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    6502   JP3592200004

TOSHIBA CORPORATION

(6502)
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Toshiba : Quarterly Earnings Document

05/14/2021 | 01:04am EDT

May 14, 2021

Toshiba Corporation

FOR IMMEDIATE RELEASE

Toshiba Announces Consolidated Results for Fiscal Year 2020, ended March 31, 2021

TOKYO--Toshiba Corporation (TOKYO: 6502) (hereinafter "Toshiba" or "the Company") today announced its consolidated results for fiscal year (FY) 2020, ended March 31, 2021. All comparisons in the following are based on the same period a year earlier, unless otherwise stated.

1. Overview of Consolidated Results for FY2020 (April 2020 - March 2021)

(Yen in billions)

FY2020

Change from FY2019

Net sales

3,054.4

(335.5)

Operating income

104.4

(26.1)

Income (loss) from

continuing operations,

153.5

201.0

before income taxes and

noncontrolling interests

Net income (loss)

attributable to shareholders

114.0

228.6

of the Company

During FY2020 (April 2020-March 2021), the global economy experienced a rapid deterioration with the spread of the coronavirus (COVID-19). While the U.S. economy has subsequently steadily recovered, and China has also shown signs of recovery, the Eurozone economy has remained weak. In Japan, though the pandemic has suppressed consumer spending, capital investment has been improving and exports have increased.

In FY2021 (April 2021-March 2022), the U.S. and China are both expected to continue gradual recovery, while the Eurozone is expecting the continued impact of the pandemic. The situation is also severe in Asia, with considerable risk in India due to a renewed outbreak of COVID-19 infections. Japan expects continued improvement from measures to prevent infection and improved overseas economies, but constant attention to downside risk is essential.

In these conditions, Toshiba Group's net sales decreased by 335.5 billion yen to 3,054.4 billion yen (US$27,516.9 million). Energy Systems & Solutions saw lower sales that reflected fewer projects for thermal plant construction, transmission & distribution systems and renewable energy (solar power), plus the impact of COVID-19. Infrastructure Systems

1

Net sales
Operating income
  • Solutions saw lower sales due to a decline in demand for infrastructure systems and industrial systems due to COVID-19, and Building Solutions, Retail & Printing Solutions and Electronic Devices & Storage Solutions also experienced lower sales for the same reason. Lower sales in Digital Solutions reflected the impact of COVID-19 and the sale of affiliated company businesses, while lower sales in Others resulted from the transfer of certain HR functions and their exclusion from the consolidation.

Operating income was 104.4 billion yen (US$940.6 million), a decrease of 26.1 billion yen. Infrastructure Systems & Solutions, Digital Solutions and Others recorded higher operating income while Energy Systems, Building Solutions, Retail & Printing Solutions and Electronic Devices & Storage Solutions reported lower operating income.

Income (loss) from continuing operations, before income taxes and noncontrolling interests was 201.0 billion yen higher at 153.5 billion yen(US$1,382.8 million), mainly due to a loss from the transfer of the LNG business and equity losses from Kioxia Holdings Corporation in the previous year.

Net income (loss) attributable to shareholders of the Company increased by 228.6 billion yen to 114.0 billion yen (US$1,026.9 million).

Consolidated Results for FY2020, by Segment (April 2020 - March 2021)

Please refer to the presentation materials for FY2020 Consolidated Business Results, dated May 14, 2021.

Performance Forecast for FY2021

The consolidated forecast for FY2021 is shown below. (Yen in billions) FY2021 Forecast

3,250.0

170.0

  • Income (loss) from continuing operations, before income taxes and noncontrolling interests and Net income (loss) attributable to shareholders of the Company are not stated in the performance forecast, as the Company is not involved in the management of Kioxia and does not receive information related to Kioxia's forecast of equity earnings (losses), and therefore cannot comment on Kioxia's performance forecasts.

2

2. Financial Position and Cash Flows for FY2020

Total assets increased by 117.2 billion yen from the end of March 2020 to 3,500.6 billion yen (US$31,537.3 million).

