financial results note e
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7/31/2019 Financial Results Note e
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1Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
Fiscal 2012 Financial Results
Fiscal 2013 Forecast
May 11, 2012
Panasonic CorporationMakoto Uenoyama
Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “fiscal 2012” or “FY2012” refers to the year ended March 31, 2012.
This presentation contains consolidated financial results
for fiscal 2012, ended March 31, 2012 and the currentforecast for fiscal 2013.
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2Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
2ContentsContents
1. Fiscal 2012 Financial Results
2. Fiscal 2013 Financial Forecast
First, the financial results for fiscal 2012.
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3Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
This slide shows the three main points regarding the financial
results of fiscal 2012.
Firstly, both sales and profit declined significantly due mainly
to weak global economy, extreme yen appreciation and the
flooding in Thailand.
Secondly, the Company recorded its biggest ever net loss
due mainly to radical measures in unprofitable businesses
and business reform to establish a new structure.
Finally, the increase in operating profit is now gaining
momentum after hitting bottom in the third quarter results
(Oct. to Dec. 2011).
3
1. Both sales and profit declined significantly due
mainly to weak global economy, extreme yen
appreciation and the flooding in Thailand.
2. The Company recorded its biggest ever net loss due
mainly to radical measures in unprofitable
businesses and business reform to establish a new
structure.
3. The increase in operating profit is now gainingmomentum after hitting bottom in the 3Q results
(Oct. to Dec. 2011).
Summary of FY12 ResultsSummary of FY12 Results
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4Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
4
Domestic
Sales-8% (-6%)
-158.52,039.31,880.8
-397.7
-413.8
-36.8
-13%
-4%
vs. FY11/
difference
(-9%)
-40.7(-2.0%)
-438.4(-23.3%)
Net
income / loss**
-48.5(-2.4%)
-462.3(-24.6%)
Pre-taxincome / loss
41.0(2.0%)
4.2(0.2%)
Operating profit
915.1799.0Overseas
1,124.21,081.8
FY11 4Q(Jan. to Mar.)
FY12 4Q(Jan. to Mar.)
*
*
FY12 4th Quarter Results (Jan. to Mar.)FY12 4th Quarter Results (Jan. to Mar.)(yen: billions)
* Real terms excluding the effects of exchange rates (unaudited)
** Net income / loss attributable to Panasonic Corporation
Consolidated group sales for the fourth quarter totaled
1,880.8 billion yen, down by 8% from the previous year. Inreal terms, excluding the effects of exchange rates,
consolidated group sales decreased by 6%.
Operating profit returned to the black, totaling 4.2 billion yen.
The increase in operating profit is now gaining momentum
from the fourth quarter onwards after making a loss in thethird quarter.
Significant losses of pre-tax and net income attributable to
Panasonic Corporation were recorded as a result of
incurring large-scale business restructuring expenses and
other factors.
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5Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
5FY12 Annual ResultsFY12 Annual Results
(yen: billions)
* Real terms excluding the effects of exchange rates (unaudited)
** Net income / loss attributable to Panasonic Corporation
-780.0(-9.8%)
-820.0
(-10.3%)
30.0(0.4%)
8,000.0
Forecast onFeb. 3, 2012
(-7%)
-846.2
-991.6
-261.6
-10% (-7%)-846.5
-12%
-8%
vs. FY11/difference
8,692.77,846.2Sales
-
-
74.0(0.9%)
-772.2(-9.8%)
Netincome / loss**
178.8
(2.1%)
-812.8
(-10.4%)
Pre-tax
income / loss
305.3(3.5%)
43.7(0.6%)
Operatingprofit
4,178.43,684.2Overseas
4,514.34,162.0Domestic
FY11FY12
*
*
This slide shows annual results of fiscal 2012.
Consolidated group sales amounted to 7,846.2 billion yen,
down by 10% from the previous year. In real terms,
excluding the effects of exchange rates, consolidated
group sales decreased by 7%.
Operating profit totaled 43.7 billion yen. Pre-tax loss
totaled 812.8 billion yen while net loss attributable to
Panasonic Corporation amounted to 772.2 billion yen.
Although all profits decreased significantly from the
previous year, these figures improved on the Company’s
forecasts announced in February.
