TIDM35SV
RNS Number : 9207A
Pioneer Corporation
09 February 2011
For Immediate Release
February 9, 2011
Pioneer Announces Business Results for 3Q Fiscal 2011
Pioneer Corporation today announced its consolidated
third-quarter and nine-month business results for the periods ended
December 31, 2010.
Consolidated Financial Highlights
(In millions of yen except per share
information)
Three months Nine months
ended December 31 ended December 31
------------------------------- --------------------------------
Percent Percent
2010 2009 change 2010 2009 change
------------ ---------- ---------- ------- ---------- ----------- -------
Net sales Yen117,035 Yen119,051 -1.7% Yen343,716 Yen322,784 +6.5%
Operating
income
(loss) 5,060 1,003 +404.5 11,729 (21,757) -
Ordinary
income
(loss) 3,770 (566) - 9,224 (24,836) -
Net income Yen2,668 Yen(3,873) -% Yen10,322 Yen(44,730) -%
(loss)
============ ========== ========== ======= ========== =========== =======
Net income Yen8.31 Yen(18.89) Yen32.15 Yen(218.18)
(loss)
per
share
------------ ---------- ---------- ---------- -----------
Consolidated Business Results
For the third quarter of fiscal 2011, the three months ended
December 31 2010, consolidated net sales decreased 1.7% year on
year, to Yen117,035 million (US$1,444.9 million). Despite a strong
performance of Blu-ray Disc drive-related products, the negative
impact of the Japanese yen's appreciation, coupled with the
withdrawal from the plasma display business in fiscal 2010,
resulted in a decline in net sales.
Pioneer posted operating income of Yen5,060 million (US$62.5
million), a 5.0-fold increase from the third quarter of fiscal
2010. Despite the negative impact of the Japanese yen's
appreciation, this increase primarily reflected improvement in the
gross profit margin and lower selling, general and administrative
expenses, mainly from restructuring and cost reduction. Net income
was Yen2,668 million (US$32.9 million), compared with a Yen3,873
million net loss in the third quarter of fiscal 2010. In addition
to the growth in operating income, this reflected the absence of
Yen1,173 million of restructuring expenses recorded in the
year-earlier period.
During the third quarter of fiscal 2011, the average value of
the Japanese yen appreciated 8.6% against the U.S. dollar and 18.2%
against the euro, compared with the third quarter of fiscal
2010.
Car Electronics sales decreased 4.3% year on year to Yen61,967
million (US$765.0 million), due to lower sales of car audio
products and the impact of the Japanese yen's appreciation, despite
growth in car navigation systems. Sales of car navigation systems
rose, with an increase in consumer-market sales, supported partly
by the roll-out of new products in Japan, more than offsetting a
decline in sales of OEM products in North America and Japan. In car
audio products, consumer-market sales decreased as a result of a
decline in Central and South America due to intense competition,
despite a rise in North America. OEM sales decreased as well, on
declines in China and Japan. For Car Electronics overall, OEM sales
accounted for approximately 44% of segment sales, compared with
roughly 47% in the third quarter of fiscal 2010.
By geographic region, sales in Japan were mostly unchanged from
the third quarter of fiscal 2010 at Yen27,084 million (US$334.4
million), while overseas sales decreased 6.9% to Yen34,883 million
(US$430.7 million).
This segment recorded operating income of Yen3,990 million
(US$49.3 million), an increase of 83.4% year on year, on an
improvement in the gross profit margin from the effects of
restructuring and cost reductions, despite the decline in net
sales.
Home Electronics sales rose 13.1% year on year to Yen44,741
million (US$552.4 million). Although sales of DVD drives decreased,
continued growth in sales of Blu-ray Disc drive-related products,
combined with higher sales of cable-TV set-top boxes in Japan and
AV receivers primarily in North America, resulted in the increase
in segment sales.
By geographic region, sales in Japan increased 81.7% to
Yen26,888 million (US$332.0 million), while overseas sales
decreased 27.9% to Yen17,853 million (US$220.4 million).
