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Toshiba Corp. (TOS)

  Print      Mail a friend       Annual reports

Thursday 28 April, 2005

Toshiba Corp.

Attachment1 to FY2004 Results

Toshiba Corporation
28 April 2005


                                                                  April 28, 2005


                                                                 Tadashi Okamura
                                                                 President & CEO
                                                             Toshiba Corporation
                                        1-1-1 Shibaura , Minato-ku, Tokyo, Japan
                                        Contact: Naoto Hasegawa, General Manager
                                                  Corporate Communication Office
                                                             Tel: 81 3 3457 2096

  Attachment 1 to Consolidated and Non-Consolidated Results for FY2004 ended
                                   March 2005

                    Toshiba Corporation and its Subsidiaries
                       Consolidated Financial Statements
             For Fiscal Year 2004 (April 1, 2004 to March 31, 2005)

Consolidated

Outline

               (Yen in billions, US$ in millions, except for earnings per share) 

                                              Years ended March 31

                                2005(A)   2004(B)  (A)-(B)  (A)/(B)        2005
Net sales                     Y5,836.1  Y5,579.5    Y256.6     105%   $54,543.4
Operating income (loss)          154.8     174.6     (19.8)     89%     1,446.8
Income (loss) before income      110.6     145.0     (34.4)     76%     1,033.3
taxes, minority
interest and equity in
earnings of affiliates
Net income (loss)                 46.0      28.8      17.2     160%       430.3
Basic earnings per share        Y14.32     Y8.96     Y5.36                $0.13
Diluted earnings per share      Y13.53     Y8.96     Y4.57                $0.13


Notes:
     
1)   Consolidated Financial Statements are based on generally accepted 
     accounting principles in the U.S.
2)   The company has 339 consolidated subsidiaries.
3)   The U.S. dollar is valued at Y107 throughout this statement for convenience 
     only.

Comparative Consolidated Statements of Income

1. Fiscal Year Ended March 31

                                             (Yen in billions, US$ in thousands)

                                             Years Ended March 31

                             2005(A)     2004(B)   (A)-(B)  (A)/(B)         2005
Sales and other income
Net sales                 Y5,836,139  Y5,579,506  Y256,633     105%  $54,543,355
Interest                       4,635       3,196     1,439     145%       43,318
Dividends                      5,929       7,274    (1,345)     82%       55,411
Other income                  58,156      88,394   (30,238)     66%      543,514
Costs and expenses               
Cost of sales              4,296,572   4,075,336   221,236     105%   40,154,879
Selling, general and       1,384,760   1,329,584    55,176     104%   12,941,682
administrative
Interest                      21,749      20,832       917     104%      203,262
Other                         91,211     107,577   (16,366)     85%      852,439
Income (loss) before income  110,567     145,041   (34,474)     76%    1,033,336
taxes, minority
interest and equity in
earnings of affiliates
Income taxes                  55,944     102,237   (46,293)     55%      522,841
Minority interest in income    9,247       4,708     4,539     196%       86,420
(loss)  of
consolidated subsidiaries
Equity in earnings of            665      (9,271)    9,936       -         6,215
affiliates
Net income (loss)            Y46,041     Y28,825   Y17,216     160%     $430,290
     
Note:  Comprehensive income for the FY2004 and the FY2003 was Y77,182 million 
       and Y193,706 million, respectively.

2. Fourth Quarter ended March 31 (Unaudited)



                                             (Yen in billions, US$ in thousands)
                                              +         Three months ended March 31

