copy 2018 Toshiba Corporation 1
FY2017Third Quarter Consolidated Business Results
Representative Executive Officer andCorporate Executive Vice President
February 14 2018
Masayoshi Hirata
(First Nine Months Cumulative)
copy 2018 Toshiba Corporation 2
Forward-looking Statements
FY2017 Third Quarter Consolidated Business Results
This presentation contains forward-looking statements concerning future plans strategies and the performance of Toshiba Group
These forward-looking statements are not historical facts rather they are based on managementrsquos 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 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
Toshibarsquos 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 nine months of fiscal year 2017 unless otherwise stated
Results in segments have been reclassified to reflect the current organization unless otherwise stated
The Memory Business and Westinghouse Group are classified as a discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20 ldquoPresentation of Financial Statements ndash Discontinued Operationsrdquo The results of these businesses have been excluded from net sales operating income (loss) and income (loss) from continuing operations before income taxes and noncontrolling interests Results for the past fiscal years have been revised to reflect this change unless otherwise stated
copy 2018 Toshiba Corporation 3copy 2018 Toshiba Corporation 3
1 Overall Business Results
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 4
Reclassification of Memory Business as Discontinued Operation and about Going Concern
The results for the Memory business are excluded from net sales operating income income before income taxes and noncontrolling interests profit after-tax is recorded as net income from discontinued operations
At this point the substantial doubts about the Companyrsquos ability to continue as a going concern has been sufficiently addressedAs of February 14 2018 the Company expects to resolve its financing and
negative shareholdersrsquo equity status as a result of the following three factors1 An increased certainty that the transaction for the sale of the Memory business
will be completed within a year2 A new share issue by third-party allotments of approx 6000 billion yen3 Closing of the sales of Westinghouse-related claims to third parties
In addition major group companies have acquired Special Construction Business License required under the construction contractors law of Japan
The sales of claims against Westinghouse Group was completed on January 22 2018 (EST) however it will be reflected in the going concern note for the third quarter business results The tax impact from the sales will be recorded in the fourth quarter business results
The global settlement with Western Digital of litigation and arbitration along with the progress of anti-trust law procedures in key jurisdictions has increased the certainty that the sale of the Memory business will be completed and the results of the Memory business have been classified as a discontinued operation for the third quarter of FY2017 in accordance with US generally accepted accounting principles
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 5
FY20171-3Q Consolidated Business Results Overall
161-3Q 171-3Q Difference
28354 28003 -351
761 496 -26527 18 -09
Non operating income (loss) -118 383 501
643 879 236
23 31 08
Tax expenses -476 -17 459
167 862 695
Net income (loss) from discontinuedoperation before noncontrollinginterests
-6446 -273 6173
Net income (loss) attributable tononcontrolling interests 954 -319 -1273
-5325 270 5595-188 10 198
-547 -4462 -3915
Net income (loss) from continuingoperation before noncontrollinginterests
Net sales
Operating income (loss)
Income (Loss) before income taxes andnoncontrolling interests
Net income (loss)
Free cash flows
yen606-yen12577 yen13183Earnings (Loss) per share attributableto shareholders of the Company
FY2017 Third Quarter Consolidated Business Results
(Yen in billions except Earnings (Loss) per share)
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
161-3Q | 171-3Q | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Net sales | 28354 | 28003 | -351 | 23800 | 21000 | ||||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | ||||||||||
27 | 18 | -09 | 88 | 70 | |||||||||||
Non operating income (loss) | -118 | 383 | 501 | ||||||||||||
Income (Loss) before income taxes and noncontrolling interests | 643 | 879 | 236 | 2300 | 2212 | ||||||||||
23 | 31 | 08 | 97 | 66 | |||||||||||
Tax expenses | -476 | -17 | 459 | ||||||||||||
Net income (loss) from continuing operation before noncontrolling interests | 167 | 862 | 695 | ||||||||||||
Net income (loss) from discontinued operation before noncontrolling interests | -6446 | -273 | 6173 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 954 | -319 | -1273 | ||||||||||||
Net income (loss) | -5325 | 270 | 5595 | 600 | 627 | ||||||||||
-188 | 10 | 198 | 25 | 35 | |||||||||||
Earnings (Loss) per share attributable to shareholders of the Company | -yen12577 | yen606 | yen13183 | yen1417 | yen2023 | ||||||||||
Free cash flows | -547 | -4462 | -3915 | 300 | |||||||||||
173末 マツ | 1712末 マツ | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
株主資本 カブヌシ シホン | 5529 | 38 | 5491 | 6600 | 6562 | ||||||||||
株主資本比率 カブヌシ シホン ヒリツ | 130 | 01 | 129 | 169 | 168 | ||||||||||
純資産 ジュンシサン | 2757 | 2213 | 4970 | 4600 | 6813 | ||||||||||
Net有利子負債 ユウ リシ フサイ | 4961 | 4587 | 374 | 5900 | |||||||||||
Net DEレシオ | - | - | - | - | |||||||||||
期末日為替レート(米ドル) キマツ ビ カワセ ベイ | yen112 | yen112 | yen112 | ||||||||||||
copy 2018 Toshiba Corporation 2
Forward-looking Statements
FY2017 Third Quarter Consolidated Business Results
This presentation contains forward-looking statements concerning future plans strategies and the performance of Toshiba Group
These forward-looking statements are not historical facts rather they are based on managementrsquos 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 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
Toshibarsquos 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 nine months of fiscal year 2017 unless otherwise stated
Results in segments have been reclassified to reflect the current organization unless otherwise stated
The Memory Business and Westinghouse Group are classified as a discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20 ldquoPresentation of Financial Statements ndash Discontinued Operationsrdquo The results of these businesses have been excluded from net sales operating income (loss) and income (loss) from continuing operations before income taxes and noncontrolling interests Results for the past fiscal years have been revised to reflect this change unless otherwise stated
copy 2018 Toshiba Corporation 3copy 2018 Toshiba Corporation 3
1 Overall Business Results
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 4
Reclassification of Memory Business as Discontinued Operation and about Going Concern
The results for the Memory business are excluded from net sales operating income income before income taxes and noncontrolling interests profit after-tax is recorded as net income from discontinued operations
At this point the substantial doubts about the Companyrsquos ability to continue as a going concern has been sufficiently addressedAs of February 14 2018 the Company expects to resolve its financing and
negative shareholdersrsquo equity status as a result of the following three factors1 An increased certainty that the transaction for the sale of the Memory business
will be completed within a year2 A new share issue by third-party allotments of approx 6000 billion yen3 Closing of the sales of Westinghouse-related claims to third parties
In addition major group companies have acquired Special Construction Business License required under the construction contractors law of Japan
The sales of claims against Westinghouse Group was completed on January 22 2018 (EST) however it will be reflected in the going concern note for the third quarter business results The tax impact from the sales will be recorded in the fourth quarter business results
The global settlement with Western Digital of litigation and arbitration along with the progress of anti-trust law procedures in key jurisdictions has increased the certainty that the sale of the Memory business will be completed and the results of the Memory business have been classified as a discontinued operation for the third quarter of FY2017 in accordance with US generally accepted accounting principles
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 5
FY20171-3Q Consolidated Business Results Overall
