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Panasonic Corporation (Panasonic)(NYSE:PC)(TOKYO:6752) today reported
its consolidated financial results for the third quarter and nine months
ended December 31, 2012, of the current fiscal year ending March 31,
2013 (fiscal 2013).
Consolidated Third-quarter Results
Consolidated group sales for the third quarter decreased by 8% to
1,801.5 billion yen, compared with 1,960.2 billion yen for the third
quarter of the year ended March 31, 2012 (fiscal 2012). Of the
consolidated group total, domestic sales amounted to 917.2 billion yen,
down by 12% from 1,043.8 billion yen and overseas sales decreased to
884.3 billion yen, down by 3% from 916.4 billion yen.
During the third quarter under review, despite signs of economic
improvement in the U.S. and China, the global economy stayed in a
moderate recovery under uncertainty due to the financial issues in
Europe and the U.S. The electronics industry continued to be under
severe condition with weak demand in digital products and devices.
However, there were signs of improvement in business environment for
Japanese companies such as weakening Japanese yen foreign exchange rates
against the dollar and the Euro from extreme yen appreciation, and the
recovering stock market in Japan.
Operating profit1 improved to 34.6 billion yen from a loss of
8.1 billion yen a year ago. In the meantime, pre-tax income was 9.3
billion yen compared with a loss of 191.2 billion yen, and net income
attributable to Panasonic Corporation amounted to 61.4 billion yen
compared with a loss of 197.6 billion yen a year ago.
1 For information about operating profit (loss), see Note 2
of the Notes to consolidated financial statements.
Consolidated Nine-month Results
Consolidated group sales for nine months ended December 31, 2012
decreased by 9% to 5,439.7 billion yen, compared with 5,965.4 billion
yen in the same period of fiscal 2012. Despite stable sales in
car-related products thanks to the market recovery, this sales decrease
was due mainly to weak demand for flat-panel TVs and BD recorders in
Japan. The company also put emphasis on profitability rather than on
sales volume. Domestic sales amounted to 2,795.4 billion yen, down by 9%
from 3,080.2 billion yen a year ago, while overseas sales decreased by
8% to 2,644.3 billion yen, down from 2,885.2 billion yen a year ago.
The company's operating profit for the nine months increased to 122.0
billion yen, from 39.5 billion yen a year ago. Despite sales decrease,
this result was due mainly to fixed cost reductions and streamlining
material costs. On the other hand, pre-tax loss totaled 269.4 billion
yen, compared with a loss of 350.5 billion yen a year ago. This was due
mainly to business restructuring expenses recorded in the
second-quarter, including impairment losses of goodwill and intangible
assets in other deductions in solar, consumer-use lithium-ion batteries
and mobile phone businesses. Taking into consideration significant sales
decreases in Japan and other factors, in accordance with U.S. GAAP, the
company increased the valuation allowances to deferred tax assets in
Panasonic Corporation and Panasonic Mobile Communications Co., Ltd., and
incurred provision for income taxes of 412.5 billion yen, in the
second-quarter. Accordingly, Net loss attributable to Panasonic
Corporation amounted to 623.8 billion yen compared with a loss of 333.8
billion yen a year ago.
Consolidated Nine-month Breakdown by Segment
The company's nine-month consolidated sales and profits by segment with
previous year comparisons are summarized as follows:
AVC Networks
Sales decreased by 23% to 1,078.9 billion yen from 1,402.1 billion yen a
year ago. This result was due mainly to significant sales decline in
flat-panel TVs, BD recorders and digital cameras. Segment profit
significantly improved to 21.6 billion yen, compared with a loss of 40.5
billion yen a year ago, due mainly to fixed cost reductions and
restructuring benefits.
Appliances
Sales increased by 1% to 1,197.1 billion yen from 1,187.4 billion yen a
year ago. Despite sales decrease in air conditioners, this result was
due mainly to sales increases in refrigerators and washing machines.
Segment profit decreased to 70.3 billion yen, compared with 76.4 billion
yen a year ago, due mainly to sales decrease in air conditioners.
Systems & Communications
Sales decreased by 15% to 509.8 billion yen from 599.9 billion yen a
year ago, due mainly to sales decreases in mobile phones and
system-related equipment such as compact multifunction printers and
private branch exchange (PBX) products. Segment loss amounted to 14.0
billion yen due mainly to sales decrease, compared with a loss of 2.3
billion yen a year ago.
