RNS Number:3209R
Toshiba Corporation
27 October 2003
Toshiba Corporation and its Subsidiaries
Consolidated Interim Financial Statements
For the First Half of Fiscal Year 2003(April 1,2003 to September 30,2003)
Outline
(Yen in millions, US$ in thousands, except for earnings per share)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
Net sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342
Operating income (loss) (11,999) 2,874 (14,873) 115,542 -$108,099
Income (loss) before income taxes (17,601) (43,813) 26,212 53,123 -$158,568
Net income (loss) (32,175) (26,407) (5,768) 18,503 -$289,865
Basic earnings per share (10.00) (8.20) (1.80) 5.75 -$0.09
Notes:
1) Consolidated Financial Statements are based on generally accepted
accounting principles in the U.S.
2) The company has 320 consolidated subsidiaries.
3) The U.S.dollar is valued at Yen111 throughout this statement for convenience only.
Comparative Consolidated Statements of Operations
1. First Half ended September 30 (Yen in millions, US$ in thousands)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003 (A) FY2002 (B) FY2003
Sales and other income
Net sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342
Interest 1,523 2,530 (1,007) 60% 4,599 $13,721
Dividends 3,061 4,029 (968) 76% 8,782 $27,577
Other income 47,432 27,323 20,109 174% 65,937 $427,315
Costs and expenses
Cost of sales 1,918,769 1,931,210 (12,441) 99% 4,146,460 $17,286,207
Selling, general and 701,546 700,979 567 100% 1,393,776 $6,320,234
administrative
Interest 10,485 12,336 (1,851) 85% 24,257 $94,460
Other 47,133 68,233 (21,100) 69% 117,480 $424,622
Income (loss) before income taxes, (17,601) (43,813) 26,212 53,123 -$158,568
Income taxes 9,831 (11,141) 20,972 48,532 $88,567
Minority interest in income (loss) (1,872) (3,193) 1,321 (11,330) -$16,865
Equity in earnings of affiliates (6,615) 3,072 (9,687) 2,582 -$59,595
Net income (loss) (32,175) (26,407) (5,768) 18,503 -$289,865
Note: Comprehensive loss for the first half of FY2003 and FY2002 was Y33,628 million and Y52,662
million, respectively. Comprehensive loss for FY2002 wasY 133,480 million.
2. Second Quarter ended September 30 (Unaudited)
(Y in millions, US$ in thousands)
Three months ended September 30
2003 (A) 2002 (B) (A)-(B) (A)/(B) 2003
Sales and other income
Net sales 1,491,090 1,443,944 47,146 103% $13,433,243
Interest 752 1,070 (318) 70% $6,774
Dividends 542 1,653 (1,111) 33% $4,883
Other income 40,731 15,671 25,060 260% $366,946
Costs and expenses
Cost of sales 1,099,037 1,061,760 37,277 104% $9,901,234
Selling, general and 362,742 353,049 9,693 103% $3,267,946
administrative
Interest 5,128 6,304 (1,176) 81% $46,198
Other 32,899 51,772 (18,873) 64% $296,387
Income (loss) before income taxes 33,309 (10,547) 43,856 $300,081
Income taxes 24,740 (596) 25,336 $222,883
Minority interest in income (loss) (682) (3,062) 2,380 -$6,144
Equity in earnings of affiliates (4,579) (723) (3,856) -$41,252
Net income (loss) 4,672 (7,612) 12,284 $42,090
Note: Comprehensive loss for the second quarter of FY2003 and FY2002 was Y18,907
million and Y16,169 million, respectively.