161-3Q 171-3Q Difference
28354 28003 -351
761 496 -26527 18 -09
Non operating income (loss) -118 383 501
643 879 236
23 31 08
Tax expenses -476 -17 459
167 862 695
Net income (loss) from discontinuedoperation before noncontrollinginterests
-6446 -273 6173
Net income (loss) attributable tononcontrolling interests 954 -319 -1273
-5325 270 5595-188 10 198
-547 -4462 -3915
Net income (loss) from continuingoperation before noncontrollinginterests
Net sales
Operating income (loss)
Income (Loss) before income taxes andnoncontrolling interests
Net income (loss)
Free cash flows
yen606-yen12577 yen13183Earnings (Loss) per share attributableto shareholders of the Company
FY2017 Third Quarter Consolidated Business Results
(Yen in billions except Earnings (Loss) per share)
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
161-3Q | 171-3Q | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Net sales | 28354 | 28003 | -351 | 23800 | 21000 | ||||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | ||||||||||
27 | 18 | -09 | 88 | 70 | |||||||||||
Non operating income (loss) | -118 | 383 | 501 | ||||||||||||
Income (Loss) before income taxes and noncontrolling interests | 643 | 879 | 236 | 2300 | 2212 | ||||||||||
23 | 31 | 08 | 97 | 66 | |||||||||||
Tax expenses | -476 | -17 | 459 | ||||||||||||
Net income (loss) from continuing operation before noncontrolling interests | 167 | 862 | 695 | ||||||||||||
Net income (loss) from discontinued operation before noncontrolling interests | -6446 | -273 | 6173 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 954 | -319 | -1273 | ||||||||||||
Net income (loss) | -5325 | 270 | 5595 | 600 | 627 | ||||||||||
-188 | 10 | 198 | 25 | 35 | |||||||||||
Earnings (Loss) per share attributable to shareholders of the Company | -yen12577 | yen606 | yen13183 | yen1417 | yen2023 | ||||||||||
Free cash flows | -547 | -4462 | -3915 | 300 | |||||||||||
173末 マツ | 1712末 マツ | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
株主資本 カブヌシ シホン | 5529 | 38 | 5491 | 6600 | 6562 | ||||||||||
株主資本比率 カブヌシ シホン ヒリツ | 130 | 01 | 129 | 169 | 168 | ||||||||||
純資産 ジュンシサン | 2757 | 2213 | 4970 | 4600 | 6813 | ||||||||||
Net有利子負債 ユウ リシ フサイ | 4961 | 4587 | 374 | 5900 | |||||||||||
Net DEレシオ | - | - | - | - | |||||||||||
期末日為替レート(米ドル) キマツ ビ カワセ ベイ | yen112 | yen112 | yen112 | ||||||||||||
copy 2018 Toshiba Corporation 3copy 2018 Toshiba Corporation 3
1 Overall Business Results
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 4
Reclassification of Memory Business as Discontinued Operation and about Going Concern
The results for the Memory business are excluded from net sales operating income income before income taxes and noncontrolling interests profit after-tax is recorded as net income from discontinued operations
At this point the substantial doubts about the Companyrsquos ability to continue as a going concern has been sufficiently addressedAs of February 14 2018 the Company expects to resolve its financing and
negative shareholdersrsquo equity status as a result of the following three factors1 An increased certainty that the transaction for the sale of the Memory business
will be completed within a year2 A new share issue by third-party allotments of approx 6000 billion yen3 Closing of the sales of Westinghouse-related claims to third parties
In addition major group companies have acquired Special Construction Business License required under the construction contractors law of Japan
The sales of claims against Westinghouse Group was completed on January 22 2018 (EST) however it will be reflected in the going concern note for the third quarter business results The tax impact from the sales will be recorded in the fourth quarter business results
The global settlement with Western Digital of litigation and arbitration along with the progress of anti-trust law procedures in key jurisdictions has increased the certainty that the sale of the Memory business will be completed and the results of the Memory business have been classified as a discontinued operation for the third quarter of FY2017 in accordance with US generally accepted accounting principles
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 5
FY20171-3Q Consolidated Business Results Overall
161-3Q 171-3Q Difference
28354 28003 -351
761 496 -26527 18 -09
Non operating income (loss) -118 383 501
643 879 236
23 31 08
Tax expenses -476 -17 459
167 862 695
Net income (loss) from discontinuedoperation before noncontrollinginterests
-6446 -273 6173
Net income (loss) attributable tononcontrolling interests 954 -319 -1273
-5325 270 5595-188 10 198
-547 -4462 -3915
Net income (loss) from continuingoperation before noncontrollinginterests
Net sales
Operating income (loss)
Income (Loss) before income taxes andnoncontrolling interests
Net income (loss)
Free cash flows
yen606-yen12577 yen13183Earnings (Loss) per share attributableto shareholders of the Company
FY2017 Third Quarter Consolidated Business Results
(Yen in billions except Earnings (Loss) per share)
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
161-3Q | 171-3Q | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Net sales | 28354 | 28003 | -351 | 23800 | 21000 | ||||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | ||||||||||
27 | 18 | -09 | 88 | 70 | |||||||||||
Non operating income (loss) | -118 | 383 | 501 | ||||||||||||
Income (Loss) before income taxes and noncontrolling interests | 643 | 879 | 236 | 2300 | 2212 | ||||||||||
23 | 31 | 08 | 97 | 66 | |||||||||||
Tax expenses | -476 | -17 | 459 | ||||||||||||
Net income (loss) from continuing operation before noncontrolling interests | 167 | 862 | 695 | ||||||||||||
Net income (loss) from discontinued operation before noncontrolling interests | -6446 | -273 | 6173 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 954 | -319 | -1273 | ||||||||||||
Net income (loss) | -5325 | 270 | 5595 | 600 | 627 | ||||||||||
-188 | 10 | 198 | 25 | 35 | |||||||||||
Earnings (Loss) per share attributable to shareholders of the Company | -yen12577 | yen606 | yen13183 | yen1417 | yen2023 | ||||||||||
Free cash flows | -547 | -4462 | -3915 | 300 | |||||||||||
173末 マツ | 1712末 マツ | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
株主資本 カブヌシ シホン | 5529 | 38 | 5491 | 6600 | 6562 | ||||||||||
株主資本比率 カブヌシ シホン ヒリツ | 130 | 01 | 129 | 169 | 168 | ||||||||||
純資産 ジュンシサン | 2757 | 2213 | 4970 | 4600 | 6813 | ||||||||||
Net有利子負債 ユウ リシ フサイ | 4961 | 4587 | 374 | 5900 | |||||||||||
Net DEレシオ | - | - | - | - | |||||||||||
期末日為替レート(米ドル) キマツ ビ カワセ ベイ | yen112 | yen112 | yen112 | ||||||||||||
copy 2018 Toshiba Corporation 4
Reclassification of Memory Business as Discontinued Operation and about Going Concern
The results for the Memory business are excluded from net sales operating income income before income taxes and noncontrolling interests profit after-tax is recorded as net income from discontinued operations
At this point the substantial doubts about the Companyrsquos ability to continue as a going concern has been sufficiently addressedAs of February 14 2018 the Company expects to resolve its financing and
negative shareholdersrsquo equity status as a result of the following three factors1 An increased certainty that the transaction for the sale of the Memory business
will be completed within a year2 A new share issue by third-party allotments of approx 6000 billion yen3 Closing of the sales of Westinghouse-related claims to third parties
In addition major group companies have acquired Special Construction Business License required under the construction contractors law of Japan
The sales of claims against Westinghouse Group was completed on January 22 2018 (EST) however it will be reflected in the going concern note for the third quarter business results The tax impact from the sales will be recorded in the fourth quarter business results
The global settlement with Western Digital of litigation and arbitration along with the progress of anti-trust law procedures in key jurisdictions has increased the certainty that the sale of the Memory business will be completed and the results of the Memory business have been classified as a discontinued operation for the third quarter of FY2017 in accordance with US generally accepted accounting principles
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 5
FY20171-3Q Consolidated Business Results Overall
161-3Q 171-3Q Difference
28354 28003 -351
761 496 -26527 18 -09
Non operating income (loss) -118 383 501
643 879 236
23 31 08
Tax expenses -476 -17 459
167 862 695
Net income (loss) from discontinuedoperation before noncontrollinginterests
-6446 -273 6173
