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Toshiba Corp. (TOS)

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Monday 09 May, 2011

Toshiba Corp.

Consolidated & Non-consolidated Results for FY2010

RNS Number : 1825G
Toshiba Corporation
09 May 2011
 



 

 

 

 

 

FOR IMMEDIATE RELEASE

May 9, 2011

 

Toshiba Announces Consolidated and Non-consolidated Results for

Fiscal Year 2010, to March 31, 2011

and Consolidated Results for the Fourth Quarter

of the Fiscal Year Ending March 2011

 

TOKYO--Toshiba Corporation (TOKYO:6502) today announced its consolidated and non-consolidated results for fiscal year (FY) 2010, to March 31, 2011, and its consolidated results for the fourth quarter (January-March) of FY2010, ending March 31, 2011.

 

1. Overview of Consolidated and Non-consolidated Results of FY2010

All comparisons of FY2010 and its fourth quarter are with the same periods a year earlier, unless otherwise stated. All dollar amounts are in US dollars.

 

Consolidated Results for FY2010

                                                                                 (billion yen)


FY2010

Change from

FY2009

Net sales

6,398.5

+107.3

Operating income (loss)

240.3

+115.1

Income (Loss) from continuing operations, before income taxes and noncontrolling interests

195.5

+161.1

Net income (loss) attributable to shareholders of the Company [1]

137.8

+157.5

[1] "The Company" refers to Toshiba Corporation.

 

Despite uncertainties stemming from fiscal austerity and financial conditions in parts of Europe, the global economy continued to recover, supported by economic stimulus packages in a number of countries. Most notably, the Chinese and other Asian economies continued their expansion, driven by domestic demand. The economies of the United States and Europe also saw gradual recovery. While there are still concerns stemming from the recent rise in crude oil prices and the state of government financial positions in some countries of Europe, the global economy is expected to continue to recover.

 

In Japan, the economy showed signs of an upturn, reflecting the improvement in the global economy and the effect of economic stimulus packages, but unprecedented human suffering and property damage were wrought by the Great East Japan Earthquake of March 11, 2011. People's lives and economic activities were affected significantly by rolling blackouts due to power shortages, problems in the supply chain resulting from damage to materials manufacturing facilities and disrupted logistics systems, and the outlook still remains uncertain.

 

In these circumstances, Toshiba Group promoted measures to secure a return to the path of sustained growth with steadily higher profit and implemented a thoroughgoing business structure transformation in order to enhance high growth with profitability. Toshiba Group also steadily advanced business structure reforms, further promoting strategic allocation of managerial resources and improving operational capabilities, in order to put in place a profit-making system that will enable the Group to generate profit regardless of the market situation. While some subsidiaries halted production for a time following the earthquake, its impact on the overall business performance of Toshiba Group companies was relatively limited. With respect to procurement, every effort is being made to secure materials and parts, including promoting adoption of substitutes, to minimize impacts on production. 

 

Toshiba's consolidated net sales for FY2010 were 6,398.5 billion yen ($77,090.4 million), an increase of 107.3 billion yen against the previous year. This result mainly reflected higher sales in the Visual Products business, including TVs, and in the Semiconductor business, including Memories, and was achieved despite yen appreciation and the impact of the Great East Japan Earthquake. Consolidated operating income increased by 115.1 billion yen to 240.3 billion yen ($2,894.9 million). This result reflected significant improvements in the Semiconductor business and the LCD business, a healthy performance by the Home Appliance segment and the continued high profit level of the Social Infrastructure segment. The Digital Products segment, the Electric Devices segment, the Social Infrastructure segment and the Home Appliance segment all secured profit.

 

Income from continuing operations before income taxes and noncontrolling interests improved by 161.1 billion yen to 195.5 billion yen ($2,356.0 million). Net income (loss) attributable to shareholders of the Company improved by 157.5 billion yen to 137.8 billion yen ($1,660.8 million).

 

Consolidated operating income and net income (loss) attributable to shareholders of the Company returned to the levels recorded in fiscal year 2007, prior to the financial crisis.

