Toshiba : Quarterly Earnings Document

August 12, 2021

Toshiba Corporation

FOR IMMEDIATE RELEASE

Toshiba Announces Consolidated Results

for the First Quarter of the Fiscal Year 2021, Ending March 2022

TOKYO--Toshiba Corporation (TOKYO: 6502) today announced its consolidated results for the first quarter of fiscal year (FY) 2021, ending March 31, 2022.

Note:

For convenience only, all dollar amounts used in reporting the first quarter of FY2021 are calculated at 111 yen to the dollar.

Consolidated

Comparative Consolidated Balance Sheets

( in millions, US$ in thousands)

	Jun. 30, 2021	Mar. 31, 2021	(A)-(B)	Jun. 30, 2021
	(A)	(B)
Assets
Current assets	¥2,178,737	¥2,130,908	¥47,829	$19,628,261
Cash and cash equivalents	643,620	525,456	118,164	5,798,378
Notes, accounts receivable and contract assets	757,987	898,605	(140,618)	6,828,712
Inventories	519,210	475,765	43,445	4,677,568
Other current assets	257,920	231,082	26,838	2,323,603
Long-term receivables	3,728	4,231	(503)	33,586
Investments	535,935	529,797	6,138	4,828,243
Property, plant and equipment	456,030	455,703	327	4,108,378
Operating lease right-of-use assets	115,558	119,739	(4,181)	1,041,063
Other assets	266,525	260,258	6,267	2,401,127
Total assets	¥3,556,513	¥3,500,636	¥55,877	$32,040,658
Liabilities and equity
Current liabilities	¥1,337,773	¥1,254,881	¥82,892	$12,052,009
Short-term borrowings	17,300	15,988	1,312	155,856
and current portion of long-term debt
Notes and accounts payable	447,707	481,877	(34,170)	4,033,396
Current operating lease liabilities	38,072	38,757	(685)	342,991
Other current liabilities	834,694	718,259	116,435	7,519,766
Accrued pension and severance costs	286,160	295,442	(9,282)	2,578,018
Non-current operating lease liabilities	79,906	84,517	(4,611)	719,874
Long-term debt and other liabilities	564,080	561,266	2,814	5,081,802
Equity	1,288,594	1,304,530	(15,936)	11,608,955
Equity attributable to shareholders of the Company	1,150,518	1,164,534	(14,016)	10,365,027
Common stock	200,558	200,558	0	1,806,829
Additional paid-in capital	201	207	(6)	1,811
Retained earnings	1,113,357	1,127,130	(13,773)	10,030,243
Accumulated other comprehensive loss	(158,521)	(158,307)	(214)	(1,428,117)
Treasury stock	(5,077)	(5,054)	(23)	(45,739)
Equity attributable to noncontrolling interests	138,076	139,996	(1,920)	1,243,928
Total liabilities and equity	¥3,556,513	¥3,500,636	¥55,877	$32,040,658
Breakdown of accumulated other comprehensive loss
Net unrealized gains and losses on securities	¥(14)	¥4	¥(18)	$(126)
Foreign currency translation adjustments	(21,112)	(17,561)	(3,551)	(190,198)
Pension liability adjustments	(136,018)	(138,345)	2,327	(1,225,387)
Unrealized gains and losses on derivative instruments	(1,377)	(2,405)	1,028	(12,406)
Total interest-bearing debt	¥514,622	¥517,702	¥(3,080)	$4,636,234

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Consolidated

Comparative Consolidated Statements of Operations

First Quarter ended June 30			( in millions, US$ in thousands)
		Three months ended June 30
	2021(A)	2020(B)	(A)-(B)	(A)/(B)	2021
Sales and other income
Net sales	¥727,863	¥599,823	¥128,040	121%	$6,557,324
Interest income	358	399	(41)	90%	3,225
Dividend income	878	823	55	107%	7,910
Equity in earnings of affiliates	6,383	2,546	3,837	251%	57,505
Other income	15,625	20,029	(4,404)	78%	140,766
Costs and expenses
Cost of sales	548,672	436,833	111,839	126%	4,942,991
Selling, general and administrative expenses	164,663	175,625	(10,962)	94%	1,483,450
Interest expenses	1,065	1,122	(57)	95%	9,595
Other expenses	7,505	13,670	(6,165)	55%	67,613
Income (loss) before income taxes	29,202	(3,630)	32,832	－	263,081
and noncontrolling interests
Income taxes	5,721	5,545	176	103%	51,540
Net income (loss) before noncontrolling interests	23,481	(9,175)	32,656	－	211,541
Less:Net income attributable to	5,485	2,173	3,312	252%	49,415
noncontrolling interests
Net income (loss) attributable to	¥17,996	¥(11,348)	¥29,344	－	$162,126
shareholders of the Company

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Consolidated

Comparative Consolidated Statements of Comprehensive Income

First Quarter ended June 30					111
		( in millions, US$ in thousands)
		Three months ended June 30
	2021(A)	2020(B)	(A)-(B)	(A)/(B)	2021
Net income (loss) before noncontrolling interests	¥23,481	¥(9,175)	¥32,656	－	$211,541
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on securities	(18)	35	(53)	－	(162)
Foreign currency translation adjustments	(3,487)	(3,612)	125	－	(31,415)
Pension liability adjustments	2,334	6,997	(4,663)	33%	21,027
Unrealized gains (losses) on derivative instruments	1,028	(467)	1,495	－	9,261
Total other comprehensive income (loss)	(143)	2,953	(3,096)	－	(1,289)
Comprehensive income (loss)	23,338	(6,222)	29,560	－	210,252
Less:Comprehensive income attributable to	5,556	2,480	3,076	224%	50,054
noncontrolling interests
Comprehensive income (loss) attributable to	¥17,782	¥(8,702)	¥26,484	－	$160,198
shareholders of the Company

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Consolidated

Comparative Consolidated Statements of Cash Flows

First Quarter ended June 30				111
	( in millions, US$ in thousands)
			Three months ended June 30
			2021(A)	2020(B)	(A)-(B)	2021
Cash flows from operating activities
	Net income (loss) before noncontrolling interests	¥23,481	¥(9,175)	¥32,656	$211,541
		Depreciation and amortization	21,272	21,132	140	191,640
		Equity in (earnings) losses of affiliates, net of dividends	(4,300)	(1,549)	(2,751)	(38,739)
		(Gain) loss from sales and impairment of securities, net	162	(7,711)	7,873	1,459
		Decrease in notes and accounts receivable, trade	142,338	245,829	(103,491)	1,282,324
		Increase in inventories	(43,775)	(53,834)	10,059	(394,369)
		Decrease in notes and accounts payable, trade	(33,835)	(98,511)	64,676	(304,820)
		Others	80,706	6,845	73,861	727,081
	Adjustments to reconcile net income (loss) before noncontrolling	162,568	112,201	50,367	1,464,576
	interests to net cash provided by operating activities
	Net cash provided by operating activities	186,049	103,026	83,023	1,676,117
Cash flows from investing activities
	Proceeds from sale of property, plant and equipment,	181	8,655	(8,474)	1,631
	intangible assets and securities
	Acquisition of property, plant and equipment	(23,622)	(27,107)	3,485	(212,811)
	Acquisition of intangible assets	(6,998)	(4,252)	(2,746)	(63,045)
	Purchase of securities	(186)	(965)	779	(1,676)
	Increase in investments in affiliates	-	(300)	300	-
	Others	(75)	4,246	(4,321)	(675)
	Net cash used in investing activities	(30,700)	(19,723)	(10,977)	(276,576)
Cash flows from financing activities
	Proceeds from long-term debt	187	200,002	(199,815)	1,685
	Repayment of long-term debt	(1,526)	(11,490)	9,964	(13,748)
	Increase in short-term borrowings, net	1,531	851	680	13,793
	Dividends paid	(34,134)	(5,676)	(28,458)	(307,514)
	Purchase of treasury stock, net	(23)	(7)	(16)	(207)
	Payment of acquisition of 3 listed subsidiaries' shares to become	(6)	(33,418)	33,412	(54)
	wholly owned subsidiaries
	Others	(3)	-	(3)	(27)
	Net cash provided by (used in) financing activities	(33,974)	150,262	(184,236)	(306,072)
Effect of exchange rate changes on cash and cash equivalents	(3,211)	1,295	(4,506)	(28,929)
Net increase in cash and cash equivalents	118,164	234,860	(116,696)	1,064,540
Cash and cash equivalents at beginning of the period	525,456	376,973	148,483	4,733,838
Cash and cash equivalents at end of the period	¥643,620	¥611,833	¥31,787	$5,798,378

Note:The 3 listed subsidiaries above are Toshiba Plant System & Services Corporation, NISHISHIBA ELECTRIC CO., LTD., and NuFlare Technology, Inc.

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