Net income (loss) attributable tononcontrolling interests 954 -319 -1273
-5325 270 5595-188 10 198
-547 -4462 -3915
Net income (loss) from continuingoperation before noncontrollinginterests
Net sales
Operating income (loss)
Income (Loss) before income taxes andnoncontrolling interests
Net income (loss)
Free cash flows
yen606-yen12577 yen13183Earnings (Loss) per share attributableto shareholders of the Company
FY2017 Third Quarter Consolidated Business Results
(Yen in billions except Earnings (Loss) per share)
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
161-3Q | 171-3Q | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Net sales | 28354 | 28003 | -351 | 23800 | 21000 | ||||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | ||||||||||
27 | 18 | -09 | 88 | 70 | |||||||||||
Non operating income (loss) | -118 | 383 | 501 | ||||||||||||
Income (Loss) before income taxes and noncontrolling interests | 643 | 879 | 236 | 2300 | 2212 | ||||||||||
23 | 31 | 08 | 97 | 66 | |||||||||||
Tax expenses | -476 | -17 | 459 | ||||||||||||
Net income (loss) from continuing operation before noncontrolling interests | 167 | 862 | 695 | ||||||||||||
Net income (loss) from discontinued operation before noncontrolling interests | -6446 | -273 | 6173 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 954 | -319 | -1273 | ||||||||||||
Net income (loss) | -5325 | 270 | 5595 | 600 | 627 | ||||||||||
-188 | 10 | 198 | 25 | 35 | |||||||||||
Earnings (Loss) per share attributable to shareholders of the Company | -yen12577 | yen606 | yen13183 | yen1417 | yen2023 | ||||||||||
Free cash flows | -547 | -4462 | -3915 | 300 | |||||||||||
173末 マツ | 1712末 マツ | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
株主資本 カブヌシ シホン | 5529 | 38 | 5491 | 6600 | 6562 | ||||||||||
株主資本比率 カブヌシ シホン ヒリツ | 130 | 01 | 129 | 169 | 168 | ||||||||||
純資産 ジュンシサン | 2757 | 2213 | 4970 | 4600 | 6813 | ||||||||||
Net有利子負債 ユウ リシ フサイ | 4961 | 4587 | 374 | 5900 | |||||||||||
Net DEレシオ | - | - | - | - | |||||||||||
期末日為替レート(米ドル) キマツ ビ カワセ ベイ | yen112 | yen112 | yen112 | ||||||||||||
copy 2018 Toshiba Corporation 5
FY20171-3Q Consolidated Business Results Overall
161-3Q 171-3Q Difference
28354 28003 -351
761 496 -26527 18 -09
Non operating income (loss) -118 383 501
643 879 236
23 31 08
Tax expenses -476 -17 459
167 862 695
Net income (loss) from discontinuedoperation before noncontrollinginterests
-6446 -273 6173
Net income (loss) attributable tononcontrolling interests 954 -319 -1273
-5325 270 5595-188 10 198
-547 -4462 -3915
Net income (loss) from continuingoperation before noncontrollinginterests
Net sales
Operating income (loss)
Income (Loss) before income taxes andnoncontrolling interests
Net income (loss)
Free cash flows
yen606-yen12577 yen13183Earnings (Loss) per share attributableto shareholders of the Company
FY2017 Third Quarter Consolidated Business Results
(Yen in billions except Earnings (Loss) per share)
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
161-3Q | 171-3Q | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Net sales | 28354 | 28003 | -351 | 23800 | 21000 | ||||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | ||||||||||
27 | 18 | -09 | 88 | 70 | |||||||||||
Non operating income (loss) | -118 | 383 | 501 | ||||||||||||
Income (Loss) before income taxes and noncontrolling interests | 643 | 879 | 236 | 2300 | 2212 | ||||||||||
23 | 31 | 08 | 97 | 66 | |||||||||||
Tax expenses | -476 | -17 | 459 | ||||||||||||
Net income (loss) from continuing operation before noncontrolling interests | 167 | 862 | 695 | ||||||||||||
Net income (loss) from discontinued operation before noncontrolling interests | -6446 | -273 | 6173 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 954 | -319 | -1273 | ||||||||||||
Net income (loss) | -5325 | 270 | 5595 | 600 | 627 | ||||||||||
-188 | 10 | 198 | 25 | 35 | |||||||||||
Earnings (Loss) per share attributable to shareholders of the Company | -yen12577 | yen606 | yen13183 | yen1417 | yen2023 | ||||||||||
Free cash flows | -547 | -4462 | -3915 | 300 | |||||||||||
173末 マツ | 1712末 マツ | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
株主資本 カブヌシ シホン | 5529 | 38 | 5491 | 6600 | 6562 | ||||||||||
株主資本比率 カブヌシ シホン ヒリツ | 130 | 01 | 129 | 169 | 168 | ||||||||||
純資産 ジュンシサン | 2757 | 2213 | 4970 | 4600 | 6813 | ||||||||||
Net有利子負債 ユウ リシ フサイ | 4961 | 4587 | 374 | 5900 | |||||||||||
Net DEレシオ | - | - | - | - | |||||||||||
期末日為替レート(米ドル) キマツ ビ カワセ ベイ | yen112 | yen112 | yen112 | ||||||||||||
copy 2018 Toshiba Corporation 6
Key Points of FY20171-3Q
Income (Loss)Income (Loss) before income taxes and noncontrolling interests was 879 billion yen including 496 billion yen operating income and nonoperating income of 383 billion yen mainly from 668 billion yen in profit from the Landis+Gyr IPO in the 2Q Net income from continuing operations was 862 billion yen as the total impact of tax from continuing operations was 17 billion yen after the reversal of a part of valuation allowance for deferred tax assets The Memory business achieved margin equivalent to an ROS of 37 Net income (loss) from discontinued operations was negative and stood at -273 billion yen due to the tax impact from the company split of the Memory business
Net SalesThe Company saw sales decrease by 12 as Energy Systems amp Solutions recorded lower sales due to the impact of the IPO and deconsolidation of Landis+Gyr Infrastructure System amp Solutions saw lower sales even though the Storage amp Electronic Devices recorded higher sales The total impact of yen depreciation was +570 billion yen(excl Memory business)
FY2017 Third Quarter Consolidated Business Results
IPO Initial Public Offering
Cash FlowsCash flows from operating activities were -3837 billion yen mainly due to payment of WEC parent company guarantees of 4368 billion yen and deterioration in working capital due to deterioration in the financial base and financial credibility Cash flows from investing activities recorded -625 billion yen while investment of Memory but there were sales of Landis+Gyr shares Free cash flows recorded -4462 billion yen
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
copy 2018 Toshiba Corporation 7
173E 1712E Difference
-5529 -39 5490
Shareholders equity ratio -130 -01 129
-2757 2209 4966
6829 4840 -1989
Net debt-to-equity ratio - - -
yen112 yen113 yen1Exchange rate (US$) as of theend date of the term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net assets
Financial StructureShareholderrsquos equity was -39 billion yen an improvement of 5490 billion yen against March end 2017 It was led by a share issue by third-party allotments that raised approximately 6000 billion yen increase in net income (loss) attributable to the Company and a reduction of -495 billion yen (direct impact on equity) due to the execution of a put option for WEC shares by Kazatomprom Net assets including noncontrolling interests were 2209 billion yen
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
FY20171-3Q Consolidated Business Results Overall
The amount is only the impact of directly in equity Besides this -152 billion yen is recorded as income (loss) from discontinued operations
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
161-3Q | 171-3Q | 差 サ | 1023公表 コウヒョウ | 対業績予想(1023公表) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | 23800 | 4205 | ||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | 2100 | 1598 | ||||||||||
27 | 18 | 09 | 88 | 70 | |||||||||||
税引前損益 ゼイビキ マエ ソンエキ | 643 | 885 | 242 | 2300 | 1415 | ||||||||||
23 | 32 | 09 | 97 | 65 | |||||||||||
非支配持分控除前継続事業当期純損益 | 167 | 866 | 699 | ||||||||||||
非支配持分控除前非継続事業当期純損益 | 6446 | 273 | 6173 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | 5325 | 272 | 5597 | 600 | 872 | ||||||||||
188 | 10 | 198 | 25 | 35 | |||||||||||
1株当たり カブ ア | yen000 | yen1417 | yen1417 | ||||||||||||
当期純損益 トウキ ジュンソンエキ | |||||||||||||||
フリーキャッシュフロー | 0 | 300 | |||||||||||||
173E | 1712E | Difference | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
総資産 ソウシサン | 42130 | 42130 | 42000 | ||||||||||||
Equity attributable to shareholders of the Company | -5529 | -39 | 5490 | 6600 | 6596 | ||||||||||
Shareholders equity ratio | -130 | -01 | 129 | 169 | 168 | ||||||||||
Net assets | -2757 | 2209 | 4966 | 4600 | 4821 | ||||||||||
Net interest-bearing debt | 6829 | 4840 | -1989 | 5900 | |||||||||||
Net debt-to-equity ratio | - | - | - | - | |||||||||||
Exchange rate (US$) as of the end date of the term | yen112 | yen113 | yen1 | yen112 |
copy 2018 Toshiba Corporation 8
1-3QPretax income
from discontinued operations3157
1-3QTax amount
in total3430Tax amount
975