 

Consolidated Results for FY2010, by Segment                                                        

                                                                                                                                (billion yen)


Net Sales

Operating Income (Loss)



Change*



Change*

Digital Products

2,328.6


+65.4


3%


13.2


-8.1


Electronic Devices

1,347.7


+77.7


6%


86.8


+107.2


Social Infrastructure

2,267.7


-51.3


-2%


137.1


-0.1


Home Appliances

599.8


+20.0


3%


8.8


+14.2


Others

352.9


+7.3


2%


-7.6


+0.1


Eliminations

-498.2


 -


 -


2.0


 -


Total

6,398.5


+107.3


2%


240.3


+115.1


(* Change from the year-earlier period)

Digital Products: Higher Sales and Lower Operating Income

The Digital Products segment saw overall sales increase by 65.4 billion yen to 2,328.6 billion yen ($28,055.9 million). The Visual Products business saw sales rise, reflecting the approaching end of analog broadcasting in Japan, positive results from eco-point-the Japanese government's program to stimulate domestic demand-and higher overseas sales, primarily in emerging countries, including those of Asia. The PC business also saw higher sales in both the domestic and overseas markets, mainly due to higher shipments in the U.S. and Asia and the launch of 25th anniversary models. The Storage Products business saw lower sales, reflecting the impact of price erosion.

 

Overall segment operating income decreased by 8.1 billion yen to 13.2 billion yen ($158.9 million). The PC business recorded higher operating income on higher sales and cost reductions and the Retail Information Systems and the Office Equipment businesses also reported healthy performances. The Visual Products business maintained profit due to higher sales in emerging counties, but at a lower level than in the previous year, due to changes in foreign exchange rates and the impact of the Great East Japan Earthquake. The Storage Products business reported a significantly worsened operating loss on lower sales.

 

Electronic Devices: Higher Sales and Significant Improvement in Operating Income (Loss)(Returned to Profit)

The Electronic Devices segment saw sales increase by 77.7 billion yen to 1,347.7 billion yen ($16,237.4 million). The Semiconductor business recorded higher sales on higher sales in Memories, reflecting expanded demand for mobile products, such as smartphones, and solid state drives (SSD)-data storage devices based on NAND flash memories-and price stability in NAND Flash memories. The LCD business also reported a healthy performance.

 

Overall segment operating income (loss) improved significantly by 107.2 billion yen to 86.8 billion yen ($1,046.3 million). Memories recorded a healthy performance, primarily as a result of higher sales and cost reductions, and the LCD business improved on cost reductions and progress in business restructuring.

 

Social Infrastructure: Lower Sales and Flat Operating Income

The Social Infrastructure segment saw overall sales decline by 51.3 billion yen to 2,267.7 billion yen ($27,321.0 million). The Power Systems and Industrial Systems businesses recorded higher sales thanks to a healthy performance by the Industrial Systems business in overseas markets. However, the Infrastructure Systems business, the IT Solutions business and the Medical Systems business all felt the influences of downturns in market demand and price erosion and reported weak performances.

 

Segment operating income stood at 137.1 billion yen ($1,652.0 million), close to the same level as a year earlier, and the profit level remained high. The Power Systems and Industrial Systems businesses recorded higher operating income on a healthy performance in the Power Systems business. Both the Infrastructure Systems business and the Medical Systems business saw lower operating income on decreased sales.

 

Home Appliances: Higher Sales and Improvement in Operating Income (Loss) (Returned to Profit)

The Home Appliances segment saw sales increase by 20.0 billion yen to 599.8 billion yen ($7,226.3 million). White Goods including Air-conditioning reported a healthy performance and a positive result that mainly stemmed from the continued effect of the eco-points program and a hot summer in Japan. Lighting Systems also reported a healthy performance mainly due to increased sales of LED lighting and a recovery in domestic housing and building starts.

 

The segment as a whole recorded an operating income (loss) of 8.8 billion yen ($105.4 million), an improvement of 14.2 billion yen against the previous year, mainly on a healthy performance in Air-conditioning in a hot summer in Japan, a solid performance in refrigerators and progress in restructuring, including reorganizing facilities and reshaping businesses.

 

Others: Higher Sales and Same Level Operating Loss

Others saw sales increase by 7.3 billion yen to 352.9 billion yen ($4,251.8 million) with the result that its operating loss improved by 0.1 billion yen to -7.6 billion yen (-$91.7 million).



Non-consolidated Results for FY2010

                                                                                                   (billion yen)


FY2010

Change from

FY2009

Net sales

3,591.0

+208.2

Recurring profit (loss)

112.6

+190.5

Net income (loss)

105.4

+236.2

 

Non-consolidated sales increased by 208.2 billion yen to 3,591.0 billion yen ($43,264.6 million). Recurring profit (loss) improved by 190.5 billion yen to 112.6 billion yen ($1,357.1 million). Net income (loss) improved by 236.2 billion yen to 105.4 billion yen ($1,269.6 million). Both recurring profit (loss) and net income (loss) returned to the levels recorded in fiscal year 2007, prior to the financial crisis.



