Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results

Consolidated Financial Results for Fiscal 2022 2Q, ended September 30, 2021

	October 28, 2021
FOR IMMEDIATE RELEASE
Media Contact:	Investor Relations Contact:
Corporate PR Center	Akira Waniko
https://news.panasonic.com/global/contacts/	Corporate Finance & IR Department
	(Tel: [phone])
	(Japan)

Panasonic Reports its Consolidated Financial Results

for the Six Months ended September 30, 2021

Osaka, Japan, October 28, 2021 -- Panasonic Corporation (Panasonic [TSE:6752]) today reported its consolidated financial results for the six months ended September 30, 2021, of the current fiscal year ending March 31, 2022 (fiscal 2022). The Company also announced the revision of its consolidated financial forecast for fiscal 2022.

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					Consolidated Financial Results
			for Fiscal 2022 2Q, ended September 30, 2021
		Summary
						Yen (billions)
		Fiscal 2022	Fiscal 2021			Percentage
		Six Months ended	Six Months ended
				2022/2021
		September 30, 2021	September 30, 2020
	Net sales	3,533.6	3,059.2			116 %
	Domestic	1,512.0	1,412.1			107 %
	Overseas	2,021.6	1,647.1			123 %
	Operating profit	201.2	96.6			208 %
	% to sales	5.7 %	3.2	%
	Profit before income taxes	205.8	93.2			221 %
	% to sales	5.8 %	3.0	%
	Net profit	161.1	57.0			283 %
	% to sales	4.6 %	1.9	%
	Net profit attributable to	153.0	48.9
	Panasonic Corporation stockholders			313 %
	% to sales	4.3 %	1.6	%
	Earnings per share attributable to
	Panasonic Corporation stockholders
	Basic	65.59 yen	20.94	yen		44.65 yen
	Diluted	65.56 yen	20.93	yen		44.63 yen

Notes: 1. The Company's consolidated financial statements are prepared in conformity with International Financial Reporting Standards (IFRS).

1. Number of consolidated companies: 537 (including parent company)
   Number of companies under the equity method: 67
2. One American depositary shares (ADS) represents one share of common share. Earnings per share attributable to Panasonic Corporation stockholders per ADS is same amount as Earnings per share attributable to Panasonic Corporation stockholders.

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Consolidated Financial Results for Fiscal 2022 2Q, ended September 30, 2021

Consolidated Financial Results

1. Fiscal 2022 2Q ended September 30, 2021

A. Operating Results

Yen (billions)

	Fiscal 2022	Fiscal 2021	Percentage
	Six Months ended	Six Months ended
	2022/2021
	Sep. 30, 2021	Sep. 30, 2020
Net sales	3,533.6	3,059.2	116%
Operating profit	201.2	96.6	208%
Profit before income taxes	205.8	93.2	221%
Net profit attributable to
Panasonic Corporation	153.0	48.9	313%
stockholders

During the six months ended September 30, 2021 (fiscal 2022), the global economy saw steady progress, with economic recovery in the U.S. and European countries, that have pursued COVID-19 vaccination programs and economic normalization following the steps that have been taken toward this aim. On the other hand, the outlook for economies worldwide remains unclear, given the uncertainties over factors such as ongoing concern regarding COVID-19 and price surges in natural resources, although the outlook for the global and Japanese economies seems to indicate a phase of moderate recovery.

Under such management conditions, Panasonic continues to control fixed costs according to business conditions and to make efforts to capture new business opportunities reflecting changes in society brought about by COVID-19. Through all these efforts, the Company will continue to enhance its management structure in the final year of the Mid-term strategy that started in fiscal 2020. Additionally, in all of our businesses, the Company will identify the areas in which the Company should be aggressive and thoroughly enhance the competitiveness in these areas.

