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MarketScreener Homepage  >  Equities  >  Tokyo  >  Toshiba Corporation    6502   JP3592200004

TOSHIBA CORPORATION

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Toshiba : completes sale of U.S. LNG business to French oil firm Total

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09/02/2019 | 12:03am EDT

Toshiba Corp. said Monday it has completed the sale of its liquefied natural gas operation in the United States to French oil giant Total S.A., letting go of an asset it deems risky as it continues to restructure.

Toshiba, which had announced the sales agreement with Total in June, sold Toshiba America LNG Corp. for $15 million on Friday after judging that the plan to procure U.S.-manufactured LNG for Japanese utility companies was unlikely to achieve profitability as LNG prices have declined.

Following the removal of Toshiba America LNG from its group, Toshiba is expected to book a loss of around 90 billion yen ($847 million) in the current fiscal year to March. It will pay the French energy company $815 million to take on contracts to which the group had committed.

In 2013, the company said it had signed a deal with a U.S. firm to secure rights to process U.S.-produced natural gas into 2.2 million tons of LNG annually over 20 years from 2019.

The sale of the LNG business to the Singapore affiliate of Total comes after Chinese chemicals maker ENN Ecological Holdings Co. scrapped a plan to buy it due to failure to receive early approval from U.S. and Chinese regulators.

Toshiba is continuing revamp efforts following an accounting fraud scandal that came to light in 2015 and the bankruptcy of its U.S. nuclear power subsidiary Westinghouse Electric Co. in 2017.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
TOSHIBA CORPORATION 0.27% 3685 End-of-day quote.21.62%
TOTAL 0.31% 46.48 Real-time Quote.0.34%
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Financials (JPY)
Sales 2020 3 469 B
EBIT 2020 129 B
Net income 2020 -119 988 M
Finance 2020 415 B
Yield 2020 0,77%
P/E ratio 2020 -14,0x
P/E ratio 2021 21,8x
EV / Sales2020 0,38x
EV / Sales2021 0,30x
Capitalization 1 719 B
Technical analysis trends TOSHIBA CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 3 445,63  JPY
Last Close Price 3 685,00  JPY
Spread / Highest target 33,0%
Spread / Average Target -6,50%
Spread / Lowest Target -29,4%
EPS Revisions
Managers
NameTitle
Nobuaki Kurumatani Executive Chairman & Chief Executive Officer
Satoshi Tsunakawa President, Chief Operating Officer & Director
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Hiroshi Yamamoto Chief Technology Officer
Keiichi Yumita Chief Information Officer
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