Consolidated Results for the Fourth Quarter FY2010 (January-March, 2011)

                                                                                   (billion yen)


4Q of FY2010

Change from the 4Q of FY2009

Net sales

1,728.9

-102.3

Operating income (loss)

98.0

-10.6

Income (Loss) from continuing operations, before income taxes and noncontrolling interests

107.5

+31.8

Net income (loss) attributable to shareholders of the Company[1]

97.6

+49.0

[1] "The Company" refers to Toshiba Corporation

 

Toshiba's consolidated sales for the fourth quarter of FY2010 (January - March) decreased by 102.3 billion yen to 1,728.9 billion yen ($20,830.0 million). Despite a solid performance by the Social Infrastructure segment, consolidated operating income decreased by 10.6 billion yen to 98.0 billion yen ($1,180.8 million), a figure reflecting an impairment loss in connection with System LSI facilities. Income from continuing operations before income taxes and noncontrolling interests increased by 31.8 billion yen to 107.5 billion yen ($1,296.1 million), mainly due to lower non-operating expenses, and the net income attributable to shareholders of the Company increased by 49.0 billion yen to 97.6 billion yen ($1,176.6 million).

 

Consolidated Results for the Fourth Quarter of FY2010,

by Segment (January-March, 2011)

                                                                                                                                          (billion yen)


Net Sales

Operating Income (Loss)



Change*



Change*

Digital Products

511.0


-100.8


-16%


-1.3


-5.1


Electronic Devices

340.6


-3.5


-1%


4.1


-17.4


Social Infrastructure

772.5


+10.4


+1%


90.7


+9.4


Home Appliances

153.5


+1.2


+1%


4.7


+1.4


Others

89.4


-7.9


-8%


-1.1


+1.2


Eliminations

-138.1


 -


 -


0.9


 -


Total

1,728.9


-102.3


-6%


98.0


-10.6


        (* Change from the year-earlier period)

 

 

Digital Products: Lower Sales and Deteriorated Operating Income (Loss)

The Digital Products segment saw overall sales decrease by 100.8 billion yen to 511.0 billion yen ($6,157.3 million). Both the Visual Products business and the PC business recorded lower sales due to changes in exchange rates, the impact of price erosion and a downward revision of the point system in the eco-points program. The Storage Products business also saw a significant sales decrease, mainly due to price erosion.

 

Segment operating income (loss) deteriorated by 5.1 billion yen to -1.3 billion yen (-$15.2 million). The Storage Products business significantly deteriorated on lower sales and the Visual Products business also recorded a weak performance on lower sales.

 

Electronic Devices: Flat Sales and Lower Operating Income

The Electronic Devices segment saw sales decrease by 3.5 billion yen to 340.6 billion yen ($4,103.2 million). The Semiconductor business recorded lower sales as a result of lower sales of Discretes and System LSIs, despite significantly higher sales in Memories on an improved supply and demand balance and price stability in NAND flash memories.

 

Segment operating income decreased by 17.4 billion yen to 4.1 billion yen ($49.4 million), mainly due to an impairment loss for System LSI facilities and the effects of the Great East Japan Earthquake. However, the LCD business saw a significant improvement and secured profit, and Memories also reported higher operating income.

 

Social Infrastructure: Flat Sales and Higher Operating Income

The Social Infrastructure segment saw sales increase by 10.4 billion yen to 772.5 billion yen ($9,306.7 million). In spite of lower sales in the Medical Systems business, partly due to the effects of the Great East Japan Earthquake, the Power Systems and Industrial Systems businesses reported healthy performances, mainly due to the Power Systems business, including Thermal & Hydro Power Systems.

 

Segment operating income increased by 9.4 billion yen to 90.7 billion yen ($1,093.5 million). While the Infrastructure business saw operating income decline, the Power Systems and Industrial Systems businesses saw rises on higher sales, as did the IT Solutions business.

 

Home Appliances: Higher Sales and Higher Operating Income

Home Appliances saw sales increase by 1.2 billion yen to 153.5 billion yen ($1,848.7 million). White Goods continued a healthy performance and Air-conditioning and Lighting Systems also performed well, in line with the continued recovery in housing and building starts.

 

Segment operating income increased by 1.4 billion yen to 4.7 billion yen ($55.5 million), mainly due to progress in restructuring in Lighting Sources for Industrial Systems.

