Pioneer 2009 Annual Report Download - page 9

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2009
200
558.8
460.0
600
0
400
2010 20122011
forecastforecastforecastresult
Operating
revenue
Annual Report 2009 7
Consolidated Business Forecasts
(Billions of Yen)
2009
-100
-150
50
0
-50
2010 20122011
(130.5)
(54.5)
22.0 16.0
forecastforecastforecastresult
Operating income
(loss)
Net income (loss)
(Billions of Yen)
The Home Electronics business scale will be shrunk in line with business portfolio
realignment. However, in fiscal 2012, the Home Electronics business is targeting
operating revenue of ¥73.0 billion and operating income of ¥3.0 billion mainly based
on projected restructuring benefits and new business creation.
Medium-Term Consolidated Business Forecasts
Based on the aforementioned restructuring and medium-term business plan, we
have set the following medium-term consolidated business forecasts.
In fiscal 2010, Pioneer is projecting a consolidated operating loss and net loss.
However, we expect to complete restructuring during fiscal 2010 and from fiscal
2011 plan to move back into the black in terms of operating income in both the Car
Electronics and Home Electronics businesses, while recording consolidated net
income. In fiscal 2012, Pioneer aims to achieve consolidated operating revenue of
¥460.0 billion, operating income of ¥22.0 billion and net income of ¥16.0 billion.
In terms of cash flows, based on expectations of improving cash flows in operating
activities in fiscal 2011 by restoring earnings, we are also targeting positive net
operating cash flows of ¥60.0 billion and free cash flows of ¥29.0 billion in fiscal 2012.
These medium-term consolidated business forecasts do not include the impact of
the optical disc joint venture with Sharp Corporation, which is still under examination.
We Will Offer Products Only Pioneer Can Create.
In this manner, we are determined to see drastic restructuring through to the very end,
centered on business portfolio realignment, streamlining of the business framework of
the entire Pioneer Group, and improving the Company’s financial position. At the same
time, we will do our utmost to achieve the targets of the medium-term business plan,
which is centered on our growth strategy for the Car Electronics business.
Pioneer currently faces an extremely challenging business environment. However,
I believe that what is expected of us is to continue to provide appealing products to
customers. Going forward, we are committed to developing hallmark Pioneer
products featuring innovative technologies and unique added value, especially car
navigation systems, car audio products, home AV products, DJ equipment and
cable TV set-top boxes. Your continued understanding and support will be vital to
this endeavor.
June 25, 2009
Susumu Kotani
President and Representative Director