Toshiba : Earnings Release(212KB)

November 11, 2022

Toshiba Corporation

FOR IMMEDIATE RELEASE

Toshiba Announces Consolidated Results for the First Six Months and the Second Quarter for Fiscal Year 2022, Ending March 2023

TOKYO--Toshiba Corporation (TOKYO: 6502) (hereinafter "Toshiba" or "the Company") today announced its consolidated results for the first six months (April-September) and the second quarter (July-September) of fiscal year (FY) 2022, ending March 31, 2023.

Note:

For convenience only, all dollar amounts used in reporting the second quarter of FY2022 are calculated at 145 yen to the dollar.

Consolidated Financial Results for the First Six Months Ended September 30, 2022 (Under U.S. GAAP)

			November 11, 2022
Company name	: Toshiba Corporation
Stock exchange listings	: Tokyo, Nagoya
Securities code	: 6502	URL: https://www.global.toshiba/ww/top.html
Representative	: Taro Shimada, Representative Executive Officer, President and CEO
Contact info	: Kazuyoshi Ishiyama, Corporate Officer, Vice President, Corporate Communications Div.	TEL: [phone]
Scheduled date of quarterly report filing	: November 11, 2022
Scheduled date of dividend payment	: December 7, 2022
Supplemental materials of quarterly results	: Yes
Financial results briefing		: Yes

1. Consolidated financial results for the first six months ended September 30, 2022 (April 1, 2022 - September 30, 2022)

(1) Consolidated Operating Results						(% indicates changes from the previous corresponding period)
	Net sales			Operating income	Income before income taxes	Net income attributable to
			and noncontrolling interests	shareholders of the Company
Six months ended	Millions of yen		%		Millions of yen		%	Millions of yen	%	Millions of yen		%
September 30, 2022	1,595,212		3.2		2,738		(93.9)	130,507	58.9		100,661		68.3
September 30, 2021	1,546,397		12.8		44,976		-	82,121	309.6		59,795		-
Note: Comprehensive income	For the six months ended September 30, 2022:	¥138,753 million		(122.2%)
	For the six months ended September 30, 2021:	¥62,432 million		(571.4%)
	Earnings per share			Diluted earnings per share
Six months ended			Yen				Yen
September 30, 2022	232.67				231.95
September 30, 2021	133.76				-
(2) Consolidated financial position
	Total assets			Total equity	Shareholders' equity		Shareholders' equity	Shareholders' equity
					ratio		per share
As of	Millions of yen			Millions of yen	Millions of yen				%			Yen
September 30, 2022	3,638,783		1,353,463		1,245,834				34.2		2,879.64
March 31, 2022	3,734,519		1,366,664		1,206,634				32.3		2,788.95
2. Cash dividends
							Dividends per share
	First quarter		Second quarter	Third quarter			Year-end			Total
		Yen			Yen		Yen				Yen			Yen
FY2021	110.00		40.00		-				70.00		220.00
FY2022	160.00		60.00
FY2022 (Forecast)								-				70.00		290.00

Note: Revisions to the forecast of cash dividends most recently announced: None

Note: Breakdown of 1Q dividend for the fiscal year ended March 2022: the special dividend of 110.00 yen.

Breakdown of 1Q dividend for the fiscal year ending March 2023: the special dividend of 160.00 yen.

3. Forecast of Consolidated Results for the Fiscal Year ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(% indicates changes from the previous year)

	Net sales		Operating income
	Millions of yen		%	Millions of yen		%
FY2022	3,350,000		0.4	125,000		(21.4)

Note: Revisions to the forecast of consolidated results most recently announced: Yes

Reflecting the latest trends, revised upward sales by 50 billion yen and downward operating income by 45 billion yen from the forecast on August 10, 2022.

Note: Since Toshiba is not involved in the management of Kioxia Holdings (hereinafter "Kioxia") and is not provided with any forecasted business results, Toshiba Group's forward-looking statements concerning income before income taxes, net income attributable to shareholders of the Company and earnings per share do not include the impact of Kioxia.

• Notes
• 1. Changes in significant subsidiaries during the period (changes in Specified Subsidiaries involving changes in the scope of consolidation): Yes
     Excluded: 1 company (Toshiba Carrier Corporation) Please refer to "Others" for details.
  2. Adoption of simplified method of accounting or specific accounting treatments: Yes Please refer to "Others" for details.
  3. Changes in accounting policies
  1. Changes in accounting policies due to revisions to accounting standards and other regulations: None
  2. Changes in accounting policies due to other reasons: None
  1. Number of issued shares (common stock)
  1. Total number of issued shares at the end of the period (including shares of treasury stock)

As of September 30, 2022	433,137,955 shares
As of March 31, 2022	433,137,955 shares

2) Number of shares of treasury stock at the end of the period

As of September 30, 2022	502,820 shares
As of March 31, 2022	489,871 shares

3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Six months ended September 30, 2022	432,641,619 shares
Six months ended September 30, 2021	447,032,912 shares