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6Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
6
Sales decreases in real terms excluding
the effects of exchange rates
109 yen
79 yen
FY12
113 yenEuro
86 yenUS
dollar
FY11
FY12 Sales Analysis by Product (vs. FY11)FY12 Sales Analysis by Product (vs. FY11)
(yen: billions)
8,692.7
Automotive
Ecosolutions
Washingmachines
Flat-panelTVs
Semiconductors
Mobilephones System
equipment DSCs
Electroniccomponents
/materials
Others
FY2011 FY2012
8,053.8
Exchangerate
- 638.9(-7%)
- 846.5 (-10%)
-207.6
7,846.2
【Exchange rates】
This slide shows sales trends by major products.
Total sales decreased by 846.5 billion yen compared with the
previous year. In real terms, sales decreased by 638.9 billion
yen, excluding the exchange rate effects of 207.6 billion yen.
Approximately 70% of the overall decline was due to salesdecreases in flat-panel TVs, semiconductors and mobile
phones.
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7
47%(-1%)
100%
13%
12%
10%
12%
53%
Sales proportionby region
(vs. FY11)
(+1%)--8%4,162.0Japan
-2%-10%966.5Americas
-10%-13%743.6Europe
-9%-13%931.1Asia
-8%-11%1,043.0China
-7%-10%7,846.2Total
Localcurrency
basisYen basis
vs. FY11
Sales
(yen: billions)
FY12 Global Sales by Region (vs. FY11)FY12 Global Sales by Region (vs. FY11)
Sales in Japan decreased from last year when there was a
surge in demand as a result of the government’s ‘eco-point’stimulus package. Sales in overseas markets also decreased
due mainly to the economic slowdown.
Despite stable sales in Central and South America, on yen
basis overall sales in the Americas decreased by 10% from
last year due mainly to appreciation of the yen.
In Europe, Asia and China, sales declined by more than 10%
in each region from the previous year as a result of weak
demand in digital AV products.
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8Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
8
43.7(0.6%)
305.3(3.5%)
-49.5
168.0-80.0
-245.1
-55.0
Streamlining/price declines
- 261.6 (-2.9%)
FY12 Operating Profit Analysis (vs. FY11)FY12 Operating Profit Analysis (vs. FY11)
(yen: billions)
(%: vs. sales)
Exchangerates
Fixed cost& others
Sales decrease(real terms)
FY2011 FY2012
Materials costincrease
Impact of disasters
-62.9-135.5The flooding inThailand
-132.9
-70.0
Operatingprofit
-275.5Total
-140.0The Great EastJapan Earthquake
Sales
This chart shows the operating profit analysis compared
with the previous year.
Operating profit was significantly affected by negative
factors such as appreciation of the yen, price declines and
rising material costs as well as decreases in sales. However,
the Company secured an operating profit of 43.7 billion yen
due mainly to reduction in fixed costs.
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9
- 730.0- 856.5Non-operating income / loss
- 647.5- 746.7Other * (impairment losses for fixedassets and goodwill etc.)
- 846.2- 772.2Net income / loss attributable to PanasonicCorporation **
+55.5- 43.9Less net income / loss attributable tononcontrolling interests
- 901.7- 816.1Net income / loss **
- 3.36.5Equity in earnings of associated companies
+93.29.8Provision for income taxes **
- 991.6- 812.8Pre-tax income / loss
- 83.3- 101.0Early retirement charges *
+0.8- 8.8Financial income / loss
- 261.643.7Operating profit
vs. FY11FY12
(yen: billions)
FY12 Pre-tax and Net Income AnalysisFY12 Pre-tax and Net Income Analysis
* Total business restructuring expenses: -767.1 billion yen** The impact of changes in Japanese corporate tax rates: -25.5 billion yen
Next, pre-tax and net income analysis.
The non-operating loss significantly worsened compared
with last year. This was mainly due to incurring business
restructuring expenses of 767.1 billion yen including early
retirement charges and, impairment losses for fixed assets
and goodwill.
As a result, net loss attributable to Panasonic Corporation
amounted to 772.2 billion yen including the impact of
changes in Japanese corporate tax rates.
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10Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
10
334.3
17.2
50.0
267.1
Fixed asset-related
147.8
116.9
16.5
14.4
Earlyretirement,
integration offacilities etc.
285.0
249.6
27.0
8.4
Impairmentloss for
goodwill etc.
289.9Flat-panel TV
Business
93.5Semiconductor
Business
383.7Others
Details Total
767.1Total
FY12 Breakdown of Business RestructuringFY12 Breakdown of Business Restructuring
(yen: billions)
This slide shows the breakdown in the business
restructuring of 767.1 billion yen for fiscal 2012.
The Company implemented unprecedented large-scale
business restructuring initiatives in order to take radical
measures in unprofitable businesses and establish new
structure. These included downsizing of the workforce,
restructuring offices and manufacturing sites as well asimpairment losses for fixed assets and goodwill.