This segment recorded operating income of Yen1,743 million
(US$21.5 million), compared with a Yen2,251 million operating loss
in the third quarter of fiscal 2010, primarily from sales increase
in addition to a reduction in fixed costs as a result of
restructuring.
In the Others segment, sales decreased 29.9% year on year to
Yen10,327 million (US$127.5 million), due to lower sales of
electronic devices and parts, and a decline in royalty revenue from
patents related to optical disc technologies, despite higher sales
of factory automation systems.
By geographic region, sales in Japan decreased 26.0% to Yen6,577
million (US$81.2 million), while overseas sales decreased 35.9% to
Yen3,750 million (US$46.3 million).
This segment recorded an operating loss of Yen365 million
(US$4.5 million), compared with positive operating income of
Yen1,301 million in the third quarter of fiscal 2010, mainly from
decline in profit of royalty revenue from patents and electronic
devices and parts, despite improvement in factory automation
systems.
For the nine months ended December 31, 2010, consolidated net
sales increased 6.5% year on year to Yen343,716 million (US$4,243.4
million). Operating income was Yen11,729 million (US$144.8
million), compared with a Yen21,757 million operating loss in the
same period of the previous fiscal year. Net income improved to a
Yen10,322 million (US$127.4 million) profit, compared with a
Yen44,730 million net loss in the corresponding period of fiscal
2010 that included restructuring expenses of Yen19,549 million.
Notes:1.Operating income (loss) in each business segment
represents operating income (loss) before elimination of
intersegment transactions.
2.In the first quarter of fiscal 2011, AV accessories were
reclassified from the Others segment to the Home Electronics
segment. Consequently, figures for the third quarter of fiscal 2010
were also reclassified in accordance with the presentation used in
the third quarter of fiscal 2011.
Consolidated Financial Position
Total assets as of December 31, 2010, were Yen376,925 million
(US$4 653.4 million), a decrease of Yen12,794 million from March
31, 2010. Although cash and deposits and inventories grew, there
were decreases in property, plant and equipment, trade receivables,
and investment securities. Cash and deposits increased Yen10,831
million to Yen101,076 million (US$1,247.9 million), while
inventories grew Yen9,748 million to Yen64,798 million (US$800.0
million), reflecting increased inventories of Blu-ray Disc
drive-related products in line with increased sales projections of
these products in the fourth-quarter. Property, plant and equipment
decreased Yen17,452 million to Yen72,612 million (US$896.4
million), from the sale of the Company's former Head Office and
other assets as well as curtailed capital expenditures. Trade
receivables decreased Yen6,304 million to Yen64,496 million
(US$796.2 million), reflecting the Japanese yen's appreciation.
Investment securities decreased Yen4,443 million to Yen12,577
million (US$155.3 million), mainly from a decline in the market
value of equity holdings.
Total liabilities as of December 31, 2010, were Yen291,795
million (US$3 602.4 million), a decrease of Yen7,270 million from
March 31, 2010. Although trade payables increased Yen8,354 million
on the growth in inventories, borrowings decreased Yen6,841 million
and accrued expenses decreased Yen3,020 million.
Total equity as of December 31, 2010, was Yen85,130 million
(US$1051.0 million), a decrease of Yen5,524 million from March 31,
2010. Despite the recording of Yen10,322 million (US$127.4 million)
of net income, foreign currency translation adjustments decreased
Yen12,317 million as a result of the Japanese yen's appreciation,
and unrealized gain on available-for-sale securities decreased
Yen3,735 million on a decline in the market value of equity
holdings.
