FY2015 First Quarter Consolidated Business Results

Transcription

1 FY2015 First Quarter Consolidated Business Results Masayoshi Hirata Representative Executive Officer and Corporate Senior Vice President September 14, Toshiba Corporation 1

2 Forward-looking Statements This presentation contains forward-looking statements concerning future plans, strategies and performance of Toshiba Group. These forward-looking statements are not historical facts, rather they are based on management s assumptions and beliefs in light of the economic, financial and other data currently available. Since Toshiba Group promotes business in various market environments in many countries and regions, its activities are subject to a number of their risks and uncertainties that, without limitation, relate to economic conditions, worldwide mega-competition in the electronics business, customer demand, foreign currency exchange rates, tax rules, regulations and other factors. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations. Toshiba s fiscal year (FY) runs from April 1 to March 31. 1H refers to the first six months (April-September), 2H refers to the latter six months (October-March), 1Q refers to the first quarter (April-June), 2Q refers to the second quarter (July-September).3Q refers to the third quarter (October-December), and 4Q refers to the fourth quarter (January-March). All figures are consolidated totals for the first 3 months of fiscal year 2015, unless otherwise stated. Prior-period performance on consolidated segment information has been reclassified to conform with the current classification, unless otherwise stated Toshiba Corporation 2

3 Key Points of FY2015 1Q Net Sales: Toshiba Group as a whole saw lower sales than in the year-earlier period; the Lifestyle Products & Services segment saw notably lower sales, due to a shift in focus to redefined sales territories. Net Sales 1,349.9 billion yen (YoY (*) : billion yen) Income (Loss): Toshiba Group as a whole saw operating income (loss) deteriorate against the year-earlier period. While the Electronic Devices & Components segment saw lower operating income despite the continued solid business, the Energy & Infrastructure and Lifestyle Products & Services segments reported deteriorated operating income. Operating Income (Loss) billion yen (YoY: billion yen) Income (Loss) before income taxes billion yen (YoY: billion yen) and noncontrolling interests: Net Income (Loss) billion yen (YoY: billion yen) The net debt-to-equity (D/E) ratio was 111%, a YoY improvement of 17 points. Toshiba will not announce its FY2015 forecast at this point, as the Company continues to carefully evaluate the operational impacts of inappropriate accounting. (*) YoY: Year-on-year 2015 Toshiba Corporation 3

4 FY2015 1Q Consolidated Business Results Overall FY2015/1Q FY2014/1Q Difference (Yen in billions, except Earnings (Losses) per share) Net Sales 1, , Operating Income (Loss) % -0.8% 3.4% Income (Loss) before income taxes and noncontrolling interests % -1.3% 2.1% Net Income (Loss) Earnings (Losses) per share % -0.9% 1.2% attributable to shareholders of the Company Free cash flow Equity attributable to shareholders of the Company 1, , Net interest-bearing debt 1, , Net debt-to-equity ratio 111% 128% -17% * Hereinafter, Net Income (Loss) refers to Net Income (Loss) attributable to shareholders of the Company. * Hereinafter, the Company refers to Toshiba Corporation. * Net debt-to-equity ratio: [(interest-bearing debt) (cash and deposits)]/equity attributable to shareholders of the Company 2015 Toshiba Corporation 4

5 Review of Consolidated Business Results Net Sales Operating Income (Loss) Net Income (Loss) 1,50 1, , , ,349.9 [-5%] FY2013/1Q FY2014/1Q FY2015/1Q [-58.7] FY2013/1Q FY2014/1Q FY2015/1Q [-29.0] FY2013/1Q FY2014/1Q FY2015/1Q [ ] = Year-on-year comparison Toshiba Group as a whole saw lower sales, due to a shift in focus to redefined sales territories in the Lifestyle Products & Services segment. Every segment, most notably the Energy & Infrastructure and Lifestyle Products & Services segments, saw lower/ deteriorated operating income (loss). Toshiba Group saw deteriorated net income (loss) due to deteriorated operating income (loss) Toshiba Corporation 5

