Pioneer 2009 Annual Report Download - page 4

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2PIONEER CORPORATION
Pioneer currently faces an extremely challenging business environment. Nonetheless, we are
pressing ahead with drastic restructuring, centered on business portfolio realignment. At the
same time, we are doing our utmost to achieve the targets of our medium-term business plan,
which revolves around our growth strategy for the core Car Electronics business.
We Report Our Fiscal 2009 Performance
Effective from fiscal 2009, the year ended March 31, 2009, Pioneer has changed its
accounting principles for preparing consolidated financial statements from U.S.
generally accepted accounting principles (GAAP) to Japanese GAAP. Figures for
fiscal 2008 have been reclassified based on Japanese GAAP accordingly.
In fiscal 2009, consolidated operating revenue decreased 27.8% year on year to
¥558.8 billion. This was mainly the result of a decline in sales of car audio products,
plasma displays and DVD drives, which largely reflected the sharp deterioration in
consumer spending worldwide in the wake of the U.S. financial crisis as well as the
impact of the Japanese yen’s appreciation.
Operating loss was ¥54.5 billion in fiscal 2009, compared with operating income of
¥9.2 billion in fiscal 2008, due to lower operating revenue and deterioration in the
gross profit margin. In addition to this operating loss, Pioneer recorded restructuring
costs of ¥24.7 billion, a loss on impairment of investment securities of ¥14.9 billion
and higher income taxes following an evaluation of deferred tax assets. Consequently,
TO OUR STAKEHOLDERS
In millions of yen and thousands of U.S. dollars, except per share information
Yen U.S. Dollars
2009 2008 2009
Operating revenue ¥558,837 ¥774,477 $5,702,418
Operating income (loss) (54,529) 9,216 (556,418)
Net loss (130,529) (19,040) (1,331,929)
Net loss per share (636.68) (103.95) (6.50)
Cash dividends per share 0.00 7.50 0.00
Free cash flows (99,855) (50,341) (1,018,929)
T
otal assets 429,093 562,276 4,378,500
T
otal equity 111,848 259,355 1,141,306
Note: 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.
Financial Highlights
Pioneer Corporation and Subsidiaries
Years ended March 31