financial results 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.
2ContentsContents
1. Fiscal 2012 Financial Results
2. Fiscal 2013 Financial Forecast
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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 gaining
momentum after hitting bottom in the 3Q results
(Oct. to Dec. 2011).
Summary of FY12 ResultsSummary of FY12 Results
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
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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
*
*
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】
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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
basis
Yen basis
vs. FY11
Sales
(yen: billions)
FY12 Global Sales by Region (vs. FY11)FY12 Global Sales by Region (vs. FY11)
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
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- 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
10
334.3
17.2
50.0
267.1
Fixed asset-related
147.8
116.9
16.5
14.4
Earlyretirement,
integration of
facilities etc.
285.0
249.6
27.0
8.4
Impairmentloss for
goodwill etc.
289.9
Flat-panel TV
Business
93.5Semiconductor
Business
383.7Others
Details Total
767.1Total
FY12 Breakdown of Business RestructuringFY12 Breakdown of Business Restructuring
(yen: billions)
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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
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)
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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 o
m 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 omm 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
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
Operatingprofit/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)
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15ContentsContents
1. Fiscal 2012 Financial Results
2. Fiscal 2013 Financial Forecast
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
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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
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
basis
Yen basis
vs. FY12
Sales
(yen: billions)
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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)
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%)
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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%)
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%)
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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%)
24
MS
Company
Healthcare
Company
29.0(15.6%)
186.0
FY13forecast
+ 3.9+ 0.39.1
(6.5%)Operating
profit
+16%+5%139.8Sales
vs. FY12/ difference
vs. FY12/ difference
FY13forecast
*
*Manufacturing Solutions Company
FY13 Forecasts of Healthcare and MS CompaniesFY13 Forecasts of Healthcare and MS Companies
(yen: billions)
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25
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.