6 FY2015 1Q Consolidated Business Results Outline of Net Sales 1,55 1,50 Foreign Currency Effects (+96.0) PC B2C(-53.0) Visual Products overseas(-23.0) ,45 1,40 1,35 1,30 1,25 1,20 1,15 1,10 FY2014 1Q 1,414.0 USD 15/1Q /USD 14/1Q /USD EUR 15/1Q /EUR 14/1Q /EUR (-84.1) Electronic Devices & Components Energy & Infrastructure Community Solutions Lifestyle Products & Services -7.6 Healthcare Systems +6.7 & Services FY2015 1Q 1, Toshiba Corporation 6

7 FY2015 1Q Consolidated Business Results Outline of Operating Income (Loss) 6 5 FY2014 1Q 47.7 Energy & Infrastructure (-20.7) 4 3 Lifestyle Products & Services (-15.6) 2 1 Electronic Devices & Components (-13.3) FY2015 1Q Others (-9.1) 2015 Toshiba Corporation 7

8 FY2015 1Q Consolidated Business Results by Segment FY2015/1Q FY2014/1Q Difference Energy & Infrastructure Community Solutions Healthcare Systems & Services Electronic Devices & Components Lifestyle Products & Services Others Corporate and Eliminations Total Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales Operating Income (Loss) Net Sales 1, , Operating Income (Loss) Toshiba Corporation 8

9 Energy & Infrastructure Net Sales Operating Income (Loss) FY2013/1Q FY2014/1Q FY2015/1Q [±0%] [-20.7] FY2013/1Q FY2014/1Q FY2015/1Q [ ] = Year-on-year comparison The Transmission & Distribution Systems business and Landis+Gyr recorded higher sales. The Photovoltaic Systems business saw lower sales. Landis+Gyr recorded higher operating income. The Nuclear Power Systems, Thermal & Hydro Power Systems and Railroad Systems businesses saw lower/ deteriorated operating income (loss) Toshiba Corporation 9

10 Energy & Infrastructure Order Backlog *Power Systems Company and the Transmission & Distribution Systems business (the Photovoltaic Systems business is excluded.) 4,00 3,00 2,00 Order Backlog increased by 14% (2014/6E 2015/6E) 1, /6E 2015/6E 2015 Toshiba Corporation 10

11 Community Solutions Net Sales Operating Income (Loss) [+1%] FY2013/1Q FY2014/1Q FY2015/1Q [-8.4] FY2013/1Q FY2014/1Q FY2015/1Q [ ] = Year-on-year comparison The Elevator and Building Systems business and Toshiba TEC recorded higher sales. The Commercial Air-conditioners and Building & Facility Solutions businesses saw lower sales. The Lighting business and Toshiba TEC saw lower/deteriorated operating income (loss) Toshiba Corporation 11

12 Healthcare Systems & Services Net Sales Operating Income (Loss) FY2013/1Q FY2014/1Q FY2015/1Q FY2013/1Q FY2014/1Q FY2015/1Q 81.5 [+14%] [-0.5] [ ] = Year-on-year comparison Higher sales, reflecting firm sales of medical imaging systems and services. Slightly Lower operating income due to increased R&D costs to develop nextgeneration systems and services Toshiba Corporation 12

13 Electronic Devices & Components Net Sales Operating Income (Loss) [±0%] FY2013/1Q FY2014/1Q FY2015/1Q FY2013/1Q FY2014/1Q FY2015/1Q 35.6 [-13.3] [ ] = Year-on-year comparison Memories and System LSIs recorded increased sales. The Storage Product business and Discretes saw lower sales. Memories saw a decrease in operating income, though profitability remained high. The Storage Product business and Discretes also saw lower/ deteriorated operating income. System LSIs saw improved operating income Toshiba Corporation 13

14 Semiconductor & Storage Products Results Breakdown Net Sales FY2015/1Q FY2014/1Q Difference Discretes System LSIs Memories Semiconductor Total Storage Products Operating Income (Loss) FY2015/1Q FY2014/1Q Difference Semiconductor & Storage Products Total Toshiba Corporation 14

15 Semiconductor & Storage Products Quarterly Trend in Operating Income (Loss) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2013 FY2014 FY Toshiba Corporation 15