Eco Solutions
Overall sales increased to 1,140.1 billion yen from 1,136.6 billion yen
a year ago. Despite sales decrease in solar photovoltaic systems in
Europe, this result was due mainly to sales increases in the lighting
business including LED and the energy system business including wiring
devices. Segment profit increased to 42.7 billion yen, compared with
38.5 billion yen a year ago, due mainly to streamlining costs.
Automotive Systems
Sales increased by 28% to 571.7 billion yen from 446.8 billion yen a
year ago, due mainly to strong sales in car AVC equipment and car
navigation systems globally. Segment profit significantly improved to
11.9 billion yen from 3.2 billion yen a year ago, due mainly to sales
increase.
Industrial Devices
Sales decreased by 5% to 1,030.2 billion yen from 1,085.5 billion yen a
year ago. This result was due mainly to sales decreases in optical
pickups and semiconductors. Segment profit significantly improved to
17.9 billion yen, compared with a loss of 13.7 billion yen a year ago,
due mainly to fixed cost reductions.
Energy
Sales decreased by 6% to 434.8 billion yen from 461.8 billion yen a year
ago. Despite significant sales increase in automotive-use batteries,
this result was due mainly to sales decreases in consumer-use
lithium-ion batteries, and solar photovoltaic systems in Europe. Segment
profit improved to 6.4 billion yen compared with a loss of 16.7 billion
yen a year ago, due mainly to fixed cost reductions and streamlining
material costs.
Other
Sales decreased by 28% to 1,012.9 billion yen from 1,403.5 billion yen a
year ago. This result was due mainly to sales decrease owing to the
SANYO-related business transfers implemented in fiscal 2012. Segment
profit decreased to 11.3 billion yen from 15.7 billion yen a year ago,
due mainly to sales decrease of Manufacturing Solutions Company.
Consolidated Financial Condition
Net cash provided by operating activities for nine months ended December
31, 2012 amounted to 82.2 billion yen, compared with an outflow of 10.4
billion yen a year ago. This was due to the improving operating profit,
since increase in valuation allowances to deferred tax assets and
impairment losses of goodwill and intangible assets do not impact on
cash flow. Net cash used in investing activities amounted to 49.8
billion yen, a decrease of 177.8 billion yen from a year ago. This was
due primarily to a decrease in capital expenditures and an increase in
proceeds from disposals of investments. Net cash used in financing
activities amounted to 104.1 billion yen, an increase of 88.3 billion
yen from a year ago, due mainly to the issuance of short-term bonds in
fiscal 2012. Taking into consideration exchange rate fluctuations, cash
and cash equivalents totaled 525.3 billion yen as of December 31, 2012,
a decrease of 49.1 billion yen, compared with the end of the last fiscal
year.
The company's consolidated total assets as of December 31, 2012
decreased by 856.9 billion yen to 5,744.2 billion yen from the end of
fiscal 2012. This was due mainly to decreases in other assets and other
current assets affected by the impairment losses of goodwill and
intangible assets, and the increase in valuation allowances to deferred
tax assets, as well as decreases in investments and advances affected by
the disposals of investments. Panasonic Corporation shareholders' equity
decreased by 589.1 billion yen, compared with March 31, 2012, to 1,340.7
billion yen. Despite an improvement in accumulated other comprehensive
income (loss) along with yen depreciation, this was primarily due to
decrease in retained earnings according to net loss attributable to
Panasonic Corporation. Adding Noncontrolling interests to Panasonic
Corporation shareholders' equity, total equity decreased by 594.7
billion yen to 1,382.9 billion yen compared with March 31, 2012.
Forecast for Fiscal 2013
The business performance forecast for fiscal 2013 remains unchanged from
the previous forecast announced on October 31, 2012.
Panasonic Corporation is one of the world's leading manufacturers of
electronic and electric products for consumer, business and industrial
use. Panasonic's shares are listed on the Tokyo, Osaka, Nagoya and New
York Stock Exchanges.
For more information, please visit the following web sites:
This press release 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 press release 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 press release.
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; as well as natural disasters 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 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.
