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Identifying environmental liabilities

With the enforcement of the Act on Special Measures concerning Promotion of Proper Treatment of PCB Wastes, keepers of PCB waste are required to appropriately dispose of PCB waste. The revision of the Enforcement Ordinance in December 2012 moved back the deadline for disposal of PCB waste until March 2027. In March 2014, Toshiba Group reported environmental liabilities of approximately 7.9 billion yen as expenses for the outsourcing of disposing of PCB waste by making it harmless. These expenses cover the disposal of such items as PCB-containing products stored and managed at production sites nationwide. The Westinghouse Electric Company group, a consolidated subsidiary of Toshiba Corp., complies with U.S. federal, state, and other local legislation concerning the discharge of pollutants, disposal of hazardous waste, and other activities that lead to environmental pollution. These legislations have affected and are expected to affect Toshiba Group in the future, but the status of legislation and regulations, the ability to identify sites that require removal of contamination, waste disposal capacity, and other conditions are uncertain, and therefore, it is difficult to accurately estimate final costs incurred by, and the time required for, future decontamination. Of those costs, approximately 6.8 billion yen in environmental liabilities was reported as a loss that could reasonably be estimated in March 2014. The amount of environmental liabilities will be revised according to the progress in environmental assessments and purification work, technological innovation, and the new demands of legislation. These do not have serious effects on the financial condition and business performance of Toshiba Group, but the Group will continue to identify and disclose its environmental liabilities properly in the future.

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