Pentax 2009 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2009 Pentax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

Fiscal 2009, the year ended March 31, 2009, was a tumultuous year marked by a financial crisis in the
U.S. that ended up causing a global recession. For the Hoya Group, however, it was also the beginning
of our next stage of evolution. I would like to take this opportunity to report to our stakeholders about
conditions in fiscal 2009 and our outlook going forward.
REVIEW OF FISCAL 2009
During fiscal 2009, Hoya’s business environment deteriorated rapidly. Financial unease quickly spread from the
United States around the globe, resulting in a drop in capital expenditure and stagnant consumer spending and
ultimately a significant slowdown in the real economy. Demand for digital products in particular contracted
sharply from the third quarter (October to December 2008), while orders dropped as companies cut production.
Downward pressure on prices also intensified.
Under these conditions, the Hoya Group posted consolidated net sales of ¥454,195 million, while operating
income was ¥59,095 million, ordinary income was ¥71,081 million and net income was ¥25,110 million. Despite
the fact that the full-year results of Pentax and its subsidiaries were included in consolidated
results for the first time, sales were down 5.7% year on year due to a major fall in demand in
the Information Technology field and in Pentax’s digital camera business. Operating income
and ordinary income were down 37.8% and 29.0%, respectively, due to factors such as lower
sales in the major business divisions and an operating loss incurred by Pentax. Moreover, in the current uncer-
tain business environment, we carefully evaluated businesses, conservatively recognizing impairment losses on
fixed assets for Pentax business divisions and other. This step resulted in ¥30,459 million in impairment losses
booked as special charges, which contributed to a 69.3% year-on-year decline in net income.
Through future-looking business portfolio manage-
ment and with our outstanding optical technologies,
Hoya aims to be a sustainable company that continues
to provide society with solid value.
Hiroshi Suzuki
President and CEO
Fiscal 2009 was the beginning of the
Hoya Group’s next stage of evolution
A MESSAGE TO OUR STAKEHOLDERS
Our Enduring Vision
3
HOYA Annual Report 2009