------+----------+-------------+----------+--------------+----------+--------------+
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+-----------------+----------+---------------------------------------------------------------------------------------------------------------------------------------------------------------+
| Year ended | | Japan | | North | | Europe | | Other | | Total | | Corporate | |Consolidated |
| March 31, 2010 | | | | America | | | | Regions | | | | and | | |
| | | | | | | | | | | | |Eliminations | | |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY214,588 | | JPY72,028 | | JPY60,208 | | JPY92,174 | | JPY438,998 | | - | | JPY438,998 |
| customers | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 130,361 | | 2,615 | | 223 | | 155,599 | | 288,798 | | JPY(288,798) | | - |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 344,949 | | 74,643 | | 60,431 | | 247,773 | | 727,796 | | (288,798) | | 438,998 |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Operating | | JPY(22,070) | | JPY2,797 | | JPY(718) | | JPY9,961 | | JPY(10,030) | | JPY(7,484) | | JPY(17,514) |
| income (loss) | | | | | | | | | | | | | | |
+-----------------+----------+-------------+----------+-----------+----------+-----------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
Note: Geographic segment information is based on the location of the parent
company and its subsidiaries.
<Net Sales by Overseas Geographic Market>
+-------------------------------+----------+------------+----------+------------+----------+------------+----------+------------+
| | | (In millions of yen) |
+-------------------------------+----------+------------------------------------------------------------------------------------+
| Year ended | | North | | Europe | | Other | | Total |
| March 31, 2009 | | America | | | | Regions | | |
+-------------------------------+----------+------------+----------+------------+----------+------------+----------+------------+
| Overseas net sales | | JPY109,894 | | JPY112,693 | | JPY153,772 | | JPY376,359 |
+-------------------------------+----------+------------+----------+------------+----------+------------+----------+------------+
| Consolidated net sales | | | | | | | | JPY558,837 |
+-------------------------------+----------+------------+----------+------------+----------+------------+----------+------------+
| % to consolidated net sales | | 19.7% | | 20.2% | | 27.4% | | 67.3% |
+-------------------------------+----------+------------+----------+------------+----------+------------+----------+------------+
+-------------------------------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| | | (In millions of yen) |
+-------------------------------+----------+----------------------------------------------------------------------------------+
| Year ended | | North | | Europe | | Other | | Total |
| March 31, 2010 | | America | | | | Regions | | |
+-------------------------------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Overseas net sales | | JPY72,669 | | JPY60,972 | | JPY123,237 | | JPY256,878 |
+-------------------------------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| Consolidated net sales | | | | | | | | JPY438,998 |
+-------------------------------+----------+-----------+----------+-----------+----------+------------+----------+------------+
| % to consolidated net sales | | 16.6% | | 13.9% | | 28.0% | | 58.5% |
+-------------------------------+----------+-----------+----------+-----------+----------+------------+----------+------------+
Note: Net sales by geographic market is based on the location of each
unaffiliated customer.
<Net Sales by Segment>
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| | | (In millions of yen) |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | Year ended March 31 |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | 2009 | | 2010 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+--------------------------------+----------+----------------------------------+----------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | JPY113,985 | | 20.4% | | JPY104,350 | | 23.8% | | 91.5% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 177,719 | | 31.8 | | 144,981 | | 33.0 | | 81.6 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Car Electronics | | 291,704 | | 52.2 | | 249,331 | | 56.8 | | 85.5 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 31,010 | | 5.5 | | 40,096 | | 9.1 | | 129.3 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 178,247 | | 31.9 | | 93,233 | | 21.3 | | 52.3 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Home Electronics | | 209,257 | | 37.4 | | 133,329 | | 30.4 | | 63.7 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 37,483 | | 6.8 | | 37,674 | | 8.6 | | 100.5 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 20,393 | | 3.6 | | 18,664 | | 4.2 | | 91.5 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Others | | 57,876 | | 10.4 | | 56,338 | | 12.8 | | 97.3 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 182,478 | | 32.7 | | 182,120 | | 41.5 | | 99.8 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 376,359 | | 67.3 | | 256,878 | | 58.5 | | 68.3 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Total | | JPY558,837 | | 100.0% | | JPY438,998 | | 100.0% | | 78.6% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
Notes:
1. Effective from fiscal 2010, "Net sales" has included "Other operating
revenue" (Royalty revenue) because of its reduced importance to consolidated
business results. Previously, "Net sales" and "Other operating revenue" composed
"Operating revenue." Figures for the previous year have been reclassified to
conform to this presentation.