For the six months ended September 30, 2021, in September 2021, the Company completed its acquisition of the 80% of shares of the U.S. company Blue Yonder Holding, Inc. ("Blue Yonder"), which is one of the leading global providers of specialized supply chain software. As a result, the Company made Blue Yonder a wholly-owned subsidiary, together with the 20% of its shares acquired in July 2020. The Company aims to create new value by combining Blue Yonder's software platform, which offers state-of-the-art artificial intelligence (AI) and machine learning (ML) capabilities, with Panasonic's manufacturing expertise, which has been cultivated over many years, as well as its edge devices, IoT applications, and sensing technologies. This acquisition will accelerate Panasonic's and Blue Yonder's shared vision for an "Autonomous Supply ChainTM" and will provide solutions to customers' management issues. In addition, Panasonic aims to contribute to global environmental

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Consolidated Financial Results for Fiscal 2022 2Q, ended September 30, 2021

conservation and to a sustainable society through energy-use reduction and effective utilization of recourses.

In October 2021, the Company terminated the current Divisional Company system and substantially started its operations based on the new structure toward the transition to a new organizational system in which Panasonic is a holding company from April 2022. Under the new structure, the Company will steadily execute the Mid-term strategy and prepare for the smooth operation of each operating company to be established on April 1, 2022.

For the six months ended September 30, 2021, the Company's consolidated group sales increased by 16% to 3,533.6 billion yen from a year ago. Domestic sales increased driven mainly by mounting machines in Process Automation. Overseas sales also increased due mainly to increased sales of automotive batteries with growing demand as well as increased sales in Systems and Devices, which captured business opportunities reflecting changes in society.

Operating profit increased to by 108% to 201.2 billion yen from a year ago. This is due mainly to increased sales as well as recognized gain from the re-evaluation of the existing equity in Blue Yonder upon its consolidation into Panasonic (for further details, please refer to Note 2. of "Note" section), despite impact of raw material price hikes and other factors. Profit before income taxes increased by 121% to 205.8 billion yen and Net profit attributable to Panasonic Corporation stockholders increased by 213% to 153.0 billion yen from a year ago.

B. Breakdown by Reportable Segment

Appliances

			Yen (billions)
	Fiscal 2022	Fiscal 2021	Percentage
	Second quarter	Second quarter	2022/2021
Sales	1,273.5	1,189.8	107%
Operating profit	45.5	51.0	89%

Sales increased by 7% to 1,273.5 billion yen from a year ago. This is due mainly to steady sales of refrigerators and washing machines in China as well as Commercial Refrigeration & Food Equipment in North America. Operating profit decreased to 45.5 billion yen from a year ago. This is due largely to factors such as the impact of raw material price hikes, despite increased sales and rationalization efforts.

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Consolidated Financial Results for Fiscal 2022 2Q, ended September 30, 2021

Life Solutions

			Yen (billions)
	Fiscal 2022	Fiscal 2021	Percentage
	Second quarter	Second quarter	2022/2021
Sales	727.8	698.3	104%
Operating profit	25.3	21.4	119%

Sales increased by 4% to 727.8 billion yen from a year ago. This is due to favorable sales of ceiling fan in overseas market as well as products such as wiring devices, which benefited from market recovery. Operating profit increased to 25.3 billion yen from a year ago. This is due mainly to increased sales and rationalization efforts, which offset factors such as the impact of raw material price hikes.

Connected Solutions

			Yen (billions)
	Fiscal 2022	Fiscal 2021	Percentage
	Second quarter	Second quarter	2022/2021
Sales	425.5	376.3	113%
Operating profit (loss)	52.2	(17.2)	－

Sales increased by 13% to 425.5 billion yen from a year ago. This is due mainly to increased sales of ICT terminals, 5G-related equipment and mounting machine with growing EV related demand. Operating profit increased to 52.2 billion yen from a year ago. This is due mainly to increased sales as well as recognized gain from the re-evaluation of the existing equity in Blue Yonder upon its consolidation into Panasonic.

Automotive

			Yen (billions)
	Fiscal 2022	Fiscal 2021	Percentage
	Second quarter	Second quarter	2022/2021
Sales	731.3	569.3	128%
Operating profit (loss)	7.1	(4.4)	－

Sales increased by 28% to 731.3 billion yen from a year ago. This is due to increased sales in Automotive Solutions with recovery in automotive production, and increased sales in Automotive Batteries with growing demand. Operating profit increased to 7.1 billion yen from a year ago due to increased sales.

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