Cash Flows
During the nine months ended December 31, 2010, operating
activities provided net cash of Yen23,496 million (US$290.1
million). The main factors were income before income taxes and
minority interests of Yen14 550 million (US$179.6 million), the
addback of non-cash expenses, namely depreciation and amortization
of Yen23,161 million (US$285.9 million), and an increase in trade
payables of Yen13,177 million (US$162.7 million). These factors
outweighed decreases of Yen14,228 million (US$175.7 million) from
increased inventories, Yen5,211 million (US$64.3 million) for the
payment of income taxes, and a Yen5,073 million (US$62.6 million)
gain on sales and disposal of noncurrent assets. Net cash used in
investing activities was Yen1,418 million (US$17.5 million). This
principally reflected the payment of Yen15,884 million (US$196.1
million) for new purchases of noncurrent assets, despite proceeds
of Yen13,284 million (US$164.0 million) from sales of noncurrent
assets and Yen1,725 million (US$21.3 million) from the sales of
investment securities. Net cash used in financing activities was
Yen6 549 million (US$80.9 million), mostly for the repayment of
borrowings. In addition, the Japanese yen's appreciation resulted
in a Yen4,684 million (US$57.8 million) decrease in the value of
foreign currency-denominated cash and cash equivalents.
As a result, cash and cash equivalents as of December 31, 2010
totaled Yen94,987 million (US$1,172.7 million), up Yen10,845
million from March 31, 2010.
Business Forecasts for Fiscal 2011
Consolidated business forecasts for fiscal 2011, ending March
31, 2011, have not been changed from those announced on November
10, 2010.
(In millions of yen)
Forecasts Results
for for
fiscal fiscal Percent
2011 2010 change
---------------------------- ---------- ----------- -------
Net sales Yen460,000 Yen438,998 +4.8%
Operating income (loss) 17,000 (17,514) -
Ordinary income (loss) 12,500 (24,740) -
Net income (loss) Yen11,000 Yen(58,276) -%
============================ ========== =========== =======
The yen-U.S. dollar and yen-euro exchange rate assumptions for
the fourth quarter are Yen80 and Yen110, respectively.
Information with Respect to Going Concern Assumption
Pioneer's financial position remained under strain in the
previous fiscal year, because of a sharp drop in net sales and
large losses. However, Pioneer's financial position has improved
substantially, mainly as a result of measures implemented in March
2010, including stable funding secured through the refinancing of
loans from financial institutions, and capital increases through an
international offering.
During the first three quarters of fiscal 2011, Pioneer restored
profitability at both the operating income and net income levels,
supported by a large increase in net sales compared with the
year-earlier period. As in fiscal 2010, Pioneer has continued to
sell assets that have a low degree of relevance to its main
businesses. Cash and deposits as of the end of December 2010 were
Yen101.1 billion. In light of the above, Pioneer has sufficient
cash for the redemption of the Yen60.0 billion aggregate principal
amount of its convertible bonds due in March 2011.
As a result of the foregoing, the Company believes that material
uncertainty about Pioneer's ability to continue its business
activities into the future has been resolved.
Cautionary Statement with Respect to Forward-Looking
Statements
Statements made in this release with respect to our current
plans, estimates, strategies and beliefs, and other statements that
are not historical facts are forward-looking statements about our
future performance. These statements are based on management's
assumptions and beliefs in light of the information currently
available to it. We caution that a number of important risks and
uncertainties could cause actual results to differ materially from
those discussed in the forward-looking statements, and therefore
you should not place undue reliance on them. It is not our
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
We disclaim any such obligation. Risks and uncertainties that might
affect us include, but are not limited to: (i) general economic
conditions in our markets, particularly levels of consumer
spending, and levels of demand in the major industrial sectors
which we serve; (ii) exchange rates, particularly between the
Japanese yen and the euro, the U.S. dollar, and other currencies in
which we make significant sales or in which our assets and
liabilities are denominated; (iii) our ability to continuously
design and develop and win acceptance for our products in extremely
competitive markets; (iv) our ability to successfully implement our
business strategies; (v) the success of our joint ventures,
alliances and other business relationships with third parties; (vi)
our ability to access funding; (vii) our continued ability to
devote sufficient resources to research and development, and
capital expenditure; (viii) our ability to ensure the quality of
our products; and (ix) the outcome of contingencies.
