Pioneer 2013 Annual Report Download - page 25

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fees. As a result, operating income declined to ¥5,997
million in fiscal 2013, compared with ¥12,514 million
in fiscal 2012. R&D expenses, which were included in
cost of sales and SG&A expenses, decreased 2.7%
to ¥33,671 million, representing 7.5% of net sales.
R&D expenses were mostly incurred to enhance our
technological advantage in our strategic products,
such as car navigation systems.
• Other expenses—net
In fiscal 2013, other expenses—net increased by
¥10,187 million, to ¥16,798 million, compared with
¥6,611 million in fiscal 2012. This was primarily the
result of restructuring costs and a loss on impairment
of investment securities recorded in fiscal 2013, as
well as the recording of a loss on transition to defined
contribution pension plan in fiscal 2012.
• Income (loss) before income taxes and minority interests
As a result of the foregoing, income (loss) before
income taxes and minority interests worsened to a
¥10,801 million loss, from ¥5,903 million income in
fiscal 2012.
• Income taxes
Income taxes for fiscal 2013 increased to ¥9,253
million compared with ¥1,649 million for fiscal 2012,
principally due to a reversal of deferred tax assets.
• Net income (loss)
As a result of the above, a net loss of ¥19,552 million
was posted for fiscal 2013, a worsening of ¥23,222
million from the previous fiscal year’s ¥3,670 million
net income.
Cash Flows
During fiscal 2013, operating activities provided net
cash in the amount of ¥1,179 million, a ¥17,034 million
decrease from fiscal 2012. Although trade receivables
decreased ¥3,611 million in fiscal 2013, compared
with a ¥13,211 million increase in fiscal 2012, trade
payables decreased ¥18,714 million, compared with
a ¥12,349 million increase in fiscal 2012, and income
before income taxes and minority interests fell to a
loss of ¥10,801 million, compared with the previous
fiscal year’s income of ¥5,903 million.
Investing activities used net cash in the amount
of ¥35,239 million, a ¥13,458 million increase from
fiscal 2012. This was mainly because of a ¥10,196
million increase in outlays for the purchase of noncur-
rent assets.
Financing activities provided net cash in the
amount of ¥7,018 million, a ¥5,299 million increase
from fiscal 2012. This was primarily because an
increase in the total of short-term borrowings and
long-term debt in fiscal 2013 became ¥5,482 million,
compared with ¥1,442 million in fiscal 2012.
Foreign currency translation adjustments on cash
and cash equivalents increased ¥1,820 million from
the previous fiscal year end, to ¥2,056 million.
As a result, cash and cash equivalents as of
March 31, 2013, totaled ¥20,967 million, a ¥24,986
million decrease from March 31, 2012.
Pioneer Corporation Annual Report 2013
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