(Financial Tables and Additional Information Attached)
Panasonic Corporation
Consolidated Statements of Operations and
Consolidated Statements of Comprehensive
Income (Loss)*
(Three months ended December 31)
Consolidated Statements of Operations
Yen (millions)
Percentage
2012
2011
2012/2011
Net sales
¥
1,801,503
¥
1,960,200
92
%
Cost of sales
(1,342,620
)
(1,487,926
)
Selling, general and
administrative expenses
(424,296
)
(480,333
)
Interest income
2,073
3,319
Dividends received
1,101
1,936
Interest expense
(6,267
)
(7,388
)
Expenses associated with
the implementation of
early retirement programs *
(8,613
)
(37,651
)
Other income (deductions), net *
(13,608
)
(143,345
)
Income (loss) before income taxes
9,273
(191,188
)
--
Provision for income taxes
42,852
(21,013
)
Equity in earnings of
associated companies
1,978
1,246
Net income (loss)
54,103
(210,955
)
--
Less net income (loss) attributable to
noncontrolling interests
(7,237
)
(13,287
)
Net income (loss) attributable to
Panasonic Corporation
¥
61,340
¥
(197,668
)
--
Net income (loss) attributable to
Panasonic Corporation, basic
per common share
26.53 yen
(85.49) yen
per ADS
26.53 yen
(85.49) yen
Net income (loss) attributable to
Panasonic Corporation, diluted
per common share *
--
--
per ADS *
--
--
< Supplementary Information
* >
Depreciation (tangible assets)
¥
69,478
¥
71,482
Capital investment **
¥
71,630
¥
73,854
R&D expenditures
¥
126,029
¥
132,700
Number of employees (December 31)
308,882
348,028
Consolidated Statements of Comprehensive
Income (Loss)
Yen (millions)
Percentage
2012
2011
2012/2011
Net income (loss)
¥
54,103
¥
(210,955
)
--
Other comprehensive income (loss), net of tax
Translation adjustments
141,740
12,268
Unrealized holding gains (losses)
of available-for-sale securities
11,381
(3,209
)
Unrealized gains (losses) of
derivative instruments
(9,558
)
(3,700
)
Pension liability adjustments
2,379
(22,281
)
145,942
(16,922
)
Comprehensive income (loss)
200,045
(227,877
)
--
Less comprehensive income (loss) attributable to
noncontrolling interests
2,303
(12,299
)
Comprehensive income (loss)
attributable to Panasonic Corporation
¥
197,742
¥
(215,578
)
--
(Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated Statements of Operations and
Consolidated Statements of Comprehensive
Income (Loss)*
(Nine months ended December 31)
Consolidated Statements of Operations
Yen (millions)
Percentage
2012
2011
2012/2011
Net sales
¥
5,439,663
¥
5,965,398
91
%
Cost of sales
(4,052,633
)
(4,482,247
)
Selling, general and
administrative expenses
(1,265,077
)
(1,443,611
)
Interest income
7,219
10,055
Dividends received
3,639
5,750
Interest expense
(18,349
)
(21,560
)
Expenses associated with
the implementation of
early retirement programs *
(23,096
)
(60,960
)
Other income (deductions), net *
(360,764
)
(323,356
)
Income (loss) before income taxes
(269,398
)
(350,531
)
--
Provision for income taxes
(368,569
)
(19,658
)
Equity in earnings of
associated companies
4,596
6,077
Net income (loss)
(633,371
)
(364,112
)
--
Less net income (loss) attributable to
noncontrolling interests
(9,541
)
(30,293
)
Net income (loss) attributable to
Panasonic Corporation
¥
(623,830
)
¥
(333,819
)
--
Net income (loss) attributable to
Panasonic Corporation, basic
per common share
(269.86) yen
(144.37) yen
per ADS
(269.86) yen
(144.37) yen
Net income (loss) attributable to
Panasonic Corporation, diluted
per common share *
--
--
per ADS *
--
--
< Supplementary Information * >
Depreciation (tangible assets)
¥
207,094
¥
221,747
Capital investment **
¥
228,528
¥
223,375
R&D expenditures
¥
374,502
¥
399,551
Number of employees (December 31)
308,882
348,028
Consolidated Statements of Comprehensive
Income (Loss)