As the Memory has been reclassified as a discontinued operation the tax impact calculation changed and the full amount of tax expense has been recorded as a non-qualified split in 3Q 2017
Tax amount from Company
Split of the Memory
business as a Non-qualified
Split2455
1-3QNet income (loss) from
discontinued operation-273
Reflects tax benefit due to reverse the valuation allowance etc
Tax Impact from Company Split of the Memory Business as a Non-qualified Split
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
copy 2018 Toshiba Corporation 900
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY20161-3QOperating
income (loss) before
reclassification+1812
Before its reclassification of discontinued operations higher sales prices volumes and cost reductions in the Memory realized a significant increase
Shrinking unprofitable business units etc
Impact of discontinued
operation-3123
Impact from discontinued
operation(reimbursement)
+1051
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
FY20161-3Q
Operating income (loss)
after reclassification
761
Impact of sales prices +996
NAND cost reductions by
migrationconfiguration difference+1182
Yendepreciation
+320
Fixed costs-276
Emergency measures
(bonus reductions
etc)-415
FY20171-3QOperating
income (loss)before
reclassification3619
FY20171-3QOperating
income (loss) after
reclassification496
Operating Income (Loss) YoY Analysis
YoY = year-on-year comparison
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
copy 2018 Toshiba Corporation 10
Non-operating Income (Loss) and Expenses
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference Main items in FY2017 3Q
Net financial income (loss) -71 -158 -87 -
Foreign exchange income (loss) -18 -15 03 -Income (Loss) on sales ordisposal of fixed assets 156 147 -09 -Income (Loss) on sales ofsecurities 40 692 652 -
Settlement costs of lawsuits -196 -73 123 -
Others -29 -210 -181 -
Total -118 383 501
Improvement mainly due to profit from the sale of Landis+Gyr
FY2017 Third Quarter Consolidated Business Results
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
FY20161-3Q | FY20171-3Q | Difference | Main items in FY2017 3Q | ||||||
Net financial income (loss) | -71 | -158 | -87 | - | |||||
Foreign exchange income (loss) | -18 | -15 | 03 | - | |||||
Income (Loss) on sales ordisposal of fixed assets | 156 | 147 | -09 | - | |||||
Income (Loss) on sales ofsecurities | 40 | 692 | 652 | - | |||||
Settlement costs of lawsuits | -196 | -73 | 123 | - | |||||
Others | -29 | -210 | -181 | - | |||||
Total | -118 | 383 | 501 |
copy 2018 Toshiba Corporation 11
-758
229
-3837
261
-776 -625
-497 -547
-4462
151-3Q 161-3Q 171-3Q
Cash flows from operating activitiesCash flows from investing activitiesFree cash flows
Cash FlowsCash flows from operating activities were negative due to
payment of WEC parent company guaranteesCash flows from operating activities excluding the impact of payment for WEC parent company guarantees531
Cash flows from investing activities excluding revenue from sales of major securities-1784
Cash flows from investing activities excluding the sale of the Home Appliances business-1055
Cash flows from investing activities excluding the impact from Landis+Gyrrsquos IPO-2122
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
copy 2018 Toshiba Corporation 12
Balance Sheets
5266 8349
92299854
4037376139961924
50075888
9949 8742
5211 638842695
20173E 201712E
Assets
Utilized part of the capital raised by share issuefor early payment of parent company guarantees
Cash and cash equivalents
Accounts receivable
InventoriesGoodwill
deferred tax assets etc
Property plant and equipment
Other Assets
18494 16672
33633642
48184637
67376518
1204011228
4545242697
20173E 201712E
Liabilities
Liabilities of discontinued operations
Notes and accounts payable trade
Accrued pension and severance costs
Other liabilitiesAssets of discontinued operations
Interest-bearing debt
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
44906
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
copy 2018 Toshiba Corporation 13copy 2018 Toshiba Corporation 13
2 Business Results by Segment
FY2017 Third Quarter Consolidated Business Results
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
This page is intentionally left blank
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
copy 2018 Toshiba Corporation 15
161-3Q 171-3Q Differece (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 6304 6610 306 (+5)Operating income (loss) 493 489 -04ROS 78 74 -04Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2209 -2384 -175Operating income (loss) 13 39 26
Net sales 28354 28003 -351 (-1)Operating income (loss) 761 496 -265ROS 27 18 -09
TotalAfter reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
After reclassification of the Memory business as a discontinued operationBy Segment
FY2017 Third Quarter Consolidated Business Results 14
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
161-3Q | 171-3Q | Differece | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 6304 | 6610 | 306 | (+5) | 9800 | 9139 | |||||||||
Operating income (loss) | 493 | 489 | -04 | 2300 | 2251 | |||||||||||
ROS | 78 | 74 | -04 | 235 | 161 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2209 | -2384 | -175 | 1600 | 1362 | ||||||||||
Operating income (loss) | 13 | 39 | 26 | 20 | 24 | |||||||||||
TotalAfter reclassification | Net sales | 28354 | 28003 | -351 | (-1) | 23800 | 21000 | |||||||||
Operating income (loss) | 761 | 496 | -265 | 2100 | 2050 | |||||||||||
ROS | 27 | 18 | -09 | 88 | 70 |
copy 2018 Toshiba Corporation 16
161-3Q 171-3Q Difference (growth rate)
Net sales 6600 6115 -485 (-7)Operating income (loss) -24 -121 -97ROS -04 -20 -16Net sales 8385 8306 -79 (-1)Operating income (loss) 215 113 -102ROS 26 14 -12Net sales 3718 3793 75 (+2)Operating income (loss) 111 188 77ROS 30 49 19Net sales 12423 14895 2472 (+20)Operating income (loss) 1546 3680 2134ROS 124 247 123Net sales 1625 1769 144 (+9)Operating income (loss) 44 -26 -70ROS 27 -15 -42Net sales 3931 3794 -137 (-3)Operating income (loss) -91 -186 -95Net sales -2468 -2849 -381Operating income (loss) 11 -29 -40
Net sales 34214 35823 1609 (+5)Operating income (loss) 1812 3619 1807ROS 53 101 48
TotalBefore reclassification
Energy Systems ampSolutions
InfrastructureSystems ampSolutions
Retail amp PrintingSolutions
Storage ampElectronic DevicesSolutions
Industrial ICTSolutions
Others
Eliminations
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Before reclassification of the Memorybusiness as a discontinued operation
The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
By Segment
15
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
161-3Q | 171-3Q | Difference | (growth rate) | 1023公表 コウヒョウ | 対業績予想(1023公表ベース) タイ ギョウセキ ヨソウ コウヒョウ | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | 4300 | 3689 | |||||||||
Operating income (loss) | -24 | -121 | -97 | 40 | 28 | |||||||||||
ROS | -04 | -20 | -16 | 09 | 11 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | 5400 | 4569 | |||||||||
Operating income (loss) | 215 | 113 | -102 | 10 | 1 | |||||||||||
ROS | 26 | 14 | -12 | 02 | 12 | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | 2400 | 2021 | |||||||||
Operating income (loss) | 111 | 188 | 77 | 60 | 41 | |||||||||||
ROS | 30 | 49 | 19 | 25 | 24 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | 9800 | 8311 | |||||||||
Operating income (loss) | 1546 | 3680 | 2134 | 2300 | 1932 | |||||||||||
ROS | 124 | 247 | 123 | 235 | 12 | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | 1200 | 1023 | |||||||||
Operating income (loss) | 44 | -26 | -70 | 0 | 3 | |||||||||||
ROS | 27 | -15 | -42 | 00 | 15 | |||||||||||
Others | Net sales | 3931 | 3794 | -137 | (-3) | 2300 | 1921 | |||||||||
Operating income (loss) | -91 | -186 | -95 | 210 | 191 | |||||||||||
Eliminations | Net sales | -2468 | -2849 | -381 | 1600 | 1315 | ||||||||||
Operating income (loss) | 11 | -29 | -40 | 20 | 17 | |||||||||||
Total Before reclassification | Net sales | 34214 | 35823 | 1609 | (+5) | 23800 | 20218 | |||||||||
Operating income (loss) | 1812 | 3619 | 1807 | 2100 | 1738 | |||||||||||
ROS | 53 | 101 | 48 | 88 | 13 | |||||||||||
非継続事業控除後合計 ヒ ケイゾク ジギョウ コウジョ ゴ ゴウケイ | 売上高 ウリアゲ ダカ | 28354 | 28005 | 349 | (1) | |||||||||||
営業損益 エイギョウ ソンエキ | 761 | 502 | 259 | |||||||||||||
ROS | 27 | 18 | 09 | |||||||||||||
copy 2018 Toshiba Corporation 17
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 6600 6115 -485 (-7)
Operating income (loss) -24 -121 -97
ROS -04 -20 -16
-4878Net sales 992 917 -75 (-8)Operating income (loss) -48 -89 -41ROS -48 -97 -49Net sales 2418 2637 219 (+9)Operating income (loss) 46 -03 -49ROS 19 -01 -20Net sales 2061 2073 12 (+1)Operating income (loss) -05 12 17ROS -02 06 08Net sales 1294 658 -636Operating income (loss) 65 34 -31Net sales -165 -170 -05Operating income (loss) -82 -75 07