 

Others: Lower Sales and Improvement in Operating Loss

 

Note:

Toshiba Group's Consolidated Financial Statements and Quarterly Consolidated Financial Statements are based on U.S. generally accepted accounting principles ("GAAP").

 

Operating income (loss) is derived by deducting the cost of sales and selling, general and administrative expenses from net sales. This result is regularly reviewed to support decision-making in allocations of resources and to assess performance.Some items that are classified as operating income (loss) under U.S. GAAP, such as restructuring charges and gains (losses) from the sales or disposal of fixed assets, may be presented as non-operating income (loss).

 

The Mobile Broadcasting business ceased its operation at the end of FY2008. On June 17, 2010, the Company and Fujitsu Limited ("Fujitsu") signed a Memorandum of Understanding to merge their mobile phone businesses, followed by a definitive contract on July 29, 2010. Under this contract, on October 1, 2010, the Company transferred its mobile phone business to a newly established company called Fujitsu Toshiba Mobile Communications Limited ("FT MOBILE"), and sold 80.1% of the shares of the new company to Fujitsu. The results of the Mobile Broadcasting business and FT MOBILE are not incorporated into consolidated net sales, operating income (loss), or income (loss) from continuing operations, before income taxes and noncontrolling interests in the consolidated results. The businesses are classified as discontinued in the consolidated accounts in accordance with ASC No.205-20, "Presentation of Financial Statements - Discontinued Operations". Consolidated net income (loss) (consolidated net income (loss) attributable to shareholders of the Company), however, includes the operating results of the Mobile Broadcasting business and the Mobile Phone business. Prior-period data relating to the discontinued operations has been reclassified to conform with the current classification.

 

The Group changed the structure of its internal organization at the beginning of FY2010. Prior-period data relating to the consolidated segment information has been reclassified to conform with the current classification.

 

 

Consolidated Projection for FY2011

The consolidated projection for FY2011 is shown below.

 

Consolidated forecast                                               (billion yen)


FY2011

Forecast

Change from FY2010

Net sales

7,000.0


+601.5


Operating income (loss)

300.0


+59.7


Income (Loss) from continuing operations, before income taxes and noncontrolling interest

240.0


+44.5


Net income (loss) attributable to shareholders of the Company[1]

140.0


+2.2


[1] "The Company" refers to Toshiba Corporation.

 

 

FY2011 Consolidated Forecast by Segment

 

Forecasts for consolidated net sales and operating income (loss) for FY2011 by industry segment are shown below.

 

                                                                                                                          (billion yen)


Net Sales

Operating Income

FY2011 Forecast

Change from FY2010

FY2011

Forecast

Change from FY2010

Digital Products

2,550.0


+10%


20.0


+6.8


Electronic Devices

1,450.0


+8%


140.0


+53.2


Social Infrastructure

2,500.0


+10%


150.0


+12.9


Home Appliances

650.0


+8%


10.0


+1.2


Others

360.0


+2%


0.0


+7.6


Eliminations and others

-510.0


-


-20.0


-


Total

7,000.0


+9%


300.0


+59.7


Note: FY2011 Consolidated Forecast by Industry Segment reflects organizational changes in Toshiba dated on April 1, 2011.

 

Digital Products

Sales and operating income are expected to increase against FY2010, on anticipated improvements in the Storage Products business.

 

Electronic Devices

Sales and operating income are expected to increase against FY2010, as a continued healthy performance is anticipated in Memories and Discretes are also expected to perform solidly.

 

Social Infrastructure

Sales and operating income are expected to increase against FY2010, mainly on anticipated healthy performances in the Power Systems and Industrial Systems businesses and the Medical Systems business.

 

Home Appliances

Expected to maintain a solid performance.



2. Financial Position and Cash Flows for FY2010

Total assets decreased by 71.9 billion yen from the end of March 2010 to 5,379.3 billion yen ($64,811.1 million).

 

Shareholders' equity, or equity attributable to the shareholders of the Company, increased to 868.1 billion yen ($10,459.3 million), an increase of 70.7 billion yen against the end of March 2010, despite a deterioration in accumulated other comprehensive loss of 57.1 billion yen, due to impacts from fluctuations in foreign exchange rates and a downturn in stock market prices. This reflects a net income attributable to shareholders of the Company of 137.8 billion yen ($1,660.8 million).

 

Total debt decreased by 137.0 billion yen from the end of March 2010 to 1,081.3 billion yen ($13,027.8 million).