Yen (millions)
Percentage
2012
2011
2012/2011
Net income (loss)
¥
(633,371
)
¥
(364,112
)
--
Other comprehensive income (loss), net of tax
Translation adjustments
74,588
(93,169
)
Unrealized holding gains (losses)
of available-for-sale securities
(19,453
)
(37,945
)
Unrealized gains (losses) of
derivative instruments
(4,794
)
(2,043
)
Pension liability adjustments
7,730
(15,525
)
58,071
(148,682
)
Comprehensive income (loss)
(575,300
)
(512,794
)
--
Less comprehensive income (loss) attributable to
noncontrolling interests
(4,508
)
(35,571
)
Comprehensive income (loss)
attributable to Panasonic Corporation
¥
(570,792
)
¥
(477,223
)
--
(Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated Balance Sheets
**
December 31, 2012
With comparative figures for March 31, 2012
Yen (millions)
Assets
Dec. 31, 2012
March 31, 2012
Current assets:
Cash and cash equivalents
¥
525,303
¥
574,411
Time deposits
16,125
36,575
Short-term investments
491
483
Trade receivables:
Notes
58,533
73,044
Accounts
918,947
963,202
Allowance for doubtful receivables
(24,049
)
(26,604
)
Inventories
838,115
801,991
Other current assets
356,492
454,663
Total current assets
2,689,957
2,877,765
Investments and advances
322,348
451,879
Property, plant and equipment,
net of accumulated depreciation
1,767,435
1,762,558
Other assets
964,446
1,508,853
Total assets
¥
5,744,186
¥
6,601,055
Liabilities and Equity
Current liabilities:
Short-term debt, including current portion
of long-term debt
¥
641,308
¥
633,847
Trade payables:
Notes
44,612
53,243
Accounts
699,277
797,770
Other current liabilities
1,340,748
1,394,644
Total current liabilities
2,725,945
2,879,504
Noncurrent liabilities:
Long-term debt
878,372
941,768
Other long-term liabilities
756,988
802,217
Total noncurrent liabilities
1,635,360
1,743,985
Total liabilities
4,361,305
4,623,489
Panasonic Corporation shareholders' equity:
Common stock
258,740
258,740
Capital surplus
1,110,773
1,117,530
Legal reserve
95,859
94,512
Retained earnings
804,428
1,441,177
Accumulated other
comprehensive income (loss) *
(682,117
)
(735,155
)
Treasury stock, at cost
(247,020
)
(247,018
)
Total Panasonic Corporation shareholders' equity
1,340,663
1,929,786
Noncontrolling interests
42,218
47,780
Total equity
1,382,881
1,977,566
Total liabilities and equity
¥
5,744,186
¥
6,601,055
* Accumulated other comprehensive income (loss) breakdown:
Yen (millions)
Dec. 31, 2012
March 31, 2012
Cumulative translation adjustments
¥
(412,501
)
¥
(482,168
)
Unrealized holding gains (losses) of
available-for-sale securities
(6,204
)
13,283
Unrealized gains (losses) of derivative instruments
(8,522
)
(3,728
)
Pension liability adjustments
(254,890
)
(262,542
)
** See Notes to consolidated financial statements.
Panasonic Corporation
Consolidated Information by Segment*
(Nine months ended December 31)
By Segment:
Yen (billions)
Percentage
[Sales]
2012
2011
2012/2011
AVC Networks
¥
1,078.9
¥
1,402.1
77
%
Appliances
1,197.1
1,187.4
101
%
Systems & Communications
509.8
599.9
85
%
Eco Solutions
1,140.1
1,136.6
100
%
Automotive Systems
571.7
446.8
128
%
Industrial Devices
1,030.2
1,085.5
95
%
Energy
434.8
461.8
94
%
Other
1,012.9
1,403.5
72
%
Subtotal
6,975.5
7,723.6
90
%
Eliminations
(1,535.8
)
(1,758.2
)
--
Consolidated total
¥
5,439.7
¥
5,965.4
91
%
[Segment Profit (Loss)]*
AVC Networks
¥
21.6
¥
(40.5
)
--
Appliances
70.3
76.4
92
%
Systems & Communications
(14.0
)
(2.3
)
--
Eco Solutions
42.7
38.5
111
%
Automotive Systems
11.9
3.2
369
%
Industrial Devices
17.9
(13.7
)
--
Energy
6.4
(16.7
)
--
Other
11.3
15.7
72
%
Subtotal
168.1
60.6
278
%
Corporate and eliminations
(46.1
)
(21.1
)
--
Consolidated total
¥
122.0
¥
39.5
308
%
* See Notes to consolidated financial statements.
