RNS Number:1552O
Toshiba Corporation
30 July 2003
Toshiba Corporation and its Subsidiaries
Consolidated Financial Statements
For the First Quarter ended June 30,2003
First Quarter Results
(Y in millions, US$ in thousands, except for earnings per share)
Three months ended June 30
2003(A) 2002(B) (A)-(B) (A)/(B) 2003
Net sales Y1,117,226 Y1,191,119 Y(73,893) 94% $9,310,217
Operating income (loss) (41,310) (26,261) (15,049) - (344,250)
Income (loss) before income taxes, (50,910) (33,266) (17,644) - (424,250)
minority interest and equity
in earnings of affiliates
Net income (loss) (36,847) (18,795) (18,052) - (307,058)
Basic earnings per share Y(11.45) Y(5.84) Y(5.61) $(0.10)
Notes:
1) Consolidated Financial Statements are based on generally accepted accounting
principles in the U.S.
2) The company has 320 consolidated subsidiaries.
3) The U.S.dollar is valued at Y120 throughout this statement for convenience
only.
4) The figures in the Consolidated Financial Statements are unaudited.
Comparative Consolidated Statements of Operations
First Quarter ended June 30
Three months ended June 30
2003(A) 2002(B) (A)-(B) (A) 2003
/(B)
Sales and other income
Net sales Y1,117,226 Y1,191,119 Y(73,893) 94% $9,310,217
Interest 771 1,460 (689) 53% 6,425
Dividends 2,519 2,376 143 106% 20,992
Other income 6,701 11,652 (4,951) 58% 55,842
Costs and expenses
Cost of sales 819,732 869,450 (49,718) 94% 6,831,100
Selling, general and 338,804 347,930 (9,126) 97% 2,823,367
administrative
Interest 5,357 6,032 (675) 89% 44,642
Other 14,234 16,461 (2,227) 86% 118,617
Income (loss) before income taxes, minority (50,910) (33,266) (17,644) (424,250)
interest and equity in earnings of
affiliates
Income taxes (14,909) (10,545) (4,364) (124,242)
Minority interest in income (loss) (1,190) (131) (1,059) (9,917)
of consolidated subsidiaries
Equity in earnings of affiliates (2,036) 3,795 (5,831) (16,967)
Net income (loss) Y(36,847) Y(18,795) Y(18,052) $(307,058)
Note: Comprehensive loss for the first quarter of FY2003 and FY2002 was Y14,721
million and Y36,493 million, respectively.
Comparative Consolidated Balance Sheets
(Y in millions, US$ in thousands)
June 30,2003 Mar. 31,2003 (A)-(B) June 30,2003
Assets
Current assets Y2,559,691 Y2,621,216 Y(61,525) $21,330,758
Cash and cash equivalents 324,955 327,098 (2,143) 2,707,958
Notes and accounts receivable, trade 837,067 1,089,540 (252,473) 6,975,558
Finance receivables, net 169,946 166,190 3,756 1,416,217
Inventories 778,205 629,659 148,546 6,485,042
Prepaid expenses and other current assets 449,518 408,729 40,789 3,745,983
Long-term receivables 21,137 27,153 (6,016) 176,142
Long-term finance receivables, net 237,947 260,361 (22,414) 1,982,892
Investments 415,735 396,059 19,676 3,464,458
Property, plant and equipment 1,184,230 1,199,285 (15,055) 9,868,583
Other assets 727,662 734,862 (7,200) 6,063,850
Total assets Y5,146,402 Y5,238,936 Y(92,534) $42,886,683
Liabilities and shareholders' equity
Current liabilities Y2,557,019 Y2,618,777 Y(61,758) $21,308,492
Short-term borrowings 799,725 771,342 28,383 6,664,375
and current portion of long-term debt
Notes and accounts payable, trade 911,687 981,970 (70,283) 7,597,392
Other current liabilities 845,607 865,465 (19,858) 7,046,725
Accrued pension and severance costs 947,663 950,997 (3,334) 7,897,192
Long-term debt and other liabilities 922,786 922,153 633 7,689,883
Minority interest in consolidated 172,267 175,945 (3,678) 1,435,558
subsidiaries
Shareholders' equity 546,667 571,064 (24,397) 4,555,558
Common stock 274,926 274,926 0 2,291,050
Additional paid-in capital 285,736 285,736 0 2,381,133
Retained earnings 415,555 462,058 (46,503) 3,462,958
Accumulated other comprehensive loss (428,649) (450,775) 22,126 (3,572,075)
Treasury stock (901) (881) (20) (7,508)
Total liabilities and shareholders' equity Y5,146,402 Y5,238,936 Y(92,534) $42,886,683
Breakdown of accumulated other comprehensive income (loss)
Unrealized gains on securities Y25,692 Y15,636 Y10,056 $214,100
Foreign currency translation (54,594) (59,589) 4,995 (454,950)
adjustments
Minimum pension liability adjustment (396,904) (405,069) 8,165 (3,307,533)
Unrealized losses on derivative (2,843) (1,753) (1,090) (23,692)
instruments
Total debt Y1,664,395 Y1,653,368 Y11,027 $13,869,958
Comparative Consolidated Statements of Cash Flows
First Quarter ended June 30
(Y in millions, US$ in thousands)
Three months ended June 30
2003 (A) 2002 (B) (A)-(B) 2003
