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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:3209R Toshiba Corporation 27 October 2003 Toshiba Corporation and its Subsidiaries Consolidated Interim Financial Statements For the First Half of Fiscal Year 2003(April 1,2003 to September 30,2003) Outline (Yen in millions, US$ in thousands, except for earnings per share) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 Net sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342 Operating income (loss) (11,999) 2,874 (14,873) 115,542 -$108,099 Income (loss) before income taxes (17,601) (43,813) 26,212 53,123 -$158,568 Net income (loss) (32,175) (26,407) (5,768) 18,503 -$289,865 Basic earnings per share (10.00) (8.20) (1.80) 5.75 -$0.09 Notes: 1) Consolidated Financial Statements are based on generally accepted accounting principles in the U.S. 2) The company has 320 consolidated subsidiaries. 3) The U.S.dollar is valued at Yen111 throughout this statement for convenience only. Comparative Consolidated Statements of Operations 1. First Half ended September 30 (Yen in millions, US$ in thousands) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003 (A) FY2002 (B) FY2003 Sales and other income Net sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342 Interest 1,523 2,530 (1,007) 60% 4,599 $13,721 Dividends 3,061 4,029 (968) 76% 8,782 $27,577 Other income 47,432 27,323 20,109 174% 65,937 $427,315 Costs and expenses Cost of sales 1,918,769 1,931,210 (12,441) 99% 4,146,460 $17,286,207 Selling, general and 701,546 700,979 567 100% 1,393,776 $6,320,234 administrative Interest 10,485 12,336 (1,851) 85% 24,257 $94,460 Other 47,133 68,233 (21,100) 69% 117,480 $424,622 Income (loss) before income taxes, (17,601) (43,813) 26,212 53,123 -$158,568 Income taxes 9,831 (11,141) 20,972 48,532 $88,567 Minority interest in income (loss) (1,872) (3,193) 1,321 (11,330) -$16,865 Equity in earnings of affiliates (6,615) 3,072 (9,687) 2,582 -$59,595 Net income (loss) (32,175) (26,407) (5,768) 18,503 -$289,865 Note: Comprehensive loss for the first half of FY2003 and FY2002 was Y33,628 million and Y52,662 million, respectively. Comprehensive loss for FY2002 wasY 133,480 million. 2. Second Quarter ended September 30 (Unaudited) (Y in millions, US$ in thousands) Three months ended September 30 2003 (A) 2002 (B) (A)-(B) (A)/(B) 2003 Sales and other income Net sales 1,491,090 1,443,944 47,146 103% $13,433,243 Interest 752 1,070 (318) 70% $6,774 Dividends 542 1,653 (1,111) 33% $4,883 Other income 40,731 15,671 25,060 260% $366,946 Costs and expenses Cost of sales 1,099,037 1,061,760 37,277 104% $9,901,234 Selling, general and 362,742 353,049 9,693 103% $3,267,946 administrative Interest 5,128 6,304 (1,176) 81% $46,198 Other 32,899 51,772 (18,873) 64% $296,387 Income (loss) before income taxes 33,309 (10,547) 43,856 $300,081 Income taxes 24,740 (596) 25,336 $222,883 Minority interest in income (loss) (682) (3,062) 2,380 -$6,144 Equity in earnings of affiliates (4,579) (723) (3,856) -$41,252 Net income (loss) 4,672 (7,612) 12,284 $42,090 Note: Comprehensive loss for the second quarter of FY2003 and FY2002 was Y18,907 million and Y16,169 million, respectively. Comparative Consolidated Balance Sheets (Y in millions, US$ in thousands) FY2003 FY2002 (A)-(B) FY2003 As of Sept. As of Mar.31,2003 As of Sept. 30,2003 30,2003 (A) (B) Assets Current assets 2,465,276 2,621,216 (155,940) $22,209,694 