Panasonic Corporation
Consolidated Statements of Cash Flows
*
(Nine months ended December 31)
Yen (millions)
2012
2011
Cash flows from operating activities:
Net income (loss)
¥
(633,371
)
¥
(364,112
)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization
254,499
282,021
Net (gain) loss on sale of investments
(29,731
)
1,473
Cash effects of changes in, excluding acquisition:
Trade receivables
78,954
(9,934
)
Inventories
(21,208
)
(22,666
)
Trade payables
(87,473
)
(86,076
)
Retirement and severance benefits
(6,399
)
(26,215
)
Other
526,894
215,089
Net cash provided by (used in) operating activities
82,165
(10,420
)
Cash flows from investing activities:
Proceeds from disposition of investments
and advances
129,582
38,221
Increase in investments and advances
(3,114
)
(5,226
)
Capital expenditures
(249,225
)
(328,170
)
Proceeds from disposals of property, plant and equipment
68,037
41,641
(Increase) decrease in time deposits
21,337
39,306
Other
(16,372
)
(13,299
)
Net cash used in investing activities
(49,755
)
(227,527
)
Cash flows from financing activities:
Increase (decrease) in short-term debt
(21,231
)
213,040
Increase (decrease) in long-term debt
(61,850
)
(191,091
)
Dividends paid to Panasonic Corporation shareholders
(11,559
)
(21,912
)
Dividends paid to noncontrolling interests
(8,788
)
(8,921
)
(Increase) decrease in treasury stock
(15
)
(11
)
Purchase of noncontrolling interests and Other
(617
)
(6,851
)
Net cash used in financing activities
(104,060
)
(15,746
)
Effect of exchange rate changes on cash
and cash equivalents
22,542
(35,268
)
Net increase (decrease) in cash and cash equivalents
(49,108
)
(288,961
)
Cash and cash equivalents at beginning of period
574,411
974,826
Cash and cash equivalents at end of period
¥
525,303
¥
685,865
* See Notes to consolidated financial statements.
Notes to consolidated financial
statements:
1.
The company's consolidated financial statements are prepared in
conformity with U.S. generally accepted accounting principles (U.S.
GAAP).
2.
In order to be consistent with generally accepted financial
reporting practices in Japan, operating profit, a non-GAAP measure,
is presented as net sales less cost of sales and selling, general
and administrative expenses. The company believes that this is
useful to investors in comparing the company's financial results
with those of other Japanese companies. Please refer to the
accompanying consolidated statement of operations and Note 3 for the
U.S. GAAP reconciliation.
3.
In accordance with U.S. GAAP, expenses associated with the
implementation of early retirement programs at certain domestic and
overseas companies and the impairment loss on goodwill and fixed
assets are included as part of operating profit in the statement of
operations.
4.
In June 2011, FASB issued Accounting Standards Update (ASU) 2011-05,
"Presentation of Comprehensive Income." Accordingly, the company
adopted ASU 2011-05 from fiscal 2013 and presents the consolidated
statement of comprehensive income (loss) following the consolidated
statement of operations.
5.
In other income (deductions), the company incurred expenses
associated with the implementation of early retirement programs of
certain domestic and overseas companies.
6.
The impairment losses of goodwill and intangible assets are included
in Other income (deductions), net.
7.
The impairment losses of goodwill and intangible assets, and an
increase in the valuation allowances to deferred tax assets are
included in Other of cash flows from operating activities.
8.
Diluted net income (loss) per share attributable to Panasonic
Corporation common shareholders has been omitted because the company
did not have potential common shares that were outstanding for the
period.
9.
Regarding consolidated segment profit (loss), expenses for basic
research and administrative expenses at the corporate headquarters
level are treated as unallocatable expenses for each segment, and
are included in Corporate and eliminations.
10.
Panasonic Electronic Devices Co., Ltd. and Panasonic Electronic
Devices Japan Co., Ltd., were absorbed by the company on April 1,
2012.
