RNS Number:7578M
Toshiba Corporation
26 June 2003

Comparative Consolidated Statements of Operations


1.Fiscal Year ended March 31                                                   (Y in millions, US$ in thousands)
                                                            Years ended March 31
                                             2003 (A)         2002 (B)      (A)-(B)      (A)/(B)           2003
Sales and other income
    Net sales                             Y5,655,778        Y5,394,033     Y261,745        105%     $47,131,483
    Interest                                   4,599             7,461      (2,862)         62%          38,325
    Dividends                                  8,782             7,243        1,539        121%          73,184
    Other income                              65,937            59,100        6,837        112%         549,475
Costs and expenses
    Cost of sales                          4,146,460         4,070,130       76,330        102%      34,553,833
    Selling, general and                   1,393,776         1,437,478     (43,702)         97%      11,614,800
    administrative
    Interest                                  24,257            29,891      (5,634)         81%         202,142
    Other                                    117,480           307,025    (189,545)         38%         979,000
Income (loss) before income taxes,            53,123         (376,687)      429,810           -         442,692
minority interest and equity in
earnings of affiliates
Income taxes                                  48,532         (113,915)      162,447           -         404,433
Minority interest in income (loss)          (11,330)           (6,315)      (5,015)           -        (94,417)
of consolidated subsidiaries
Equity in earnings of affiliates               2,582             2,440          142        106%          21,516
Net income (loss)                            Y18,503 Y (254,017)           Y272,520           -        $154,192

Note: Comprehensive loss for the FY2002 and the FY2001 was Y133,480 million and Y326,414 million, respectively.





Comparative Consolidated Balance Sheets


                                                                             (Y in millions, US$ in thousands)
                                                Mar. 31, 2003    Mar.31, 2002          (A)-(B)   Mar. 31, 2003

                                                       (A)              (B)
Assets
Current assets                                     Y2,621,216      Y2,674,527       Y (53,311)     $21,843,467
              Cash and cash equivalents               327,098         370,432         (43,334)       2,725,817
              Notes and accounts                    1,089,540       1,086,147            3,393       9,079,500
              receivable, trade
              Finance receivables, net                166,190         190,912         (24,722)       1,384,917
              Inventories                             629,659         693,350         (63,691)       5,247,158
              Prepaid expenses and other              408,729         333,686           75,043       3,406,075
              current assets
Long-term receivables                                  27,153          14,523           12,630         226,275
Long-term finance receivables, net                    260,361         313,058         (52,697)       2,169,675
Investments                                           396,059         363,274           32,785       3,300,492
Property, plant and equipment                       1,199,285       1,354,322        (155,037)       9,994,041
Other assets                                          734,862         688,078           46,784       6,123,850
Total assets                                       Y5,238,936      Y5,407,782      Y (168,846)     $43,657,800
Liabilities and shareholders' equity
Current liabilities                                Y2,618,777      Y2,872,493       Y(253,716)     $21,823,142
              Short-term borrowings                   771,342         929,778        (158,436)       6,427,850
               and current portion of
              long-term debt
              Notes and accounts payable,             981,970         978,020            3,950       8,183,083
              trade
              Other current liabilities               865,465         964,695         (99,230)       7,212,209
Accrued pension and severance costs                   950,997         709,233          241,764       7,924,975
Long-term debt and other liabilities                  922,153         931,079          (8,926)       7,684,608
Minority interest in consolidated                     175,945         189,663         (13,718)       1,466,208
subsidiaries
Shareholders' equity                                  571,064         705,314        (134,250)       4,758,867
              Common stock                            274,926         274,926                0       2,291,050
              Additional paid-in capital              285,736         285,736                0       2,381,133
              Retained earnings                       462,058         443,555           18,503       3,850,483
              Accumulated other                     (450,775)       (298,792)        (151,983)     (3,756,458)
              comprehensive loss
              Treasury stock                            (881)           (111)            (770)         (7,341)
Total liabilities and shareholders' equity         Y5,238,936      Y5,407,782       Y(168,846)     $43,657,800
Breakdown of
accumulated
other
comprehensive
income (loss)
Unrealized gains on securities                           Y15,636         Y25,186      Y(9,550)        $130,300
Foreign currency translation adjustments                (59,589)        (41,951)      (17,638)       (496,575)
Minimum pension liability adjustment                   (405,069)       (279,939)     (125,130)     (3,375,575)
Unrealized losses on derivative instruments              (1,753)         (2,088)           335        (14,608)
Total debt                                            Y1,653,368      Y1,818,533    Y(165,165)     $13,778,067




Comparative Consolidated Statements of Cash Flows


                                                                           (Y in millions, US$ in thousands)
                                                                        Years ended March 31
                                                        2003 (A)        2002 (B)      (A)-(B)           2003
Cash flows from operating activities

