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Share Name | Share Symbol | Market | Type |
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Tosoh Corporation | TG:TOS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 12.30 | 11.90 | 12.20 | 0.00 | 09:08:43 |
RNS Number:2863R Toshiba Corporation 24 October 2003 FOR IMMEDIATE RELEASE October 24, 2003 Toshiba Announces Consolidated and Non-Consolidated Results for the First Half of the Fiscal Year to March 2004 TOKYO--Toshiba Corporation today announced its consolidated and non-consolidated results for the first half (April-September) of fiscal year (FY) 2003. 1) Overview of Consolidated and Non-consolidated Results for First Half of FY 2003 Consolidated Results Toshiba's overall consolidated sales were 2,608.3 billion yen (US$23,498 million), a decrease of 26.7 billion yen from the same period of the previous year. Of this decline, approximately 90 billion yen was attributable to transfers of businesses from the parent company, including the cathode-ray tube and the power transmission and distribution businesses. If the results of the transferred businesses were consolidated, net sales would actually have increased by approximately 65 billion yen. Consolidated operating income (loss) declined by 14.9 billion yen from a year earlier to minus 12 billion yen (minus US$108 million). Electronic Devices raised operating income against the year-earlier period, largely on the strength of the semiconductor business, while Social Infrastructure also improved operating income (loss) from a year earlier. However, operating income for Digital Products and Home Appliances saw lower operating income (loss). Income (loss) before income taxes, minority interest and equity in earnings of affiliates improved by 26.2 billion yen from the year-earlier period to minus 17.6 billion yen (minus US$159 million), mainly as a result of sales of securities. Net income (loss) declined by 5.8 billion yen from the same period of the previous year to minus 32.2 billion yen (minus US$290 million). The decline includes an increase in income tax from a year earlier. Non-consolidated Results Non-consolidated sales declined by 6% from the same period of the previous year to 1,459.6 billion yen (US$13,149 million). Recurring profit (loss) improved by 8.4 billion yen from the year-earlier period to minus 14 billion yen (minus US$126 million). Net income (loss) was minus 2.5 billion yen (minus US$22 million), down by 49.6 billion yen from a year earlier. This decline reflects last year's extraordinary gain from the transfer of Toshiba's employee pension fund to the government. 2) FY2003 First Half Consolidated Results by Industry Segment billion yen Net Sales Operating Income (loss) Change (%) Change Digital Products 956.8 -4% -28.2 -37.5 Electronic Devices 627.5 -1% 26.6 +20.7 Social Infrastructure 730.0 -4% -15.1 +5.9 Home Appliances 313.5 -2% -4.7 -7.2 Others 252.8 +9% 9.2 +2.8 Elimination -272.3 - 0.2 - Total 2,608.3 -1% -12.0 -14.9 Digital Products Sales and operating income (loss) of Digital Products decreased against the same period of the previous year, on lower sales from personal computers and televisions. Sales of personal computers declined from the same period a year ago, largely as a result of severe price erosion, and despite increased unit sales both in Japan and overseas. Television sets also saw lower sales. North American sales of projection televisions were sluggish, and domestic sales declined in a market starting to shift from picture tubes to flat panel displays. Falling sales in the North American market produced a decline in sales of cellular phones, despite increased sales in Japan of cellular phones with cameras. Electronic Devices Operating income of Electronic Devices increased from the year earlier period, largely on the strength of the semiconductor business and improved performance in the LCD business. Net sales of Electronic Devices were flat compared to the same period a year ago, reflecting the transfer of the cathode-ray tube business to a joint venture with Matsushita Electric Industrial Co., Ltd. Semiconductor sales increased from the same period a year ago, on the strength of continued healthy demand for NAND flash memory and growing demand for multi-chip package (MCP) memories for cellular phones. Sales of LCDs also increased, thanks to growth in the area of Toshiba's main product focus, small- to medium-sized, high-resolution low temperature polysilicon LCDs. Social Infrastructure Social Infrastructure saw sales decline from the same period of the previous year, but operating income (loss) improved on higher profitability in the e-Solutions business. Sales and operating income (loss) of Industrial and Power Systems & Services decreased against the same period a year ago. Nuclear power plant business and transportation systems business saw higher sales, but sales of thermal power plant in North America were lower. The net sales decline also reflected the transfer of the power transmission and distribution business from the parent company to TM T&D Corporation, a joint venture with Mitsubishi Electric Corporation. e-Solutions businesses increased sales from the year-earlier period, through growth in its package-type solutions business and increased sales of optical character readers. Home Appliances Sales and operating income (loss) declined, largely as a result of sluggish consumer spending and lower sales of air-conditioners in Japan's unusually short, cool summer. 