 

As a result of the foregoing, the shareholders' equity ratio at the end of March 2011 was 16.1%, a 1.5-point improvement from the end of March 2010, and the debt-to-equity ratio at the end of March 2011 was 125%, a 28-point improvement from the end of March 2010.

 

Free cash flow was 159.4 billion yen, 39.1 billion yen lower than for the same period of the previous year. In spite of improved net income attributable to shareholders of the Company, working capital was higher than for the same period of the previous year and this resulted in lower cash flows from operating activities.

 

Trend in main indices


Mar./E

2008

Mar./E

2009

Mar./E

2010

Mar./E

2011

Shareholders' equity ratio (%)

 

17.2

 8.2

14.6

16.1

Equity ratio

based on market value (%)

36.3

15.1

37.5

32.0

Cash flow to

interest-bearing debt ratio

4.9

-

 3.4

 3.1

Interest coverage ratio

 (multiples)

6.1

-

14.5

11.2

Notes

Shareholders' equity ratio: Shareholders' equity divided by total assets

Equity ratio based on market value: Market capitalization divided by total assets

Market capitalization is calculated by multiplying the closing stock price at the end of the relevant period by the number of shares issued, excluding shares owned by the Company.

Cash flow to interest-bearing debt ratio: Debt (average of the beginning and end of the term) divided by net cash provided by operating activities

Interest coverage ratio: Cash flow from operating activities divided by interest payments

 

Basic Dividend Policy, Dividend of FY 2010 and Outlook for FY 2011

Toshiba, while giving full consideration to such factors as the strategic investments necessary to secure medium- to long-term growth, seeks to achieve continuous increases in its actual dividend payments, in line with a payout ratio in the region of 30 percent, on a consolidated basis.

 

Toshiba has secured a reasonable level of profit in this fiscal year (fiscal year 2010). Accordingly, following full consideration of the Company's future business plans, financial position and shareholders' expectations, Toshiba has decided to pay both an interim dividend and a year-end dividend. Toshiba paid 2.0 yen per share as the interim dividend and the year-end dividend has been set at 3.0 yen per share. As a result, the annual dividend for FY 2010 will be a 5.0 yen per share.

 

Toshiba will carefully examine and decide on the dividend plan for the next term, FY2011, in light of the Group's financial position, strategic investment plans and other factors. The Company will announce the dividend for FY2011 as soon as it is determined.

 

3. Business Group Status

As of the end of March 2011, Toshiba Group comprised 498 consolidated subsidiaries and its principal operations were in the Digital Products, Electronic Devices, Social Infrastructure and Home Appliances business domains. Of the consolidated subsidiaries, 106 were involved in Digital Products, 39 in Electronic Devices, 221 in Social Infrastructure, 58 in Home Appliances and 74 in Others. The number of consolidated subsidiaries was 44 less than at the end of March 2010. 202 affiliates were accounted for by the equity method as of the end of March 2011.

 



4. Basic Management Policy

Even under unclear circumstances due to impacts of the Great East Japan Earthquake on the economy, Toshiba Group aims to evolve into a world-leading diversified electric/electronics manufacturer, overcoming such changes in business conditions. To this end, the Group will accelerate business structure transformation, continue business restructuring, and promote CSR activities and environmental management, as indicated below.

 

I. Acceleration of business structure transformation

The Group will continuously make efforts for promoting its major businesses, such as the Semiconductor business and the Social Infrastructure related businesses. Also in an attempt to create new profit bases, the Group will accelerate the business structure transformation by implementing strategic resource investment, advancing global development, and creating No. 1 products and services, on a group-wide, cross-sectional basis.

 

1) Strategic resource investment

By focusing capital spending, investment and loans on highly strategic businesses and improving efficiency in R&D activities, the Group will steadily foster businesses and secure business growth.

 

2) Acceleration of global development

For a further expansion of business in emerging countries which have been growing rapidly, the Group will strive to boost sales in emerging markets by investing more business resources in sales and other activities at an accelerated pace.

 

3) Creation of No. 1 products

The Group will aim to create new markets with the "world's first" products and services, taking the lead over competitors, and to achieve higher profits with the "world's No. 1" products and services which can continuously account for the largest market share. In order to create and commercialize such products and services by anticipating changes in business conditions in advance, it is essential to create innovative ideas and develop systems to embody them. Therefore, the Group will steadily promote diversity of human resources, reinforce cooperation between sales and R & D divisions, and flexibly allocate resources.

 

According to those group-wide policies, the Group will execute growth strategies by segment to foster new profit bases, as mentioned below.

