Pioneer 2009 Annual Report Download - page 20

PIONEER CORPORATION18
FIVE-YEAR SUMMARY OF OPERATIONS
Pioneer Corporation and Subsidiaries
Years ended March 31
U.S. GAAP (Yen) Japanese GAAP (Yen) (U.S. Dollars)
In millions of yen and thousands of U.S. dollars 2005 2006 2007 2008 2009 2009
Operating revenue ¥ 711,042 ¥ 754,964 ¥ 797,102 ¥ 774,477
¥
558,837
$
5,702,418
Operating income (loss) 691 (16,409) 12,487 9,216 (54,529) (556,418)
Loss from continuing operations
before income taxes (2,067) (71,165) (7,717) – ––
Loss from continuing operations (10,112) (85,758) (9,536) – ––
Income from discontinued operations,
after income tax effect 1,323 772 2,775 – ––
Net loss (8,789) (84,986) (6,761) (19,040) (130,529) (1,331,929)
T
otal equity 332,239 273,250 268,116 259,355 111,848 1,141,306
T
otal assets 725,167 678,046 635,474 562,276 429,093 4,378,500
T
otal equity per share (yen) 1,904.73 1,566.60 1,537.22 1,258.40 538.98 5.50
Basic net loss per share (yen) (50.11) (487.23) (38.76) (103.95) (636.68) (6.50)
Diluted net income per share based on
Japanese GAAP (yen) ––––––
Diluted net loss per share based on
U.S. GAAP (yen) (50.11) (487.23) (38.76) – ––
Equity ratio (%) 45.8 40.3 42.2 45.9 25.8
Return on equity (ROE) (%) (2.6) (28.1) (2.5) (7.2) (70.8)
Price earnings ratio (PER) (times) –––––
Cash flows from operating activities 19,946 68,329 16,752 42,220 (61,563) (628,194)
Cash flows from investing activities (93,516) (29,759) (16,468) (92,561) (38,292) (390,735)
Cash flows from financing activities (4,019) (38,551) (21,673) 35,932 85,833 875,847
Cash and cash equivalents at end of year 116,681 121,680 101,820 81,180 63,746 650,469
Number of employees 33,409 38,826 37,622 42,775 32,115
Notes: 1. The U.S. dollar amounts represent translations of Japanese yen, for convenience only, at the rate of ¥98=US$1.00, the approximate current rate prevailing on March
31, 2009.
2. Pioneer had adopted U.S. generally accepted accounting principles (GAAP), as stipulated in the “Regulation for Terminology, Forms and Preparation of Consolidated
Financial Statements” (Ministry of Finance Ordinance of Japan No. 28, 1976; hereinafter the “Regulation for Consolidated Financial Statements”), Supplementary
Provisions, Paragraph 3 (Cabinet Office Ordinance of Japan No. 11, 2002). Effective from fiscal 2009, the year ended March 31, 2009, however, Pioneer has
prepared consolidated financial statements based on Japanese GAAP. This change was made in line with not only the decision to shift from U.S. GAAP to Japanese
GAAP for financial reporting on financing activities, but also Pioneer’s delisting from the New York Stock Exchange and its deregistration from the U.S. Securities
and Exchange Commission. The consolidated financial statements of fiscal 2008 are prepared based on the pre-revised Regulation for Consolidated Financial
Statements to facilitate a comparison with those of fiscal 2009. Please note that, for fiscal 2005, 2006 and 2007, figures were not calculated in accordance with
Japanese GAAP. Therefore, published figures prepared in previous years based on U.S. GAAP are shown.
3. Operating revenue is presented net of consumption taxes.
4. Amounts less than presentation units are rounded.
5. Operating income (loss) for fiscal 2005, 2006 and 2007 represents operating revenue less cost of sales and selling, general and administrative expenses in
accordance with Japanese GAAP.
6. Diluted net loss per share based on U.S. GAAP represents net loss per share after adjusting dilutive effects in accordance with U.S. Statement of Financial
Accounting Standards (SFAS) No. 128, “Earnings per Share.”
7. Total equity per share, basic net loss per share and diluted net loss per share based on U.S. GAAP are calculated by deducting the number of treasury stock from the
number of issued shares.
8. In fiscal 2006, Pioneer sold a subsidiary engaged in the development of cable TV software and, in fiscal 2007, sold subsidiaries involved in the electronics devices and
parts business. For these, Pioneer applied SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” Consequently, operating revenue and
loss from continuing operations before income taxes have been reclassified accordingly.
9. Price earnings ratio for fiscal 2005, 2006 and 2007 are not presented because a net loss per share was recorded in each of those fiscal years. Diluted net income
per share based on Japanese GAAP and price earnings ratio for fiscal 2008 and 2009 are not presented because a net loss per share was recorded in each of
those fiscal years.
10. In fiscal 2006, Pioneer revised its standard for counting the number of employees. Contract employees with a contract period of less than one year and temporary
employees previously included in the number of employees have been excluded. As a result, the number of employees for fiscal 2005 has been adjusted accordingly.