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
This information is provided by RNS
The company news service from the London Stock Exchange
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