 

1) Digital Products

Sales networks in emerging countries will be made more efficient with integration of the TV and PC businesses so as to pursue their synergies. In addition, businesses in emerging countries will be expanded at an accelerated pace with reinforcement of the product lineups for the emerging countries. The Group will also create products and services fusing televisions, personal computers, and slate-type tablet computers, and aim at further expansion in the Storage Products business by using advantages of having high-performance SSD and high-capacity HDD.

 

2) Electronic Devices

The Group will strive to increase sales in response to expanding uses of NAND flash memories and to enhance cost competitiveness so that the memory business becomes further highly profitable. While enhancing power semiconductors as a new profit base, the Group will launch industrial use semiconductors such as silicon carbide (SiC) semiconductor, a next-generation semiconductor, onto the market at an accelerated pace. In the LCD business, the Group will further increase its profitability by securing technological advantage.

 

3) Social Infrastructure

The Group will integrate the Smart Community Concept related businesses in order to strengthen internal cooperation, and actively develop the integrated business with the use of the Group's total abilities. The Group will do its best to contribute to the recovery from the earthquake and tsunami disaster including stable power supply. It will also enhance provision of social infrastructures to emerging countries, accelerating globalization with an expansion in overseas production and development to foreign markets through M&A. In the Nuclear Energy business, the Group will respond to any possible future revisions of security standards and other policies and regulations, and deliver to customers even safer leading-edge nuclear power plants. Toward construction of next-generation social infrastructures, the Group will also actively develop new energies and next-generation power generation systems.

 

4) Home Appliances

For an improvement in product capabilities and sales forces in emerging countries, etc., cooperation with the Digital Products segment will be strengthened. The Group will also build global systems for design and development, as well as production, with an eye to expanding sales in emerging markets.

 

II. Business restructuring

The Group will continuously promote strategic allocation of resources, aiming at higher profitability. With reorganization and consolidation of domestic and overseas production and sales bases, the Group will strive to reduce costs and make operations further efficient. The Group will also try to improve its operational capabilities to be resistant to exchange rate changes by optimizing the proportions of sales, production, and procurement in Japan, in developed countries, and in emerging countries.

 

In the Electronic Devices segment, the System LSI business will be continuously reorganized, being divided into the Logic LSI business centering on advanced SoC (System on Chip) and the Analogue Imaging IC business which chiefly handles versatile products. The purposes of this reorganization are to fundamentally improve profitability and enhance the businesses by constructing the business system in which quick decision making and efficient use of business resources is possible. In the LCD business, the Group sold all shares of a Singapore subsidiary, a production base for PC displays, and started to construct a new building to manufacture LCDs for mobile devices in Ishikawa Prefecture. Accordingly, business resources will be intensively allocated to the growing areas such as smart phones and other mobile devices, and products for vehicles.

 

III. CSR and environmental management

Contributing to the reconstruction of quake-hit areas through its business activities is Toshiba Group's primary mission. The Group will do its best for the recovery from the earthquake and tsunami disaster as a whole, making contributions mainly in business areas, such as Power Systems and Transmission & Distribution Systems, Smart Community, and Home Appliances. Also in order to establish the status as one of the world's foremost eco- companies, the Group will expand sales of eco-friendly products, and promote businesses with the advanced low-carbon technology.

 

The Group will aim to become one of the world's top-level electric/electronic manufacturers with global competitiveness, as overcoming fierce environmental changes, and steadily and proactively implementing the above-mentioned measures. The Group will also do its best to contribute to the reconstruction of the other devastated areas, as well as Japan.

 

 

Disclaimer:

This report of business results contains forward-looking statements concerning future plans, strategies and the performance of Toshiba Group. These statements are based on management's assumptions and beliefs in light of the economic, financial and other data currently available. Furthermore, they are subject to a number of risks and uncertainties. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations. Major risk factors that may have a material influence on results are indicated below, though this list is not necessarily exhaustive.

·        Major disasters, including earthquakes and typhoons;

·        Disputes, including lawsuits, in Japan and other countries;

·        Success or failure of alliances or joint ventures promoted in collaboration with other companies;

·        Success or failure of new businesses or R&D investment;

·        Changes in political and economic conditions in Japan and abroad; unexpected regulatory changes;

·        Rapid changes in the supply and demand situation in major markets and intensified price competition;

·        Significant capital expenditure for production facilities and rapid changes in the market;

·        Changes in financial markets, including fluctuations in interest rates and exchange rates.

 

Note:

For convenience only, all dollar figures used in reporting fiscal year 2010 results are valued at 83 yen to the dollar.

 

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