Comparative Consolidated Balance Sheets
(Y in millions,
US$ in thousands)
FY2003 FY2002 (A)-(B) FY2003
As of Sept. As of Mar.31,2003 As of Sept. 30,2003
30,2003
(A) (B)
Assets
Current assets 2,465,276 2,621,216 (155,940) $22,209,694
Cash and cash 291,099 327,098 (35,999) $2,622,514
equivalents
Notes and accounts 895,278 1,089,540 (194,262) $8,065,568
receivable, trade
Finance receivables, 158,944 166,190 (7,246) $1,431,928
net
Inventories 718,868 629,659 89,209 $6,476,288
Prepaid expenses and 401,087 408,729 (7,642) $3,613,396
other current assets
Long-term receivables 20,933 27,153 (6,220) $188,586
Long-term finance 235,878 260,361 (24,483) $2,125,027
receivables, net
Investments 379,895 396,059 (16,164) $3,422,478
Property, plant and 1,179,082 1,199,285 (20,203) $10,622,360
equipment
Other assets 766,725 734,862 31,863 $6,907,432
Total assets 5,047,789 5,238,936 (191,147) $45,475,577
Liabilities and
shareholders' equity
Current liabilities 2,473,773 2,618,777 (145,004) $22,286,243
Short-term 698,031 771,342 (73,311) $6,288,567
borrowings and
current portion of
long-term debt
Notes and accounts 906,832 981,970 (75,138) $8,169,658
payable, trade
Other current 868,910 865,465 3,445 $7,828,018
liabilities
Accrued pension and 932,998 950,997 (17,999) $8,405,388
severance costs
Long-term debt and 943,528 922,153 21,375 $8,500,252
other liabilities
Minority interest in 169,959 175,945 (5,986) $1,531,162
consolidated
subsidiaries
Shareholders' equity 527,531 571,064 (43,533) $4,752,532
Common stock 274,926 274,926 - $2,476,811
Additional paid-in 285,738 285,736 2 $2,574,216
capital
Retained earnings 420,227 462,058 (41,831) $3,785,829
Accumulated other (452,228) (450,775) (1,453) -$4,074,126
comprehensive loss
Treasury stock (1,132) (881) (251) -$10,198
Total liabilities 5,047,789 5,238,936 (191,147) $45,475,577
and shareholders'
equity
Breakdown of accumulated other comprehensive income (loss)
Unrealized gains on 21,475 15,636 5,839 $193,468
securities
Foreign currency (72,160) (59,589) (12,571) -$650,090
translation
adjustments
Minimum pension (402,171) (405,069) 2,898 -$3,623,162
liability adjustment
Unrealized gain 628 (1,753) 2,381 $5,658
(loss) on derivative
instruments
Total debt 1,610,815 1,653,368 (42,553) $14,511,847
Comparative Consolidated Statements of Cash Flows
(/ in millions,
US$ in thousands)
1st Half 1st Half 1st Half
FY2003 FY2002 (A)-(B) FY2003
(A) (B)
Cash flows from operating activities
Net income (loss) (32,175) (26,407) (5,768) -$289,865
Depreciation and 117,768 126,457 (8,689) $1,060,973
amortization
Equity in income 6,615 (3,072) 9,687 $59,594
of affiliates
Decrease in notes 213,144 209,222 3,922 $1,920,216
and accounts
receivable, trade
Increase in (93,144) (59,883) (33,261) -$839,135
inventories
Decrease in notes (67,510) (78,953) 11,443 -$608,198
and accounts
payable, trade
Others (18,224) (91,009) 72,785 -$164,180
Adjustments to reconcile net income 158,649 102,762 55,887 $1,429,270
(loss) to net cash provided by
operating activities
Net cash provided by operating 126,474 76,355 50,119 $1,139,405
activities
Cash flows from investing activities
Proceeds from sale of property and 49,133 138,043 (88,910) $442,640
securities
Acquisition of property and equipment (104,565) (137,634) 33,069 -$942,027
Purchase of securities (41,530) (10,688) (30,842) -$374,144
