TIDM35SV
RNS Number : 7762P
Pioneer Corporation
31 March 2009
For Immediate Release
March 31, 2009
Pioneer Announces Quarterly Financial
Statements for Fiscal 2009 based on
Japanese GAAP
TOKYO - Pioneer Corporation has restated its consolidated quarterly financial
statements for the first quarter, the second quarter and the third quarter of
fiscal 2009, the year ended March 31, 2009, based on Japanese generally accepted
accounting principles (GAAP). This follows the Company's decision to change its
accounting principles for preparing consolidated financial statements from U.S.
GAAP to Japanese GAAP.
Attached are consolidated quarterly financial statements as follows.
?.Consolidated financial statements for the first quarter ended June 30, 2008
?.Consolidated financial statements for the second quarter and the six-month
period ended September 30, 2008
?.Consolidated financial statements for the third quarter and the nine-month
period ended December 31, 2008
I. CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED JUNE 30, 2008
(1) CONSOLIDATED BALANCE SHEETS
+--------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+--------------------------------------------+---------------------------------+
| | | 2008 |
+--------------------------------------------+---+-----------------------------+
| | | June 30 | | March 31 |
+--------------------------------------------+---+------------+---+------------+
| ASSETS | | | | |
+--------------------------------------------+---+------------+---+------------+
| Current assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Cash and deposits | | JPY78,423 | | JPY79,674 |
+--------------------------------------------+---+------------+---+------------+
| Notes and accounts | | 109,748 | | 95,449 |
| receivable-trade | | | | |
+--------------------------------------------+---+------------+---+------------+
| Merchandise and finished | | 68,175 | | 54,404 |
| goods | | | | |
+--------------------------------------------+---+------------+---+------------+
| Work in process | | 21,984 | | 21,818 |
+--------------------------------------------+---+------------+---+------------+
| Raw materials and supplies | | 33,808 | | 28,654 |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax assets | | 17,298 | | 17,089 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 24,318 | | 23,255 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for doubtful | | (2,423) | | (2,381) |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total current assets | | 351,331 | | 317,962 |
+--------------------------------------------+---+------------+---+------------+
| Noncurrent assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Property, plant and | | | | |
| equipment: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Buildings and | | 107,159 | | 104,524 |
| structures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Machinery, | | 219,679 | | 213,631 |
| vehicles, tools, | | | | |
| furniture and | | | | |
| fixtures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 38,890 | | 39,118 |
+--------------------------------------------+---+------------+---+------------+
| Accumulated | | (241,240) | | (234,521) |
| depreciation | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total property, | | 124,488 | | 122,752 |
| plant and | | | | |
| equipment | | | | |
+--------------------------------------------+---+------------+---+------------+
| Intangible assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Goodwill | | 1,477 | | 1,497 |
+--------------------------------------------+---+------------+---+------------+
| Software | | 41,032 | | 40,113 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 5,120 | | 5,327 |
+--------------------------------------------+---+------------+---+------------+
| Total intangible | | 47,629 | | 46,937 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investments and other | | | | |
| assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investment | | 36,382 | | 35,871 |
| securities | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax | | 24,481 | | 25,250 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 13,716 | | 13,442 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for | | (109) | | (109) |
| doubtful | | | | |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total | | 74,470 | | 74,454 |
| investments and | | | | |
| other assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 246,587 | | 244,143 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred assets | | 171 | | 171 |
+--------------------------------------------+---+------------+---+------------+
| Total | | JPY598,089 | | JPY562,276 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
+----------------------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+----------------------------------------------------------+---------------------------------+
| | | 2008 |
+----------------------------------------------------------+---+-----------------------------+
| | | June 30 | | March 31 |
+----------------------------------------------------------+---+------------+---+------------+
| LIABILITIES | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Notes and accounts | | JPY101,849 | | JPY86,195 |
| payable-trade | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Short-term loans | | 48,000 | | 14,812 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current portion of | | 10,000 | | 10,000 |
| bonds | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Income taxes payable | | 4,487 | | 5,601 |
+----------------------------------------------------------+---+------------+---+------------+
| Accrued expenses | | 60,470 | | 67,227 |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for product | | 5,582 | | 5,265 |
| warranties | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 23,708 | | 30,742 |
+----------------------------------------------------------+---+------------+---+------------+
| Total current | | 254,096 | | 219,842 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Noncurrent liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Bonds payable | | 60,600 | | 60,600 |
+----------------------------------------------------------+---+------------+---+------------+
| Long-term loans | | 8,574 | | 9,179 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for | | 8,954 | | 8,554 |
| retirement benefits | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 5,433 | | 4,746 |
+----------------------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 83,561 | | 83,079 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | 337,657 | | 302,921 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| NET ASSETS | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Shareholders' equity: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Capital stock | | 69,824 | | 69,824 |
+----------------------------------------------------------+---+------------+---+------------+
| Capital surplus | | 102,054 | | 102,054 |
+----------------------------------------------------------+---+------------+---+------------+
| Retained earnings | | 134,370 | | 144,370 |
+----------------------------------------------------------+---+------------+---+------------+
| Treasury stock | | (11,124) | | (11,124) |
+----------------------------------------------------------+---+------------+---+------------+
| Total shareholders' | | 295,124 | | 305,124 |
| equity | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation and translation adjustments: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation difference | | 2,855 | | 2,351 |
| on available-for-sale | | | | |
| securities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Deferred gains | | (241) | | 51 |
| (losses) on hedges | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Foreign currency | | (38,887) | | (49,699) |
| translation | | | | |
| adjustments | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Pension adjustments | | 126 | | 166 |
| recognized by overseas | | | | |
| consolidated | | | | |
| subsidiaries | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total valuation and | | (36,147) | | (47,131) |
| translation | | | | |
| adjustments | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Minority interests | | 1,455 | | 1,362 |
+----------------------------------------------------------+---+------------+---+------------+
| Total net assets | | 260,432 | | 259,355 |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | JPY598,089 | | JPY562,276 |
| liabilities | | | | |
| and net | | | | |
| assets | | | | |
