Endeavoring to realize the Pioneer Group Philosophy, "Move
the Heart and Touch the Soul," Pioneer has brought to market
a steady stream of revolutionary electronic products since its
founding in 1938. This philosophy articulates our aspiration to
share the richness of human experience with as many people
as possible, and it guides our dreams and our daily work at
the Pioneer Group. Transcending national and ethnic boundaries,
we hope to deliver untold wonders through communication
that encompasses sight, sound, and information.
Due to recent changes in the business environment, however, Pioneer recorded disappointing results for the year ended March 31, 2013. Our business environment is currently undergoing structural changes, and developments in the car electronics industry in particular are likely to impact our future profitability. Consequently, we carried out a fundamental review of the cost structures in our existing businesses and decided to strengthen our future revenue base by carrying out restructuring. For these reforms, we thoroughly reviewed the cost structure in our car electronics business, along with unprofitable areas in our home electronics business. We will strengthen Pioneer's revenue base in the medium term by reducing fixed costs. We are putting all our efforts into achieving the goals of our medium-term plan, while implementing restructuring and growth strategies.
Our 2015 Vision, "Spread the smiles. Feel the vibes. Share the passion. Pioneer engages you anytime, anywhere," serves as a guide to return us to the path of growth. We intend to develop a concrete roadmap for the future in five areas: relationships with customers; company, employees, and corporate culture; product and value propositions; relationships with society and business partners; and presence on the street, in the car, and at home.
Under our current medium-term business plan, we are working to align and advance our business with the 2015 Vision, by entering emerging markets, pursuing business expansion, and developing new businesses. As we do so, we are determined to continue protecting the global environment and contributing to the sustainable development of society and the economy.
We introduced a new system to improve corporate governance last fiscal year. The directors now dedicate themselves to supervisory and decision-making functions from a Group-wide perspective. This enables stronger executive function by the executive officers.
While continuing to provide customer value and products that only Pioneer can make, we are determined to meet the expectations of our diverse stakeholders and the broader society. It is our social responsibility to build a management foundation that is stable over the long term. In order to realize these goals, we intend to steadily overcome each of the challenges that lie ahead, which is the responsibility of the management.
In an even larger sense, we intend to make consistent, ongoing efforts to fulfill our social responsibilities and contribute to society.
I look forward to your continued understanding and support in the months and years to come.