Pioneer Corporation is a leading global manufacturer of
consumer- and business-use electronics products such as car
electronics, audio and video products. Its shares are traded on the
Tokyo Stock Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translations
of Japanese yen, for convenience only, at the rate of
Yen81=US$1.00, the approximate rate prevailing on December 31,
2010.
Attached are consolidated financial statements for the three
months and the nine months ended December 31, 2010.
For further information, please contact:
Investor Relations Department, Corporate Communications
Division
Pioneer Corporation, Japan
Phone: +81-44-580-1004 / Fax: +81-44-580-4064
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
(1) CONSOLIDATED BALANCE SHEETS
(In millions of
yen)
December
31, March 31,
2010 2010
------------------------------------------------ ---------- ----------
ASSETS
Current assets:
Cash and deposits Yen101,076 Yen90,245
Trade receivables 64,496 70,800
Merchandise and finished goods 32,415 25,218
Work in process 11,329 10,211
Raw materials and supplies 21,054 19,621
Deferred tax assets 5,675 5,808
Other current assets 14,337 13,845
Allowance for doubtful receivables (1,694) (1,875)
------------------------------------------------ ---------- ----------
Total current assets 248,688 233,873
------------------------------------------------ ---------- ----------
Noncurrent assets:
Property, plant and equipment:
Buildings and structures 72,561 92,245
Machinery, vehicles, tools, furniture
and fixtures 156,411 168,397
Others 25,135 29,395
Accumulated depreciation (181,495) (199,973)
------------------------------------------------ ---------- ----------
Total property, plant and equipment 72,612 90,064
------------------------------------------------ ---------- ----------
Intangible assets:
Goodwill 1,283 1,343
Software 25,152 28,357
Others 1,674 1,603
------------------------------------------------ ---------- ----------
Total intangible assets 28,109 31,303
------------------------------------------------ ---------- ----------
Investments and other assets:
Investment securities 12,577 17,020
Deferred tax assets 8,727 9,389
Others 6,008 7,762
Allowance for doubtful accounts (0) (10)
------------------------------------------------ ---------- ----------
Total investments and other assets 27,312 34,161
------------------------------------------------ ---------- ----------
Total noncurrent assets 128,033 155,528
------------------------------------------------ ---------- ----------
Deferred assets 204 318
------------------------------------------------
Total assets Yen376,925 Yen389,719
================================================ ========== ==========
(In millions of
yen)
December
31, March 31,
2010 2010
----------------------------------------------- ---------- ----------
LIABILITIES
Current liabilities:
Trade payables Yen66,048 Yen57,694
Short-term borrowings 12,937 14,567
Current portion of long-term debt 34,182 2,553
Current portion of bonds 60,600 60,600
Accrued income taxes 4,208 5,016
Accrued expenses 36,793 39,813
Warranty reserve 2,906 3,504
Other current liabilities 11,589 15,420
Total current liabilities 229,263 199,167
----------------------------------------------- ---------- ----------
Long-term liabilities:
Long-term debt 50,037 86,877
Accrued pension and severance costs 9,286 9,300
Other long-term liabilities 3,209 3,721
Total long-term liabilities 62,532 99,898
----------------------------------------------- ---------- ----------
Total liabilities 291,795 299,065
EQUITY
Shareholders' equity:
Common stock 87,257 87,257
Capital surplus 119,487 119,487
Retained earnings (34,774) (45,096)
Treasury stock (11,050) (11,049)
----------------------------------------------- ---------- ----------
Total shareholders' equity 160,920 150,599
----------------------------------------------- ---------- ----------
Valuation and translation adjustments:
Unrealized gain on available-for-sale
securities 1,162 4,897
Deferred loss on derivatives under
hedge accounting (14) -
Foreign currency translation adjustments (78,707) (66,390)
Pension adjustments recognized
by foreign consolidated subsidiaries (1,715) (1,946)
Total valuation and translation
adjustments (79,274) (63,439)
Minority interests 3,484 3,494
----------------------------------------------- ---------- ----------
Total equity 85,130 90,654
-----------------------------------------------
Total liabilities and equity Yen376,925 Yen389,719
=============================================== ========== ==========