+----------------------------------------------------------+---+------------+---+------------+
(2) CONSOLIDATED STATEMENT OF OPERATIONS
+-----------------------------------------------+---+-----------------+--+
| | | (In millions of | |
| | | yen) | |
+-----------------------------------------------+---+-----------------+--+
| | | Three months | |
| | | ended June 30, | |
| | | 2008 | |
+-----------------------------------------------+---+-----------------+--+
| Operating revenue: | | | |
+-----------------------------------------------+---+-----------------+--+
| Net sales | | JPY160,907 | |
+-----------------------------------------------+---+-----------------+--+
| Other operating revenue | | 59 | |
+-----------------------------------------------+---+-----------------+--+
| Total operating revenue | | 160,966 | |
+-----------------------------------------------+---+-----------------+--+
| Cost of sales | | 129,396 | |
+-----------------------------------------------+---+-----------------+--+
| Gross profit | | 31,570 | |
+-----------------------------------------------+---+-----------------+--+
| Selling, general and administrative expenses | | 38,395 | |
+-----------------------------------------------+---+-----------------+--+
| Operating loss | | (6,825) | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest income | | 1,035 | |
+-----------------------------------------------+---+-----------------+--+
| Foreign exchange | | 865 | |
| gains | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 421 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 2,321 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating expenses: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest expenses | | 755 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 258 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 1,013 | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Ordinary loss | | (5,517) | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Gain on sales of | | 538 | |
| noncurrent assets | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 67 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 605 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary loss: | | | |
+-----------------------------------------------+---+-----------------+--+
| Impairment loss | | 859 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 93 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 952 | |
| loss | | | |
+-----------------------------------------------+---+-----------------+--+
| Loss before income taxes and minority | | (5,864) | |
| interests | | | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?current | | 2,641 | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?deferred | | 934 | |
+-----------------------------------------------+---+-----------------+--+
| Total income taxes | | 3,575 | |
+-----------------------------------------------+---+-----------------+--+
| Minority interests in income | | 48 | |
+-----------------------------------------------+---+-----------------+--+
| Net loss | | JPY(9,487) | |
+-----------------------------------------------+---+-----------------+--+
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
+------------------------------------------------+-+---+-----------------+-+
| | | | (In millions of | |
| | | | yen) | |
+------------------------------------------------+-+---+-----------------+-+
| | | | Three months | |
| | | | ended June 30, | |
| | | | 2008 | |
+------------------------------------------------+-+---+-----------------+-+
| I.Cash flows from operating | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Loss before | | | JPY(5,864) | |
| income taxes | | | | |
| and minority | | | | |
| interests | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Depreciation | | | 9,672 | |
| and | | | | |
| amortization | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Impairment loss | | | 859 | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | (1,333) | |
| dividends | | | | |
| income | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | 755 | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Gain on sales | | | (454) | |
| of property, | | | | |
| plant and | | | | |
| equipment | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | (10,618) | |
| notes and | | | | |
| accounts | | | | |
| receivable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | (14,419) | |
| inventories | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | 13,386 | |
| notes and | | | | |
| accounts | | | | |
| payable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Decrease in | | | (8,166) | |
| accrued | | | | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (3,993) | |
+------------------------------------------------+-+---+-----------------+-+
| Subtotal | | | (20,175) | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | 1,070 | |
| dividends | | | | |
| income received | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | (563) | |
| expenses paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Income taxes | | | (4,534) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (24,202) | |
| used in | | | | |
| operating | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| II.Cash flows from investing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Purchase of | | | (13,148) | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 768 | |
| sales of | | | | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 89 | |
| sales of | | | | |
| investment | | | | |
| securities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (264) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (12,555) | |
| used in | | | | |
| investing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| III.Cash flows from financing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net increase in | | | 32,298 | |
| short-term | | | | |
| loans payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Repayment of | | | (1,005) | |
| long-term loans | | | | |
| payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash dividends | | | (513) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (156) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | 30,624 | |
| provided | | | | |
| by | | | | |
| financing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Effect of exchange rate changes on cash | | | 4,337 | |
| and cash equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net decrease in cash and cash | | | (1,796) | |
| equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at beginning | | | 81,180 | |
| of period | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at end of | | | JPY79,384 | |
| period | | | | |
+------------------------------------------------+-+---+-----------------+-+
(4) SEGMENT INFORMATION
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| <Business Segments> | | (In millions of yen) |
+---------------------------+-+--------------------------------------------------------------------------------------------+
| Three months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| June 30, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating revenue: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Unaffiliated | | JPY88,095 | | JPY57,343 | | JPY15,528 | | JPY160,966 | | - | | JPY160,966 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Inter-segment | | 469 | | 113 | | 8,470 | | 9,052 | | JPY(9,052) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Total | | 88,564 | | 57,456 | | 23,998 | | 170,018 | | (9,052) | | 160,966 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating income | | JPY1,704 | | JPY(7,394) | | JPY(264) | | JPY(5,954) | | JPY(871) | | JPY(6,825) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
Notes:
1.The Company's business is classified into three segments: "Car Electronics,"
"Home Electronics," and "Others." Principal products and services included in
each segment are as follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
plasma displays, DVD recorders, DVD players, DVD drives,
Blu-ray Disc players, Blu-ray Disc drives, audio systems, audio components, DJ
equipment and equipment for cable TV systems
Others:
organic light-emitting diode displays, factory automation systems,
speaker units, electronics devices and parts, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
2.Effective from fiscal 2009, the patent licensing business, which was
previously classified as an independent business segment, has been included in
the "Others" segment because of its reduced importance to consolidated business
results.