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11
- 8 9. 0 919.3
(38 days)- 6 6 .1
896.4(37 days)
(38 days)
830.3
Mar. 2011 Mar. 2012 Mar. 2012original forecast
InventoriesInventories
(yen: billions)
Finished Goods
Raw materials & Work-in-process
At the end of March 2012, total inventories were 830.3 billion
yen, a decrease of 66.1 billion yen from March 2011. This wasdue mainly to the Company’s effort to reduce inventories in
flat-panel TVs. However, turnover days increased by 1 day as
a result of sales decline.
Compared with the Company’s original forecast, inventories
reduced by 89.0 billion yen, securing the same level inturnover days.
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12Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
12
300.0 - 5. 2294.8
403.8- 1 0 9 . 0
FY11 FY12 FY12previous forecast
as of Feb. 3)
Capital InvestmentCapital Investment
(yen: billions)
Capital investment totaled 294.8 billion yen, a decrease of
109.0 billion yen from the previous year. This was duemainly to decreases in investment in flat-panel TVs and
energy-related products.
The Company also reduced its capital investment by 5.2
billion yen compared with the previous forecast in February.
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13Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
13Change of Segment Structure following Business RestructuringChange of Segment Structure following Business Restructuring
Until 3Q FY12
S A N Y O
O t h er
C om p on en t s
an d D evi c e s
P E W an d
P an aH om e
H om e
A p pl i an c e s
D i gi t al A V C
N e t w or k s
From 4Q FY12
A u t om o t i v e S y s t em s
E c
o S ol u t i on s
S y s t em s &
C om
m uni c a t i on s
A p pl i an c e s
A
V C N e t w or k s
E n er g y
I n d
u s t r i al D ev i c e s
Other
H e al t h c ar e
C om p an y
M an uf a c t ur i n g
S o
l u t i on s C om p an y
O t h er s
Next, changes in segment structure.
The Company aims to improve its transparency based on
new corporate structure which was established on January
1, 2012.
The Company also discloses the results of Healthcare
Company and Manufacturing Solutions Company which
are included in the Other segment.
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14Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
14FY12 Results by New SegmentFY12 Results by New Segment
-17.84.9+7%653.2Automotive Systems
-30.317.3-10%840.8Systems &Communications
-274.280.9-10%10,167.9Subtotal
+12.6-37.2--2,321.7Corporate andeliminations
Operating
profit/lossSales Differencevs. FY11
-37.323.6-18%1,880.9Other
-86.5-16.6-16%1,404.6Industrial Devices
+1.058.9-0%1,525.8Eco Solutions
-2.581.5+3%1,534.2Appliances
-95.1-67.8-21%1,713.5AVC Networks
-5.7-20.9-3%614.9Energy
43.7 -261.67,846.2 -10%Consolidated Total
(yen: billions)
This slide shows annual results of fiscal 2012 by new
segment.
Compared with Fiscal 2011, sales increased in the
Appliances and the Automotive Systems segments, while
operating profit increased in the Eco Solutions segment. In
other segments, both sales and operating profit decreased.
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15Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
15ContentsContents
1. Fiscal 2012 Financial Results
2. Fiscal 2013 Financial Forecast
Next, financial forecast for fiscal 2013.
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16
1. Sales are expected to increase both in Japan and
overseas led by strong sales growth in Asia and
China.
3. The Company aims to achieve profit increases in
all segments.
2. Profit is expected to improve significantly as a
result of business restructuring and increases in
sales.
Summary of FY13 ForecastsSummary of FY13 Forecasts
This slide shows the three main points regarding the
financial forecasts of fiscal 2013.
Firstly, double-digit sales growth is expected in Asia and
China on local currency basis, and sales in both Japan
and overseas are expected to increase.
Secondly, profit is expected to improve significantly as a
result of business restructuring and increases in sales.
Finally, the Company aims to achieve profit increases in all
segments.
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17
+3% (+5%)+253.87,846.28,100.0Sales
+822.2
+972.8
595% +216.3
+5%
+2%
vs. FY12/ difference
(+7%)
-772.2(-9.8%)
50.0(0.6%)
Netincome / loss**
-812.8(-10.4%)
160.0(2.0%)
Pre-taxincome / loss
43.7(0.6%)
260.0(3.2%)
Operatingprofit
3,684.23,850.0Overseas
4,162.04,250.0Domestic
FY12FY13
*
*
FY13 Full Year ForecastsFY13 Full Year Forecasts(yen: billions)
Exchange rates** Net income / loss attributable to Panasonic Corporation
* Real terms excluding the effects of exchange rates
1H / 2HFull year
105 yen / 100 yen80 yen / 75yen
109 yen103 yenEuro
79 yen78 yenUS dollar
FY12FY13
Consolidated group sales for fiscal 2013 is forecast to be
8,100.0 billion yen, an increase of 253.8 billion yen or 3% from
fiscal 2012. In real terms, excluding the effects of exchange
rates, consolidated group sales is expected to increase by 5%.
