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- ended March 2012 (For 173rd Fiscal Period)

Presentation for FY2011 Q1 Results

For 1st Quarter ended June, 2011   - July 28, 2011

Disclaimer: The contents of these presentation materials, key points of presentation and QA and audio data of presentation have not reflected on the restatement publicly announced in September 2015. As a result, because these information therefore contains inappropriate information to be used for investment decision, please do not rely on this information if you actually intended to trade stock. Toshiba Corporation assumes no responsibility for problems resulting from or in connection with use of the information.

Key Points of the presentation

Net sales decreased YoY*, affected mainly by yen appreciation and also by the impact of the Great East Japan Earthquake.

Net Sales 1,326.1 billion yen (YoY: -125.3 billion yen, -8.6%)

Operating income, decreased due to yen appreciation and the effects of the earthquake, but remained in surplus. Net income was at the same level as a year earlier.

Operating income 4.1 billion yen (YoY: -29.7 billion yen)
Income before income taxes and noncontrolling interest 3.1 billion yen (YoY: -6.9 billion yen)
Net income 0.5 billion yen (YoY: ±0 billion yen)

The D/E ratio improved by 19% from the same period last year, interest-bearing debt was at the same level.

D/E ratio 137% (YoY: -19%)
Interest-bearing debt 1,157.9 billion yen (YoY: -2.6 billion yen)

*YoY: year-on-year comparison

Q & A Session

Q1. Please tell us the key points of the FY2011 1Q results.
We recognized net sales of 1,326.1 billion yen for 1Q FY 2011 which was 125.3 billion yen lower than that for the corresponding period in the previous fiscal year due primarily to the adverse effects of the yen's appreciation and, to some extent, the impact from the Great East Japan Earthquake. In respect of specific segments, the Home Appliances segment performed particularly well due to increased demand for energy saving electrical appliances. Operating income was also affected by the yen's appreciation and the impact from the earthquake and was 29.7 billion yen lower than that of the same period last year, but remained in the black at a total of 4.1 billion yen. In addition, we made efforts to minimize the impact of the earthquake as well as to improve non-operating income (loss), and as a result, we were able to maintain net income attributable to shareholders of the Company in the black at the same level as that for the corresponding period in the previous fiscal year.
Q2. Please describe the impact that the earthquake had on FY2011 1Q results.
The impact of the earthquake caused a component shortage on production, damage to a manufacturing facility that halted production and a loss of sales to customers affected by the earthquake. The overall impact was an approximately 90 billion yen decrease in net sales and a roughly 25 billion yen decrease in operating income. In respect of the impact of the earthquake going forward, we believe that the impact on the component shortage on production will actually be smaller than initially expected.
Q3. Please tell us about the overall forecast for the FY2011 results.
After considering the results of the FY2011 1Q results, we decided not to make any changes to the forecast for the first half of FY2011 (i.e., net sales of 3.1 trillion yen and operating income of 90 billion yen). Going forward, we will continue to take measures in order to adapt to changes in the external environment. In respect of the forecast for the full year results (net sales of 7 trillion yen and operating income of 300 billion yen), we will continue to implement strategies in order to achieve our targets. Further, our exchange rate assumption for FY2011 full year forecast is 85 yen to the dollar and 115 yen to the euro.
Q4. Could you please tell us about the FY2011 1Q results in the semiconductor business?
Although the demand for NAND flash memories remained firm, sales fell due to the impact of the yen's appreciation and also due to damage from the earthquake to a subsidiary company in the System LSI business. As a result, sales were 18% lower on a year-on-year basis and fell to 227.6 billion yen. In terms of operating income, NAND flash memories maintained a steady level of profit despite the effects of the yen's appreciation and price drops, but the System LSI business was affected by the earthquake. As a result, operating income of the semiconductor business decreased by 20.6 billion yen from the corresponding period of the previous fiscal year to 1.6 billion yen.
Q5. Could you please tell us about the circumstances of the FY2011 1Q results in the Social Infrastructure segment?
In terms of sales, Thermal and Hydro Power Systems business and Transportation Systems business continued healthy performances and recorded increased sales, and the Medical Systems business also performed at approximately the same level as in the same period last year. However, the impact of the yen's appreciation and other factors led the segment as a whole to report lower sales. In terms of operating income, the Power Systems business performed well (mainly Thermal and Hydro Power Systems) and the Medical Systems business saw increased profit; however, due to the yen's appreciation and other factors, the segment as a whole recorded an operating loss similar to that of the corresponding period in the previous fiscal year.
Q6. How did the Digital Products segment and the Home Appliances segment perform?
In the Digital Products segment, the PC business in particular saw higher operating income than planned as a result of a growth in domestic sales and cost cutting measures. On the other hand, LCD TVs were impacted by the yen's appreciation which, in addition to the increasing uncertainty in Europe and the US, and the end of the eco-point campaign here in Japan, led to lower sales. However, going forward we will further accelerate our sales expansion in emerging markets. In the Home Appliances business, white goods, including room air conditioners, LED lighting and industrial air conditioning all performed well resulting in increased sales and increased operating income for the segment as a whole.

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