Cash flows from operating activities
Net income (loss) Y(36,847) Y(18,795) Y(18,052) $(307,058)
Depreciation and amortization 55,892 59,737 (3,845) 465,767
Equity in income of affiliates 2,036 (3,795) 5,831 16,967
Decrease in notes and accounts 282,427 238,386 44,041 2,353,558
receivable, trade
Increase in inventories (137,508) (107,771) (29,737) (1,145,900)
Decrease in notes and accounts payable, (79,722) (15,402) (64,320) (664,350)
trade
Others (41,156) (143,041) 101,885 (342,967)
Adjustments to reconcile net income 81,969 28,114 53,855 683,075
(loss) to net cash
provided by operating activities
Net cash provided by operating 45,122 9,319 35,803 376,017
activities
Cash flows from investing activities
Proceeds from 6,037 43,954 (37,917) 50,308
sale of property
and securities
Acquisition of (45,176) (57,475) 12,299 (376,466)
property and
equipment
Purchase of (6,026) (2,415) (3,611) (50,217)
securities
Decrease 2,904 (5,585) 8,489 24,200
(increase) in
investments in
affiliates
Others (6,164) (11,788) 5,624 (51,367)
Net cash used in (48,425) (33,309) (15,116) (403,542)
investing
activities
Cash flows from financing activities
Proceeds from 37,211 146,770 (109,559) 310,091
long-term debt
Repayment of (44,949) (70,226) 25,277 (374,575)
long-term debt
Increase 14,981 (76,604) 91,585 124,842
(decrease) in
short-term
borrowings
Dividends paid (8,269) (9) (8,260) (68,908)
Others 73 1,924 (1,851) 608
Net cash (used (953) 1,855 (2,808) (7,942)
in) provided by
financing
activities
Effect of exchange rate changes on cash 2,113 (7,699) 9,812 17,608
and cash equivalents
Net decrease in cash and cash (2,143) (29,834) 27,691 (17,859)
equivalents
Cash and cash equivalents at beginning 327,098 370,432 (43,334) 2,725,817
of the first quarter
Cash and cash equivalents at end of the Y324,955 Y340,598 Y(15,643) $2,707,958
first quarter
Industry Segments Information
First Quarter ended June 30
(Y in millions, US$ in thousands)
Three months ended June 30
2003(A) 2002(B) (A)-(B) (A)/(B) 2003
Net sales Digital Products 431,075 465,999 (34,924) 93% 3,592,292
(Share of
total sales) (34%) (35%) (-1%)
Electronic Devices 287,001 295,228 (8,227) 97% 2,391,675
(23%) (22%) (1%)
Social Infrastructure 265,744 301,768 (36,024) 88% 2,214,533
(21%) (23%) (-2%)
Home Appliances 155,870 161,327 (5,457) 97% 1,298,917
(13%) (12%) (1%)
Others 111,320 108,573 2,747 103% 927,666
(9%) (8%) (1%)
Total 1,251,010 1,332,895 ( 81,885) 94% 10,425,083
(100%) (100%)
Eliminations (133,784) (141,776) 7,992 - (1,114,866)
Consolidated Y1,117,226 Y1,191,119 Y(73,893) 94% $9,310,217
Operating Digital Products (17,346) 2,605 (19,951) - (144,550)
income
(loss)
Electronic Devices 6,983 (6,149) 13,132 - 58,192
Social Infrastructure (32,170) (28,337) (3,833) - (268,084)
Home Appliances (1,479) 2,492 (3,971) - (12,325)
Others 2,211 2,732 (521) 81% 18,425
Total (41,801) (26,657) (15,144) - (348,342)
Eliminations 491 396 95 - 4,092
Consolidated Y(41,310) Y(26,261) Y(15,049) - $(344,250)
Net Sales by Region
(Y in millions, US$ in thousands)
Three months ended June 30
2003(A) 2002(B) (A)-(B) (A)/(B) 2003
Japan Y697,164 Y680,293 Y16,871 102% $5,809,700
(62%) (57%) (5%)
Overseas 420,062 510,826 (90,764) 82% 3,500,517
(38%) (43%) (-5%)
North America 142,674 203,089 (60,415) 70% 1,188,950
(13%) (17%) (-4%)
Asia 159,675 172,924 (13,249) 92% 1,330,625
(14%) (15%) (-1%)
Europe 96,981 110,220 (13,239) 88% 808,175
(9%) (9%) (-)
Other 20,732 24,593 (3,861) 84% 172,767
(2%) (2%) (-)
Net Sales Y1,117,226 Y1,191,119 Y(73,893) 94% $9,310,217
(100%)
Notes:
1) Segment information is based on Japanese accounting standards.
2) Net sales by region are determined based upon the locations of the customers.
Forward Looking Statement:
This contains forward-looking statements concerning Toshiba's future plans,
strategies and performance. These forward-looking statements are not historical
facts, rather they represent assumptions and beliefs based on economic,
financial and competitive data currently available. Furthermore, they are
subject to a number of risks and uncertainties that, without limitation, relate
to economic conditions, worldwide mega-competition in the electronics business,
customer demand, foreign currency exchange rates, tax rules, regulations and
other factors. Toshiba therefore wishes to caution that actual results may
differ materially from our expectations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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