?. CONSOLIDATED FINANCIAL STATEMENTS FOR THE SECOND QUARTER AND THE SIX-MONTH
PERIOD ENDED SEPTEMBER 30, 2008
(1) CONSOLIDATED BALANCE SHEETS
+--------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+--------------------------------------------+---------------------------------+
| | | 2008 |
+--------------------------------------------+---+-----------------------------+
| | | September | | March 31 |
| | | 30 | | |
+--------------------------------------------+---+------------+---+------------+
| ASSETS | | | | |
+--------------------------------------------+---+------------+---+------------+
| Current assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Cash and deposits | | JPY72,187 | | JPY79,674 |
+--------------------------------------------+---+------------+---+------------+
| Notes and accounts | | 89,498 | | 95,449 |
| receivable-trade | | | | |
+--------------------------------------------+---+------------+---+------------+
| Merchandise and finished | | 71,025 | | 54,404 |
| goods | | | | |
+--------------------------------------------+---+------------+---+------------+
| Work in process | | 22,759 | | 21,818 |
+--------------------------------------------+---+------------+---+------------+
| Raw materials and supplies | | 33,085 | | 28,654 |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax assets | | 16,443 | | 17,089 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 24,610 | | 23,255 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for doubtful | | (2,277) | | (2,381) |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total current assets | | 327,330 | | 317,962 |
+--------------------------------------------+---+------------+---+------------+
| Noncurrent assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Property, plant and | | | | |
| equipment: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Buildings and | | 105,445 | | 104,524 |
| structures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Machinery, | | 198,891 | | 213,631 |
| vehicles, tools, | | | | |
| furniture and | | | | |
| fixtures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 37,753 | | 39,118 |
+--------------------------------------------+---+------------+---+------------+
| Accumulated | | (219,610) | | (234,521) |
| depreciation | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total property, | | 122,479 | | 122,752 |
| plant and | | | | |
| equipment | | | | |
+--------------------------------------------+---+------------+---+------------+
| Intangible assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Goodwill | | 1,457 | | 1,497 |
+--------------------------------------------+---+------------+---+------------+
| Software | | 40,990 | | 40,113 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 4,921 | | 5,327 |
+--------------------------------------------+---+------------+---+------------+
| Total intangible | | 47,368 | | 46,937 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investments and other | | | | |
| assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investment | | 27,491 | | 35,871 |
| securities | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax | | 22,384 | | 25,250 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 13,659 | | 13,442 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for | | (109) | | (109) |
| doubtful | | | | |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total | | 63,425 | | 74,454 |
| investments and | | | | |
| other assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 233,272 | | 244,143 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred assets | | 139 | | 171 |
+--------------------------------------------+---+------------+---+------------+
| Total | | JPY560,741 | | JPY562,276 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
+----------------------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+----------------------------------------------------------+---------------------------------+
| | | 2008 |
+----------------------------------------------------------+---+-----------------------------+
| | | September | | March 31 |
| | | 30 | | |
+----------------------------------------------------------+---+------------+---+------------+
| LIABILITIES | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Notes and accounts | | JPY94,422 | | JPY86,195 |
| payable-trade | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Short-term loans | | 56,562 | | 14,812 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current portion of | | - | | 10,000 |
| bonds | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Income taxes payable | | 5,512 | | 5,601 |
+----------------------------------------------------------+---+------------+---+------------+
| Accrued expenses | | 77,783 | | 67,227 |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for product | | 5,095 | | 5,265 |
| warranties | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 23,863 | | 30,742 |
+----------------------------------------------------------+---+------------+---+------------+
| Total current | | 263,237 | | 219,842 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Noncurrent liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Bonds payable | | 60,600 | | 60,600 |
+----------------------------------------------------------+---+------------+---+------------+
| Long-term loans | | 7,969 | | 9,179 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for | | 9,711 | | 8,554 |
| retirement benefits | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 8,137 | | 4,746 |
+----------------------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 86,417 | | 83,079 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | 349,654 | | 302,921 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| NET ASSETS | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Shareholders' equity: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Capital stock | | 69,824 | | 69,824 |
+----------------------------------------------------------+---+------------+---+------------+
| Capital surplus | | 102,054 | | 102,054 |
+----------------------------------------------------------+---+------------+---+------------+
| Retained earnings | | 99,711 | | 144,370 |
+----------------------------------------------------------+---+------------+---+------------+
| Treasury stock | | (11,126) | | (11,124) |
+----------------------------------------------------------+---+------------+---+------------+
| Total shareholders' | | 260,463 | | 305,124 |
| equity | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation and translation adjustments: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation difference | | (3,859) | | 2,351 |
| on available-for-sale | | | | |
| securities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Deferred gains on | | 376 | | 51 |
