Pioneer 2013 Annual Report Download - page 8

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Medium-term Plan
─
For Sustainable Growth
─
Pioneer has formulated a medium-term plan covering the two-year period from fi scal 2014 to fi scal
2015. During fi scal 2013, we faced drastic changes in our operating environment that included lower product
prices and a sluggish consumer market in Japan, especially in our core Car Electronics business. In response to
these changes, we are working to improve our earnings structure through signifi cant restructuring and business
realignment to improve profi tability and strengthen our management base. Through these measures, we will reset
our course for sustainable growth going forward.
We will further enhance business efficiency and managerial speed through restructuring
and business realignment, to reinforce our structure to be able to maintain profitability
even when there are drastic changes in our business environment.
Main Points of the Medium-term Plan
In Car Electronics, we will implement extensive reforms to build a stronger
business structure, and expand sales and bolster our profitability to build
a solid operating base.
We will accelerate new business by combining the strengths of our
hardware & software technologies with information services provided
through strategic alliances as we pursue innovative business development.
In Home Electronics, we will streamline the home AV and optical disc busi-
ness structure to achieve stable profitability that does not rely solely on
sales growth. In Others, we will concentrate on businesses that will make
a significant contribution to our operational results and thereby enhance
Group-wide profitability.
1.
2.
Medium-term Plan Targets
Fiscal 2013 Results Fiscal 2014 Plan Fiscal 2015 Plan
Consolidated net sales 451.8 515.0 540.0
Operating income (Operating income margin)
6.0 (1.3%) 15.0 (2.9%) 20.0 (3.7%)
Net income (loss) (19.6) 6.0 11.0
Inventories 76.5 70.0 72.0
R&D expenses 33.7 36.5 38.0
Capital expenditures 35.0 30.0 32.0
Net debt 74.2 47.5 32.5
Cash and deposits 22.1 38.0 42.0
(Billion yen)
Note: “Cash and deposits” includes time deposits over three months and reflects newly raised funds by third-party allotments.
Special Feature
Pioneer Corporation Annual Report 2013
06