FY2017 results are for the period upto the IPO
Landis+Gyr
OthersIncludes eliminations within thesegment and RampD cost for hydrgenrelated business
Lower income and lower sales in ashrinking domestic market and fromprofit decrease in some projects
Higher sales on progress in projectsusing the percentage of completionmethod mainly plant projects in JapanLower income due to provision foradditional costs for construction projects
Higher sales and income fromprojects using the percentage ofcompletion in the domestic TampDmarket
FCF by segment
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Exchange rate impact +171
Exchange rate impact -01Emergency measures -67
Energy Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 16
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Energy Systems amp Solutions | Net sales | 6600 | 6115 | -485 | (-7) | |||||||||
Operating income (loss) | -24 | -121 | -97 | |||||||||||
ROS | -04 | -20 | -16 | |||||||||||
FCF by segment | -4878 | |||||||||||||
Nuclear Power Systems | Net sales | 992 | 917 | -75 | (-8) | Lower income and lower sales in a shrinking domestic market and from profit decrease in some projects | ||||||||
Operating income (loss) | -48 | -89 | -41 | |||||||||||
ROS | -48 | -97 | -49 | |||||||||||
Thermal amp Hydro Power Systems | Net sales | 2418 | 2637 | 219 | (+9) | Higher sales on progress in projects using the percentage of completion method mainly plant projects in Japan Lower income due to provision for additional costs for construction projects | ||||||||
Operating income (loss) | 46 | -3 | -49 | |||||||||||
ROS | 19 | -01 | -20 | |||||||||||
Transmission amp Distribution Systems | Net sales | 2061 | 2073 | 12 | (+1) | Higher sales and income from projects using the percentage of completion in the domestic TampD market | ||||||||
Operating income (loss) | -5 | 12 | 17 | |||||||||||
ROS | -02 | 06 | 08 | |||||||||||
Landis+Gyr | Net sales | 1294 | 658 | -636 | FY2017 results are for the period up to the IPO | |||||||||
Operating income (loss) | 65 | 34 | -31 | |||||||||||
Others | Net sales | -165 | -170 | -05 | Includes eliminations within the segment and RampD cost for hydrgen related business | |||||||||
Operating income (loss) | -82 | -75 | 07 | |||||||||||
copy 2018 Toshiba Corporation 18
00
10000
20000
201612E 201712E
[-4]
Power Generation and Transmission amp Distribution Systems(excluding Solar Photovoltaic Systems and Landis+Gyr)
Figures for Westinghouse Group have been excluded
(Yen in billions)[ ]=year-on-year comparison
bull Nuclear Power Systems received orders related to plant restarts the backlog increased slightly
bull Thermal amp Hydro Power Systemsrsquo backlog decreased despite orders for major thermal plant projects received overseas but the sales for construction increased
bull Transmission amp Distribution Systems orders outside Japan is delayed than expected and the backlog decreased slightly
Energy Systems amp Solutions Order Backlog
FY2017 Third Quarter Consolidated Business Results
201712E
17
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
copy 2018 Toshiba Corporation 19
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 8385 8306 -79 (-1)
Operating income (loss) 215 113 -102
ROS 26 14 -12
130
Net sales 2378 2232 -146 (-6)
Operating income (loss) 18 -09 -27
ROS 08 -04 -12
Net sales 4142 4002 -140 (-3)
Operating income (loss) 200 112 -88
ROS 48 28 -20
Net sales 2174 2362 188 (+9)
Operating income (loss) -03 10 13
ROS -01 04 05
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Lower sales due to lower ordersLower operating income alsoreflected a scaling back ofemergency measures
Higher sales on higher order inindustrial components Operatingincome improved
FCF by segment
InfrastructureSystems ampSolutions
PublicInfrastructure
Building andFacilities
IndustrialSystems
Exchange rate impact +91
Exchange rate impact plusmn00Emergency measures -130
Infrastructure Systems amp Solutions Results Breakdown
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 18
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 8385 | 8306 | -79 | (-1) | |||||||||
Operating income (loss) | 215 | 113 | -102 | |||||||||||
ROS | 26 | 14 | -12 | |||||||||||
FCF by segment | 130 | |||||||||||||
Public Infrastructure | Net sales | 2378 | 2232 | -146 | (-6) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 18 | -09 | -27 | |||||||||||
ROS | 08 | -04 | -12 | |||||||||||
Building and Facilities | Net sales | 4142 | 4002 | -140 | (-3) | Lower sales due to lower orders Lower operating income also reflected a scaling back of emergency measures | ||||||||
Operating income (loss) | 200 | 112 | -88 | |||||||||||
ROS | 48 | 28 | -20 | |||||||||||
IndustrialSystems | Net sales | 2174 | 2362 | 188 | (+9) | Higher sales on higher order in industrial components Operating income improved | ||||||||
Operating income (loss) | -03 | 10 | 13 | |||||||||||
ROS | -01 | 04 | 05 | |||||||||||
copy 2018 Toshiba Corporation 20
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 12423 14895 2472 (+20)
Operating income (loss) 1546 3680 2134
ROS 124 247 123
1593Storage Memories Net sales 6351 8756 2405 (+38)
Operating income (loss) 1022 3227 2205
ROS 161 369 208
HDDs Net sales 3458 3371 -87 (-3)
Operating income (loss) 272 203 -69
ROS 79 60 -19
Devices amp Others Net sales 2614 2768 154 (+6)
Operating income (loss) 252 250 -02
ROS 96 90 -06
Stable prices supported by strongdemand for smart phones andSSD Both net sales and operatingincome were higher than for thesame period last year
Higher sales supported by growthin enterprise market Howeverlower overall sales and loweroperating income as shrinkg in thePC market
Higher income on higher sales inDiscretes supported by positiveperformance in industrial marketOverall sales and income was flatas System LSI income declined
FCF by segment
Storage amp ElectronicDevices Solutions
Exchange rate impact +518
Exchange rate impact +313Emergency measures -97
Storage amp Electronic Devices Solutions Results Breakdown(Before Reclassification of the Memory business)
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc is different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results 19
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 12423 | 14895 | 2472 | (+20) | |||||||||||
Operating income (loss) | 1546 | 3680 | 2134 | |||||||||||||
ROS | 124 | 247 | 123 | |||||||||||||
FCF by segment | 1593 | |||||||||||||||
Storage | Memories | Net sales | 6351 | 8756 | 2405 | (+38) | Stable prices supported by strong demand for smart phones and SSD Both net sales and operating income were higher than for the same period last year | |||||||||
Operating income (loss) | 1022 | 3227 | 2205 | |||||||||||||
ROS | 161 | 369 | 208 | |||||||||||||
HDDs | Net sales | 3458 | 3371 | -87 | (-3) | Higher sales supported by growth in enterprise market However lower overall sales and lower operating income as shrinkg in the PC market | ||||||||||
Operating income (loss) | 272 | 203 | -69 | |||||||||||||
ROS | 79 | 60 | -19 | |||||||||||||
Devices amp Others | Net sales | 2614 | 2768 | 154 | (+6) | Higher income on higher sales in Discretes supported by positive performance in industrial market Overall sales and income was flat as System LSI income declined | ||||||||||
Operating income (loss) | 252 | 250 | -2 | |||||||||||||
ROS | 96 | 90 | -06 | |||||||||||||
copy 2018 Toshiba Corporation 21
Compared to FY20172Q Continued to see improved operating incomeby maintaining a positive performance in Memories
355 241
1043
31
542
1315
-149
763
1322
-1247
924
FY2015 FY2016 FY20171Q 2Q 4Q3Q 1Q 2Q 4Q3Q 1Q 2Q 4Q3Q
FY2015 figures are for the Semiconductor amp Storage Products Company the previous organization and were calculated before the change to segment-based calculation of operating income (loss)
(Yen in billions)
Storage amp Electronic Devices Solutions Quarterly Trend in Operating Income (Loss) ndash Before Reclassification
Structural reform costs -462Asset write-downs -488Revaluation of inventories -280
FY2017 Third Quarter Consolidated Business Results 20
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
copy 2018 Toshiba Corporation 22
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
Net sales 3718 3793 75 (+2)
Operating income (loss) 111 188 77
ROS 30 49 19
92
FY20161-3Q
FY20171-3Q
Difference (growth rate)
Net sales 1625 1769 144 (+9)
Operating income (loss) 44 -26 -70
ROS 27 -15 -42
46FCF by segment
FCF by segment
Retail amp PrintingSolutions
Industrial ICTSolutions