                             2005(A)     2004(B)   (A)-(B)  (A)/(B)        2005
Sales and other income
Net sales                 Y1,684,364  Y1,646,518  Y37,846      102% $15,741,720
Interest                       1,659         984      675      169%      15,505
Dividends                      3,274       3,695     (421)      89%      30,598
Other income                  14,312      19,228   (4,916)      74%     133,757
Costs and expenses           
Cost of sales              1,229,282   1,186,806    42,476     104%  11,488,617
Selling, general and         351,886     287,161    64,725     123%   3,288,654
administrative
Interest                       5,681       5,276       405     108%      53,093
Other                         32,638      37,965    (5,327)     86%     305,029
Income (loss) before income   84,122     153,217   (69,095)     55%     786,187
taxes, minority                                                     
 interest and equity in
earnings of affiliates
Income taxes                  43,553      80,843   (37,290)     54%     407,037
Minority interest in income    4,138       4,336      (198)     95%      38,673
(loss) of
 consolidated subsidiaries
Equity in earnings of           (343)      2,209    (2,552)      -       (3,206)
affiliates
Net income (loss)            Y36,088     Y70,247  Y(34,159)     51%    $337,271

Note:  Comprehensive income for the fourth quarter of FY2004 and FY2003 was
       Y52,390 million and Y236,520 million, respectively.

Comparative Consolidated Balance Sheets

                                                              (Yen in millions, US$ in thousands)


                                           Mar. 31,2005     Mar. 31,2004     (A)-(B) Mar. 31,2005
                                                    (A)              (B)
Assets
Current assets                               Y2,474,319       Y2,352,419    Y121,900  $23,124,477
Cash and cash equivalents                       295,003          319,277     (24,274)   2,757,037
Notes and accounts receivable, trade          1,120,896        1,036,158      84,738   10,475,664
Finance receivables, net                              0           17,271     (17,271)           0
Inventories                                     649,998          629,044      20,954    6,074,748
Prepaid expenses and other current           Y2,474,319       Y2,352,419    Y121,900  $23,124,477
assets
Long-term receivables                           408,422          350,669      57,753    3,817,028
Long-term finance receivables, net               19,090           21,808      (2,718)     178,411
Investments                                           0           29,887     (29,887)           0
Property, plant and equipment                   387,457          389,292      (1,835)   3,621,093
Other assets                                  1,164,183        1,118,245      45,938   10,880,215
Total assets                                    526,363          550,549     (24,186)   4,919,281
Liabilities and shareholders' equity
Current liabilities                          Y2,266,843       Y2,199,628     Y67,215  $21,185,449
Short-term borrowings and                       428,050          497,532     (69,482)   4,000,467
 @current portion of long-term debt
Notes and accounts payable, trade               973,539          877,421      96,118    9,098,496
Other current liabilities                       865,254          824,675      40,579    8,086,486
Accrued pension and severance costs             581,598          601,566     (19,968)   5,435,495
Long-term debt and other liabilities            762,757          770,217      (7,460)   7,128,570
Minority interest in consolidated               144,707          135,799       8,908    1,352,402
subsidiaries
Shareholders' equity                            815,507          754,990      60,517    7,621,561
Common stock                                    274,926          274,926           0    2,569,402
Additional paid-in capital                      285,736          285,736           0    2,670,430
Retained earnings                               511,185          481,227      29,958    4,777,430
Accumulated other comprehensive loss           (254,753)        (285,894)     31,141   (2,380,869)
Treasury stock                                   (1,587)          (1,005)       (582)     (14,832)
Total liabilities and shareholders'          Y4,571,412       Y4,462,200    Y109,212  $42,723,477
equity


Breakdown of accumulated other comprehensive income (loss)
  Unrealized gains on securities                Y33,479          Y26,825      Y6,654     $312,888
  Foreign currency translation adjustments      (68,849)         (79,290)     10,441     (643,449)  
  Minimum pension liability adjustment         (219,315)        (234,283)     14,968   (2,049,673)
  Unrealized gains (losses) on derivative      
  instruments                                       (68)             854        (922)        (635)
Total debt                                   Y1,111,446       Y1,199,456    Y(88,010) $10,387,346


Comparative Consolidated Statements of Cash Flows

                                                                             (Yen in millions, US$ in thousands)