Cash and cash 291,099 327,098 (35,999) $2,622,514 equivalents Notes and accounts 895,278 1,089,540 (194,262) $8,065,568 receivable, trade Finance receivables, 158,944 166,190 (7,246) $1,431,928 net Inventories 718,868 629,659 89,209 $6,476,288 Prepaid expenses and 401,087 408,729 (7,642) $3,613,396 other current assets Long-term receivables 20,933 27,153 (6,220) $188,586 Long-term finance 235,878 260,361 (24,483) $2,125,027 receivables, net Investments 379,895 396,059 (16,164) $3,422,478 Property, plant and 1,179,082 1,199,285 (20,203) $10,622,360 equipment Other assets 766,725 734,862 31,863 $6,907,432 Total assets 5,047,789 5,238,936 (191,147) $45,475,577 Liabilities and shareholders' equity Current liabilities 2,473,773 2,618,777 (145,004) $22,286,243 Short-term 698,031 771,342 (73,311) $6,288,567 borrowings and current portion of long-term debt Notes and accounts 906,832 981,970 (75,138) $8,169,658 payable, trade Other current 868,910 865,465 3,445 $7,828,018 liabilities Accrued pension and 932,998 950,997 (17,999) $8,405,388 severance costs Long-term debt and 943,528 922,153 21,375 $8,500,252 other liabilities Minority interest in 169,959 175,945 (5,986) $1,531,162 consolidated subsidiaries Shareholders' equity 527,531 571,064 (43,533) $4,752,532 Common stock 274,926 274,926 - $2,476,811 Additional paid-in 285,738 285,736 2 $2,574,216 capital Retained earnings 420,227 462,058 (41,831) $3,785,829 Accumulated other (452,228) (450,775) (1,453) -$4,074,126 comprehensive loss Treasury stock (1,132) (881) (251) -$10,198 Total liabilities 5,047,789 5,238,936 (191,147) $45,475,577 and shareholders' equity Breakdown of accumulated other comprehensive income (loss) Unrealized gains on 21,475 15,636 5,839 $193,468 securities Foreign currency (72,160) (59,589) (12,571) -$650,090 translation adjustments Minimum pension (402,171) (405,069) 2,898 -$3,623,162 liability adjustment Unrealized gain 628 (1,753) 2,381 $5,658 (loss) on derivative instruments Total debt 1,610,815 1,653,368 (42,553) $14,511,847 Comparative Consolidated Statements of Cash Flows (/ in millions, US$ in thousands) 1st Half 1st Half 1st Half FY2003 FY2002 (A)-(B) FY2003 (A) (B) Cash flows from operating activities Net income (loss) (32,175) (26,407) (5,768) -$289,865 Depreciation and 117,768 126,457 (8,689) $1,060,973 amortization Equity in income 6,615 (3,072) 9,687 $59,594 of affiliates Decrease in notes 213,144 209,222 3,922 $1,920,216 and accounts receivable, trade Increase in (93,144) (59,883) (33,261) -$839,135 inventories Decrease in notes (67,510) (78,953) 11,443 -$608,198 and accounts payable, trade Others (18,224) (91,009) 72,785 -$164,180 Adjustments to reconcile net income 158,649 102,762 55,887 $1,429,270 (loss) to net cash provided by operating activities Net cash provided by operating 126,474 76,355 50,119 $1,139,405 activities Cash flows from investing activities Proceeds from sale of property and 49,133 138,043 (88,910) $442,640 securities Acquisition of property and equipment (104,565) (137,634) 33,069 -$942,027 Purchase of securities (41,530) (10,688) (30,842) -$374,144 Decrease (increase) in investments in 9,995 (5,302) 15,297 $90,045 affiliates Others (20,716) (14,816) (5,900) -$186,631 Net cash used in investing activities (107,683) (30,397) (77,286) -$970,117 Cash flows from financing activities Proceeds from long-term debt 139,843 197,736 (57,893) $1,259,847 Repayment of long-term