Operating profit is forecast to be 260.0 billion yen, while
operating profit to sales ratio is expected to improve to 3.2%.
Pre-tax income and net income attributable to Panasonic
Corporation are expected to improve significantly from fiscal2012, following the end of the large-scale business
restructuring.
The US dollar exchange rate is projected to be 80 yen in the
first half, 75 yen in the second half and 78 yen for the full year.
The Euro rate is projected to be 105 yen in the first half, 100
yen in the second half and 103 yen for the full year.
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18Copyright (C) 2012 Panasonic Corporation All Rights Reserved.
18FY13 Global Sales by Region (vs. FY12)FY13 Global Sales by Region (vs. FY12)
48%+1%
100%
14%
13%
9%
12%
52%
Sales proportionby region
(vs. FY12)
-1%-+2%4,250.0Japan
+3%+0%970.0Americas
+2%-2%730.0Europe
+11%+7%1,000.0Asia
+11%+10%1,150.0China
+5%+3%8,100.0Total
Localcurrency
basisYen basis
vs. FY12Sales
(yen: billions)
In sales forecast by region, sales are expected to grow
especially in Asia and China. Sales in Japan and Americasare also expected to be stable.
In Europe, sales are expected to recover from the
previous year on local currency basis.
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19
Restructuringbenefit
96.3
FY13 Operating Profit Analysis (vs. FY12)FY13 Operating Profit Analysis (vs. FY12)
43.7(0.6%)
Exchangerates
-25.0
FY12Results +216.3 (+2.6%)
FY13Forecast
Materials costincrease
-42.0
Salesincrease
(real terms)
120.0
Streamlining/Price decline
67.0
130.0
Fixed costincrease
due to salesincrease etc.
-33.7
260.0(3.2%)
(yen: billions)(%: vs. sales)
This slide shows the forecast of operating profit analysis
for fiscal 2013 compared to the previous year.
The Company regards appreciation of the yen and
increases in material costs as continuing risk factors.
However, it strives to improve its profitability substantially
through sales growth. Streamlining that exceeds the price
declines and restructuring benefits are also expected tocontribute to an overall operating profit increase.
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20
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
Sales: 1,730.0 (vs. FY12: +1%)
Operating profit: 60.0 (3.5%)
1.3%
-4.0%
3.5%
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
5.7% 5.3%6.1%
FY13 Forecasts by New Segment - 1FY13 Forecasts by New Segment - 1
AVC Networks Appliances
(Sales billions yen) (Operating profit: %) (yen: billions)
Sales: 1,630.0 (vs. FY12: +6%)
Operating profit: 100.0 (6.1%)
Next, annual forecasts by segment. First, segments of the
Consumer Business Field.
Sales in AVC Networks are expected to increase by 1%
from last year as sales in digital interchangeable lens
cameras and PCs are expected to be favorable. Operating
profit is forecast to return to profitability due mainly to a
significant improvement in the flat-panel TVs business.
Sales in Appliances are expected to grow by 6% with
global business expansion of washing machines,
refrigerators, and air conditioners including large-sized
industrial ones. Operating profit is forecast to be 100.0
billion yen.
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21
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
Systems & Communications
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
Eco Solutions
3.8% 3.9% 3.8%5.1%
2.1% 2.7%
FY13 Forecasts by New Segment - 2FY13 Forecasts by New Segment - 2
(%) (%)(yen: billions) (yen: billions)
Sales: 900.0 (vs. FY12: +7%)
Operating profit: 24.0 (2.7%)
Sales: 1,600.0 (vs. FY12: +5%)
Operating profit: 60.0 (3.8%)
Next, segments in the Solutions Business Field.
Sales in Systems & Communications are expected to
increase by 7% from last year due mainly to strong sales
in smart phones and network cameras in the securities
field. Operating profit is also expected to improve due
mainly to the expansion of the solutions business such as
securities and networks.
Sales in Eco Solutions are expected to increase by 5%
from last year due mainly to sales increases in
environmental and energy-related products including LED
lightings and solar batteries. Operating profit is forecast to
increase due mainly to sales increases and streamlining
despite a price decline in LED lightings and rising material
costs.