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions of
yen)
Three months ended
December 31
----------------------
2009 2010
------------------------------------------------- ---------- ----------
Net sales Yen119,051 Yen117,035
Cost of sales 93,146 90,218
------------------------------------------------- ---------- ----------
Gross profit 25,905 26,817
------------------------------------------------- ---------- ----------
Selling, general and administrative
expenses 24,902 21,757
------------------------------------------------- ---------- ----------
Operating income 1,003 5,060
------------------------------------------------- ---------- ----------
Non-operating income:
Interest income 126 64
Dividends income 124 106
Subsidy income 41 169
Others 182 102
------------------------------------------------- ---------- ----------
Total non-operating income 473 441
------------------------------------------------- ---------- ----------
Non-operating expenses:
Interest expense 823 813
Exchange loss 879 281
Others 340 637
------------------------------------------------- ---------- ----------
Total non-operating expenses 2,042 1,731
------------------------------------------------- ---------- ----------
Ordinary income (loss) (566) 3,770
------------------------------------------------- ---------- ----------
Extraordinary income:
Gain on sale of noncurrent assets 171 796
Gain on sale of subsidiaries' stocks 72 -
Others 22 (10)
------------------------------------------------- ---------- ----------
Total extraordinary income 265 786
------------------------------------------------- ---------- ----------
Extraordinary loss:
Loss on sale and disposal of property,
plant and equipment - 396
Restructuring costs 1,173 -
Others 472 53
------------------------------------------------- ---------- ----------
Total extraordinary loss 1,645 449
------------------------------------------------- ---------- ----------
Income (loss) before income taxes
and minority interests (1,946) 4,107
------------------------------------------------- ---------- ----------
Income taxes:
Current 2,012 1,532
Deferred (183) (351)
------------------------------------------------- ---------- ----------
Total income taxes 1,829 1,181
------------------------------------------------- ---------- ----------
Income before minority interests - 2,926
---------- ----------
Minority interests 98 258
---------- ----------
Net income (loss) Yen(3,873) Yen2,668
================================================= ========== ==========
(In millions of
yen)
Nine months ended
December 31
-----------------------
2009 2010
------------------------------------------------- ----------- ----------
Net sales Yen322,784 Yen343,716
Cost of sales 275,150 266,835
------------------------------------------------- ----------- ----------
Gross profit 47,634 76,881
------------------------------------------------- ----------- ----------
Selling, general and administrative
expenses 69,391 65,152
------------------------------------------------- ----------- ----------
Operating income (loss) (21,757) 11,729
------------------------------------------------- ----------- ----------
Non-operating income:
Interest income 471 219
Dividends income 385 297
Exchange gain - 693
Subsidy income 443 186
Others 623 453
------------------------------------------------- ----------- ----------
Total non-operating income 1,922 1,848
------------------------------------------------- ----------- ----------
Non-operating expenses:
Interest expense 2,464 2,637
Exchange loss 821 -
Others 1,716 1,716
------------------------------------------------- ----------- ----------
Total non-operating expenses 5,001 4,353
------------------------------------------------- ----------- ----------
Ordinary income (loss) (24,836) 9,224
------------------------------------------------- ----------- ----------
Extraordinary income:
Gain on sale of noncurrent assets 6,233 6,187
Gain on sale of investment securities - 642
Others 224 140
------------------------------------------------- ----------- ----------
Total extraordinary income 6,457 6,969
------------------------------------------------- ----------- ----------
Extraordinary loss:
Loss on sale and disposal of property,
plant and equipment - 1,114
Loss on impairment of property,
plant and equipment 28 116
Loss on impairment of investment
securities 363 -
Restructuring costs 19,549 -
Loss on adjustment for changes
of accounting standard
for asset retirement obligations - 359
Others 1,525 54
