Pioneer 2016 Annual Report Download - page 23

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• Other income (expenses)—net
In fiscal 2016, other income (expenses)—net deterio-
rated by ¥19,856 million, to other expenses—net of
¥2,404 million, compared with other income—net of
¥17,452 million in fiscal 2015. This mainly reflected a
¥48,415 million gain mainly from the transfer of the
DJ equipment business in fiscal 2015, despite a turn-
around to a foreign exchange gain from the previous
year’s foreign exchange loss, as well as the absence
of a ¥13,250 million of restructuring costs in line with
organizational streamlining in fiscal 2015.
• Income before income taxes
As a result of the foregoing, income before income
taxes decreased to ¥4,900 million, from ¥25,230 million
in fiscal 2015.
• Income taxes
Income taxes for fiscal 2016 decreased to ¥4,161
million, compared with ¥11,142 million for fiscal 2015,
principally due to the increase of deferred income taxes
by a reversal of deferred tax assets in fiscal 2015.
• Net income attributable to owners of Pioneer Corporation
As a result of the above, net income attributable to
owners of Pioneer Corporation decreased to ¥731
million, from ¥14,632 million in fiscal 2015.
Cash Flows
During fiscal 2016, operating activities provided net
cash in the amount of ¥19,292 million, a ¥15,272
million decrease from fiscal 2015. This reflected a
¥9,602 million decrease in accrued expenses, mainly
due to the payment of special retirement benefits,
compared with a ¥16,196 million increase in fiscal
2015, and a decrease in receivables of ¥912 mil-
lion, compared with a ¥10,807 million decrease in
fiscal 2015.
Investing activities used net cash in the amount
of 20,083 million, compared with ¥36,880 million in
net cash provided in fiscal 2015. This primarily reflected
the absence of the ¥57,124 million of cash inflows from
the business transfers recorded in fiscal 2015.
Financing activities provided net cash in the
amount of ¥3,408 million, compared with ¥55,424
million in net cash used in fiscal 2015. This mainly
reflected proceeds of ¥15,060 million from the issu-
ance of convertible bonds in fiscal 2016.
Foreign currency translation adjustments on cash
and cash equivalents were a negative ¥2,300 million,
compared with a positive ¥1,752 million in fiscal 2015.
As a result, cash and cash equivalents as of
March 31, 2016, totaled ¥51,993 million, a ¥317 million
increase from March 31, 2015.
21
Pioneer Corporation Annual Report 2016