debt (125,781) (102,247) (23,534) -$1,133,162 Decrease in short-term borrowings (52,797) (193,949) 141,152 -$475,649 Dividends paid (10,876) (17) (10,859) -$97,982 Others (428) 84 (512) -$3,855 Net cash used in financing activities (50,039) (98,393) 48,354 -$450,801 Effect of exchange rate changes on cash and cash equivalents (4,751) (6,894) 2,143 -$42,802 Net decrease in cash and cash equivalents (35,999) (59,329) 23,330 -$324,315 Cash and cash equivalents at beginning of the period 327,098 370,432 (43,334) $2,946,829 Cash and cash equivalents at end of the period 291,099 311,103 (20,004) $2,622,514 Industry Segment Information 1. First Half ended September 30 (/ in millions, US$ in thousands) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 Net sales (Share of Digital Products 956,793 996,611 (39,818) 96% 2,072,971 $8,619,757 total sales) 33% 34% -1% 33% Electronic Devices 627,467 631,828 (4,361) 99% 1,274,443 $5,652,856 22% 21% 1% 20% Social Infrastructure 730,034 759,235 (29,201) 96% 1,822,597 $6,576,883 25% 26% -1% 29% Home Appliances 313,467 320,492 (7,025) 98% 633,600 $2,824,027 11% 11% (-) 10% Others 252,861 231,875 20,986 109% 491,111 $2,278,027 9% 8% 1% 8% Total 2,880,622 2,940,041 (59,419) 98% 6,294,722 $25,951,550 100% 100% 100% Eliminations (272,306) (304,978) 32,672 (638,944) -$2,453,208 Consolidated 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342 Operating income Digital Products (28,149) 9,388 (37,537) 24,828 -$253,595 (loss) Electronic Devices 26,595 5,860 20,735 454% 31,853 $239,595 Social Infrastructure (15,131) (21,016) 5,885 39,178 -$136,315 Home Appliances (4,709) 2,503 (7,212) 4,134 -$42,424 Others 9,207 6,384 2,823 144% 15,532 $82,946 Total (12,187) 3,119 (15,306) 115,525 -$109,793 Eliminations 188 (245) 433 17 $1,694 Consolidated (11,999) 2,874 (14,873) 115,542 -$108,099 2. Second Quarter ended September 30 (Unaudited) (/ in millions, US$ in thousands) Three months ended September 30 2003(A) 2002(B) (A)-(B) (A)/(B) 2003 Net sales (Share of Digital Products 525,718 530,612 (4,894) 99% $ 4,736,198 total sales) 32% 33% -1% Electronic Devices 340,466 336,600 3,866 101% $ 3,067,261 21% 21% (-) Social Infrastructure 464,290 457,467 6,823 101% $ 4,182,793 28% 28% (-) Home Appliances 157,597 159,165 (1,568) 99% $ 1,419,793 10% 10% (-) Others 141,541 123,302 18,239 115% $ 1,275,144 9% 8% 1% Total 1,629,612 1,607,146 22,466 101% $14,681,189 100% 100% Eliminations (138,522) (163,202) 24,680 $ (1,247,946) $- Consolidated 1,491,090 1,443,944 47,146 103% $13,433,243 Operating income Digital Products (10,803) 6,783 (17,586) $(97,324) (loss) Electronic Devices 19,612 12,009 7,603 163% $176,685 Social Infrastructure 17,039 7,321 9,718 233% $153,504 Home Appliances (3,230) 11 (3,241) $(29,099) Others 6,996 3,652 3,344 192% $63,027 Total 29,614 29,776 (162) 99% $266,793 Eliminations (303) (641) 338 $ (2,730) Consolidated 29,311 29,135 176 101% $264,063 Notes: 1) Segment information is based on Japanese accounting standards. 2) Certain reclassifications of previously reported amounts have been made to conform with current classifications. 