Exchange rate impact +110
Exchange rate impact +08Emergency measures - 09
Exchange rate impact plusmn00
Exchange rate impact plusmn00Emergency measures -67
Retail amp Printing SolutionsIndustrial ICT Solutions
FCF (free cash flows) by segment is an index for in-house management only and treatment of effects of exchange rate changes etc are different from free cash flows in the Consolidated Statements of Cash Flows
FY2017 Third Quarter Consolidated Business Results
Both the Retail and Printing businesses maintained stable performances Sales increased due to exchange rate impact Significantly increased income in the Retail and Printing businesses
Higher sales due to good performances in systems business for government and IoTAI business Lower income from impacts from some of domestic information system projects and the cost of structural reform of the unified communications systems business and scaling back of emergency measures
21
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Retail amp Printing Solutions | Net sales | 3718 | 3793 | 75 | (+2) | |||||||||
Operating income (loss) | 111 | 188 | 77 | |||||||||||
ROS | 30 | 49 | 19 | |||||||||||
FCF by segment | 92 | |||||||||||||
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
Industrial ICT Solutions | Net sales | 1625 | 1769 | 144 | (+9) | |||||||||
Operating income (loss) | 44 | -26 | -70 | |||||||||||
ROS | 27 | -15 | -42 | |||||||||||
FCF by segment | 46 | |||||||||||||
copy 2018 Toshiba Corporation 23
Others
(Yen in billions)FY2016
1-3QFY2017
1-3QDifference (growth rate)
PC Net sales 1405 1196 -209 (-15)
Operating income (loss) 00 -66 -66
ROS 00 -55 -55
Visual Products Net sales 463 365 -98 (-21)
Operating income (loss) -89 -64 25
ROS -192 -175 17
Lower sales due to complete withdrawalfrom overseas B2C business and sluggishsales domestic B2C and in B2B markets inEurope and North America In addition tolower sales increases in component costssuch as SSD resulted in deterioratedoperating incomeLower sales due to scaling back of domesticB2C business Operating income was betterthan the same period last year whenprovision was made for the cost of qualityissue
FY2017 Third Quarter Consolidated Business Results 22
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
FY20161-3Q | FY20171-3Q | Difference | (growth rate) | |||||||||||
PC | Net sales | 1405 | 1196 | -209 | (-15) | Lower sales due to complete withdrawal from overseas B2C business and sluggish sales domestic B2C and in B2B markets in Europe and North America In addition to lower sales increases in component costs such as SSD resulted in deteriorated operating income | ||||||||
Operating income (loss) | 00 | -66 | -66 | |||||||||||
ROS | 00 | -55 | -55 | |||||||||||
Visual Products | Net sales | 463 | 365 | -98 | (-21) | Lower sales due to scaling back of domestic B2C business Operating income was better than the same period last year when provision was made for the cost of quality issue | ||||||||
Operating income (loss) | -89 | -64 | 25 | |||||||||||
ROS | -192 | -175 | 17 | |||||||||||
copy 2018 Toshiba Corporation 24copy 2018 Toshiba Corporation 24
3 FY2017 Forecast
FY2017 Third Quarter Consolidated Business Results 23
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
copy 2018 Toshiba Corporation 25
Overall
Previous Forecast(Nov 9)
Before Memoryreclassification
FY17 Forecast(Feb 14)
Before Memoryreclassificaion
difference
FY17 Forecast(Feb 14)
After Memoryreclassification
49700 49900 200 -10900 39000
4300 4400 100 -4400 00
4000 4600 600 -4400 200
-1100 5200 6300 00 5200
-3800 -5500 -1700 00 -5500
Previous forecast(Nov9)
2018 3Eforecast
difference
-7500 4600 12100
Shareholders equity ratio -192 112 304-5300 6900 122009400 6000 -3400
yen110 yen110 yen0
Net sales
Exchange rate (US$) of the end date ofthe term
Equity attributable toshareholders of the Company
Net interest-bearing debt
Net income (loss)Free cash flows
Net assets
Operating income (loss)Income (loss) before income taxes andnoncontrolling interests
(Yen in billions)
Operating Income (loss) Memory is expected to increase and Nuclear Thermal and Hydro are expected to decline but the overall forecast is an increase against the previous forecastNon Operating Income (loss) An improvement of 500 billion yen against the previous forecast due to recording profit from the sale of the Visual Products and hedging currency risk by early payment of parent company guarantees Net Income A 6300 billion yen improvement against previous forecast due to the sale of claims against WEC (sales profit recorded under net income (loss) from discontinued operations) related tax reduction As shareholderrsquos equity was enhanced by a new share issue the shareholderrsquos equity is expected to be positive at March 31 2018
Before reclassification of the Memory business
Impact from reclassification of
the Memory business
FY2017 Third Quarter Consolidated Business Results 24
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
Previous Forecast(Nov 9)Before Memory reclassification | FY17 Forecast(Feb 14)Before Memory reclassificaion | difference | 119公表値 コウヒョウ チ | 対前回予想(119公表)メモリ非継続組替前 タイ ゼンカイ ヨソウ コウヒョウ ヒ ケイゾク クミカ マエ | FY17 Forecast(Feb 14)After Memory reclassification | |||||||||||||||
Net sales | 49700 | 49900 | 200 | 497000 | -447100 | -10900 | 39000 | |||||||||||||
Operating income (loss) | 4300 | 4400 | 100 | 43000 | -38600 | -4400 | 00 | |||||||||||||
01 | 00 | |||||||||||||||||||
Income (loss) before income taxes and noncontrolling interests | 4000 | 4600 | 600 | 40000 | -35400 | -4400 | 200 | |||||||||||||
01 | 00 | |||||||||||||||||||
非支配持分控除前継続事業当期純損益 | ||||||||||||||||||||
非支配持分控除前非継続事業当期純損益 | ||||||||||||||||||||
Net income (loss) | -1100 | 5200 | 6300 | -11000 | 16200 | 00 | 5200 | |||||||||||||
-00 | 01 | |||||||||||||||||||
1株当たり カブ ア | ||||||||||||||||||||
当期純損益 トウキ ジュンソンエキ | ||||||||||||||||||||
Free cash flows | -3800 | -5500 | -1700 | -38000 | 32500 | 00 | -5500 | |||||||||||||
Previous forecast(Nov9) | 119公表値 コウヒョウ チ | 対前回予想(119公表ベース) タイ ゼンカイ ヨソウ コウヒョウ | 2018 3E forecast | difference | ||||||||||||||||
総資産 ソウシサン | ERRORREF | 51407 | ERRORREF | 0 | ||||||||||||||||
Equity attributable to shareholders of the Company | -7500 | 7500 | 7960 | 4600 | 12100 | |||||||||||||||
Shareholders equity ratio | -192 | 192 | +304 | 112 | 304 | |||||||||||||||
Net assets | -5300 | -53000 | 59900 | 6900 | 12200 | |||||||||||||||
Net interest-bearing debt | 9400 | 94000 | -88000 | 6000 | -3400 | |||||||||||||||
Net DEレシオ | - | - | - | - | - | |||||||||||||||
Exchange rate (US$) of the end date of the term | yen110 | yen110 | yen0 |
copy 2018 Toshiba Corporation 26
Equity attributable shareholders of the Company - against previous forecast
-10000
-5000
00
5000
10000
15000
20000
Previous forecast(Nov 9)-7500
This forecast(Feb 14)4600
Profit from sales of
WEC claims+1800
Tax reduction related to
sales of WECclaims+2400
Others+150 After the
sales of the Memory
business
New share issue throughthird-partyallotment+6000
Reversal of valuation
allowance for deferred tax
assets+1100
Sales of Visual Products business+650
Includes tax reduction+400
[ref] After the sales of the Memory business
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results 25
The sales of the Memory
business
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
copy 2018 Toshiba Corporation 27
Net interest-bearing debt- against previous forecast
-6000
-4000
-2000
00
2000
4000
6000
8000
10000
12000Payment of WEC parent
company guarantees
+5300
Others-200
Sales revenue of WEC claims-2500
Sales revenue 20000plusmnAdjustment in working
capitalMain deductionre-investment 3505Cash of Memory TBD
New share issue
throughthird-partyallotment
-6000
(Yen in billions)
This forecast(Feb14)6000
Previous forecast(Nov 9)9400
FY2017 Third Quarter Consolidated Business Results
After the sales of
the Memorybusiness
[ref] After the sales of the Memory business
The sales of the Memory
business
Adjustment in net debt working capital and cumulative capex
26
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
copy 2018 Toshiba Corporation 28
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 12624 12600 -24 (-0)Operating income (loss) 584 420 -164ROS 46 33 -13Net sales 5077 5100 23 (+0)Operating income (loss) 163 220 57ROS 32 43 11Net sales 8371 8500 129 (+2)Operating income (loss) 576 450 -126ROS 69 53 -16Net sales 2396 2500 104 (+4)Operating income (loss) 71 30 -41ROS 29 12 -17Net sales 5356 5100 -256 (-5)Operating income (loss) -171 -400 -229Net sales -3136 -3200 -64Operating income (loss) 14 -670 -684
Net sales 40437 39000 -1437 (-4)Operating income (loss) 820 00 -820ROS 20 00 -20