| hedges | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Foreign currency | | (47,433) | | (49,699) |
| translation adjustment | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Pension adjustments | | 93 | | 166 |
| recognized by overseas | | | | |
| consolidated | | | | |
| subsidiaries | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total valuation and | | (50,823) | | (47,131) |
| translation | | | | |
| adjustments | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Minority interests | | 1,447 | | 1,362 |
+----------------------------------------------------------+---+------------+---+------------+
| Total net assets | | 211,087 | | 259,355 |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | JPY560,741 | | JPY562,276 |
| liabilities | | | | |
| and net | | | | |
| assets | | | | |
+----------------------------------------------------------+---+------------+---+------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+-----------------------------------------------+---+-----------------+--+
| | | (In millions of | |
| | | yen) | |
+-----------------------------------------------+---+-----------------+--+
| | | Six | |
| | | months ended | |
| | | September 30, | |
| | | 2008 | |
+-----------------------------------------------+---+-----------------+--+
| Operating revenue: | | | |
+-----------------------------------------------+---+-----------------+--+
| Net sales | | JPY326,898 | |
+-----------------------------------------------+---+-----------------+--+
| Other operating revenue | | 144 | |
+-----------------------------------------------+---+-----------------+--+
| Total operating revenue | | 327,042 | |
+-----------------------------------------------+---+-----------------+--+
| Cost of sales | | 262,643 | |
+-----------------------------------------------+---+-----------------+--+
| Gross profit | | 64,399 | |
+-----------------------------------------------+---+-----------------+--+
| Selling, general and administrative expenses | | 78,739 | |
+-----------------------------------------------+---+-----------------+--+
| Operating loss | | (14,340) | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest income | | 2,026 | |
+-----------------------------------------------+---+-----------------+--+
| Foreign exchange | | 210 | |
| gains | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 814 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 3,050 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating expenses: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest expenses | | 1,651 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 599 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 2,250 | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Ordinary loss | | (13,540) | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Gain on sales of | | 789 | |
| noncurrent assets | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 68 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 857 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary loss: | | | |
+-----------------------------------------------+---+-----------------+--+
| Impairment loss | | 1,445 | |
+-----------------------------------------------+---+-----------------+--+
| Business | | 15,728 | |
| restructuring | | | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 580 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 17,753 | |
| loss | | | |
+-----------------------------------------------+---+-----------------+--+
| Loss before income taxes and minority | | (30,436) | |
| interests | | | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?current | | 9,112 | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?deferred | | 4,426 | |
+-----------------------------------------------+---+-----------------+--+
| Total income taxes | | 13,538 | |
+-----------------------------------------------+---+-----------------+--+
| Minority interests in income | | 97 | |
+-----------------------------------------------+---+-----------------+--+
| Net loss | | JPY(44,071) | |
+-----------------------------------------------+---+-----------------+--+
+-----------------------------------------------+---+-----------------+--+
| | | (In millions of | |
| | | yen) | |
+-----------------------------------------------+---+-----------------+--+
| | | Three | |
| | | months ended | |
| | | September 30, | |
| | | 2008 | |
+-----------------------------------------------+---+-----------------+--+
| Operating revenue: | | | |
+-----------------------------------------------+---+-----------------+--+
| Net sales | | JPY165,991 | |
+-----------------------------------------------+---+-----------------+--+
| Other operating revenue | | 85 | |
+-----------------------------------------------+---+-----------------+--+
| Total operating revenue | | 166,076 | |
+-----------------------------------------------+---+-----------------+--+
| Cost of sales | | 133,247 | |
+-----------------------------------------------+---+-----------------+--+
| Gross profit | | 32,829 | |
+-----------------------------------------------+---+-----------------+--+
| Selling, general and administrative expenses | | 40,344 | |
+-----------------------------------------------+---+-----------------+--+
| Operating loss | | (7,515) | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest income | | 991 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 393 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 1,384 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating expenses: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest expenses | | 896 | |
+-----------------------------------------------+---+-----------------+--+
| Foreign exchange | | 655 | |
| losses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 341 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 1,892 | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Ordinary loss | | (8,023) | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Gain on sales of | | 251 | |
| noncurrent assets | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 1 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 252 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary loss: | | | |
+-----------------------------------------------+---+-----------------+--+
| Impairment loss | | 586 | |
+-----------------------------------------------+---+-----------------+--+
| Business | | 15,728 | |
| restructuring | | | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 487 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 16,801 | |
| loss | | | |
+-----------------------------------------------+---+-----------------+--+
| Loss before income taxes and minority | | (24,572) | |