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22
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
Automotive Systems
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
Industrial Devices
4.2%
-1.2%
2.8%3.7%
0.8%
2.5%
FY13 Forecasts by New Segment - 3FY13 Forecasts by New Segment - 3
(%) (%)(yen: billions) (yen: billions)
Sales: 720.0 (vs. FY12: +10%)
Operating profit: 18.0 (2.5%)
Sales: 1,420.0 (vs. FY12: +1%)
Operating profit: 40.0 (2.8%)
Next, the segments in the Industrial Devices Business
Field.
Sales in Automotive Systems are expected to show
double-digit growth from last year due mainly to a sales
increase in display audios as its demand expands, leading
to an increase in overall profit.
Sales in Industrial Devices are expected to grow by 1%
from last year due mainly to sales increases in electronic
components for smart phones and automotives. Operating
profit is expected to return to profitability, benefiting from
business restructuring.
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23
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
0
1,000
2,000
FY11 FY12 FY13 forecast
-5.0
0.0
5.0
10.0
Other
2.6%1.3% 1.4%
Energy
-2.4%
-3.4%
0.5%
FY13 Forecasts by New Segment - 4FY13 Forecasts by New Segment - 4
(%) (%)(yen: billions) (yen: billions)
Sales: 660.0 (vs. FY12: +7%)
Operating profit: 3.0 (0.5%)
Sales: 1,660.0 (vs. FY12: -12%)
Operating profit: 24.0 (1.4%)
Sales in Energy are expected to increase by 7% from last
year due mainly to strong sales in lithium-ion batteries forcars and consumer use. Operating profit is forecast to turn
into the black as a result of continuing profit in the solar
business, improved profitability in the overall lithium-ion
battery business and other factors.
Sales in Other are expected to decline by 12% from lastyear. However, operating profit is expected to increase,
owing to stable profitability in FA equipment and health-
care products.
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25
The Company strives to achieve a v-shaped recovery in
fiscal 2013.
Thank you for your continued support.
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26Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) about Panasonic and its Group companies (the Panasonic Group). To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements.These forward-looking statements are based on the current assumptions and beliefs of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Panasonic Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic undertakes no obligation to publicly update any forward-looking statements after the date of this
presentation. Investors are advised to consult any further disclosures by Panasonic in its subsequent filings with the U.S. Securities and Exchange Commission pursuant to the U.S. Securities Exchange Act of 1934 and its other filings.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate capital expenditures in the United States, Europe, Japan, China, and other Asian countries; volatility in demand for electronic equipment and components from business and industrial customers, as well as consumers in many product and geographical markets; currency rate fluctuations, notably between the yen, the U.S. dollar, the euro, the Chinese yuan, Asian currencies and other currencies in which the Panasonic Group operates businesses, or in which assets and liabilities of the Panasonic Group are denominated; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in the fund raising environment; the ability of the Panasonic Group 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 on the alliances or mergers and acquisitions including the business reorganization after the acquisition of all shares of Panasonic Electric Works Co., Ltd. and SANYO Electric Co., Ltd.; the ability of the Panasonic Group to achieve its business objectives through joint ventures and other collaborative agreements with other companies; the ability of the Panasonic Group to maintain 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 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, including property, plant and equipment and goodwill, deferred tax assets and uncertain tax positions; future changes or revisions to accounting policies or accounting rules; natural disasters including earthquakes, prevalence of infectious diseases throughout the world and other events that may negatively impact business activities of the Panasonic Group ;as well as direct or indirect adverse effects of the Great East
Japan Earthquake on the Panasonic Group in terms of, among others, component procurement, manufacturing, distribution,economic conditions in Japan including consumer spending and sales activities overseas, and direct or indirect adverse effects of the flooding in Thailand on the Panasonic Group in terms of, among others, component procurement and manufacturing. The factors listed above are not all-inclusive and further information is contained in Panasonic‘s latest annual reports, Form 20-F, and any other reports and documents which are on file with the U.S. Securities and Exchange Commission.
In order to be consistent with generally accepted financial reporting practices in Japan, operating profit (loss) is presented in accordance with generally accepted accounting principles in Japan. The company believes that this is useful to investors in comparing the company's financial results with those of other Japanese companies. Under United States generally accepted accounting principles, expenses associated with the implementation of early retirement programs at certain domestic and overseas companies, and impairment losses on long-lived assets are usually included as part of operating profit (loss) in the statement of income.
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