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Financial Review Management’s Discussion and Analysis FIVE-YEAR SUMMARY Toshiba Corporation and Consolidated Subsidiaries Millions of yen, Years ended March 31 except per share amounts and ratio 2018 2017 2016 2015 2014 Net sales (Note 5) ¥ 3,947,596 ¥ 4,043,736 ¥ 4,346,485 ¥ 4,851,060 ¥ 4,722,987 Operating income (loss) (Note 6) 64,070 82,015 (581,376) (72,496) 8,836 Income (loss) from continuing operations, before income 82,378 44,945 (499,439) (122,333) (64,917) taxes and noncontrolling interests Net income (loss) attributable to shareholders 804,011 (965,663) (460,013) (37,825) 60,240 of the Company Comprehensive income (loss) attributable to shareholders 819,189 (844,585) (752,518) 90,638 236,392 of the Company Equity attributable to shareholders of the Company 783,135 (552,947) 328,874 1,083,996 1,027,189 Total equity (Note 7) 1,010,734 (275,704) 672,258 1,565,357 1,445,994 Total assets 4,458,211 4,269,513 5,433,341 6,334,778 6,172,519 Per share of common stock: (Yen) (Note 8) 120.18 (130.60) 77.67 256.01 242.58 Earnings (loss) per share attributable to shareholders of the Company (Yen) (Notes 9 and 10) −Basic 162.89 (228.08) (108.64) (8.93) 14.23 −Diluted − − − − − Shareholders' equity ratio (%) (Note 8) 17.6 (13.0) 6.1 17.1 16.6 Return on equity ratio (%) (Notes 8 and 11) 698.6 − (65.1) (3.6) 6.5 Price-to-earnings ratio (PER) (Note 12) 1.89 − − − 30.72 Net cash provided by (used in) operating activities 41,641 134,163 (1,230) 330,442 284,132 Net cash provided by (used in) investing activities (150,987) (178,929) 653,442 (190,130) (244,101) Net cash provided by (used in) financing activities (63,613) (219,758) 135,747 (125,795) (89,309) Cash and cash equivalents at end of year 533,119 707,693 975,529 185,721 155,793 Number of employees (Note 13) 141,256 153,492 187,809 198,741 200,260 Notes:) 1 Toshiba Group's Consolidated Financial Statements are based on US Generally Accepted Accounting Principles. 2) ‌The Memory business (including its SSD business, but excluding its image sensor business) is classified as discontinued operations in accordance with Accounting Standards Codification ("ASC") No.205-20 "Presentation of Financial Statements - Discontinued Operations" in the fiscal year ended March 31, 2018. Results of the prior years have been revised to reflect these changes. 3) ‌The Westinghouse's Nuclear Power business is classified as discontinued operations in accordance with ASC 205-20 in the fiscal year ended March 31, 2017. Results of the prior years have been revised to reflect these changes. 4) ‌The Healthcare Systems & Services segment and Home Appliances business are classified as discontinued operations in accordance with ASC 205-20 in the fiscal year ended March 31, 2016. Results of the prior years have been revised to reflect these changes. 5) Consumption tax is not included in the Net sales. 6) ‌Operating income (loss) is derived by deducting the cost of sales, selling, general and administrative expenses and impairment loss on goodwill from net sales. This result is regularly reviewed to support decision-making in allocation of resources and to assess performance. Certain operating expenses such as restructuring charges and legal settlement costs are not charged to operating income (loss). 7) Total equity is the sum of Equity attributable to shareholders of the Company and Equity attributable to noncontrolling interests. 8) ‌The calculation of "Per share of common stock", "Shareholders' equity ratio" and "Return on equity ratio" is based on Equity attributable to shareholders of the Company in the consolidated balance sheets. 9) ‌Basic earnings (loss) per share attributable to shareholders of the Company ("EPS") are computed based on the weighted-average number of shares of common stock outstanding during each period. Diluted EPS assumes the dilution that could occur if convertible bonds were converted or stock acquisition rights were exercised to issue common stock, unless their inclusion would have an antidilutive effect. 10) ‌Diluted net earnings per share attributable to shareholders of the Company have been omitted because the Company did not have potential common stock that were outstanding. 11) Return on equity ratio for the year ended on March 31, 2017 has been omitted because the average equity attributable to shareholders of the Company during the period is less than zero. 12) ‌Price-to-earnings ratio ("PER") for the years ended on March 31, 2017, 2016 and 2015 have been omitted because of Net loss attributable to shareholders of the Company. 13) ‌The number of employees are the sum of the workers who are expected to work or have worked over a year between the regular employees and fixed-term employees. 2. Management's Discussion and Analysis 20. Consolidated Balance Sheets 22. Consolidated Statements of Operations 23. Consolidated Statements of Comprehensive Income 24. Consolidated Statements of Equity 26. Consolidated Statements of Cash Flows 27. Notes to Consolidated Financial Statements 85. Independent Auditor's Report 02 TOSHIBA Annual Report 2018 (Translation purposes only) SCOPE OF CONSOLIDATION As of the fiscal year ended March 31, 2018, Toshiba Group ("the Group") comprised of Toshiba Corporation ("the Company") and 389 consolidated subsidiaries and operated businesses primarily related to six segments, which are Energy Systems & Solutions, Infrastructure Systems & Solutions, Retail & Printing Solutions, Storage & Electronic Devices Solutions, Industrial ICT Solutions and Others, and its products extend a wide variety of products. 