| interests | | | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?current | | 6,471 | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?deferred | | 3,492 | |
+-----------------------------------------------+---+-----------------+--+
| Total income taxes | | 9,963 | |
+-----------------------------------------------+---+-----------------+--+
| Minority interests in income | | 49 | |
+-----------------------------------------------+---+-----------------+--+
| Net loss | | JPY(34,584) | |
+-----------------------------------------------+---+-----------------+--+
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
+------------------------------------------------+-+---+-----------------+-+
| | | | (In millions of | |
| | | | yen) | |
+------------------------------------------------+-+---+-----------------+-+
| | | | Six months | |
| | | |ended September | |
| | | | 30, 2008 | |
+------------------------------------------------+-+---+-----------------+-+
| I.Cash flows from operating | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Loss before | | | JPY(30,436) | |
| income taxes | | | | |
| and minority | | | | |
| interests | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Depreciation | | | 20,559 | |
| and | | | | |
| amortization | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Impairment loss | | | 1,445 | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | (2,404) | |
| dividends | | | | |
| income | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | 1,651 | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Loss on | | | 489 | |
| valuation of | | | | |
| investment | | | | |
| securities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Gain on sales | | | (698) | |
| of property, | | | | |
| plant and | | | | |
| equipment | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Decrease in | | | 5,215 | |
| notes and | | | | |
| accounts | | | | |
| receivable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | (23,552) | |
| inventories | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | 7,774 | |
| notes and | | | | |
| accounts | | | | |
| payable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | 11,448 | |
| accrued | | | | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (3,444) | |
+------------------------------------------------+-+---+-----------------+-+
| Subtotal | | | (11,953) | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | 2,118 | |
| dividends | | | | |
| income received | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | (1,449) | |
| expenses paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Income taxes | | | (5,962) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (17,246) | |
| used in | | | | |
| operating | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| II.Cash flows from investing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Purchase of | | | (24,571) | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 1,094 | |
| sales of | | | | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 137 | |
| sales of | | | | |
| investment | | | | |
| securities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (320) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (23,660) | |
| used in | | | | |
| investing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| III.Cash flows from financing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net increase in | | | 43,354 | |
| short-term | | | | |
| loans payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Repayment of | | | (1,610) | |
| long-term loans | | | | |
| payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Redemption of | | | (10,000) | |
| bonds | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash dividends | | | (513) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (362) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | 30,869 | |
| provided | | | | |
| by | | | | |
| financing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Effect of exchange rate changes on cash | | | 1,288 | |
| and cash equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net decrease in cash and cash | | | (8,749) | |
| equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at beginning | | | 81,180 | |
| of period | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at end of | | | JPY72,431 | |
| period | | | | |
+------------------------------------------------+-+---+-----------------+-+
(4) SEGMENT INFORMATION
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| <Business Segments> | | (In millions of yen) |
+---------------------------+-+---------------------------------------------------------------------------------------------+
| Six months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating revenue: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY173,641 | | JPY119,932 | | JPY33,469 | | JPY327,042 | | - | | JPY327,042 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 942 | | 282 | | 16,565 | | 17,789 | | JPY(17,789) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 174,583 | | 120,214 | | 50,034 | | 344,831 | | (17,789) | | 327,042 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY2,776 | | JPY(14,347) | | JPY179 | | JPY(11,392) | | JPY(2,948) | | JPY(14,340) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+--------------------------------------------------------------------------------------------+
| Three months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating revenue: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Unaffiliated | | JPY85,546 | | JPY62,589 | | JPY17,941 | | JPY166,076 | | - | | JPY166,076 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Inter-segment | | 473 | | 169 | | 8,095 | | 8,737 | | JPY(8,737) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Total | | 86,019 | | 62,758 | | 26,036 | | 174,813 | | (8,737) | | 166,076 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating income | | JPY1,072 | | JPY(6,953) | | JPY443 | | JPY(5,438) | | JPY(2,077) | | JPY(7,515) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
Notes:
1.The Company's business is classified into three segments: "Car Electronics,"
"Home Electronics," and "Others." Principal products and services included in
each segment are as follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
plasma displays, LCD TVs, DVD recorders, DVD players, DVD
drives, Blu-ray Disc players, Blu-ray Disc drives, audio systems, audio
components, DJ equipment and equipment for cable TV systems
Others:
organic light-emitting diode displays, factory automation systems,
speaker units, electronics devices and parts, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
2.Effective from fiscal 2009, the patent licensing business, which was
previously classified as an independent business segment, has been included in
the "Others" segment because of its reduced importance to consolidated business
results.