    Net income (loss)                                    Y18,503      Y(254,017)     Y272,520       $154,192
        Depreciation and amortization                    260,835         326,239     (65,404)      2,173,625
        Equity in income of affiliates                   (2,582)         (2,440)        (142)       (21,517)
        Decrease in notes and accounts                    26,432         183,631    (157,199)        220,266
        receivable, trade
        Decrease in inventories                           17,856         141,137    (123,281)        148,800
        Increase (decrease) in notes and                   6,392       (108,060)      114,452         53,267
        accounts payable, trade
        Others                                          (55,833)       (137,325)       81,492      (465,275)
    Adjustments to reconcile net income (loss)           253,100         403,182    (150,082)      2,109,166
    to net cash provided by operating
    activities
    Net cash provided by operating activities            271,603         149,165      122,438      2,263,358
Cash flows from investing activities
    Proceeds from sale of property and                   165,216          95,318       69,898      1,376,800
    securities
    Acquisition of property and equipment              (249,253)       (364,671)      115,418    (2,077,108)
    Purchase of securities                              (22,557)        (39,489)       16,932      (187,975)
    (Increase) decrease in investments in               (12,409)           4,956     (17,365)      (103,408)
    affiliates
    Others                                              (28,985)        (21,693)      (7,292)      (241,542)
    Net cash used in investing activities              (147,988)       (325,579)      177,591    (1,233,233)
Cash flows from financing activities
    Proceeds from long-term debt                         363,086         322,941       40,145      3,025,716
    Repayment of long-term debt                        (280,965)       (420,726)      139,761    (2,341,375)
    (Decrease) Increase in short-term                  (238,600)         114,913    (353,513)    (1,988,333)
    borrowings
    Dividends paid                                       (2,428)        (16,045)       13,617       (20,233)
    Others                                                 (849)          52,412     (53,261)        (7,075)
    Net cash (used in) provided by financing           (159,756)          53,495    (213,251)    (1,331,300)
    activities
Effect of exchange rate changes on cash and              (7,193)           5,756     (12,949)       (59,941)
cash equivalents
Net decrease in cash and cash equivalents               (43,334)       (117,163)       73,829      (361,116)
Cash and cash equivalents at beginning of year           370,432         487,595    (117,163)      3,086,933
Cash and cash equivalents at end of year                Y327,098        Y370,432    Y(43,334)     $2,725,817




Comparative Non-Consolidated Statements of Income And Retained Earnings


                                                                               (Y in millions, US$ in thousands)
                                                              Years ended March 31
                                                 2003 (A)      2002 (B)      (A)-(B)      (A)/(B)         2003

(Ordinary income)

Operating income & expenses
Net sales                                      Y3,408,251    Y3,196,896     Y211,355        107%   $28,402,092
   Cost of sales                                2,763,145     2,745,846       17,299        101%    23,026,208

   Selling, general & administrative              609,916       647,803     (37,887)         94%     5,082,633
   expenses
   Net operating income & expenses                 35,188     (196,752)      231,940           -       293,233
   Non-operating income & expenses
   Non-operating income (a)                        78,512        51,383       27,129        153%       654,267
   Non-operating expenses (b)                      70,322        86,446     (16,124)         81%       586,017
   (a)-(b)                                          8,189      (35,063)       43,252           -        68,242

Recurring profit (loss)                            43,378     (231,816)      275,194           -       361,483
   (Extraordinary gains & losses)
   Extraordinary gains                            133,672        21,894      111,778        611%     1,113,933
   Extraordinary losses                            43,379       188,762    (145,383)         23%       361,492

Income (loss) before taxes                        133,671     (398,684)      532,355           -     1,113,925
Net income (loss) after taxes                      83,364     (260,332)      343,696           -       694,700
Unappropriated retained  earnings  brought       (13,155)        39,121     (52,276)           -     (109,625)
from the previous period
Transfer from earned surplus reserve               68,730             0       68,730           -       572,750
Losses on disposal of treasury stock                 (15)             0         (15)           -         (125)
Unappropriated retained earnings for the         Y138,923    Y(221,210)     Y360,133           -    $1,157,692
period






Comparative Non-Consolidated Balance Sheets
                                                                            (Y in millions, US$ in thousands)
                                                 Mar. 31, 2003     Mar.31, 2002      (A)-(B)     Mar. 31, 2003

                                                        (A)               (B)
Assets
Current assets                                      Y1,232,957       Y1,303,471    Y(70,514)      $10,274,642
   Fixed assets                                      1,644,848        1,835,674    (190,826)       13,707,067
(Tangible fixed assets)                                479,203          585,169    (105,966)        3,993,358
(Intangible fixed assets)                               42,713           43,986      (1,273)          355,942
(Investments & others)                               1,122,931        1,206,518     (83,587)        9,357,758
 Total assets                                        2,877,805        3,139,145    (261,340)       23,981,708
 Liabilities
Current liabilities                                  1,384,089        1,616,101    (232,012)       11,534,075
Long-term liabilities                                  785,133          883,845     (98,712)        6,542,775
 Total liabilities                                   2,169,222        2,499,947    (330,725)       18,076,850

Capital
Capital stock                                          274,926          274,926            0        2,291,050
Capital surplus                                        262,650          262,650            0        2,188,750
Retained earnings                                      152,608           69,258       83,350        1,271,733
(Unappropriated retained earnings for the              138,923        (221,210)      360,133        1,157,692
period)
(Included net income (loss) for the                     83,364        (260,332)      343,696          694,700
period)
Unrealized gains on revaluation, net of                 18,481           32,474     (13,993)          154,008
tax effect
Treasury stock                                            (83)            (111)           28            (692)
Total capital                                          708,583          639,198       69,385        5,904,858
Total liabilities & capital                         Y2,877,805       Y3,139,145   Y(261,340)      $23,981,708




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