3) Projections for FY2003 Economic conditions in the second half of FY2003 are expected to continue an upward trend as domestic corporate capital expenditure firms up and the U.S. economy shows steady recovery. However global deflation will continue, and Toshiba anticipates continued uncertainty in the overall business environment. Consolidated and non-consolidated projections for FY2003 are shown below. Consolidated (Unit: billion yen) FY2003 Change from FY2002 Forecast Net sales 5,650 0% Operating income (loss) 140 +24.5 Income (loss) before taxes 90 +36.9 Net income (loss) 25 +6.5 Non-Consolidated (Unit: billion yen) FY2003 Forecast Change from FY2002 Net sales 3,020 -11% Recurring profit (loss) 40 -3.3 Net income (loss) 25 -58.3 FY2003 Forecast by Industry Segment Forecasts for consolidated net sales and operating income (loss) for FY2003 are shown below. (Unit: billion yen) Net Sales Operating Income (Loss) FY2003 Change from FY2003 Change from Forecast FY2002 FY2002 Forecast Digital Products 2,070 0% -22 -46.8 Electronic Devices 1,280 0% 75 +43.1 Social Infrastructure 1,780 -2% 56 +16.8 Home Appliances 640 +1% 8 +3.9 Others 510 +4% 23 +7.5 Elimination -630 - - - Total 5,650 0% 140 +24.5 Digital Products Operating income (loss) will decline from the year-earlier period, largely as a result of price erosion in personal computers and lower sales of televisions in North America. Electronic Devices The semiconductor business will see a continued increase in operating income. The operating loss in the LCD business is now expected to improve. Social Infrastructure Operating income is expected to increase as businesses of nuclear power plant, transportation systems, medical systems, and network systems see steady growth. Home Appliances Operating income is expected to increase on a series of new product launches and expanded sales in Asian market. 4) Projected Dividend Toshiba has cancelled its interim dividend. The full-term dividend will be determined in due course. 5) Financial Position - Cash Flows for FY2003 Total assets decreased by 191.1 billion yen from a year earlier to 5,047.8 billion yen (US$45,476 million). While this reflects a seasonal tendency at Toshiba, it is also due to continued efforts to lighten assets. The decline in total assets helped to reduce total debt by 42.6 billion yen. Cash flow from operating activities of 126.5 billion yen (US$1,139 million) and cash flow from investment activities of minus 107.7 billion yen (minus US$970 million) produced a free cash flow of 18.8 billion yen, a decrease by 27.2 billion yen from the same period in the previous year. The decline reflects one-time revenue from sales of DRAM manufacturing equipment during the previous term and effective use of leaseback. Toshiba will reinforce cash flow management and continue to achieve positive results. Trend of cash flow index FY2001 first FY2001 FY2002 first FY2002 FY2003 first half half half Equity ratio (%) 16.4 13.0 12.6 10.9 10.5 Equity ratio based on market value (%) 27.6 33.6 23.2 19.2 29.9 Debt redemption years (year) 7.7 12.1 11.7 6.4 6.5 Interest coverage ratio 5.4 3.8 4.8 8.5 9.1 Formulae: Equity ratio: shareholders' equity/total assets Equity ratio based on market value: market value of shareholders' equity*/total assets * Market value of shareholders' equity is calculated as the (closing stock value at the end of a fiscal period) x (number of shares authorized at the end of a fiscal period without treasury stock) Debt redemption years: total debt, average value at the beginning and the end of a fiscal period / net cash provided by operating activities Interest coverage ratio: net cash provided by operating activities / interest payment 6) Exchange Rates Projections for the second half of FY2003 are based on exchange rates of 115 yen to the US dollar and 130 yen to the Euro. # # # Note: For convenience only, all dollar figures used in reporting fiscal year 2003 first half results are valued at 111 yen to the dollar throughout this statement. This information is provided by RNS The company news service from the London Stock Exchange END IR EAFELASKDFFE
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