96 affiliates were accounted for by the equity method as of the fiscal year ended March 31, 2018. RESULTS OF OPERATIONS (1) Overview of Consolidated Results Year Ended March 31 Billions of yen 2018 Change* Net sales 3,947.6 (96.1) Operating income (loss) 64.1 (17.9) Income (loss) from continuing operations, before income 82.4 +37.5 taxes and noncontrolling interests Net income (loss) attributable to shareholders of the Company 804.0 +1,769.7 (* Change from the previous fiscal year) During FY2017 (April 2017-March 2018), the US economy was generally solid, with positive growth in consumption, investment and exports. The Eurozone economy saw moderate growth, primarily in Germany, though growth slowed in the UK. The Chinese economy saw recovery, including increased investment in infrastructure and exports. Other Asian markets also saw a modest recovery. There was a modest rise in energy prices. The Japanese economy continued to see a modest recovery, with an uptick in consumer spending and a moderate rise in capital investment. Export levels continued to show a gradual increase. In FY2018 (April 2018-March 2019), the overall global economy is expected to see favorable growth, as the US economy is expected to continue to expand on the strength of the recent tax reduction, and the Eurozone economy is expected to see moderate growth. China’s economy is expected to see a slight slowdown due to a policy targeting the quality of growth. Forecasts for the Japanese economy indicate moderate growth. In these circumstances, the Company has implemented various actions in this fiscal year toward mitigating the financial crisis, and to strengthen the base for transforming the Company. Toward enhancing its financial soundness, the Company has entered into a transaction for the Memory business, issued shares through third-party allotments that raised approximately 600.0 billion yen, and settled in full its company guarantee obligations for Westinghouse Electric Company (“Westinghouse”) in respect of the extraordinary loss generated by Westinghouse for nuclear-power-plant-project related costs, and also closed the sale of Westinghouse-related claims to third parties. In reevaluating its portfolio, the Company liquidated its holding in Landis+Gyr and deconsolidated it through an IPO, disposed of the Visual Products business, and implemented other measures to improve profitability and increase asset efficiency. The results of the Memory business have been reclassified as a discontinued operation in the Company’s consolidated statements of operations from the third quarter of FY2017, in accordance with U.S. generally accepted accounting principles. Taking into account the aforementioned items, Toshiba Group’s net sales decreased by 96.1 billion yen to 3,947.6 billion yen. Although the Company recorded higher sales in Storage & Electronic Devices Solutions, Energy Systems & Solutions saw lower sales due to the deconsolidation of Landis+Gyr through an IPO, and Infrastructure Systems & Solution saw lower sales. As a result of minimizing emergency measures, including bonus reductions, the Group recorded consolidated operating income of 64.1 billion yen, a decrease of 17.9 billion yen. Income (loss) from continuing operations, before income taxes and noncontrolling interests, increased by 37.5 billion yen to 82.4 billion yen, due to a profit of 66.8 billion yen from the Landis+Gyr IPO. Income (loss) from discontinued operations, before noncontrolling interests was 696.1 billion yen, due to the Memory business recording a profit rate of 40%, the surplus from the sale of Westinghouse-related claims to third parties, and the effect of a significant tax reduction, as the Westinghouse-related claims and investments in shares were recognized as a loss. Net income (loss) attributable to shareholders of the Company increased by 1,769.7 billion yen to 804.0 billion yen. (Translation purposes only) TOSHIBA Annual Report 2018 03 Management’s Discussion and Analysis Consolidated Results by Segment are as follows: Billions of yen Net Sales Operating Income (Loss) Change* Change* Energy Systems & Solutions 844.7 (130.2) (13%) (14.8) +26.9 Infrastructure Systems & Solutions 1,246.8 (15.6) (1%) 48.0 (10.4) Retail & Printing Solutions 522.8 +15.1 +3% 27.0 +10.7 Storage & Electronic Devices Solutions 879.6 +42.5 +5% 47.3 (10.3) Industrial ICT Solutions 258.9 +19.3 +8% 1.3 (5.8) Others 525.6 (10.0) (2%) (48.6) (31.5) Eliminations (330.8) (17.2) − 3.9 +2.5 Total 3,947.6 (96.1) (2%) 64.1 (17.9) (* Change from the previous fiscal year ended March 31, 2017) 1) Energy Systems & Solutions: The Energy Systems & Solutions segment saw lower sales of 844.7 billion yen, 130.2 billion yen decrease from the previous year.
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