                                                                                Years ended March 31
                                                                    2005(A)      2004(B)     (A)-(B)       2005
Cash flows from operating activities
Net income (loss)                                                   Y46,041      Y28,825    Y17,216    $430,290
Depreciation and amortization                                       241,362      248,831     (7,469)  2,255,720
Equity in loss of affiliates                                          5,816       13,625     (7,809)     54,355
(Increase) decrease in notes and accounts receivable, trade         (67,677)      55,723   (123,400)   (632,495)
Increase in inventories                                             (10,107)     (35,852)    25,745     (94,458)
Increase in notes and accounts payable, trade                        82,427      (21,239)   103,666     770,346
Others                                                                7,671       32,749    (25,078)     71,691
Adjustments to reconcile net income (loss) to net cash              259,492      293,837    (34,345)  2,425,159
provided by operating activities
Net cash provided by operating activities                           305,533      322,662    (17,129)  2,855,449
Cash flows from investing activities                                                               
Proceeds from sale of property and securities                        76,232       93,377    (17,145)    712,449
Acquisition of property, plant and equipment                       (271,635)    (199,127)   (72,508) (2,538,645)
Purchase of securities                                              (12,397)     (53,170)    40,773    (115,860)
(Increase) decrease in investments in affiliates                     (7,051)      20,570    (27,621)    (65,897)
Others                                                              (28,255)     (51,116)    22,861    (264,066)
Net cash used in investing activities                              (243,106)    (189,466)   (53,640) (2,272,019)
Cash flows from financing activities                                                               
Proceeds from long-term debt                                        251,563      338,222    (86,659)  2,351,056
Repayment of long-term debt                                        (211,280)    (371,554)   160,274  (1,974,579)
Increase (decrease) in short-term borrowings                       (105,416)     (63,389)   (42,027)   (985,196)
Dividends paid                                                      (17,104)     (11,720)    (5,384)   (159,851)
Others                                                              (10,087)     (24,292)    14,205     (94,271)
Net cash provided by (used in) financing activities                 (92,324)    (132,733)    40,409    (862,841)
Effect of exchange rate changes on cash and cash equivalents          5,623       (8,284)    13,907      52,551
Net increase in cash and cash equivalents                           (24,274)      (7,821)   (16,453)   (226,860)
Cash and cash equivalents at beginning of the period                319,277      327,098     (7,821)  2,983,897
Cash and cash equivalents at end of the period                     Y295,003     Y319,277   Y(24,274) $2,757,037


Industry Segment Information

1. Fiscal Year ended March 31

                                                                            (Yen in millions, US$ in thousands)

                                                                  Three months ended December 31

                                                       2005(A)      2004(B)      (A)-(B)  (A)/(B)          2005
Net sales       Digital  Products                   Y2,224,185    2,009,395      214,790     111%   $20,786,776
(Share of                                                 (35%)         (33%)         (2%)
total sales)    Electronic Devices                    1,307163    1,283,588       23,575     102%    12,216,476
                                                          (21%)         (21%)         (-)
                Social  Infrastructure               1,765,302    1,714,136       51,166     103%    16,498,149
                                                          (28%)         (28%)         (-)
                Home  Appliances                       661,045      637,282       23,763     104%     6,177,991
                                                          (10%)         (10%)         (-)
                Others                                 371,622      472,744     (101,122)     79%     3,473,103
                                                           (6%)          (8%)        (-2%)
                Total                                6,329,317    6,117,145      212,172     103%    59,152,495
                                                         (100%)        (100%)
                Eliminations                          (493,178)    (537,639)      44,461       -     (4,609,140)
                Consolidated                        Y5,836,139   Y5,579,506     Y256,633     105%   $54,543,355
Operating       Digital  Products                        7,266      (23,810)      31,076       -         67,906
income          Electronic Devices                      92,512      117,002       24,490      79%       864,598
(loss)          Social  Infrastructure                  48,581       58,637     (10,056)      83%       454,028
                Home  Appliances                        (3,332)       3,474      (6,806)       -        (31,140)
                Others                                   9,863       18,845      (8,982)      52%        92,178
                Total                                  154,890      174,148     (19,258)      89%     1,447,570
                Eliminations                               (83)         438        (521)       -           (776)
                Consolidated                          Y154,807     Y174,586    Y(19,779)      89%    $1,446,794