------------------------------------------------- ----------- ----------
Total extraordinary loss 21,465 1,643
------------------------------------------------- ----------- ----------
Income (loss) before income taxes
and minority interests (39,844) 14,550
------------------------------------------------- ----------- ----------
Income taxes:
Current 3,419 4,121
Deferred 1,333 (395)
------------------------------------------------- ----------- ----------
Total income taxes 4,752 3,726
------------------------------------------------- ----------- ----------
Income before minority interests - 10,824
----------- ----------
Minority interests 134 502
----------- ----------
Net income (loss) Yen(44,730) Yen10,322
================================================= =========== ==========
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of
yen)
Nine months ended
December 31
----------------------
2009 2010
------------------------------------------------ ----------- ---------
Cash flows from operating activities:
Income (loss) before income taxes
and minority interests Yen(39,844) Yen14,550
Depreciation and amortization 30,868 23,161
Loss on impairment of property,
plant and equipment 28 116
Increase (decrease) in accrued
pension and severance costs (2,592) 451
Interest and dividends income (856) (516)
Interest expense 2,464 2,637
Loss on impairment of investment
securities 363 -
Gain on sale and disposal of property,
plant and equipment, net (4,854) (5,073)
Decrease (increase) in trade receivables (8,583) 2,646
Decrease (increase) in inventories 19,080 (14,228)
Increase in trade payables 22,867 13,177
Decrease in accrued expenses (9,877) (1,685)
Other, net (3,526) (4,488)
------------------------------------------------ ----------- ---------
Subtotal 5,538 30,748
------------------------------------------------ ----------- ---------
Interest and dividends income received 855 532
Interest expense paid (2,463) (2,573)
Income taxes paid (4,253) (5,211)
----------- ---------
Net cash provided by (used in)
operating activities (323) 23,496
------------------------------------------------ ----------- ---------
Cash flows from investing activities:
Purchase of property, plant and
equipment (17,360) (15,884)
Proceeds from sale of property,
plant and equipment 9,910 13,284
Proceeds from sale of investment
securities 532 1,725
Other, net (262) (543)
------------------------------------------------ ----------- ---------
Net cash used in investing activities (7,180) (1,418)
------------------------------------------------ ----------- ---------
Cash flows from financing activities:
Net increase (decrease) in short-term
borrowings 1,967 (1,055)
Repayment of long-term debt (1,815) (5,211)
Proceeds from minority shareholders 2,040 -
Other, net (258) (283)
------------------------------------------------ ----------- ---------
Net cash provided by (used in)
financing activities 1,934 (6,549)
------------------------------------------------ ----------- ---------
Foreign currency translation adjustments
on cash and cash equivalents (1,077) (4,684)
------------------------------------------------ ----------- ---------
Net increase (decrease) in cash
and cash equivalents (6,646) 10,845
------------------------------------------------ ----------- ---------
Cash and cash equivalents, beginning
of period 63,746 84,142
------------------------------------------------ ----------- ---------
Cash and cash equivalents, end Yen57,100 Yen94,987
of period
================================================ =========== =========
(4) SEGMENT INFORMATION
<Net Sales by Segment>
(In millions of yen)
Three months ended December 31
----------------------------------------------
% to
prior
2009 2010 year
------------------ ------------------ ------
% to % to
Amount total Amount total
-------------------- ---------- ------ ---------- ------ ------
Car Electronics:
Domestic Yen27,297 22.9% Yen27,084 23.1% 99.2%
Overseas 37,454 31.5 34,883 29.8 93.1
-------------------- ---------- ------ ---------- ------ ------
Total 64,751 54.4 61,967 52.9 95.7
-------------------- ---------- ------ ---------- ------ ------
Home Electronics:
Domestic 14,802 12.4 26,888 23.0 181.7
Overseas 24,757 20.8 17,853 15.2 72.1
-------------------- ---------- ------ ---------- ------ ------
Total 39,559 33.2 44,741 38.2 113.1
-------------------- ---------- ------ ---------- ------ ------
Others:
Domestic 8,888 7.5 6,577 5.6 74.0
Overseas 5,853 4.9 3,750 3.3 64.1
-------------------- ---------- ------ ---------- ------ ------
Total 14,741 12.4 10,327 8.9 70.1