16 Lifestyle Products & Services Net Sales Operating Income (Loss) FY2013/1Q FY2014/1Q FY2015/1Q [-26%] [-15.6] FY2013/1Q FY2014/1Q FY2015/1Q [ ] = Year-on-year comparison The PC and TV businesses saw lower sales due to a shift in focus to redefined sales territories. The PC and Home Appliances businesses saw deteriorated operating income (loss) The TV business saw slightly improved operating income (loss) Toshiba Corporation 16

17 Lifestyle Products & Services Results Breakdown Net Sales FY2015/1Q FY2014/1Q Difference PC TV Home Appliances Toshiba Corporation 17

18 Non-Operating Income (Loss) and Expenses FY2015/1Q FY2014/1Q Difference Net financial income (Loss) Foreign exchange income (Loss) Income (Loss) on sales or disposal of fixed assets Structural reform costs Cost of settling lawsuits Others Total Toshiba Corporation 18

19 Income Tax and Net Income (Loss) Attributable to Noncontrolling Interests FY2015/1Q FY2014/1Q Difference Income (Loss) before income taxes and noncontrolling interests Income Tax Loss from discontinued operations Net Income (Loss) attributable to noncontrolling interests Net Income (Loss) Toshiba Corporation 19

20 Cash Flows Cash flow from operating activities Cash flow from operating activities Cash flow from investing activities Free cash flow Cash flow from investing activities FY2013/1Q FY2014/1Q FY2015/1Q 2015 Toshiba Corporation 20

21 Consolidated Balance Sheets Assets Liabilities and Equity 6, , , , , , , , , , , ,149.9 Cash equivalent 3, , ,330.5 Others Accounts receivable Inventories Total equity Interestbearing debt 3, , ,808.9 Others 1, , , , , , /6E 2014/6E 2015/6E 2013/6E 2014/6E 2015/6E 2015 Toshiba Corporation 21

22 Total Equity 2015/6E 2015/3E 2014/6E Difference vs 2015/3E vs 2014/6E Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive Income (Loss) Treasury stock Equity attributable to shareholders of the Company Equity attributable to noncontrolling interests 1, , , Total equity 1, , , Equity attributable to shareholders of the Company/ Total asset ratio 17.3% 17.1% 16.3% 0.2% 1.0% 2015 Toshiba Corporation 22

23 Financial Structure Net D/E ratio is 111% (a steady reduction of interest-bearing debt, over 1 trillion yen of equity attributable to shareholders of the Company) 144% *Net D/E Ratio: (interest-bearing debt cash and deposits)/ Equity attributable to shareholders of the Company 128% (interest-bearing debt) (cash and deposits) 1, , , , % 1,099.2 (Interest-bearing debt)-(cash and deposits) Equity attributable to shareholders of the Company Net D/E ratio Equity attributable to shareholders of the Company 2013/6E 2014/6E 2015/6E 2015 Toshiba Corporation 23

24 Appendix 2015 Toshiba Corporation 24

25 Energy & Infrastructure 70 Net Sales Operating Income (Loss) Q 2Q 3Q 4Q Q 2Q 3Q 4Q FY2013 FY2014 FY2015 FY2013 FY2014 FY Toshiba Corporation 25

26 Community Solutions 50 Net Sales Operating Income (Loss) Q 2Q 3Q 4Q Q 2Q 3Q 4Q FY2013 FY2014 FY2015 FY2013 FY2014 FY Toshiba Corporation 26

27 Healthcare Systems & Services Net Sales Operating Income (Loss) Q 2Q 3Q 4Q Q 2Q 3Q 4Q FY2013 FY2014 FY2015 FY2013 FY2014 FY Toshiba Corporation 27

28 Electronic Devices & Components 50 Net Sales Operating Income (Loss) Q 2Q 3Q 4Q Q 2Q 3Q 4Q FY2013 FY2014 FY2015 FY2013 FY2014 FY Toshiba Corporation 28

29 Lifestyle Products & Services 40 Net Sales Operating Income (Loss) Q 2Q 3Q 4Q Q 2Q 3Q 4Q FY2013 FY2014 FY2015 FY2013 FY2014 FY Toshiba Corporation 29

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