Decrease (increase) in investments in 9,995 (5,302) 15,297 $90,045
affiliates
Others (20,716) (14,816) (5,900) -$186,631
Net cash used in investing activities (107,683) (30,397) (77,286) -$970,117
Cash flows from financing activities
Proceeds from long-term debt 139,843 197,736 (57,893) $1,259,847
Repayment of long-term debt (125,781) (102,247) (23,534) -$1,133,162
Decrease in short-term borrowings (52,797) (193,949) 141,152 -$475,649
Dividends paid (10,876) (17) (10,859) -$97,982
Others (428) 84 (512) -$3,855
Net cash used in financing activities (50,039) (98,393) 48,354 -$450,801
Effect of exchange rate changes on cash and cash equivalents (4,751) (6,894) 2,143 -$42,802
Net decrease in cash and cash equivalents (35,999) (59,329) 23,330 -$324,315
Cash and cash equivalents at beginning of the period 327,098 370,432 (43,334) $2,946,829
Cash and cash equivalents at end of the period 291,099 311,103 (20,004) $2,622,514
Industry Segment Information
1. First Half ended September 30 (/ in millions, US$ in thousands)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
Net sales (Share of Digital Products 956,793 996,611 (39,818) 96% 2,072,971 $8,619,757
total sales) 33% 34% -1% 33%
Electronic Devices 627,467 631,828 (4,361) 99% 1,274,443 $5,652,856
22% 21% 1% 20%
Social Infrastructure 730,034 759,235 (29,201) 96% 1,822,597 $6,576,883
25% 26% -1% 29%
Home Appliances 313,467 320,492 (7,025) 98% 633,600 $2,824,027
11% 11% (-) 10%
Others 252,861 231,875 20,986 109% 491,111 $2,278,027
9% 8% 1% 8%
Total 2,880,622 2,940,041 (59,419) 98% 6,294,722 $25,951,550
100% 100% 100%
Eliminations (272,306) (304,978) 32,672 (638,944) -$2,453,208
Consolidated 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342
Operating income Digital Products (28,149) 9,388 (37,537) 24,828 -$253,595
(loss)
Electronic Devices 26,595 5,860 20,735 454% 31,853 $239,595
Social Infrastructure (15,131) (21,016) 5,885 39,178 -$136,315
Home Appliances (4,709) 2,503 (7,212) 4,134 -$42,424
Others 9,207 6,384 2,823 144% 15,532 $82,946
Total (12,187) 3,119 (15,306) 115,525 -$109,793
Eliminations 188 (245) 433 17 $1,694
Consolidated (11,999) 2,874 (14,873) 115,542 -$108,099
2. Second Quarter ended September 30 (Unaudited) (/ in millions, US$ in thousands)
Three months ended September 30
2003(A) 2002(B) (A)-(B) (A)/(B) 2003
Net sales (Share of Digital Products 525,718 530,612 (4,894) 99% $ 4,736,198
total sales) 32% 33% -1%
Electronic Devices 340,466 336,600 3,866 101% $ 3,067,261
21% 21% (-)
Social Infrastructure 464,290 457,467 6,823 101% $ 4,182,793
28% 28% (-)
Home Appliances 157,597 159,165 (1,568) 99% $ 1,419,793
10% 10% (-)
Others 141,541 123,302 18,239 115% $ 1,275,144
9% 8% 1%
Total 1,629,612 1,607,146 22,466 101% $14,681,189
100% 100%
Eliminations (138,522) (163,202) 24,680 $ (1,247,946)
$-
Consolidated 1,491,090 1,443,944 47,146 103% $13,433,243
Operating income Digital Products (10,803) 6,783 (17,586) $(97,324)
(loss)
Electronic Devices 19,612 12,009 7,603 163% $176,685
Social Infrastructure 17,039 7,321 9,718 233% $153,504
Home Appliances (3,230) 11 (3,241) $(29,099)
Others 6,996 3,652 3,344 192% $63,027
Total 29,614 29,776 (162) 99% $266,793
Eliminations (303) (641) 338 $ (2,730)
Consolidated 29,311 29,135 176 101% $264,063
Notes:
1) Segment information is based on Japanese accounting standards.