?. CONSOLIDATED FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND THE NINE-MONTH
PERIOD ENDED DECEMBER 31, 2008
(1) CONSOLIDATED BALANCE SHEETS
+--------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+--------------------------------------------+---------------------------------+
| | | 2008 |
+--------------------------------------------+---+-----------------------------+
| | | December | | March 31 |
| | | 31 | | |
+--------------------------------------------+---+------------+---+------------+
| ASSETS | | | | |
+--------------------------------------------+---+------------+---+------------+
| Current assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Cash and deposits | | JPY43,100 | | JPY79,674 |
+--------------------------------------------+---+------------+---+------------+
| Notes and accounts | | 73,929 | | 95,449 |
| receivable-trade | | | | |
+--------------------------------------------+---+------------+---+------------+
| Merchandise and finished | | 75,952 | | 54,404 |
| goods | | | | |
+--------------------------------------------+---+------------+---+------------+
| Work in process | | 17,302 | | 21,818 |
+--------------------------------------------+---+------------+---+------------+
| Raw materials and supplies | | 31,116 | | 28,654 |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax assets | | 14,749 | | 17,089 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 22,053 | | 23,255 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for doubtful | | (2,192) | | (2,381) |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total current assets | | 276,009 | | 317,962 |
+--------------------------------------------+---+------------+---+------------+
| Noncurrent assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Property, plant and | | | | |
| equipment: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Buildings and | | 102,171 | | 104,524 |
| structures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Machinery, | | 175,279 | | 213,631 |
| vehicles, tools, | | | | |
| furniture and | | | | |
| fixtures | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 36,881 | | 39,118 |
+--------------------------------------------+---+------------+---+------------+
| Accumulated | | (199,091) | | (234,521) |
| depreciation | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total property, | | 115,240 | | 122,752 |
| plant and | | | | |
| equipment | | | | |
+--------------------------------------------+---+------------+---+------------+
| Intangible assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Goodwill | | 1,437 | | 1,497 |
+--------------------------------------------+---+------------+---+------------+
| Software | | 40,880 | | 40,113 |
+--------------------------------------------+---+------------+---+------------+
| Other | | 4,593 | | 5,327 |
+--------------------------------------------+---+------------+---+------------+
| Total intangible | | 46,910 | | 46,937 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investments and other | | | | |
| assets: | | | | |
+--------------------------------------------+---+------------+---+------------+
| Investment | | 19,018 | | 35,871 |
| securities | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred tax | | 21,310 | | 25,250 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Other | | 8,374 | | 13,442 |
+--------------------------------------------+---+------------+---+------------+
| Allowance for | | (3) | | (109) |
| doubtful | | | | |
| accounts | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total | | 48,699 | | 74,454 |
| investments and | | | | |
| other assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 210,849 | | 244,143 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
| Deferred assets | | 139 | | 171 |
+--------------------------------------------+---+------------+---+------------+
| Total | | JPY486,997 | | JPY562,276 |
| assets | | | | |
+--------------------------------------------+---+------------+---+------------+
+----------------------------------------------------------+---+------------+---+------------+
| | (In millions of yen) |
+----------------------------------------------------------+---------------------------------+
| | | 2008 |
+----------------------------------------------------------+---+-----------------------------+
| | | December | | March 31 |
| | | 31 | | |
+----------------------------------------------------------+---+------------+---+------------+
| LIABILITIES | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Notes and accounts | | JPY75,116 | | JPY86,195 |
| payable-trade | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Short-term loans | | 73,165 | | 14,812 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Current portion of | | - | | 10,000 |
| bonds | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Income taxes payable | | 2,841 | | 5,601 |
+----------------------------------------------------------+---+------------+---+------------+
| Accrued expenses | | 62,648 | | 67,227 |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for product | | 4,399 | | 5,265 |
| warranties | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 26,615 | | 30,742 |
+----------------------------------------------------------+---+------------+---+------------+
| Total current | | 244,784 | | 219,842 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Noncurrent liabilities: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Bonds payable | | 60,600 | | 60,600 |
+----------------------------------------------------------+---+------------+---+------------+
| Long-term loans | | 7,364 | | 9,179 |
| payable | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Provision for | | 9,320 | | 8,554 |
| retirement benefits | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Other | | 3,955 | | 4,746 |
+----------------------------------------------------------+---+------------+---+------------+
| Total noncurrent | | 81,239 | | 83,079 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | 326,023 | | 302,921 |
| liabilities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| NET ASSETS | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Shareholders' equity: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Capital stock | | 69,824 | | 69,824 |
+----------------------------------------------------------+---+------------+---+------------+
| Capital surplus | | 102,054 | | 102,054 |
+----------------------------------------------------------+---+------------+---+------------+
| Retained earnings | | 69,816 | | 144,370 |
+----------------------------------------------------------+---+------------+---+------------+
| Treasury stock | | (11,124) | | (11,124) |
+----------------------------------------------------------+---+------------+---+------------+
| Total shareholders' | | 230,570 | | 305,124 |
| equity | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation and translation adjustments: | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Valuation difference | | 1,653 | | 2,351 |
| on available-for-sale | | | | |
| securities | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Deferred gains on | | 30 | | 51 |
| hedges | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Foreign currency | | (72,627) | | (49,699) |
| translation adjustment | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Pension adjustments | | 43 | | 166 |
| recognized by overseas | | | | |
| consolidated | | | | |
| subsidiaries | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Total valuation and | | (70,901) | | (47,131) |