2. Fourth Quarter ended March 31 (Unauditaed)

                                                                         (Yen in millions, US$ in thousands)

                                                                Three months ended March 31

                                                     2005(A)          2004(B)     (A)-(B)  (A)/(B)         2005
Net sales       Digital  Products                    551,778          518,100      33,678     107%   $5,156,804
(Share of                                                (30%)            (29%)        (1%)       
total sales)    Electronic Devices                   321,511          318,242       7,269     102%    3,042,159
                                                         (18%)            (18%)        (-)       
                Social  Infrastructure               664,668          669,670     (5,002)      99%    6,211,850
                                                         (37%)            (37%)        (-)       
                Home  Appliances                     172,986          169,733       3,253     102%    1,616,691
                                                          (9%)            (10%)       (-1%)       
                Others                               103,078          114,918     (11,840)     90%      963,346
                                                          (6%)             (6%)        (-)       
                Total                              1,818,021        1,790,663      27,358     102%   16,990,850
                                                        (100%)           (100%) 
                Eliminations                        (133,657)        (144,145)     10,488       -    (1,249,130)
                Consolidated                      Y1,684,364       Y1,646,518     Y37,846     102%  $15,741,720
Operating       Digital  Products                      8,900           12,132      (3,232)     73%      (83,178)
income          Electronic Devices                    19,909            56056     (36,147)     36%      186,065
(loss)          Social  Infrastructure                70,552           91,834     (21,282)     77%      659,364
                Home  Appliances                       1,871            8,436      (6,565)     22%       17,486
                Others                                 2,972            3,852        (880)     77%       27,776
                Total                                104,204          172,310     (68,106)     60%      973,869
                Eliminations                          (1,008)             241      (1,249)      -        (9,420)
                Consolidated                        Y103,196         Y172,551    Y(69,355)     60%     $964,449


Notes:     
     
1)   Segment information is based on Japanese accounting standards.
2)   Segment sales totals include intersegment transactions.


3. Geographic Segment Information

                                                                              (Yen in millions, US$ in thousands)

                                                                   Years ended March 31

                                                    2005(A)          2004(B)     (A)-(B)  (A)/(B)          2005
Net sales      Japan                             Y5,015,312        4,935,879      79,433     102%   $46,872,075
(Share of                                               (64%)            (67%)       (-3%)      
total sales)   Asia                               1,355,138        1,186,193     168,945     114%    12,664,841
                                                        (17%)            (16%)        (1%)      
               North America                        765,290          686,883      78,407     111%     7,152,243
                                                        (10%)             (9%)        (1%)      
               Europe                               596,917          504,404      92,513     118%     5,578,664
                                                         (8%)             (7%)        (1%)      
               Others                                66,208           59,749       6,459     111%       618,766
                                                         (1%)             (1%)        (-)      
               Total                              7,798,865        7,373,108     425,757     106%    72,886,589
                                                       (100%)           (100%)                  
               Eliminations                      (1,962,726)      (1,793,602)   (169,124)       -   (18,343,234)
               Consolidated                      Y5,836,139       Y5,579,506    Y256,633     105%   $54,543,355
Operating      Japan                                112,765          148,729     (35,964)     76%     1,053,878
income         Asia                                  20,485           13,368       7,117     153%       191,449
(loss)         North America                         15,639            6,599       9,040     237%       146,159
               Europe                                 5,105            3,875       1,230     132%        47,710
               Others                                   900              756         144     119%         8,411
               Total                                154,894          173,327     (18,433)     89%     1,447,607
               Eliminations                             (87)           1,259      (1,346)      -           (813)
               Consolidated                        Y154,807         Y174,586    Y(19,779)     89%    $1,446,794

Notes:

1) Segment information is based on Japanese accounting standards.
2) Segment sales totals include intersegment transactions.