-------------------- ---------- ------ ---------- ------ ------
Consolidated:
Domestic 50,987 42.8 60,549 51.7 118.8
Overseas 68,064 57.2 56,486 48.3 83.0
-------------------- ---------- ------ ---------- ------ ------
Total Yen119,051 100.0% Yen117,035 100.0% 98.3%
==================== ========== ====== ========== ====== ======
(In millions of yen)
Nine months ended December 31
----------------------------------------------
% to
prior
2009 2010 year
------------------ ------------------ ------
% to % to
Amount total Amount total
------------------- ---------- ------ ---------- ------ ------
Car Electronics:
Domestic Yen75,801 23.5% Yen81,011 23.6% 106.9%
Overseas 103,515 32.1 107,571 31.3 103.9
------------------- ---------- ------ ---------- ------ ------
Total 179,316 55.6 188,582 54.9 105.2
------------------- ---------- ------ ---------- ------ ------
Home Electronics
Domestic 29,129 9.0 61,285 17.8 210.4
Overseas 75,021 23.3 59,147 17.2 78.8
------------------- ---------- ------ ---------- ------ ------
Total 104,150 32.3 120,432 35.0 115.6
------------------- ---------- ------ ---------- ------ ------
Others:
Domestic 25,513 7.9 22,115 6.4 86.7
Overseas 13,805 4.2 12,587 3.7 91.2
------------------- ---------- ------ ---------- ------ ------
Total 39,318 12.1 34,702 10.1 88.3
------------------- ---------- ------ ---------- ------ ------
Consolidated:
Domestic 130,443 40.4 164,411 47.8 126.0
Overseas 192,341 59.6 179,305 52.2 93.2
------------------- ---------- ------ ---------- ------ ------
Total Yen322,784 100.0% Yen343,716 100.0% 106.5%
=================== ========== ====== ========== ====== ======
<Segment Information>
Effective from the first quarter of fiscal year ending March 31,
2011, the Company applied Accounting Standards Board of Japan (the
"ASBJ") Statement No. 17, "Accounting Standard for Disclosures
about Segments of an Enterprise and Related Information" issued on
March 27, 2009, and ASBJ Guidance No. 20, "Guidance on Accounting
Standard for Disclosures about Segments of an Enterprise and
Related Information" issued on March 21, 2008.
1.Overview of segments
The segments of the Company are the business units for which the
Company is able to obtain respective financial information
separately in order for the Board of Directors to conduct periodic
investigation to determine distribution of management resources and
evaluate their business results.
The Company has its business divisions identified by products
and services. Each business division plans its comprehensive
domestic and overseas strategy for its products and services, and
operates its business activities.
Therefore, the Company consists of its business divisions,
identified by products and services, that are three segments of
"Car Electronics," "Home Electronics" and "Others."
Principal products and services included in each segment are as
follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
audio systems, audio components, DJ equipment, equipment for
cable-TV systems, Blu-ray Disc players, Blu-ray Disc drives, DVD
players, DVD drives and AV accessories
Others:
factory automation systems, speaker units, electronic devices
and parts, organic light-emitting diode displays, telephones,
business-use AV systems, map software and licensing of patents
related to laser optical disc technologies
2.Sales and income (loss) by segment
(In millions
of yen)
Consolidated
Adjustment Total
Segments *1 *2
----------------------------------------------- ---------- ------------
Three months
ended
December 31, Car Home
2010 Electronics Electronics Others Total
--------------- ----------- ----------- --------- ---------- ---------- ------------
Sales to
customers Yen61,967 Yen44,741 Yen10,327 Yen117,035 - Yen117,035
Intersegment
sales 295 118 2,011 2,424 Yen(2,424) -
--------------- ----------- ----------- --------- ---------- ---------- ------------
Total sales 62,262 44,859 12,338 119,459 (2,424) 117,035
--------------- ----------- ----------- --------- ---------- ---------- ------------
Segment Yen3,990 Yen1,743 Yen(365) Yen5,368 Yen(308) Yen5,060
income
(loss)
=============== =========== =========== ========= ========== ========== ============
Notes:
1.The Yen(308) million adjustment to segment income or loss
includes elimination of intersegment transactions of Yen(14)
million and corporate expenses of Yen(294) million that are not
allocated to any segments. Corporate expenses principally consist
of administrative expenses and R&D expenses which are not
subject to any segments.