2. 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 recorders, Blu-ray Disc
drives, DVD players, DVD recorders, DVD drives and plasma displays
Others:
factory automation systems, speaker units, electronics devices and
parts, organic light-emitting diode displays, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
II. NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2010
(1) CONDENSED BALANCE SHEETS
+----------+-----------------------------------------------+----------+-+----------+----------+----------+-+----------+----------+----------+----------+
| | | (In millions of yen) | |
+----------------------------------------------------------+------------+-------------------------------------------------------------------+----------+
| | | March 31 | |
+----------------------------------------------------------+------------+-------------------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| ASSETS | | | | | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| Current assets: | | | | | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| | Cash and deposits | | JPY25,164 | | JPY42,568 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| | Trade receivables | | 24,424 | | 31,118 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| | Inventories | | 25,926 | | 16,202 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| | Other current assets | | 91,199 | | 94,380 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| Total current assets | | 166,716 | | 184,269 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| Noncurrent assets: | | | | | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| Property, plant and equipment | | 51,075 | | 44,338 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| | Intangible | | 36,945 | | 24,506 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| | Investments and other assets | | 179,453 | | 185,704 |
+----------+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+
| Total noncurrent assets | | 267,474 | | 254,550 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| Deferred assets | | 106 | | 317 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| Total assets | | JPY434,297 | | JPY439,138 | |
+----------------------------------------------------------+------------+---------------------+------------+--------------------------------+----------+
| | | | | | |
| LIABILITIES | | | | | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Current liabilities: | | | | | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | Trade payables | | JPY23,295 | | JPY33,237 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Short-term borrowings | | 137,640 | | 65,195 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Current portion of bonds | | - | | 60,600 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Accrued expenses | | 36,013 | | 25,381 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Other current liabilities | | 10,335 | | 4,720 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| Total current liabilities | | 207,284 | | 189,134 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Long-term liabilities: | | | | | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Bonds payable | | 60,600 | | - | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | Long-term debt | | - | | 76,644 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Other long-term liabilities | | 59,096 | | 63,967 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| Total long-term liabilities | | 119,696 | | 140,611 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Total liabilities | | 326,980 | | 329,746 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | EQUITY | | | | |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| Shareholders' equity: | | | | | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | Common stock | | 69,823 | | 87,257 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Capital surplus | | 102,053 | | 119,487 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| | Retained earnings | | (54,803) | | (91,269) |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| Treasury stock | | (11,049) | | (11,049) | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Total shareholders' equity | | 106,024 | | 104,425 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | Valuation and translation adjustments | | 1,291 | | 4,966 |
+----------+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+
| Total equity | | 107,316 | | 109,391 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| Total liabilities and equity | | JPY434,297 | | JPY439,138 | |
+----------------------------------------------------------+------------+---------------------+-----------------------+---------------------+----------+
| | | | | | | | | | | | |
+----------+-----------------------------------------------+----------+-+----------+----------+----------+-+----------+----------+----------+----------+
(2) CONDENSED STATEMENTS OF OPERATIONS
+----------------------------------------------+----------+-------------+-+-------------+
| | | (In millions of yen) |
+----------------------------------------------+----------+-----------------------------+
| | | Year ended March 31 |
+----------------------------------------------+----------+-----------------------------+
| | | 2009 | | 2010 |
+----------------------------------------------+----------+-------------+-+-------------+
| Net sales | | JPY370,454 | | JPY269,372 |
+----------------------------------------------+----------+-------------+-+-------------+
| Cost of sales | | 358,852 | | 255,591 |
+----------------------------------------------+----------+-------------+-+-------------+
| Selling, general and administrative expenses | | 66,538 | | 42,060 |
+----------------------------------------------+----------+-------------+-+-------------+
| Operating loss | | (54,937) | | (28,279) |
+----------------------------------------------+----------+-------------+-+-------------+
| Non-operating income-net | | 18,609 | | 3,026 |
+----------------------------------------------+----------+-------------+-+-------------+
| Ordinary loss | | (36,327) | | (25,252) |
+----------------------------------------------+----------+-------------+-+-------------+
| Extraordinary loss-net | | (44,278) | | (10,496) |
+----------------------------------------------+----------+-------------+-+-------------+
| Loss before income taxes | | (80,606) | | (35,748) |
+----------------------------------------------+----------+-------------+-+-------------+
| Income taxes | | 12,781 | | 716 |
+----------------------------------------------+----------+-------------+-+-------------+
| Net loss | | JPY(93,387) | | JPY(36,465) |
+----------------------------------------------+----------+-------------+-+-------------+
(3) CONDENSED STATEMENTS OF CHANGES IN EQUITY
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
| | | (In millions of yen) | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | Year ended March 31 | |
+---------------------------------------------------------+------------+----------------------------------------------------------+----------+
| | | 2009 | | 2010 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Shareholders' Equity: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | JPY199,928 | | JPY106,024 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Issuance of new shares | | - | | 34,867 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Dividends from surplus | | (512) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Net loss | | (93,387) | | (36,465) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Purchase of treasury stock | | (4) | | (0) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Disposal of treasury stock | | 1 | | 0 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | 106,024 | | 104,425 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Valuation and Translation Adjustments: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 1,350 | | 1,291 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Net changes of items other than shareholders' equity | | (58) | | 3,674 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | 1,291 | | 4,966 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Total Equity: | | | | | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, beginning of year | | 201,278 | | 107,316 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | Issuance of new shares | | - | | 34,867 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Dividends from surplus | | (512) | | - |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Net loss | | (93,387) | | (36,465) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Purchase of treasury stock | | (4) | | (0) |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| | Disposal of treasury stock | | 1 | | 0 |
+----------+---------------------------------------------------------+------------+----------------------+------------+----------------------+
| Net changes of items other than shareholders' equity | | (58) | | 3,674 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| Balance, end of year | | JPY107,316 | | JPY109,391 | |
+---------------------------------------------------------+------------+----------------------+------------+----------------------+----------+
| | | | | | | | | | | |
+----------+----------------------------------------------+----------+-+----------+-----------+----------+-+----------+-----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KKNDQFBKKBPD
1 Year Paragon M. C47 Chart |
1 Month Paragon M. C47 Chart |
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