Shareholders' equity, or equity attributable to the shareholders of the Company, was 1,164.5 billion yen (US$10,491.3 million), a increase of 224.7 billion yen from the end of March 2020.

Total interest-bearing debt increased by 122.5 billion yen from the end of March 2020 to 517.7 billion yen (US$4,664.0 million).

Free cash flow increased by 303.2 billion yen to 38.5 billion yen (US$346.6 million).

3. General Policy on Profit Distribution and Dividends for Current Periodsi. General Policy on Profit Distribution

The Company seeks to achieve continuous increases in its actual dividend payments, in line with a payout ratio of at least 30%, on a consolidated basis. The Company's policy* is to continue to strengthen shareholder returns through share repurchases when its financial condition allows.

*For the time being, equity earnings from Kioxia are not subject to this policy.

ii. FY2020 Dividends

As a result of improvement of net income (loss) attributable to shareholders of the Company , and following its general policy on profit distribution, the Company declared a dividend total of 80 yen per share for FY2020; 10 yen as an interim dividend and 70 yen as a year-end dividend.

Basic Policy in the Selection of an Accounting Standard

Toshiba Group began preparing consolidated financial statements based on US GAAP before the consolidated financial statement system was introduced in Japan, and has continued to use US GAAP for its financial statements. Toshiba Group plans to voluntarily implement International Financial Reporting Standards (IFRS) for the purpose of strengthening financial governance; the timing of this implementation is under consideration.

3

Disclaimer:

This report of business results contains forward-looking statements concerning future plans, strategies and forecasts of Toshiba Group business results. These statements are based on management's assumptions and beliefs in light of the economic, financial and other data currently available. Since Toshiba Group is promoting business under various market environments in many countries and regions, they are subject to a number of their risks and uncertainties. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations. Major risk factors that may have a material influence on results are indicated below, although this list is not necessarily exhaustive.

Major disasters, including earthquakes and typhoons; Disputes, including lawsuits, in Japan and other countries;

Success or failure of alliances or joint ventures promoted in collaboration with other companies;

Success or failure of new businesses or R&D investment;

Changes in political and economic conditions in Japan and abroad; unexpected regulatory changes;

Rapid changes in the supply and demand situation in major markets and intensified price competition;

Significant capital expenditure for production facilities and rapid changes in the market; Changes in financial markets, including fluctuations in interest rates and exchange rates.

Notes:

Toshiba Group's Consolidated Financial Statements are based on US generally accepted accounting principles ("GAAP").

For convenience only, all dollar figures used in reporting FY2020 are calculated at 111 yen to the dollar.

Operating income (loss) is derived by deducting the cost of sales and selling, general and administrative expenses from net sales. This result is regularly reviewed to support decision-making in allocations of resources and to assess performance. Certain operating expenses such as litigation settlement and other costs are not included.

# # #

4

Consolidated

Toshiba Group

Consolidated Financial Statements

For Fiscal Year 2020 (April 1, 2020 to March 31, 2021)

Outline

114

111

( in billions, US$ in millions, except for earnings per share)

Years ended March 31

2021(A)

2020(B)

(A)-(B)

(A)/(B)

2021

Net sales

¥3,054.4

¥3,389.9

¥(335.5)

90%

$27,516.9

Operating income

104.4

130.5

(26.1)

80%

940.6

Income (loss) from continuing operations,

before income taxes and

153.5

(47.5)

201.0

1,382.8

noncontrolling interests

Net income (loss) attributable to

114.0

(114.6)

228.6

1,026.9

shareholders of the Company

Basic earnings per share

attributable to shareholders of

¥251.25

¥(236.39)

¥487.64

$2.26

the Company

Notes:

  1. Consolidated Financial Statements are based on generally accepted accounting principles in the US.
  2. The US dollar is valued at 111 throughout this statement for convenience only.

5

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

Disclaimer

Toshiba Corporation published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 05:03:08 UTC.


© Publicnow 2021
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Net income 2021 84 063 M 759 M 759 M
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P/E ratio 2021 25,9x
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Last Close Price 4 815,00 JPY
Average target price 4 753,50 JPY
Spread / Average Target -1,28%
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