TotalAfter reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
Including restructuring costs of 600 billion yen
FY2017 Third Quarter Consolidated Business Results
The FY16 actual figure for discontinued operations is before auditing and may be subject to change The Company will report the confirmed figure
After reclassification of the Memorybusiness as a discontinued operation By Segment
27
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | ||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | ||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | ||||||||||
ROS | -43 | -06 | 37 | |||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | ||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | ||||||||||
ROS | 46 | 33 | -13 | |||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | ||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | ||||||||||
ROS | 32 | 43 | 11 | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 8371 | 8500 | 129 | (+2) | 19200 | ||||||||
Operating income (loss) | 576 | 450 | -126 | 4150 | ||||||||||
ROS | 69 | 53 | -16 | |||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | ||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | ||||||||||
ROS | 29 | 12 | -17 | |||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | ||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | ||||||||||
Eliminations | Net sales | -3136 | -3200 | -64 | 3900 | |||||||||
Operating income (loss) | 14 | -670 | -684 | 450 | ||||||||||
TotalAfter reclassification | Net sales | 40437 | 39000 | -1437 | (-4) | 49700 | ||||||||
Operating income (loss) | 820 | 00 | -820 | 4300 | ||||||||||
ROS | 20 | 00 | -20 | 87 |
copy 2018 Toshiba Corporation 29
(Yen in billions)FY2016Actual
FY2017Forecast
on Feb14Difference (growth rate)
vs previousforecast onNov9 base
Net sales 9749 8400 -1349 (-14) 00Operating income (loss) -417 -50 367 -100ROS -43 -06 37 -12Net sales 12624 12600 -24 (-0) 00Operating income (loss) 584 420 -164 00ROS 46 33 -13 00Net sales 5077 5100 23 (+0) 00Operating income (loss) 163 220 57 00ROS 32 43 11 00Net sales 17002 20100 3098 (+18) 300Operating income (loss) 2470 4900 2430 300ROS 145 244 99 12Net sales 2396 2500 104 (+4) 00Operating income (loss) 71 30 -41 00ROS 29 12 -17 00Net sales 5356 5100 -256 (-5) -100Operating income (loss) -171 -400 -229 -100Net sales -3496 -3900 -404 00Operating income (loss) 08 -720 -728 00
Net sales 48708 49900 1192 (+2) 200Operating income (loss) 2708 4400 1692 100ROS 56 88 32 01
TotalBefore reclassification
Energy Systems ampSolutions
Infrastructure Systemsamp Solutions
Retail amp PrintingSolutions
Storage amp ElectronicDevices Solutions
Industrial ICT Solutions
Others
Eliminations
2 Including restructuringcosts of 600billion yen
2
FY2017 Third Quarter Consolidated Business Results
1The Memory business has been reclassified as a discontinued operationThis breakdown of segment sales and income is for reference only and shows the figures prior to the reclassification
Before reclassification of the Memorybusiness as a discontinued operation By Segment
1
28
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
FY2016Actual | FY2017 Forecaston Feb14 | Difference | (growth rate) | 前回 ゼンカイ | vs previousforecast onNov9 base | |||||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | 9200 | 00 | |||||||||
Operating income (loss) | -417 | -50 | 367 | 180 | -100 | |||||||||||
ROS | -43 | -06 | 37 | -12 | ||||||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | 12500 | 00 | |||||||||
Operating income (loss) | 584 | 420 | -164 | 420 | 00 | |||||||||||
ROS | 46 | 33 | -13 | 00 | ||||||||||||
Retail amp Printing Solutions | Net sales | 5077 | 5100 | 23 | (+0) | 5000 | 00 | |||||||||
Operating income (loss) | 163 | 220 | 57 | 170 | 00 | |||||||||||
ROS | 32 | 43 | 11 | 00 | ||||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | 19200 | 300 | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | 4150 | 300 | |||||||||||
ROS | 145 | 244 | 99 | 12 | ||||||||||||
Industrial ICT Solutions | Net sales | 2396 | 2500 | 104 | (+4) | 2500 | 00 | |||||||||
Operating income (loss) | 71 | 30 | -41 | 50 | 00 | |||||||||||
ROS | 29 | 12 | -17 | 00 | ||||||||||||
Others | Net sales | 5356 | 5100 | -256 | (-5) | 5200 | -100 | |||||||||
Operating income (loss) | -171 | -400 | -229 | 220 | -100 | |||||||||||
Eliminations | Net sales | -3496 | -3900 | -404 | 3900 | 00 | ||||||||||
Operating income (loss) | 08 | -720 | -728 | 450 | 00 | |||||||||||
TotalBefore reclassification | Net sales | 48708 | 49900 | 1192 | (+2) | 49700 | 200 | |||||||||
Operating income (loss) | 2708 | 4400 | 1692 | 4300 | 100 | |||||||||||
ROS | 56 | 88 | 32 | 87 | 01 |
copy 2018 Toshiba Corporation 30copy 2018 Toshiba Corporation 30
Appendix
FY2017 Third Quarter Consolidated Business Results 29
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
copy 2018 Toshiba Corporation 31
Capital Expenditure (Commitment Basis)(Yen in billions)
FY2016Actual
FY2017Forecast
vs previousForecaston Nov9
FY20171-3Q
Actual
FY20173Q
Actual
Major Itemsin FY20173Q
56 1000 00
-
-
-
-
-
-
Total
Energy Systems ampSolutions
Infrastructure Systemsamp SolutionsRetail amp PrintingSolutionsStorage amp ElectronicsDevices Solutions
Industrial ICT Solutions
Others
92
22
111
144
266
70
Investments and Loans
47
191
63
182
09
80
572705
30
155
09
33
15
66
02
Capital Expenditure(Commitment Basis)
150
1000
00
00
00
-5800
00
00
-5800
130
400
100
200
20
The previous forecast announced on Nov 9 was issued prior to the reclassification of the Memory business and included capital investments by Toshiba in affiliated companies accounted for by the equity-method such as Flash Forward Ltd
FY2017 Third Quarter Consolidated Business Results
30
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
Capital Expenditure(Commitment Basis) | 15上期実績 カミキ ジッセキ | 16上期実績 カミキ ジッセキ | FY2016Actual | 17年度見通し(810) ネンド ミトオ | FY2017Forecast | vs previous Forecaston Nov9 | FY20171-3QActual | FY20173QActual | Major Itemsin FY20173Q | ||||||||||||||
Energy Systems amp Solutions | 167 | 132 | 144 | 2000 | 130 | 00 | 47 | 09 | - | ||||||||||||||
Infrastructure Systems amp Solutions | 169 | 104 | 266 | 4500 | 400 | 00 | 191 | 33 | - | ||||||||||||||
Retail amp Printing Solutions | 55 | 36 | 70 | 1400 | 100 | 00 | 63 | 15 | - | ||||||||||||||
Storage amp Electronics Devices Solutions | 1242 | 896 | 92 | 33000 | 200 | -5800 | 182 | 66 | - | ||||||||||||||
Industrial ICT Solutions | 26 | 12 | 22 | 300 | 20 | 00 | 09 | 02 | - | ||||||||||||||
Others | 119 | 67 | 111 | 1300 | 150 | 00 | 80 | 30 | - | ||||||||||||||
Total | 1778 | 1246 | 705 | 42500 | 1000 | -5800 | 572 | 155 | |||||||||||||||
Investments and Loans | 56 | 800 | 1000 | 00 | |||||||||||||||||||
copy 2018 Toshiba Corporation 32
Timeline of Westinghousersquos Chapter 11 Filing
FY2017 Third Quarter Consolidated Business Results
Note on Chapter 11 processbull The plan of reorganization states how Westinghouse will make payment to its creditors using
capital or rights (payment resources) acquired in the reorganization process bull After the voting confirms the plan of reorganization the court will confirm it and payment to
creditors will start However there are various conditions for the start of payment egregulatory approvals of WEC acquisition by Brookfield Group
Optimized allocation of management resource by reaching an early settlement of Westinghouse-related obligations Contract for sale of Westinghouse claims signed and the transaction completed with
full payment on Jan 22 Aim to further eliminate uncertainty by early closing of Westinghouse related equity
transfer
Now
Payment based on the reorganization
plan starts
Sep 2018(estimate)
March 27(plan)
March 15(plan)January 29September 1 2018
March 292017
The Claims exclude general commercial claim
31
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
copy 2018 Toshiba Corporation 33
LNG Business (Freeport)
Customers
LNG
Toshiba
Continuing sales activities and measures to establish a structure to sell and supply LNG
LNGPower Generation Equipment
Liquefaction Tolling AgreementConcluded in 201322 million ton x 20 years (from 2019)
Feed Gas(to be
procured from
market) Payment of liquefaction tolling fee
Provide liquefaction
tolling service
FLNG Liquefaction 3 LLC(Owns and operates
Freeport Liquefaction Terminal Train 3)
Treatment in Accounting bull In 20173Q no special accounting treatment was applied to LNG
based on the status of current progress on basic agreements and negotiations with customers