11.
Effective from the beginning of fiscal 2013, investments and
depreciation expenses in molding dies are included in "Capital
investment" and "Depreciation (tangible assets)," respectively.
Accordingly, the amounts of "Depreciation (tangible assets)" and
"Capital investment" of supplementary information on consolidated
statements of operations for fiscal 2012 are changed. The related
amounts of the consolidated statements of cash flows and
consolidated balance sheets for fiscal 2012 are also changed.
12.
The company's segments are classified according to a business
domain-based management system, which focuses on global consolidated
management by each business domain company, in order to ensure
consistency of its internal management structure and disclosure.
The company restructured its Group organization on January 1, 2012,
resulting in the number of reportable segments from six to eight.
Accordingly, segment information for the nine months ended December
31, 2011 has been reclassified to conform to the presentation for
the nine months ended December 31, 2012.
Other segment consists of Healthcare Company, Manufacturing
Solutions Company, PanaHome Corporation and others.
13.
Number of consolidated companies: 547 (including parent company)
14.
Number of associated companies under the equity method: 101
Supplemental Consolidated Financial Data for Fiscal 2013 Third
Quarter and Nine Months ended December 31, 2012
1. Segment Information
yen (billions)
Fiscal 2013 Third Quarter
Fiscal 2013 Nine Months ended December 31, 2012
Sales
13/12
Segment
Profit
% of sales
13/12
Sales
13/12
Segment
Profit
% of sales
13/12
AVC Networks
388
.9
80
%
1
.7
0
.4%
-
1,078
.9
77
%
21
.6
2
.0%
-
Appliances
383
.1
99
%
19
.3
5
.0%
82
%
1,197
.1
101
%
70
.3
5
.9%
92
%
Systems & Communications
152
.5
78
%
-4
.0
-2
.7%
-
509
.8
85
%
-14
.0
-2
.8%
-
Eco Solutions
399
.8
101
%
24
.1
6
.0%
126
%
1,140
.1
100
%
42
.7
3
.7%
111
%
Automotive Systems
189
.0
112
%
3
.2
1
.7%
128
%
571
.7
128
%
11
.9
2
.1%
369
%
Industrial Devices
336
.6
101
%
0
.0
0
.0%
-
1,030
.2
95
%
17
.9
1
.7%
-
Energy
142
.3
92
%
3
.6
2
.6%
-
434
.8
94
%
6
.4
1
.5%
-
Other
314
.6
75
%
1
.9
0
.6%
200
%
1,012
.9
72
%
11
.3
1
.1%
72
%
Total
2,306
.8
91
%
49
.8
2
.2%
886
%
6,975
.5
90
%
168
.1
2
.4%
278
%
Corporate and eliminations
-505
.3
-
-15
.2
-
-
-1,535
.8
-
-46
.1
-
-
Consolidated total
1,801
.5
92
%
34
.6
1
.9%
-
5,439
.7
91
%
122
.0
2
.2%
308
%
2. Domain Companies' Information
(Business domain company basis)
< Sales and Domain Company Profit >
yen (billions)
Fiscal 2013 Third Quarter
Fiscal 2013 Nine Months ended December 31, 2012
Sales
13/12
Domain
Company
Profit
% of sales
13/12
Sales
13/12
Domain
Company
Profit
% of sales
13/12
Healthcare Company
33
.4
104
%
2
.0
6
.0%
93
%
98
.7
100
%
5
.9
5
.9%
115
%
Manufacturing Solutions Company
27
.2
84
%
1
.2
4
.3%
38
%
109
.3
87
%
12
.5
11
.5%
71
%
Note: Healthcare Company and Manufacturing Solutions Company are
included in Other segment.