| translation | | | | |
| adjustments | | | | |
+----------------------------------------------------------+---+------------+---+------------+
| Minority interests | | 1,305 | | 1,362 |
+----------------------------------------------------------+---+------------+---+------------+
| Total net assets | | 160,974 | | 259,355 |
+----------------------------------------------------------+---+------------+---+------------+
| Total | | JPY486,997 | | JPY562,276 |
| liabilities | | | | |
| and net | | | | |
| assets | | | | |
+----------------------------------------------------------+---+------------+---+------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+-----------------------------------------------+---+-----------------+--+
| | | (In millions of | |
| | | yen) | |
+-----------------------------------------------+---+-----------------+--+
| | | Nine | |
| | | months ended | |
| | | December 31, | |
| | | 2008 | |
+-----------------------------------------------+---+-----------------+--+
| Operating revenue: | | | |
+-----------------------------------------------+---+-----------------+--+
| Net sales | | JPY458,073 | |
+-----------------------------------------------+---+-----------------+--+
| Other operating revenue | | 200 | |
+-----------------------------------------------+---+-----------------+--+
| Total operating revenue | | 458,273 | |
+-----------------------------------------------+---+-----------------+--+
| Cost of sales | | 373,297 | |
+-----------------------------------------------+---+-----------------+--+
| Gross profit | | 84,976 | |
+-----------------------------------------------+---+-----------------+--+
| Selling, general and administrative expenses | | 110,666 | |
+-----------------------------------------------+---+-----------------+--+
| Operating loss | | (25,690) | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest income | | 2,650 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 1,054 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 3,704 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating expenses: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest expenses | | 2,293 | |
+-----------------------------------------------+---+-----------------+--+
| Foreign exchange | | 338 | |
| losses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 885 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 3,516 | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Ordinary loss | | (25,502) | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Gain on sales of | | 875 | |
| noncurrent assets | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 72 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 947 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary loss: | | | |
+-----------------------------------------------+---+-----------------+--+
| Impairment loss | | 1,960 | |
+-----------------------------------------------+---+-----------------+--+
| Loss on valuation of | | 14,217 | |
| investment securities | | | |
+-----------------------------------------------+---+-----------------+--+
| Business | | 18,012 | |
| restructuring | | | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 190 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 34,379 | |
| loss | | | |
+-----------------------------------------------+---+-----------------+--+
| Loss before income taxes and minority | | (58,934) | |
| interests | | | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?current | | 8,669 | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?deferred | | 6,239 | |
+-----------------------------------------------+---+-----------------+--+
| Total income taxes | | 14,908 | |
+-----------------------------------------------+---+-----------------+--+
| Minority interests in income | | 124 | |
+-----------------------------------------------+---+-----------------+--+
| Net loss | | JPY(73,966) | |
+-----------------------------------------------+---+-----------------+--+
+-----------------------------------------------+---+-----------------+--+
| | | (In millions of | |
| | | yen) | |
+-----------------------------------------------+---+-----------------+--+
| | | Three | |
| | | months ended | |
| | | December 31, | |
| | | 2008 | |
+-----------------------------------------------+---+-----------------+--+
| Operating revenue: | | | |
+-----------------------------------------------+---+-----------------+--+
| Net sales | | JPY131,175 | |
+-----------------------------------------------+---+-----------------+--+
| Other operating revenue | | 56 | |
+-----------------------------------------------+---+-----------------+--+
| Total operating revenue | | 131,231 | |
+-----------------------------------------------+---+-----------------+--+
| Cost of sales | | 110,654 | |
+-----------------------------------------------+---+-----------------+--+
| Gross profit | | 20,577 | |
+-----------------------------------------------+---+-----------------+--+
| Selling, general and administrative expenses | | 31,927 | |
+-----------------------------------------------+---+-----------------+--+
| Operating loss | | (11,350) | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest income | | 624 | |
+-----------------------------------------------+---+-----------------+--+
| Dividends income | | 234 | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 6 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 864 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Non-operating expenses: | | | |
+-----------------------------------------------+---+-----------------+--+
| Interest expenses | | 642 | |
+-----------------------------------------------+---+-----------------+--+
| Foreign exchange | | 548 | |
| losses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 286 | |
+-----------------------------------------------+---+-----------------+--+
| Total non-operating | | 1,476 | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Ordinary loss | | (11,962) | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary income: | | | |
+-----------------------------------------------+---+-----------------+--+
| Gain on sales of | | 86 | |
| noncurrent assets | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 4 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 90 | |
| income | | | |
+-----------------------------------------------+---+-----------------+--+
| Extraordinary loss: | | | |
+-----------------------------------------------+---+-----------------+--+
| Impairment loss | | 515 | |
+-----------------------------------------------+---+-----------------+--+
| Loss on valuation of | | 13,728 | |
| investment securities | | | |
+-----------------------------------------------+---+-----------------+--+
| Business | | 2,284 | |
| restructuring | | | |
| expenses | | | |
+-----------------------------------------------+---+-----------------+--+
| Other | | 99 | |
+-----------------------------------------------+---+-----------------+--+
| Total extraordinary | | 16,626 | |
| loss | | | |
+-----------------------------------------------+---+-----------------+--+
| Loss before income taxes and minority | | (28,498) | |
| interests | | | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?current | | (443) | |
+-----------------------------------------------+---+-----------------+--+
| Income taxes?deferred | | 1,813 | |
+-----------------------------------------------+---+-----------------+--+
| Total income taxes | | 1,370 | |
+-----------------------------------------------+---+-----------------+--+
| Minority interests in income | | 27 | |
