Annual Report 2016
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Panasonic Annual Report 2016 Search Contents Return PAGE Next About Panasonic Growth Strategy Foundation for Growth Fiscal 2016 Results 1 Contents 03 Editorial Policy Foundation for Growth About Panasonic 43 Corporate Governance 43 Corporate Governance Structure 05 Financial/Non-Financial Highlights 47 Message from an Outside Director 49 Directors, Audit & Supervisory Board 07 Toward Sustainable Growth Members and Executive Officers 08 Management Philosophy/History 52 Risk Management 11 Business Environment 53 Compliance 54 CSR Management 12 Business Areas 55 Social Responsibility 13 Value Creation Flow 55 Human Resources Development and Promoting Diversity 56 Messages from Non-Japanese Executive Growth Strategy Officers 57 Respect for Human Rights 15 Financial Results and 58 Raising Quality Levels and Ensuring Future Strategies Product Safety/Supply Chain Management 18 Interview with the President 59 Environmental Responsibility 24 Message from the CFO 59 Environmental Governance 60 CO2 Reduction/Resources Recycling/ 27 Interview with the CTO Water Resource Conservation 31 Overview of Divisional Companies 61 Green Products (GPs) 32 Messages from Divisional Company Presidents Fiscal 2016 Results 32 Appliances Company 34 Eco Solutions Company 63 Major Financial Indicators 36 AVC Networks Company 38 Automotive & Industrial Systems Company 64 Financial Review 40 Overview of Business Divisions 69 Consolidated Financial Statements 73 Stock Information 74 Corporate Bonds/Corporate Data About the cover and overall design of the report Note: Risk Factors Panasonic has employed photographs that depict some of its Please refer to the Company’s sporting activities to express its strong will and energy to push Annual Securities Report (Yukashoken Hokokusho) toward future growth. for details regarding business and other risks. Panasonic Annual Report 2016 Search Contents Return PAGE Next About Panasonic Growth Strategy Foundation for Growth Fiscal 2016 Results 2 Growth Strategy Our Products and Businesses Helping Solve Social Issues Appliances Company Automotive & Industrial Systems Company Page 24 Message from the CFO Robust Financial Position Driving Sustainable Increases in Corporate Value Hideaki Kawai Receiving Awards for Page 33 Senior Managing Director Helping to Reduce Environmental Impact Automotive Battery Page 39 Manufacturing Company Established in China Eco Solutions Company Page 27 Interview with Page 18 the President Interview with the CTO Accelerating the Development of Technology Serving Customers and Useful for Creating the Society of the Aiming for Sustainable Growth Future over the Next 10 Years Developing Driver Page 39 Assistance Systems Kazuhiro Tsuga Yoshiyuki Miyabe Elderly Apartments with Page 35 President Senior Managing Director Support Services that Enhance Comfort Opened in Kanagawa and Safety Prefecture in Japan Green Products (GPs) Foundation for Growth AVC Networks Company We spoke to Kazuhiko Toyama about his thoughts on corporate governance following his appointment as a director of the Company in June 2016. Page 47 Message from an Outside Director High-Reliability, Page 61 Kazuhiko Toyama Interactive Security Page 37 Pb 0% ADDED Zinc Director System Field Tests Carbon Battery Panasonic Annual Report 2016 Search Contents Return PAGE Next About Panasonic Growth Strategy Foundation for Growth Fiscal 2016 Results 3 Disclaimer Regarding Forward-Looking Statements Editorial Policy This Annual Report includes forward-looking statements (that include those within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934), This Annual Report integrates details of the Company’s management strategies that are designed as amended about Panasonic and its Group companies (the Panasonic Group). Panasonic discloses its to secure medium- and long-term growth, environmental, social and governance (ESG) activities consolidated financial forecasts for fiscal 2017 based on International Financial Reporting Standards (IFRS). To that provide the foundation for further expansion, as well as operating results and financial position. the extent that statements in this Annual Report do not relate to historical or current facts, they constitute The Report is issued mainly for the benefit of investors. In producing this Report, Panasonic has forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs referred to the framework put forward by the International Integrated Reporting Council (IIRC). of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks, As a new initiative, the Company’s president and senior executives have outlined their thoughts uncertainties and other factors. Such risks, uncertainties and other factors may cause the Panasonic Group’s in an external third-party interview format. In the interview with the president, Kazuhiro Tsuga actual results, performance, achievements or financial position to be materially different from any future results, elaborates on his efforts since taking office, as well as his stance performance, achievements or financial position expressed or implied by these forward-looking statements. toward strategies aimed at promoting sustainable growth, including Panasonic undertakes no obligation to publicly update any forward-looking statements after the date of this M&As. In the interview with the CTO, Yoshiyuki Miyabe comments Annual Report. Investors are advised to consult any further disclosures by Panasonic in its subsequent filings on the Company’s technology strategies. In addition to outlining under the Financial Instrument and Exchange Act of Japan (the FIEA) and other publicly disclosed documents. details of the R&D 10-year Vision as well as open innovation initiatives, Mr. Miyabe comments on a wide range of issues, The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, including the application of the Company’s strengths in the particularly consumer spending and corporate capital expenditures in the Americas, Europe, Japan, China and other consumer electronics field to boost its B2B business activities. Asian countries; volatility in demand for electronic equipment and components from business and industrial The design of the front cover and report as a whole has been customers, as well as consumers in many product and geographical markets; the possibility that excessive currency completely overhauled. The sporting motif is an expression of the Hideaki Harada rate fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely Company’s strong will and energy to push toward future growth. affect costs and prices of Panasonic’s products and services and certain other transactions that are denominated in General Manager Building on the issue of this Report, we hope to ramp up dialogue Corporate Planning Department these foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because with shareholders and investors. Corporate Strategy Division of changes in the fund raising environment; the possibility of the Panasonic Group not being able to respond to rapid technological changes and changing consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price and technology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and Using the Navigation Buttons acquisitions; the possibility of not being able to achieve its business objectives through joint ventures and other collaborative agreements with other companies, including due to the pressure of price reduction exceeding that Search PDF content Return one page Forward one page which can be achieved by its effort and decrease in demand for products from business partners which Panasonic highly depends on in BtoB business areas; the possibility of the Panasonic Group not being able to maintain Search Contents Return PAGE Next competitive strength in many product and geographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that the Panasonic Group may face 3 intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed by other countries over trade, manufacturing, labor and operations; fluctuations in market prices of securities and other assets in which the Panasonic Group has holdings or changes in valuation of long-lived assets, Return to Contents Page number including property, plant and equipment and goodwill, deferred tax assets and uncertain tax positions; future changes or revisions to accounting policies or accounting rules; the possibility of incurring expenses resulting from Using Category Tabs a leakage of customers’ or confidential information from Panasonic’s systems due to unauthorized access or a detection of vulnerability of network-connected products of the Panasonic Group; as well as natural disasters About Panasonic Growth Strategy Foundation for Growth including earthquakes, prevalence of infectious diseases throughout the world, disruption of supply chain and other events that may negatively impact business activities of the Panasonic Group. The factors listed above are not all-inclusive