2) Certain reclassifications of previously reported amounts have been made to conform with current classifications.
3) Segment sales totals include intersegment transactions.
Geographic Segment Information
(/ in millions, US$
in thousands)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
Net sales (Share Japan 2,302,633 2,294,435 8,198 100% 4,943,111 $20,744,442
of total sales) 67% 65% 2% 67%
North America 333,094 424,118 (91,024) 79% 804,735 $ 3,000,847
10% 12% -2% 11%
Asia 558,342 545,273 13,069 102% 1,085,259 $ 5,030,108
16% 16% (-) 15%
Europe 218,806 225,260 (6,454) 97% 491,827 $ 1,971,225
6% 6% (-) 6%
Others 30,322 29,389 933 103% 57,810 $273,171
1% 1% (-) 1%
Total 3,443,197 3,518,475 (75,278) 98% 7,382,742 $31,019,793
100% 100% 100%
Eliminations (834,881) (883,412) 48,531 (1,726,964) $ (7,521,451)
Consolidated 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342
Operating income Japan (12,345) (9,024) (3,321) 89,780 $(111,216)
(loss)
North America (270) 4,838 (5,108) 11,722 $ (2,433)
Asia 3,478 14,837 (11,359) 23% 24,540 $31,333
Europe (2,793) (2,250) (543) (3,197) $(25,162)
Others (462) (200) (262) (286) $ (4,162)
Total (12,392) 8,201 (20,593) 122,559 $(111,640)
Eliminations 393 (5,327) 5,720 (7,017) $3,541
Consolidated (11,999) 2,874 (14,873) 115,542 $(108,099)
Notes:
1) Segment information is based on Japanese accounting standards.
2) Segment sales totals include intersegment transactions.
Net Sales by Region
1. First Half ended September 30 (/ in millions, US$ in thousands)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
Japan 1,593,884 1,516,620 77,264 105% 3,343,551 $14,359,315
61% 58% 3% 59%
Overseas 1,014,432 1,118,443 (104,011) 91% 2,312,227 $ 9,139,027
39% 42% -3% 41%
North America 344,810 453,539 (108,729) 76% 860,306 $ 3,106,396
13% 17% -4% 15%
Asia 390,617 381,698 8,919 102% 837,845 $ 3,519,072
15% 14% 1% 15%
Europe 222,633 234,356 (11,723) 95% 509,620 $ 2,005,703
9% 9% (-) 9%
Others 56,372 48,850 7,522 115% 104,456 $507,856
2% 2% (-) 2%
Net Sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342
100% 100% 100%
2. Second Quarter ended September 30 (Unaudited) (/ in millions, US$ in thousands)
Three months ended September 30
FY2003(A) FY2002(B) (A)-(B) (A)/(B) 2003
Japan 896,720 836,327 60,393 107% $ 8,078,559
60% 58% 2%
Overseas 594,370 607,617 (13,247) 98% $ 5,354,685
40% 42% -2%
North America 202,136 250,450 (48,314) 81% $ 1,821,045
14% 17% -3%
Asia 230,942 208,774 22,168 111% $ 2,080,559
16% 14% 2%
Europe 125,652 124,136 1,516 101% $ 1,132,000
8% 9% -1%
Others 35,640 24,257 11,383 147% $321,081
2% 2% (-)
Net Sales 1,491,090 1,443,944 47,146 103% $13,433,244
100% 100%
Notes:
1) Segment information is based on Japanese accounting standards.
2) Net sales by region is determined based upon the locations of the customers.