+-----------------------------------------------+---+-----------------+--+
| Net loss | | JPY(29,895) | |
+-----------------------------------------------+---+-----------------+--+
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
+------------------------------------------------+-+---+-----------------+-+
| | | | (In millions of | |
| | | | yen) | |
+------------------------------------------------+-+---+-----------------+-+
| | | | Nine months | |
| | | | ended December | |
| | | | 31, 2008 | |
+------------------------------------------------+-+---+-----------------+-+
| I.Cash flows from operating | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Loss before | | | JPY(58,934) | |
| income taxes | | | | |
| and minority | | | | |
| interests | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Depreciation | | | 32,171 | |
| and | | | | |
| amortization | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Impairment loss | | | 1,960 | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | (3,262) | |
| dividends | | | | |
| income | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | 2,293 | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Loss on | | | 14,217 | |
| valuation of | | | | |
| investment | | | | |
| securities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Gain on sales | | | (685) | |
| of property, | | | | |
| plant and | | | | |
| equipment | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Decrease in | | | 13,176 | |
| notes and | | | | |
| accounts | | | | |
| receivable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | (33,638) | |
| inventories | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Decrease in | | | (4,748) | |
| notes and | | | | |
| accounts | | | | |
| payable-trade | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Increase in | | | 486 | |
| accrued | | | | |
| expenses | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (7,114) | |
+------------------------------------------------+-+---+-----------------+-+
| Subtotal | | | (44,078) | |
+------------------------------------------------+-+---+-----------------+-+
| Interest and | | | 2,791 | |
| dividends | | | | |
| income received | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Interest | | | (1,924) | |
| expenses paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Income taxes | | | (8,059) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (51,270) | |
| used in | | | | |
| operating | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| II.Cash flows from investing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Purchase of | | | (37,762) | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 1,294 | |
| sales of | | | | |
| noncurrent | | | | |
| assets | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 145 | |
| sales of | | | | |
| investment | | | | |
| securities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Proceeds from | | | 5,515 | |
| cancellation of | | | | |
| insurance funds | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (96) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | (30,904) | |
| used in | | | | |
| investing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| III.Cash flows from financing | | | | |
| activities: | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net increase in | | | 62,894 | |
| short-term | | | | |
| loans payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Repayment of | | | (2,215) | |
| long-term loans | | | | |
| payable | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Redemption of | | | (10,000) | |
| bonds | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash dividends | | | (513) | |
| paid | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Other, net | | | (395) | |
+------------------------------------------------+-+---+-----------------+-+
| Net cash | | | 49,771 | |
| provided | | | | |
| by | | | | |
| financing | | | | |
| activities | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Effect of exchange rate changes on cash | | | (5,455) | |
| and cash equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Net decrease in cash and cash | | | (37,858) | |
| equivalents | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at beginning | | | 81,180 | |
| of period | | | | |
+------------------------------------------------+-+---+-----------------+-+
| Cash and cash equivalents at end of | | | JPY43,322 | |
| period | | | | |
+------------------------------------------------+-+---+-----------------+-+
(4) SEGMENT INFORMATION
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| <Business Segments> | | (In millions of yen) |
+---------------------------+-+---------------------------------------------------------------------------------------------+
| Nine months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| December 31, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating revenue: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY239,981 | | JPY171,358 | | JPY46,934 | | JPY458,273 | | - | | JPY458,273 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 1,531 | | 423 | | 22,475 | | 24,429 | | JPY(24,429) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 241,512 | | 171,781 | | 69,409 | | 482,702 | | (24,429) | | 458,273 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY1,563 | | JPY(24,099) | | JPY(445) | | JPY(22,981) | | JPY(2,709) | | JPY(25,690) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+---------------------------------------------------------------------------------------------+
| Three months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| December 31, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating revenue: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY66,340 | | JPY51,426 | | JPY13,465 | | JPY131,231 | | - | | JPY131,231 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 589 | | 141 | | 5,910 | | 6,640 | | JPY(6,640) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 66,929 | | 51,567 | | 19,375 | | 137,871 | | (6,640) | | 131,231 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY(1,213) | | JPY(9,752) | | JPY(624) | | JPY(11,589) | | JPY239 | | JPY(11,350) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
Notes:
1.The Company's business is classified into three segments: "Car Electronics,"
"Home Electronics," and "Others." Principal products and services included in
each segment are as follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
plasma displays, LCD TVs, DVD recorders, DVD players, DVD
drives, Blu-ray Disc recorders, Blu-ray Disc players, Blu-ray Disc drives, audio
systems, audio components, DJ equipment and equipment for cable TV systems
Others:
organic light-emitting diode displays, factory automation systems,
speaker units, electronics devices and parts, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
2.Effective from fiscal 2009, the patent licensing business, which was
previously classified as an independent business segment, has been included in
the "Others" segment because of its reduced importance to consolidated business
results.
Pioneer Corporation is a leading global manufacturer of consumer- and
business-use electronics products such as audio, video and car electronics. Its
shares are listed on the Tokyo Stock Exchange.
# # # # # #
For further information, please contact:
Hideki Okayasu
Managing Director, and General Manager of Finance and Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
This information is provided by RNS
The company news service from the London Stock Exchange
END
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