3. Sales by Region
yen (billions)
Fiscal 2013 Third Quarter
Fiscal 2013 Nine Months ended
December 31, 2012
13/12
Local currency basis 13/12
13/12
Local currency basis 13/12
Domestic
917
.2
88
%
-
2,795
.4
91
%
-
Overseas
884
.3
97
%
93
%
2,644
.3
92
%
93
%
North and South America
270
.7
104
%
100
%
757
.3
102
%
102
%
Europe
179
.2
89
%
88
%
499
.6
85
%
91
%
Asia
215
.7
101
%
96
%
654
.1
90
%
91
%
China
218
.7
90
%
86
%
733
.3
89
%
87
%
Total
1,801
.5
92
%
90
%
5,439
.7
91
%
92
%
4. Sales by Products
yen (billions)
Fiscal 2013 Third Quarter
Fiscal 2013 Nine Months ended
December 31, 2012
13/12*
13/12*
LCD TVs
116
.2
103
%
304
.4
92
%
Plasma TVs
45
.8
53
%
123
.0
50
%
Digital cameras
26
.1
69
%
87
.0
70
%
BD recorders / players
16
.5
48
%
40
.0
42
%
Air conditioners
47
.5
100
%
213
.7
94
%
Washing machines and clothes dryers
38
.1
92
%
113
.4
105
%
Refrigerators
35
.6
105
%
118
.4
113
%
Electronic components and materials
158
.9
101
%
488
.8
100
%
Semiconductors
31
.5
86
%
107
.0
90
%
*
The company restructured its Group organization on January 1,
2012. Accordingly, the company reclassified
the figures of fiscal 2012 included in the prior segments of PEW
and PanaHome, and SANYO.
5. Capital Investment by Segments
yen (billions)
Fiscal 2013 Third Quarter
Fiscal 2013 Nine Months ended
December 31, 2012
13-12*
13-12*
AVC Networks
18
.4
+8
.4
40
.5
+0
.4
Appliances
12
.1
+1
.1
35
.4
+2
.3
Systems & Communications
1
.8
-0
.4
6
.1
-2
.5
Eco Solutions
5
.1
-1
.7
20
.3
-3
.0
Automotive Systems
1
.6
-0
.6
6
.1
+0
.8
Industrial Devices
12
.5
-7
.6
53
.6
-1
.9
Energy
15
.0
+0
.6
51
.3
+15
.9
Other
5
.1
-2
.1
15
.2
-6
.9
Total
71
.6
-2
.3
228
.5
+5
.1
Note: These figures are calculated on an accrual basis.
*
Effective from the beginning of fiscal 2013, investments in
molding dies are included in "Capital investment."
Accordingly, the amounts of "Capital Investment" for fiscal 2012
are changed.
6. Foreign Currency Exchange
Rates/Transaction
< Export Rates >
Fiscal 2012 3rd quarter
Nine Months ended December 31, 2011
Fiscal 2012 Full Year
Fiscal 2013 3rd quarter
Nine Months ended December 31, 2012
U.S. Dollars
¥78
¥80
¥80
¥79
¥79
Euro
¥110
¥113
¥111
¥99
¥101
< Rates Used for Consolidation >
Fiscal 2012 3rd quarter
Nine Months ended December 31, 2011
Fiscal 2012 Full Year
Fiscal 2013 3rd quarter
Nine Months ended December 31, 2012
U.S. Dollars
¥77
¥79
¥79
¥81
¥80
Euro
¥104
¥111
¥109
¥105
¥102
< Foreign Currency Transaction >
Fiscal 2012 3rd quarter
Nine Months ended December 31, 2011
Fiscal 2012 Full Year
Fiscal 2013 3rd quarter
Nine Months ended December 31, 2012
U.S. Dollars
US$0.8 billion
US$2.6 billion
US$3.0 billion
US$0.6 billion
US$1.8 billion
Euro
€0.4 billion
€1.2 billion
€1.7 billion
€0.4 billion
€1.3 billion
7. Number of Employees
(persons)
End of Dec. 2011
End of March 2012
End of Sep. 2012
End of Dec. 2012
Domestic
138,694
133,605
131,143
128,217
Overseas
209,334
197,162
190,753
180,665
Total
348,028
330,767
321,896
308,882
< Attachment 1 > Reference
Segment information for fiscal 2013
Sales
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
AVC Networks
359
.7
330
.3
388
.9
Appliances
431
.4
382
.6
383