2.Segment income (loss) is adjusted with operating income on the
accompanying consolidated statement of operations.
(In millions
of yen)
Consolidated
Adjustment Total
Segments *1 *2
----------------------------------------------- ---------- ------------
Nine months
ended
December 31, Car Home
2010 Electronics Electronics Others Total
--------------- ----------- ----------- --------- ---------- ---------- ------------
Sales to
customers Yen188,582 Yen120,432 Yen34,702 Yen343,716 - Yen343,716
Intersegment
sales 904 328 5,828 7,060 Yen(7,060) -
--------------- ----------- ----------- --------- ---------- ---------- ------------
Total sales 189,486 120,760 40,530 350,776 (7,060) 343,716
--------------- ----------- ----------- --------- ---------- ---------- ------------
Segment Yen9,661 Yen2,463 Yen576 Yen12,700 Yen(971) Yen11,729
income
=============== =========== =========== ========= ========== ========== ============
Notes:
1.The Yen(971) million adjustment to segment income includes
elimination of intersegment transactions of Yen25 million and
corporate expenses of Yen(996) million that are not allocated to
any segments. Corporate expenses principally consist of
administrative expenses and R&D expenses which are not subject
to any segments.
2.Segment income is adjusted with operating income on the
accompanying consolidated statement of operations.
(Reference)
(In millions
of yen)
Segments
-----------------------------------------------
Three months
ended
December 31, Car Home Consolidated
2009 Electronics Electronics Others Total Adjustment Total
--------------- ----------- ----------- --------- ---------- ---------- ------------
Sales to
customers Yen64,751 Yen39,559 Yen14,741 Yen119,051 - Yen119,051
Intersegment
sales 495 215 3,382 4,092 Yen(4,092) -
--------------- ----------- ----------- --------- ---------- ---------- ------------
Total sales 65,246 39,774 18,123 123,143 (4,092) 119,051
--------------- ----------- ----------- --------- ---------- ---------- ------------
Segment Yen2,176 Yen(2,251) Yen1,301 Yen1,226 Yen(223) Yen1,003
income
(loss)
=============== =========== =========== ========= ========== ========== ============
(In millions
of yen)
Segments
------------------------------------------------
Nine months
ended
December 31, Car Home Consolidated
2009 Electronics Electronics Others Total Adjustment Total
--------------- ----------- ----------- --------- ----------- ----------- ------------
Sales to
customers Yen179,316 Yen104,150 Yen39,318 Yen322,784 - Yen322,784
Intersegment
sales 1,362 578 11,053 12,993 Yen(12,993) -
--------------- ----------- ----------- --------- ----------- ----------- ------------
Total sales 180,678 104,728 50,371 335,777 (12,993) 322,784
--------------- ----------- ----------- --------- ----------- ----------- ------------
Segment loss Yen(11,829) Yen(9,494) Yen(409) Yen(21,732) Yen(25) Yen(21,757)
=============== =========== =========== ========= =========== =========== ============
(5) OTHER INFORMATION
Effective from the first quarter of fiscal year ending March 31,
2011, the Company applied ASBJ Statement No. 18, "Accounting
Standard for Asset Retirement Obligations" and ASBJ Guidance No.
21, "Guidance on Accounting Standard for Asset Retirement
Obligations," both issued on March 31, 2008. The effect of this
change on the accompanying consolidated financial statements was
immaterial.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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