Net sales by Region

1. Fiscal Year ended March 31

                                                                             (Yen in millions, US$ in thousands)

                                                                     Years ended March 31
                                                     2005(A)       2004(B)       (A)-(B)  (A)/(B)          2005

Japan                                             Y3,259,853    Y3,399,903    Y(140,050)      96%   $30,465,916
                                                       (63%)           (64%)        (-1%)
Overseas                                           2,576,286     2,179,603      396,683      118%    24,077,439
                                                         (44%)         (39%)         (5%)
                 Asia                                949,208       829,914      119,294      114%     8,871,103
                                                         (16%)         (15%)         (1%)
                 North America                       811,641       710,108      101,533      114%     7,585,430
                                                         (14%)         (13%)         (1%)
                 Europe                              615,283       517,235       98,048      119%     5,750,308
                                                         (11%)         (9%)          (2%)
                 Others                              200,154       122,346       77,808      164%     1,870,598
                                                          (3%)          (2%)         (1%)
Net Sales                                         Y5,836,139    Y5,579,506     Y256,633      105%   $54,543,355
                                                        (100%)        (100%)

2. Fourth Quarter ended March 31 (Unauditaed)

                                                                            (Yen in millions, US$ in thousands)

                                                                Nine months ended December 31

                                                     2004(A)       2003(B)       (A)-(B)  (A)/(B)          2004
Japan                                             Y1,053,504    Y1,054,466        Y(962)     100%    $9,845,832
                                                         (63%)         (64%)        (-1%)
Overseas                                             630,860       592,052        38,808     107%     5,895,888
                                                         (37%)         (36%)         (1%)
                 Asia                                234,265       223,199        11,066     105%     2,189,393
                                                         (14%)         (14%)         (-%)
                 North America                       192,827       177,727        15,100     108%     1,802,122
                                                         (11%)         (11%)         (-)
                 Europe                              167,297       150,774        16,523     111%     1,563,523
                                                         (10%)          (9%)         (1%)
                 Others                               36,471        40,352       (3,881)      90%       340,850
                                                          (2%)          (2%)         (-)
Net Sales                                         Y1,684,364    Y1,646,518       Y37,846     102%   $15,741,720
                                                        (100%)        (100%)           

Notes:

1) Segment information is based on Japanese accounting standards.
2) Net sales by region is determined based upon the locations of the customers.


Non-Consolidated

Outline

                                           (Yen in billions, US$ in millions, except for earnings per share)

                                                           Years ended March 31

                                       2005(A)          2004(B)          (A)-(B)   (A)/(B)              2005
Net sales                              2,816.3          3,013.1         Y(196.8)       93%         $26,320.7
Recurring profit                          53.9             53.1             0.8       101%             503.9
Net income after taxes                    17.6             19.6            (2.0)       89%             164.4
Earnings per share                       Y5.47            Y6.12          Y(0.65)                       $0.05

Notes: The U.S. dollar is valued at Y107 throughout this statement for
convenience only.



Comparative Non-Consolidated Statements of Income and Retained Earnings

                                          (Yen in billions, US$ in millions, except for earnings per share)

                                                             Years ended March 31

                                            2005 (A)     2004 (B)      (A)-(B)          2005      2005 (A)
(Ordinary income)
 Operating income & expenses
 Net sales                                Y2,816,317   Y3,013,164   Y(196,847)           93%   $26,320,720
  Cost of sales                            2,258,577    2,416,044    (157,467)           93%    21,108,196
Selling, general & administrative            504,171      556,814     (52,643)           91%     4,711,879
expenses
Net operating income & expenses               53,568       40,304      13,264           133%       500,636
Non-operating income & expenses                    
  Non-operating income (a)                    60,330       76,871     (16,541)           78%       563,832
  Non-operating expenses (b)                  59,978       63,985      (4,007)           94%       560,542
  (a)-(b)                                        351       12,886     (12,535)            3%         3,280
Recurring profit                              53,920       53,190         730           101%       503,925

(Extraordinary gains & losses)                    
  Extraordinary gains                         32,645       60,799     (28,154)           54%       305,093
  Extraordinary losses                        58,736       48,776       9,960           120%       548,935