.1
Systems & Communications
164
.5
192
.8
152
.5
Eco Solutions
355
.2
385
.1
399
.8
Automotive Systems
190
.7
192
.0
189
.0
Industrial Devices
338
.2
355
.4
336
.6
Energy
142
.6
149
.9
142
.3
Other
343
.5
354
.8
314
.6
Total
2,325
.8
2,342
.9
2,306
.8
Eliminations
-511
.3
-519
.2
-505
.3
Consolidated total
1,814
.5
1,823
.7
1,801
.5
Segment profit
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
AVC Networks
7
.4
12
.5
1
.7
Appliances
37
.4
13
.6
19
.3
Systems & Communications
-8
.3
-1
.7
-4
.0
Eco Solutions
3
.9
14
.7
24
.1
Automotive Systems
4
.2
4
.5
3
.2
Industrial Devices
7
.3
10
.6
0
.0
Energy
0
.1
2
.7
3
.6
Other
4
.1
5
.3
1
.9
Total
56
.1
62
.2
49
.8
Corporate and eliminations
-17
.5
-13
.4
-15
.2
Consolidated total
38
.6
48
.8
34
.6
< Attachment 2 > Reference
Segment information for fiscal 2012
Sales
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
4th quarter
（Jan.-Mar.）
Fiscal 2012
（Apr.-Mar.）
AVC Networks
449
.9
463
.7
488
.5
311
.4
1,713
.5
Appliances
417
.7
383
.4
386
.3
346
.8
1,534
.2
Systems & Communications
181
.6
223
.6
194
.7
240
.9
840
.8
Eco Solutions
356
.5
386
.1
394
.0
389
.2
1,525
.8
Automotive Systems
111
.7
165
.9
169
.2
206
.4
653
.2
Industrial Devices
364
.0
387
.7
333
.8
319
.1
1,404
.6
Energy
145
.1
162
.6
154
.1
153
.1
614
.9
Other
484
.5
500
.8
418
.2
477
.4
1,880
.9
Total
2,511
.0
2,673
.8
2,538
.8
2,444
.3
10,167
.9
Eliminations
-581
.5
-598
.1
-578
.6
-563
.5
-2,321
.7
Consolidated total
1,929
.5
2,075
.7
1,960
.2
1,880
.8
7,846
.2
Segment profit
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
4th quarter
（Jan.-Mar.）
Fiscal 2012
（Apr.-Mar.）
AVC Networks
-3
.8
-11
.9
-24
.8
-27
.3
-67
.8
Appliances
34
.9
17
.9
23
.6
5
.1
81
.5
Systems & Communications
-9
.9
3
.3
4
.3
19
.6
17
.3
Eco Solutions
6
.1
13
.3
19
.1
20
.4
58
.9
Automotive Systems
-3
.7
4
.4
2
.5
1
.7
4
.9
Industrial Devices
-2
.7
2
.1
-13
.1
-2
.9
-16
.6
Energy
-7
.5
-2
.3
-6
.9
-4
.2
-20
.9
Other
3
.9
10
.8
1
.0
7
.9
23
.6
Total
17
.3
37
.6
5
.7
20
.3
80
.9
Corporate and eliminations
-11
.7
4
.4
-13
.8
-16
.1
-37
.2
Consolidated total
5
.6
42
.0
-8
.1
4
.2
43
.7
< Attachment 3 > Reference
Domain companies' information for fiscal 2013
Sales
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
Healthcare Company
32
.3
33
.0
33
.4
Manufacturing Solutions Company
44
.6
37
.5
27
.2
Domain company profit
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
Healthcare Company
1
.8
2
.1
2
.0
Manufacturing Solutions Company
6
.3
5
.0
1
.2
Domain companies' information for fiscal
2012
Sales
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
4th quarter
（Jan.-Mar.）
Fiscal 2012
（Apr.-Mar.）
Healthcare Company
31
.5
35
.0
32
.2
34
.9
133
.6
Manufacturing Solutions Company
47
.2
46
.6
32
.5
33
.5
159
.8
Domain company profit
yen(billions)
1st quarter
（Apr.-June）
2nd quarter
（July -Sep.）
3rd quarter
（Oct.-Dec.）
4th quarter
（Jan.-Mar.）
Fiscal 2012
（Apr.-Mar.）
Healthcare Company
0
.9
2
.1
2
.1
3
.7
8
.8
Manufacturing Solutions Company
6
.7
7
.8
3
.1
7
.5
25
.1
Note: Healthcare Company and Manufacturing Solutions Company are
included in Other segment.
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