Pioneer 2008 Annual Report Download - page 48

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PIONEER CORPORATION
46
Investments in and advances to affiliated companies principally
represent the Company’s equity in the underlying assets of
20% to 50% owned companies. Dividends received from com-
panies accounted for by the equity method of accounting were
¥4 million, ¥14 million and ¥85 million ($850 thousand), respec-
tively, for the years ended March 31, 2006, 2007 and 2008.
Retained earnings include the parent company’s and its
consolidated subsidiaries’ equity in the undistributed earnings
of 20% to 50% owned companies accounted for by the
equity method of accounting in the amount of ¥840 million
and ¥832 million ($8,320 thousand) at March 31, 2007 and
2008, respectively.
Summarized financial information of companies owned
20% to 50%, including ELDis, Inc., which was 47.5% owned
by Tohoku Pioneer (itself, a 67.1% owned subsidiary, at that
time (See Note 4), of the parent company) and was liquidated
in March 2006 (See Note 18), accounted for by the equity
method of accounting is as follows:
Millions of Yen
Thousands of
U.S. Dollars
2007 2008 2008
Current assets ¥5,418 ¥5,878 $58,780
Property, plant and equipment 1,812 1,616 16,160
Other assets 556 599 5,990
Total assets ¥7,786 ¥8,093 $80,930
Current liabilities ¥2,507 ¥1,696 $16,960
Long-term liabilities 429 375 3,750
Shareholders’ equity 4,850 6,022 60,220
Total liabilities and shareholders’ equity ¥7,786 ¥8,093 $80,930
Millions of Yen
Thousands of
U.S. Dollars
Years ended March 31 2006 2007 2008 2008
Net sales ¥ 6,974 ¥22,809 ¥26,305 $263,050
Gross profi t 941 1,856 2,169 21,690
Net income (loss) (24,720) 314 674 6,740
9. Investments in and advances to affiliated companies: