Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Toshiba Corporation
  6. News
  7. Summary
    6502   JP3592200004

TOSHIBA CORPORATION

(6502)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Toshiba : Notice Regarding Transfer of Quantum Key Distribution (QKD) Business to Toshiba's Wholly Owned Subsidiary by a Company Split

02/24/2021 | 06:00pm EDT

February 25, 2021

Toshiba Corporation

FOR IMMEDIATE RELEASE

Notice Regarding Transfer of Quantum Key Distribution (QKD) Business to Toshiba's

Wholly Owned Subsidiary by a Company Split

TOKYO-Toshiba Corporation (TOKYO: 6502, "Toshiba") has announced that it will transfer its quantum key distribution ("QKD") business development function to its wholly-owned subsidiary, Toshiba Digital Solutions Corporation ("TDSL"), by means of simplified absorption-type company split, with April 1, 2021 (scheduled) as the effective date. Toshiba and TDSL today signed a company split agreement.

Some disclosure items and details are omitted since the company split is between Toshiba and its wholly-owned subsidiary.

1. Purpose of the Company Split

In the "Toshiba Next Plan Progress Report" released on November 11, 2020, Toshiba announced that it will develop and promote its QKD business, which provides indispensable security technology against hacking of data transmissions by quantum computers, by converting it to a network service by the end of FY2021. To date, business development has been undertaken within Toshiba by the New Business Development Office, a part of the Cyber-Physical Systems x Design Division. Now, in order to advance activities related to the launch of the business, including further strengthening ordering, Toshiba has decided to consolidate operations in TDSL, a subsidiary that has business promotion systems for ICT solutions, and has signed an absorption-type company split agreement to effect the transfer. The company split is scheduled to take effect on April 1, 2021.

Note: QKD is a cryptography communications technology that uses the principles of quantum mechanics to deliver absolutely secure communications that cannot be eavesdropped.

2. Overview of the company split

(1) Schedule

Date of decision of the company split

February 25, 2021

Date of signing the company split agreements

February 25, 2021

Effective date of the company split

April 1, 2021 (scheduled)

Note: The company split falls into the category of simplified absorption-type company split defined in Paragraph 2 of Article 784 of the Companies Act. Therefore, the company will not hold a general meeting of shareholders for approval of the contracts for the absorption-type company split.

  • (2) Method of company split

    The absorption-type company split method will be used, in which Toshiba is the splitting company and TDSL is the succeeding company.

  • (3) Allotment related to company split

    TDSL will not issue new shares or issue any other consideration through this absorption-type company split.

  • (4) Treatment of share options and bonds with share options associated with company split Toshiba has not issued any share options or bonds with share options.

  • (5) Change in the stated capital associated with company split

    The company split will neither increase nor decrease the amount of the stated capital of TDSL.

  • (6) Rights and obligations to be transferred to the succeeding company

    Under the terms of the absorption-type company split agreement, TDSL will succeed to the assets, rights, obligations, and contractual status, etc., that belong to the transferred businesses. TDSL's succession to obligations from Toshiba will be carried out through cumulative assumption of obligation.

  • (7) Outlook of performance of obligations

    It is understood that TDSL will be able to fulfill all obligations that have a maturity date on or after the effective date of company split.

3. Overview of companies associated with company split

Splitting company

Succeeding company

(1) Name

Toshiba Corporation

Toshiba Digital Solutions Corporation (TDSL)

(2) Address

1-1 Shibaura 1-chome, Minato-ku, Tokyo

72-34 Horikawa-cho, Saiwai-ku Kawasaki-shi, Kanagawa

(3) Name and title of representative

Nobuaki Kurumatani Representative Executive Officer, President and CEO

Taro Shimada President and CEO

(4)Business outline

Energy systems & solutions, infrastructure systems & solutions, building solutions, retail & printing solutions, electronic devices & storage solutions, and digital solutions

System Integration, Development, Manufacture and Sales of ICT Solutions Utilizing IoT and AI Technology

(5) Capital stock

200,175 million yen

23,500 million yen

(6) Establishment

June 25, 1904

October 1, 2003

(7) No. of outstanding shares

455,000,000 shares

204,000 shares

(8) Fiscal term

March 31

March 31

(9) No. of employees

125,648 (consolidated) (As of March 31, 2020)

8,613 (consolidated) (As of March 31, 2020)

(10) Main financing bank

Mizuho Bank, Ltd. Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

MUFJ Bank, Ltd.

Sumitomo Mitsui Banking Corporation

Mizuho Bank, Ltd. Resona Bank, Ltd. MUFJ Bank, Ltd.

(11) Major shareholders and shareholding ratio

GOLDMAN SACHS & CO. REG 7.35% SMP PARTNERS (CAYMAN) LIMITED AS TRUSTEE OF ECM MASTER FUND 7.06% CHINOOK HOLDINGS LTD 3.39%

THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED 2.54% NIPPON LIFE INSURANCE COMPANY 2.43% TOSHIBA EMPLOYEES SHAREHOLDING ASSOCIATION 2.18%

Toshiba Corporation 100.0%

NIHK A/C CLIENT 1.99% J.P. MORGAN BANK LUXEMBOURG S.A. 1300003 1.91% JP MORGAN CHASE BANK 385781 1.61% MSIP CLIENT SECURITIES 1.57%

(12) Financial condition and operating performance in preceding fiscal year

(fiscal year ended March 31, 2020)

Net assets (Equity)

1,076,426 million yen

(consolidated)

49,262 million yen

Total assets

3,383,433 million yen

(consolidated)

124,652 million yen

Shareholder's equity per share

2,071.98 yen (consolidated)

241,481.24 yen

Net sales

3,389,871 million yen

(consolidated)

161,521 million yen

Operating income

130,460 million yen

(consolidated)

6,864 million yen

Recurring profit

13,168 million yen

Net income attributable to shareholders of the company

-114,633 million yen

(consolidated)

13,283 million yen

Net income per share attributable to shareholders of the company

-236.39 yen (consolidated)

65,112.88 yen

Notes;

  • 1. No. of major shareholders and shareholding ratios are as of September 30, 2020.

  • 2. The financial condition and operating performance of the splitting company in the preceding fiscal year is based on US GAAP.

  • 3. The financial condition and operating performance of the succeeding company in the preceding fiscal year is based on JGAAP. The figures in Net income attributable to shareholders of the company and Net income per share attributable to shareholders of the company each mean net income and net income per share.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Toshiba Corporation published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 04:07:08 UTC.


© Publicnow 2021
All news about TOSHIBA CORPORATION
02:38aJapan stocks track Wall Street's solid finish to close week higher
RE
01:43aTOSHIBA  : QUOTES-Reactions to Toshiba shareholders voting out board chairman
RE
01:42aShareholders oust Toshiba board chairman in big win for Japan governance
RE
01:13aTOSHIBA  : Japan's Toshiba chairman fails to win shareholder approval
AQ
12:29aTOSHIBA  : investor 3D Investment welcomes board changes
RE
12:18aURGENT : Toshiba shareholders reject reappointment of two directors
AQ
06/24TOSHIBA  : board chairman fails to win reappointment in pivotal shareholder vote
RE
06/24Toshiba shareholders vote out board chairman nagayama
RE
06/24Toshiba Corp. Withholding Former CEO's Performance-Based Pay
DJ
06/24TOSHIBA  : investigators defend report, say Japan official stonewalled
RE
More news
Financials
Sales 2021 3 076 B 27 746 M 27 746 M
Net income 2021 84 063 M 758 M 758 M
Net Debt 2021 70 157 M 633 M 633 M
P/E ratio 2021 26,0x
Yield 2021 1,01%
Capitalization 2 199 B 19 835 M 19 834 M
EV / Sales 2021 0,74x
EV / Sales 2022 0,70x
Nbr of Employees 125 648
Free-Float 93,4%
Chart TOSHIBA CORPORATION
Duration : Period :
Toshiba Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOSHIBA CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 4 845,00 JPY
Average target price 4 753,50 JPY
Spread / Average Target -1,89%
EPS Revisions
Managers and Directors
NameTitle
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Satoshi Tsunakawa President & Chief Executive Officer
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Yoshimitsu Kobayashi Independent Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
TOSHIBA CORPORATION67.94%19 835
BERKSHIRE HATHAWAY INC.19.32%628 395
HONEYWELL INTERNATIONAL INC.2.35%151 198
SIEMENS AG15.08%128 911
GENERAL ELECTRIC COMPANY21.76%113 683
3M COMPANY10.57%111 506