3) Segment sales totals include intersegment transactions. Geographic Segment Information (/ in millions, US$ in thousands) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 Net sales (Share Japan 2,302,633 2,294,435 8,198 100% 4,943,111 $20,744,442 of total sales) 67% 65% 2% 67% North America 333,094 424,118 (91,024) 79% 804,735 $ 3,000,847 10% 12% -2% 11% Asia 558,342 545,273 13,069 102% 1,085,259 $ 5,030,108 16% 16% (-) 15% Europe 218,806 225,260 (6,454) 97% 491,827 $ 1,971,225 6% 6% (-) 6% Others 30,322 29,389 933 103% 57,810 $273,171 1% 1% (-) 1% Total 3,443,197 3,518,475 (75,278) 98% 7,382,742 $31,019,793 100% 100% 100% Eliminations (834,881) (883,412) 48,531 (1,726,964) $ (7,521,451) Consolidated 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342 Operating income Japan (12,345) (9,024) (3,321) 89,780 $(111,216) (loss) North America (270) 4,838 (5,108) 11,722 $ (2,433) Asia 3,478 14,837 (11,359) 23% 24,540 $31,333 Europe (2,793) (2,250) (543) (3,197) $(25,162) Others (462) (200) (262) (286) $ (4,162) Total (12,392) 8,201 (20,593) 122,559 $(111,640) Eliminations 393 (5,327) 5,720 (7,017) $3,541 Consolidated (11,999) 2,874 (14,873) 115,542 $(108,099) Notes: 1) Segment information is based on Japanese accounting standards. 2) Segment sales totals include intersegment transactions. Net Sales by Region 1. First Half ended September 30 (/ in millions, US$ in thousands) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 Japan 1,593,884 1,516,620 77,264 105% 3,343,551 $14,359,315 61% 58% 3% 59% Overseas 1,014,432 1,118,443 (104,011) 91% 2,312,227 $ 9,139,027 39% 42% -3% 41% North America 344,810 453,539 (108,729) 76% 860,306 $ 3,106,396 13% 17% -4% 15% Asia 390,617 381,698 8,919 102% 837,845 $ 3,519,072 15% 14% 1% 15% Europe 222,633 234,356 (11,723) 95% 509,620 $ 2,005,703 9% 9% (-) 9% Others 56,372 48,850 7,522 115% 104,456 $507,856 2% 2% (-) 2% Net Sales 2,608,316 2,635,063 (26,747) 99% 5,655,778 $23,498,342 100% 100% 100% 2. Second Quarter ended September 30 (Unaudited) (/ in millions, US$ in thousands) Three months ended September 30 FY2003(A) FY2002(B) (A)-(B) (A)/(B) 2003 Japan 896,720 836,327 60,393 107% $ 8,078,559 60% 58% 2% Overseas 594,370 607,617 (13,247) 98% $ 5,354,685 40% 42% -2% North America 202,136 250,450 (48,314) 81% $ 1,821,045 14% 17% -3% Asia 230,942 208,774 22,168 111% $ 2,080,559 16% 14% 2% Europe 125,652 124,136 1,516 101% $ 1,132,000 8% 9% -1% Others 35,640 24,257 11,383 147% $321,081 2% 2% (-) Net Sales 1,491,090 1,443,944 47,146 103% $13,433,244 100% 100% Notes: 1) Segment information is based on Japanese accounting standards. 2) Net sales by region is determined based upon the locations of the customers. Toshiba Corporation Non-Consolidated Interim Financial Statements For the First Half of Fiscal Year 2003(April 1,2003 to September 30,2003) Outline (/ in millions, US$ in thousands, except for items marked by asterisk) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 Sales 1,459,616 1,554,965 (95,349) 94% 3,408,251 $13,149,694 Recurring profit (14,014) (22,489) 8,475 43,378 -$126,252 (loss) Net income (2,466) 47,110 (49,576) 83,364 -$22,216 (loss) after taxes Net income (0.77) 14.64 (15.41) 25.90 (0.01) (loss)per share* Dividend per (Interim (Interim (Ordinary share* dividend) dividend) dividend) - - - 3.00 $0.00 Notes: The U.S.dollar is valued at Y111 throughout this statement for convenience only. Comparative Non-Consolidated Statement of Income And Retained Earnings (/ in millions, US$ in thousands) 1st Half 1st Half (A)-(B) (A)/(B) FY2002 1st Half FY2003(A) FY2002(B) FY2003 (Ordinary income) Operating income & expenses Net sales 1,459,616 1,554,965 (95,349) 94 3,408,251 $13,149,694 Cost of sales 1,179,933 1,276,531 (96,598) 92 2,763,145 $10,630,027 308,735 308,343 392 100 609,916 $ 2,781,396 Net operating income (29,052) (29,908) 856 - 35,188 $(261,730) (expenses) (Non-operating income & expenses) Non-operating income (a) 48,513 47,617 896 102 78,512 $437,054 Non-operating expenses (b) 33,476 40,197 (6,721) 83 70,322 $301,586 (a)-(b) 15,037 7,419 7,618 203 8,189 $135,468 Recurring profit (loss) (14,014) (22,489) 8,475 - 43,378 $(126,252) (Extraordinary gains & losses) Extraordinary gains(c) 26,130 112,627 (86,497) 23 133,672 $235,405 Extraordinary losses(d) 13,955 12,782 1,173 109 43,379 $125,721 (c)-(d) 12,174 99,845 (87,671) 12 90,293 $109,676 Income (loss) before taxes (1,839) 77,355 (79,194) - 133,671 $(16,568) Net income (loss) after taxes (2,466) 47,110 (49,576) - 83,364 $(22,216) 129,449 (13,155) 142,604 - (13,155) $ 1,166,207 Transfer from earned surplus - 68,730 (68,730) - 68,730 $- reserve Losses on disposal of - - - - (15) $- treasury stock Unappropriated retained 126,982 102,684 24,298 124 138,923 $ 1,143,982 earnings for the period Comparative Non-Consolidated Balance Sheets (/ in millions, US$ in thousands) FY 2003 (A)As of FY 2002 (B)As of (A)-(B) FY 2003As of Sept.30,2003 Mar.31,2003 Sept.30,2003 Assets Current assets 1,164,826 1,232,957 (68,131) $ 10,493,928 Fixed assets 1,637,843 1,644,848 (7,005) $ 14,755,342 (Tangible fixed assets) 468,865 479,203 (10,338) $4,224,009 (Intangible fixed assets) 41,383 42,713 (1,330) $ 372,820 (Investments & others) 1,127,595 1,122,931 4,664 $ 10,158,514 Total assets 2,802,670 2,877,805 (75,135) $ 25,249,279 Liabilities Current liabilities 1,299,022 1,384,089 (85,067) $ 11,702,901 Long-term liabilities 811,931 785,133 26,798 $7,314,694 Total liabilities 2,110,953 2,169,222 (58,269) $ 19,017,595 Capital Capital stock 274,926 274,926 - $2,476,811 Capital surplus 262,653 262,650 3 $2,366,243 Retained earnings 140,485 152,608 (12,123) $1,265,631 (Unappropriated 126,982 138,923 (11,941) $1,143,982 retained earnings for the period) Unrealized gains on revaluation,' net of 14,784 18,481 (3,697) $ 133,189 tax effect Treasury stock (1,132) (83) (1,049) $ (10,198) Total capital 691,716 708,583 (16,867) $6,231,676 Total liabilities & capital 2,802,670 2,877,805 (75,135) $ 25,249,279 Accounting Policy 1.Method of valuation of securities Marketable securities are valued at the market value by the moving average method. 2.Method of valuation of inventories Finished and semi-finished products are valued at original cost based on the specific identification method, or at lower-of -cost-or-market method based on the moving average method.Work-in-process is valued at original cost based on the specific identification method, or at lower-of -cost-or-market method based on the weighted average method. Raw materials are valued at original cost or lower-of-cost-or-market method, based on the moving average method. 3.Method of depreciation for tangible fixed assets Method of depreciation for tangible fixed assets is the declining balance method. However, for buildings acquired on or after April 1, 1998(excluding appurtenant equipment), the straight-line method is applied. For example, the depreciable lives of buildings and structures are 3 to 50 years, and the lives of machines and equipments are 3 to 18years. This information is provided by RNS The company news service from the London Stock Exchange END IR MRBATMMITMAJ
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