RNS Number:7936C
Pioneer Corporation
11 May 2006
For Immediate Release
May 11, 2006
Pioneer Announces Partial Amendments to
Consolidated Business Results for Fiscal 2006
TOKYO - Pioneer Corporation today announced as follows, partial
amendments to its consolidated business results for fiscal 2006, ended March 31,
2006, which were announced on April 27, 2006.
The full Final Results announcement was released by RNS on April 27, 2006 under
RNS No. 0812C.
I. REASON FOR AMENDMENTS
The Company has amended certain amounts in its consolidated financial statements
in connection with the trade receivable securitization program. Securitized
trade receivables and related sales program liabilities, which were recorded
separately in the Consolidated Balance Sheets, are now shown in net in
accordance with the requirements of the U.S. GAAP. Due to this change, "Trade
receivables, less allowance" in Current Assets, and "Others" in Current
Liabilities decreased by Y2,743 million, respectively. Related amounts in the
Consolidated Statements of Cash Flows are also amended accordingly.
II. POINTS OF AMENDMENTS
Cash Flows
(Amendments are indicated by asterisks ( ** ). )
During fiscal 2006, operating activities provided net cash of Y68,329 million
(US$584.0 million). This was mainly due to a decrease in trade receivables and
inventories of **Y28,859 million (US$246.7 million)**, as well as adjustments
for non-cash expenses, such as depreciation and amortization of Y46,703 million
(US$399.2 million), impairment losses of Y41,422 million (US$354.0 million) on
property, plant and equipment, and equity in losses of affiliated companies of
Y24,031 million (US$205.4 million). These factors outweighed the net loss of
Y84,986 million (US$726.4 million) for the period. Meanwhile, investing
activities used net cash of Y29,759 million (US$254.4 million). This reflected
Y40,325 million (US$344.7 million) for car electronics and plasma display-
related capital expenditures and other investments, partially offset by proceeds
of Y7,068 million (US$60.4 million) from the sale of investment securities.
Financing activities used net cash of Y38,551 million (US$329.5 million), mainly
for the redemption of bonds and dividend payments. In addition, the effect of
exchange rate changes on cash and cash equivalents was an increase of Y4,980
million (US$42.6 million), due to translation differences reflecting a weaker
yen. Consequently, cash and cash equivalents at March 31, 2006 were Y121,680
million (US$1,040.0 million), Y4,999 million (US$42.7 million) higher than at
March 31, 2005.
Note: The U.S. dollar amounts in this release represent translation of
Japanese yen, for convenience only, at the rate of Y117=US$1.00,
the approximate rate prevailing on March 31, 2006.
Consolidated Balance Sheets
(Amended figures are shown with asterisks ( * ).)
(In millions of yen)
March 31 Increase/
2006 2005 (Decrease)
ASSETS
Current assets:
Cash and cash equivalents 121,680 116,681 4,999
Trade receivables, less allowance 107,563* 132,176 (24,613)*
Inventories 104,226 109,015 (4,789)
Assets held for sale 25,577 - 25,577
Others 69,626 69,024 602
Total current assets 428,672* 426,896 1,776*
Investments and long-term receivables 29,772 28,828 944
Property, plant and equipment, less depreciation 160,231 210,145 (49,914)
Intangible assets 20,576 24,052 (3,476)
Other assets 38,795 35,246 3,549
Total assets 678,046* 725,167 (47,121)*
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion
of long-term debt 30,370 52,428 (22,058)
Trade payables 102,082 96,335 5,747
Liabilities held for sale 17,863 - 17,863
Others 121,977* 102,407 19,570*
Total current liabilities 272,292* 251,170 21,122*
Long-term debt 92,970 81,219 11,751
Other long-term liabilities 25,425 42,371 (16,946)
Minority interests 14,109 18,168 (4,059)
Shareholders' equity:
Common stock 49,049 49,049 -
Capital surplus 82,910 82,735 175
Retained earnings 173,826 260,556 (86,730)
Accumulated other comprehensive income (loss) (20,092) (47,669) 27,577
Treasury stock (12,443) (12,432) (11)
Total shareholders' equity 273,250 332,239 (58,989)
Total liabilities and shareholders' equity 678,046* 725,167 (47,121)*
Breakdown of accumulated other comprehensive income (loss):
Minimum pension liability adjustments (3,680) (11,186) 7,506
Net unrealized holding gain on securities 10,352 8,250 2,102
Cumulative foreign currency translation adjustments (26,764) (44,733) 17,969
Total accumulated other comprehensive income (loss) (20,092) (47,669) 27,577
Consolidated Statements of Cash Flows
(Amended figures are shown with asterisks ( * ).)
(In millions of yen)
Year ended March 31
2006 2005
I. Operating activities:
Net loss (84,986) (8,789)
Depreciation and amortization 46,703 46,990
Decrease (increase) in trade receivables 19,329* (12,322)
Decrease in inventories 9,530 6,317
Increase in trade payables 13,941 4,405
Increase (decrease) in other accrued liabilities 24,114* (10,371)
Other 39,698 (6,284)
Net cash provided by operating activities 68,329 19,946
II. Investing activities:
Payment for purchase of fixed assets (40,325) (63,866)
Payment for purchase of subsidiary - (34,015)
Other 10,566 4,365
Net cash used in investing activities (29,759) (93,516)
III. Financing activities:
Increase (decrease) in short-term borrowings and long-term debt
(31,204) 4,549
Dividends paid (3,499) (4,386)
Purchase and sales of treasury stock, net (11) (1,967)
Decrease in capital-lease obligations (3,535) (1,770)
Other (302) (445)
Net cash used in financing activities (38,551) (4,019)
Effect of exchange rate changes on cash
and cash equivalents 4,980 1,851
Net increase (decrease) in cash and cash equivalents 4,999 (75,738)
Cash and cash equivalents, beginning of year 116,681 192,419
Cash and cash equivalents, end of year 121,680 116,681
Free cash flow (I + II) 38,570 (73,570)
# # # # # #
For further information, please contact:
Investor Relations Department, Corporate Branding and Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6773 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Website: http://pioneer.jp/ir-e/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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