Income before taxes                           27,830       65,214     (37,384)           43%       260,093
 Net income after taxes                       17,596       19,683      (2,087)           89%       164,449
 Unappropriated retained earnings            134,489      129,449       5,040           104%     1,256,907
brought
from the previous period
increase due to merger                            29            0          29             -            271
 Losses on disposal of treasury                    4           50         (46)            8%            37
stock
 Interim dividend                              6,432            0        6,432            -         60,112
 Unappropriated retained                    Y145,679     Y149,082      Y(3,403)          98%    $1,361,486
 earnings for the period

Comparative Non-Consolidated Appropriation Plan

Unappropriated retained earnings

      (Yen in billions, US$ in millions, except for earnings per share)

                                  Years ended March 31

                                      2005(A)    2004(B)   (A)-(B)     (A)/(B)

                                    
Unappropriated retained earnings 
for the period                      Y145,679   Y149,082   Y(3,403) $1,361,486
Transfer from deferral of
gains on sales of property               355        310        45       3,318
Transfer from reserves of program         33         36        (3)        308

Total                                146,068    149,429    (3,361)  1,365,121

Appropriations are made as follows:
Dividend                               9,646      9,650        (4)     90,150
                                           *           *
                                 (Y3 per share) (Y3 per share)

Reserves for special depreciation      4,524      5,289      (765)     42,280
Balance carried forward             Y131,897   Y134,489   Y(2,592) $1,232,682


Comparative Non-Consolidated Balance Sheets

                                                                                (Y in millions, US$ in thousands)

                                         Mar. 31,2005        Mar.31,2004              (A)-(B)       Mar. 31,2005
                                                  (A)                (B)
Assets
  Current assets                           Y1,095,881         Y1,068,962             Y26,919         $10,241,879
  Fixed assets                             1,547,300           1,518,759              28,541          14,460,748
  (Tangible fixed assets)                    497,427             441,331              56,096           4,648,850
  (Intangible fixed assets)                   39,227              36,185               3,042             366,607
  (Investments & others)                   1,010,645           1,041,242             (30,597)          9,445,280
  Total assets                             2,643,182           2,587,721              55,461          24,702,636
Liabilities                                   
  Current liabilities                      1,110,718           1,089,727              20,991          10,380,542
  Long-term liabilities                      812,632             781,569              31,063           7,594,692
  Total liabilities                        1,923,350           1,871,297              52,053          17,975,234

Capital                                      
  Capital stock                              274,926             274,926                   0           2,569,402
  Capital surplus                            262,650             262,650                   0           2,454,673
  Retained earnings                          164,124             162,584               1,540           1,533,869
  (Unappropriated retained                   145,679             149,082              (3,403)          1,361,486
   earnings for the period)
  Unrealized gains on revaluation,            19,717              17,267               2,450             184,271
  net of tax effect
  Treasury stock                              (1,587)             (1,005)               (582)            (14,832)
  Total capital                              719,831             716,424               3,407           6,727,393
  Total liabilities & capital             Y2,643,182          Y2,587,721             Y55,461         $24,702,636

Accounting Policy
     
1.   Method of valuation of securities

     Marketable securities are valued at the market value by the moving average 
     method. 

2.   Method of valuation of inventories

     Finished and semi-finished products are valued at original cost based on 
     the specific identification method, or at lower-of-cost-or-market method 
     based on the moving average method.Work-in-process is valued at original 
     cost based on the specific identification method, or at 
     lower-of-cost-or-market method based on the weighted average method. Raw 
     materials are valued at original cost or lower-of-cost-or-market method, 
     based on the moving average method.

3.   Method of depreciation for tangible fixed assets

     Method of depreciation for tangible fixed assets is the declining balance 
     method. However, for buildings acquired on or after April 1, 1998 
     (excluding appurtenant equipment), the straight-line method is applied. For 
     example, the depreciable lives of buildings and structures are 3 to 50 
     years, and the lives of machines and equipments are 3 to 18 years.

Forward-looking Statement

This announcement contains forward-looking statements concerning Toshibafs
future plans, strategic 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                DAQB