Toshiba Corporation
Non-Consolidated Interim Financial Statements
For the First Half of Fiscal Year 2003(April 1,2003 to September 30,2003)
Outline
(/ in millions,
US$ in thousands,
except for items
marked by asterisk)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
Sales 1,459,616 1,554,965 (95,349) 94% 3,408,251 $13,149,694
Recurring profit (14,014) (22,489) 8,475 43,378 -$126,252
(loss)
Net income (2,466) 47,110 (49,576) 83,364 -$22,216
(loss) after
taxes
Net income (0.77) 14.64 (15.41) 25.90 (0.01)
(loss)per share*
Dividend per (Interim (Interim (Ordinary
share* dividend) dividend) dividend)
- - - 3.00 $0.00
Notes: The U.S.dollar is valued at Y111 throughout this statement for convenience only.
Comparative Non-Consolidated Statement of Income And Retained Earnings
(/ in millions, US$ in
thousands)
1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half
FY2003(A) FY2002(B) FY2003
(Ordinary income)
Operating income & expenses
Net sales 1,459,616 1,554,965 (95,349) 94 3,408,251 $13,149,694
Cost of sales 1,179,933 1,276,531 (96,598) 92 2,763,145 $10,630,027
308,735 308,343 392 100 609,916 $ 2,781,396
Net operating income (29,052) (29,908) 856 - 35,188 $(261,730)
(expenses)
(Non-operating income &
expenses)
Non-operating income (a) 48,513 47,617 896 102 78,512 $437,054
Non-operating expenses (b) 33,476 40,197 (6,721) 83 70,322 $301,586
(a)-(b) 15,037 7,419 7,618 203 8,189 $135,468
Recurring profit (loss) (14,014) (22,489) 8,475 - 43,378 $(126,252)
(Extraordinary gains &
losses)
Extraordinary gains(c) 26,130 112,627 (86,497) 23 133,672 $235,405
Extraordinary losses(d) 13,955 12,782 1,173 109 43,379 $125,721
(c)-(d) 12,174 99,845 (87,671) 12 90,293 $109,676
Income (loss) before taxes (1,839) 77,355 (79,194) - 133,671 $(16,568)
Net income (loss) after taxes (2,466) 47,110 (49,576) - 83,364 $(22,216)
129,449 (13,155) 142,604 - (13,155) $ 1,166,207
Transfer from earned surplus - 68,730 (68,730) - 68,730 $-
reserve
Losses on disposal of - - - - (15) $-
treasury stock
Unappropriated retained 126,982 102,684 24,298 124 138,923 $ 1,143,982
earnings for the period
Comparative Non-Consolidated Balance Sheets
(/ in millions,
US$ in thousands)
FY 2003 (A)As of FY 2002 (B)As of (A)-(B) FY 2003As of
Sept.30,2003 Mar.31,2003 Sept.30,2003
Assets
Current assets 1,164,826 1,232,957 (68,131) $ 10,493,928
Fixed assets 1,637,843 1,644,848 (7,005) $ 14,755,342
(Tangible fixed assets) 468,865 479,203 (10,338) $4,224,009
(Intangible fixed assets) 41,383 42,713 (1,330) $ 372,820
(Investments & others) 1,127,595 1,122,931 4,664 $ 10,158,514
Total assets 2,802,670 2,877,805 (75,135) $ 25,249,279
Liabilities
Current liabilities 1,299,022 1,384,089 (85,067) $ 11,702,901
Long-term liabilities 811,931 785,133 26,798 $7,314,694
Total liabilities 2,110,953 2,169,222 (58,269) $ 19,017,595
Capital
Capital stock 274,926 274,926 - $2,476,811
Capital surplus 262,653 262,650 3 $2,366,243
Retained earnings 140,485 152,608 (12,123) $1,265,631
(Unappropriated 126,982 138,923 (11,941) $1,143,982
retained
earnings for the
period)
Unrealized gains on revaluation,' net of 14,784 18,481 (3,697) $ 133,189
tax effect
Treasury stock (1,132) (83) (1,049) $ (10,198)
Total capital 691,716 708,583 (16,867) $6,231,676
Total liabilities & capital 2,802,670 2,877,805 (75,135) $ 25,249,279
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 18years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MRBATMMITMAJ