• • This summary of quarterly financial statements is not subject to quarterly review by certified accountants or audit corporations.
• Consolidated financial results for the three months ended September 30, 2022 (July 1, 2022 - September 30, 2022)

Consolidated Operating Results							(% indicates changes from the previous corresponding period)
	Net sales		Operating income	Income before income taxes	Net income attributable to
		and noncontrolling interests	shareholders of the Company
Three months ended	Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen	%
September 30, 2022	854,562		4.4	7,546		(75.2)	88,793	67.8	74,768	78.9
September 30, 2021	818,534		6.1	30,448		93.3	52,919	123.5	41,799	181.6
Note: Comprehensive income	For the three months ended September 30, 2022:	¥93,347 million	(109.1%)
	For the three months ended September 30, 2021:	¥44,650 million	(148.0%)
	Earnings per share	Diluted earnings per share
Three months ended			Yen			Yen
September 30, 2022			172.82			172.45
September 30, 2021			94.58			-

Contents
1. Quarterly Consolidated Financial Statements
(1) Comparative Consolidated Balance Sheets............................................................................................	2
(2) Comparative Consolidated Statements of Operations and
Comparative Consolidated Statements of Comprehensive Income.......................................................	3
(3) Comparative Consolidated Statements of Cash Flows...........................................................................	6
(4) Notes Relating to Assumptions for the Going Concern.........................................................................	7
(5) Industry Segment Information and Net Sales by Region......................................................................	7
(6) Basis of Consolidated Financial Statements..........................................................................................	10
(7) Subsequent event....................................................................................................................................	11
(8) Notes Related to Significant Changes in Shareholder's Equity.............................................................	11
2. Others
(1) Changes in significant subsidiaries during the period............................................................................	11
(2) Use of simplified accounting procedures, and particular accounting procedures in preparation of
quarterly consolidated financial statements...........................................................................................	11

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Consolidated

1. Quarterly Consolidated Financial Statements

(1) Comparative Consolidated Balance Sheets

(¥ in millions, US$ in thousands)

	Sep. 30, 2022	Mar. 31, 2022	(A)-(B)	Sep. 30, 2022
	(A)	(B)
Assets
Current assets	¥2,082,979	¥2,266,041	¥(183,062)	$14,365,372
Cash and cash equivalents	412,839	421,219	(8,380)	2,847,166
Notes, accounts receivable and contract assets	756,109	859,186	(103,077)	5,214,544
Inventories	632,373	531,788	100,585	4,361,193
Other current assets	281,658	453,848	(172,190)	1,942,469
Long-term receivables	5,235	5,161	74	36,103
Investments	594,624	558,446	36,178	4,100,855
Property, plant and equipment	484,505	460,326	24,179	3,341,414
Operating lease right-of-use assets	96,620	105,027	(8,407)	666,345
Other assets	374,820	339,518	35,302	2,584,966
Total assets	¥3,638,783	¥3,734,519	¥(95,736)	$25,095,055
Liabilities and equity
Current liabilities	¥1,478,431	¥1,509,867	¥(31,436)	$10,196,076
Short-term borrowings	104,806	75,680	29,126	722,800
and current portion of long-term debt
Notes and accounts payable	469,674	482,266	(12,592)	3,239,131
Current operating lease liabilities	34,966	36,515	(1,549)	241,145
Other current liabilities	868,985	915,406	(46,421)	5,993,000
Accrued pension and severance costs	272,312	277,057	(4,745)	1,878,014
Non-current operating lease liabilities	64,674	72,568	(7,894)	446,027
Long-term debt and other liabilities	469,903	508,363	(38,460)	3,240,710
Equity	1,353,463	1,366,664	(13,201)	9,334,228
Equity attributable to shareholders of the Company	1,245,834	1,206,634	39,200	8,591,959
Common stock	200,869	200,869	-	1,385,303
Additional paid-in capital	4	-	4	28
Retained earnings	1,119,187	1,118,039	1,148	7,718,531
Accumulated other comprehensive loss	(71,919)	(110,011)	38,092	(495,993)
Treasury stock	(2,307)	(2,263)	(44)	(15,910)
Equity attributable to noncontrolling interests	107,629	160,030	(52,401)	742,269
Total liabilities and equity	¥3,638,783	¥3,734,519	¥(95,736)	$25,095,055
Breakdown of accumulated other comprehensive loss
Net unrealized gains and losses on securities	¥(649)	¥(227)	¥(422)	$(4,476)
Foreign currency translation adjustments	55,317	14,150	41,167	381,496
Pension liability adjustments	(114,247)	(119,821)	5,574	(787,910)
Unrealized gains and losses on derivative instruments	(12,340)	(4,113)	(8,227)	(85,103)
Total interest-bearing debt	¥493,296	¥502,422	¥(9,126)	$3,402,041

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