bull Toshiba continues to evaluate an appropriate method on making provision for a loss from the point one year prior to starting operation and for each subsequent delivery year on the premise that given the time necessary for arranging vessels and determining destinations the uncommitted sales quantity of LNG in any given year is sold in the spot market at a price lower than the cost of production
bull Toshibarsquos liquefaction tolling service is not subject to impairment as it is not an investment in resource interests
bull Toshiba intends to enter into long-term contracts in the main for all the LNG for which it has contracted However it is possible that losses will be incurred if sales prices fall below the purchase cost or if expected conditions change
Status of Orders Receivedbull Basic agreements for a part of the Toshibas liquefaction service
(total of 22 million tons per year) have already been concluded (volume price and contract terms) with multiple customers though certain conditions must be met before they become effective
bull Currently in negotiations with multiple customers (total over 22 million tons including the capacity of the above basic agreements)
Concrete Progress of Activitiesbull In preparation for starting to supply customers with LNG from
September 2019 Toshiba registered a US subsidiary Toshiba America LNG Inc which will procure gas and supply LNG (February 2017) The company started operation in July 2017
Total cost LNG pricesFeed gas
Income or loss at Toshiba
LossProfit
LiquefactioncostTransportationcosts etc
LNG prices fluctuate depending on market demand
FY2017 Third Quarter Consolidated Business Results 32
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
copy 2018 Toshiba Corporation 34
Balance Sheet - Memory business
Assets 20173E 201712ECash and cash equivalents 1866 194Notes and accounts recievable trade 1504 2266Inventories 1243 1463Short-term loans receivable 17 3731Property plant and equipment 2548 3124Equity method investments in affiliates 1494 2270Other assets 866 1853Total assets 9538 14901
Liabilities 20173E 201712EShort-term borrowings 12 76Notes and accounts payable trade 730 869Accounts payable other and accruredexpenses 1604 2646
Accrued income and other taxes payables 496 4304Accrued pension and severance costs 493 495Other liabilities 325 248Total liabilities 3660 8638
The following details the balance of assets and liabilities held by the Memory business in respect of consolidated group companies including Toshiba Corporation and Toshiba Memory Corporation This does not match assets and liabilities of discontinued operations of consolidated balance sheet as some of these numbers are eliminated through consolidation
FY2017 Third Quarter Consolidated Business Results
(Yen in billions)
Includes tax impact of a Non-qualified Split
Includes Group deposits
33
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
Assets | 20173E | 201712E | ||||
Cash and cash equivalents | 1866 | 194 | ||||
Notes and accounts recievable trade | 1504 | 2266 | ||||
Inventories | 1243 | 1463 | ||||
Short-term loans receivable | 17 | 3731 | ||||
Property plant and equipment | 2548 | 3124 | ||||
Equity method investments in affiliates | 1494 | 2270 | ||||
Other assets | 866 | 1853 | ||||
Total assets | 9538 | 14901 | ||||
Liabilities | 20173E | 201712E | ||||
Short-term borrowings | 12 | 76 | ||||
Notes and accounts payable trade | 730 | 869 | ||||
Accounts payable other and accrured expenses | 1604 | 2646 | ||||
Accrued income and other taxes payables | 496 | 4304 | ||||
Accrued pension and severance costs | 493 | 495 | ||||
Other liabilities | 325 | 248 | ||||
Total liabilities | 3660 | 8638 |
copy 2018 Toshiba Corporation 35
Energy Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 9749 8400 -1349 (-14)Operating income (loss) -417 -50 367ROS -43 -06 37Net sales 1821 1618 -203 (-11)
Operating income (loss) -451 -20 431ROS -248 -12 236Net sales 3391 3476 85 (+3)Operating income (loss) 39 07 -32ROS 12 02 -10Net sales 2977 2838 -139 (-5)Operating income (loss) 27 11 -16ROS 09 04 -05Net sales 1812 658 -1154Operating income (loss) 74 34 -40Net sales -252 -190 62Operating income (loss) -106 -82 24
Energy Systems ampSolutions
Nuclear PowerSystems
Thermal amp HydroPower Systems
Transmission ampDistributionSystems
Landis+Gyr
Others
FY2017 figures for Landis+Gyr are for the period up to the July 25 IPO
FY2017 Third Quarter Consolidated Business Results
34
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Energy Systems amp Solutions | Net sales | 9749 | 8400 | -1349 | (-14) | |||||||
Operating income (loss) | -417 | -50 | 367 | |||||||||
ROS | -43 | -06 | 37 | |||||||||
Nuclear Power Systems | Net sales | 1821 | 1618 | -203 | (-11) | |||||||
Operating income (loss) | -451 | -20 | 431 | |||||||||
ROS | -248 | -12 | 236 | |||||||||
Thermal amp Hydro Power Systems | Net sales | 3391 | 3476 | 85 | (+3) | |||||||
Operating income (loss) | 39 | 07 | -32 | |||||||||
ROS | 12 | 02 | -10 | |||||||||
Transmission amp Distribution Systems | Net sales | 2977 | 2838 | -139 | (-5) | |||||||
Operating income (loss) | 27 | 11 | -16 | |||||||||
ROS | 09 | 04 | -05 | |||||||||
Landis+Gyr | Net sales | 1812 | 658 | -1154 | ||||||||
Operating income (loss) | 74 | 34 | -40 | |||||||||
Others | Net sales | -252 | -190 | 62 | ||||||||
Operating income (loss) | -106 | -82 | 24 | |||||||||
copy 2018 Toshiba Corporation 36
Infrastructure Systems amp Solutions Results Breakdown
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 12624 12600 -24 (-0)
Operating income (loss) 584 420 -164
ROS 46 33 -13
Net sales 4219 3957 -262 (-6)
Operating income (loss) 288 184 -104
ROS 68 46 -22
Net sales 5706 5594 -112 (-2)
Operating income (loss) 253 169 -84
ROS 44 30 -14
Net sales 3099 3417 318 (+10)
Operating income (loss) 43 67 24
ROS 14 20 06
InfrastructureSystems amp Solutions
PublicInfrastructure
Building andFacilities
Industrial Systems
FY2017 Third Quarter Consolidated Business Results 35
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
Infrastructure Systems amp Solutions | Net sales | 12624 | 12600 | -24 | (-0) | |||||||
Operating income (loss) | 584 | 420 | -164 | |||||||||
ROS | 46 | 33 | -13 | |||||||||
Public Infrastructure | Net sales | 4219 | 3957 | -262 | (-6) | |||||||
Operating income (loss) | 288 | 184 | -104 | |||||||||
ROS | 68 | 46 | -22 | |||||||||
Building and Facilities | Net sales | 5706 | 5594 | -112 | (-2) | |||||||
Operating income (loss) | 253 | 169 | -84 | |||||||||
ROS | 44 | 30 | -14 | |||||||||
Industrial Systems | Net sales | 3099 | 3417 | 318 | (+10) | |||||||
Operating income (loss) | 43 | 67 | 24 | |||||||||
ROS | 14 | 20 | 06 | |||||||||
copy 2018 Toshiba Corporation 37
(Yen in billions)
FY2017 Third Quarter Consolidated Business Results
Storage amp Electronic Devices Solutions Results Breakdown(Before reclassification of the Memory business)
FY2016Actual
FY2017Forecast
Difference (growth rate)
Net sales 17002 20100 3098 (+18)
Operating income (loss) 2470 4900 2430
ROS 145 244 99
Storage Memories Net sales 8972 12258 3286 (+37)
Operating income (loss) 1866 4497 2631ROS 208 367 159
HDDs Net sales 4613 4386 -227 (-5)
Operating income (loss) 360 230 -130ROS 78 52 -26Net sales 3417 3456 39 (+1)
Operating income (loss) 244 173 -71
ROS 71 50 -21
Storage amp ElectronicDevices Solutions
Devices amp Others
36
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||||
Storage amp Electronic Devices Solutions | Net sales | 17002 | 20100 | 3098 | (+18) | |||||||||
Operating income (loss) | 2470 | 4900 | 2430 | |||||||||||
ROS | 145 | 244 | 99 | |||||||||||
Storage | Memories | Net sales | 8972 | 12258 | 3286 | (+37) | ||||||||
Operating income (loss) | 1866 | 4497 | 2631 | |||||||||||
ROS | 208 | 367 | 159 | |||||||||||
HDDs | Net sales | 4613 | 4386 | -227 | (-5) | |||||||||
Operating income (loss) | 360 | 230 | -130 | |||||||||||
ROS | 78 | 52 | -26 | |||||||||||
Devices amp Others | Net sales | 3417 | 3456 | 39 | (+1) | |||||||||
Operating income (loss) | 244 | 173 | -71 | |||||||||||
ROS | 71 | 50 | -21 | |||||||||||
copy 2018 Toshiba Corporation 38
Others
(Yen in billions)FY2016Actual
FY2017Forecast
Difference (growth rate)
PC Net sales 1918 1700 -218 (-11)
Operating income (loss) -05 -90 -85
ROS -03 -53 -50
Visual Products Net sales 616 500 -116 (-19)
Operating income (loss) -129 -90 39
ROS -209 -180 29
FY2017 Third Quarter Consolidated Business Results 37
FY2016Actual | FY2017Forecast | Difference | (growth rate) | |||||||||
PC | Net sales | 1918 | 1700 | -218 | (-11) | |||||||
Operating income (loss) | -5 | -90 | -85 | |||||||||
ROS | -03 | -53 | -50 | |||||||||
Visual Products | Net sales | 616 | 500 | -116 | (-19) | |||||||
Operating income (loss) | -129 | -90 | 39 | |||||||||
ROS | -209 | -180 | 29 | |||||||||