Announcement Of Financial Results: Panasonic Reports First-Quarter Results

Panasonic Corporation (Panasonic)(NYSE:PC)(TOKYO:6752) today reported its consolidated financial results for the first quarter, ended June 30, 2012, of the current fiscal year ending March 31, 2013 (fiscal 2013).

Consolidated First-quarter Results

Consolidated group sales for the first quarter decreased by 6% to 1,814.5 billion yen due mainly to weak demand for AV products in Japan, compared with 1,929.5 billion yen for the first quarter of the year ended March 31, 2012 (fiscal 2012). Of the consolidated group total, domestic sales amounted to 922.1 billion yen, down by 5% from 967.6 billion yen a year ago. Overseas sales decreased by 7% to 892.4 billion yen from 961.9 billion yen a year ago.

During the first quarter under review, the Japanese market showed a slow recovery with an increasing number of housing starts due to growing reconstruction demand following the Great East Japan Earthquake, and the government's eco-housing subsidy. Another factor is automobile sales growth thanks to the eco-car subsidy. However, the home electronics market, especially flat-panel TVs, continued to be very difficult.

In the meantime, the global economy as a whole slowed down caused by the economic turmoil re-triggered by the European financial crisis, despite signs of economic recovery in some regions.

Under such business circumstances, Panasonic has been working towards establishing new profit-making business models and recovering business performance with the united efforts of all Panasonic under the new business structure which enables the company to strengthen a more direct relationship with consumers globally.

Operating profit 1 increased to 38.6 billion yen from 5.6 billion yen a year ago, while pre-tax income and net income attributable to Panasonic Corporation increased to 37.8 billion yen and 12.8 billion yen from a loss of 17.4 billion yen and a loss of 30.4 billion yen, respectively. Despite sales decline and yen appreciation, these results were due mainly to fixed cost reductions and streamlining of material costs.

1 For information about operating profit, see Note 2 of the Notes to consolidated financial statements.

Breakdown by Segment

The company restructured its Group organization on January 1, 2012, resulting in the reportable number of segments from six to eight. Accordingly, segment information for the first quarter of fiscal 2012 has been reclassified to conform to the presentation for the same period of fiscal 2013.

The company's first quarter consolidated sales and profits by segment with previous year comparisons are summarized as follows:

AVC Networks

Sales decreased by 20% to 359.7 billion yen from 449.9 billion yen a year ago. Despite favorable sales of PCs and others, this result was due mainly to significant sales decline in flat-panel TVs and BD recorders in Japan. Segment profit significantly improved to 7.4 billion yen, compared with a loss of 3.8 billion yen a year ago due mainly to fixed cost reduction and restructuring effects.

Appliances

Sales increased by 3% to 431.4 billion yen, compared with 417.7 billion yen a year ago. Despite sales decreases in compressors and motors, this result was due mainly to sales increases in refrigerators and washing machines. Segment profit increased by 7% to 37.4 billion yen, compared with 34.9 billion yen a year ago due mainly to fixed cost reduction.

Systems & Communications

Sales decreased by 9% to 164.5 billion yen from 181.6 billion yen a year ago due mainly to sales decreases in system-related equipment such as compact multifunction printers and private branch exchange (PBX) products. Segment loss amounted to 8.3 billion yen compared with a loss of 9.9 billion yen a year ago.

Eco Solutions

Overall sales remained stable at 355.2 billion yen compared with 356.5 billion yen a year ago. Despite sales increases in the lighting and environmental system businesses, this result was due mainly to sales decreases in the energy system business especially home use fire prevention devices in Japan. Segment profit decreased by 37% to 3.9 billion yen from 6.1 billion yen a year ago.

Automotive Systems

Sales significantly increased by 71% to 190.7 billion yen from 111.7 billion yen a year ago due mainly to strong sales in car AVC equipment and car navigation systems compared with the fiscal 2012 results affected by the Great East Japan Earthquake. Segment profit significantly improved to 4.2 billion yen compared with segment loss of 3.7 billion yen a year ago due mainly to sales increase.

Industrial Devices

Sales decreased by 7% to 338.2 billion yen from 364.0 billion yen a year ago. Despite sales increases in electronic components and materials, this result was due mainly to sales decreases in optical pickups and semiconductors. Segment profit significantly improved to 7.3 billion yen compared with a loss of 2.7 billion yen a year ago due mainly to fixed cost reduction.

Energy

Sales decreased by 2% to 142.6 billion yen from 145.1 billion yen a year ago. Despite sales increases in automotive-use batteries, and solar photovoltaic systems in Japan, this result was due mainly to sales decreases in consumer-use lithium-ion batteries and dry batteries. Segment profit amounted to 0.1 billion yen compared with a loss of 7.5 billion a year ago due mainly to fixed cost reduction and streamlining material costs.

Other

Sales decreased by 29% to 343.5 billion yen from 484.5 billion yen a year ago. The sales decline owing to the SANYO-related business transfers implemented in fiscal 2012 led to the overall sales decrease. Segment profit increased by 6% to 4.1 billion yen from 3.9 billion yen a year ago due mainly to fixed cost reduction.

Consolidated Financial Condition

Net cash provided by operating activities for the first quarter of fiscal 2013 amounted to 53.8 billion yen compared with an outflow of 34.6 billion yen a year ago. This difference was due to a positive net income in first quarter of fiscal 2013 compared with a net loss of fiscal 2012, and a decrease in working capital (net of trade receivables, inventories and trade payables). Net cash provided by investing activities amounted to 1.3 billion yen compared with an outflow of 56.4 billion yen a year ago. This was due primarily to a decrease in capital expenditures and an increase in proceeds from disposals of investments and property, plant and equipment. Net cash used in financing activities increased by 37.9 billion yen to 73.8 billion yen, due mainly to a decrease in short-term bonds balance. Taking into consideration exchange rate fluctuations, cash and cash equivalents totaled 536.7 billion yen as of June 30, 2012, down 37.8 billion yen, compared with the end of the last fiscal year.

The company's consolidated total assets as of June 30, 2012 decreased by 168.3 billion yen to 6,432.7 billion yen from March 31, 2012. This was due mainly to a decrease in investments and advances, affected by the disposition and decline of the market value in investment, in addition to appreciation of the yen. Panasonic Corporation shareholders' equity decreased by 62.6 billion yen, compared with March 31, 2012, to 1,867.2 billion yen. This was due mainly to deterioration in accumulated other comprehensive income (loss) along with appreciation of the yen and decline of the market value in investment. Adding Noncontrolling interests to Panasonic Corporation shareholders' equity, total equity decreased by 73.1 billion yen to 1,904.4 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 May 11, 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:

Panasonic home page URL: http://panasonic.net/

Panasonic IR web site URL: http://panasonic.net/ir/

Disclaimer Regarding Forward-Looking Statements 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 June 30)
 

Consolidated Statements of Operations

Yen (millions)
Percentage

2012

2011

2012/2011
Net sales

¥

1,814,498

¥

1,929,548
94 %
Cost of sales (1,350,995 ) (1,455,507 )
Selling, general and
administrative expenses (424,900 ) (468,465 )
Interest income 2,803 3,426
Dividends received 2,228 2,815
Interest expense (5,626 ) (7,345 )
Expenses associated with
the implementation of
early retirement programs * (392 ) (3,571 )
Other income (deductions), net *   209     (18,334 )
Income (loss) before income taxes 37,825 (17,433 ) --
Provision for income taxes (27,453 ) (17,453 )
Equity in earnings of
associated companies   703     2,262  
Net income (loss) 11,075 (32,624 ) --
Less net income (loss) attributable to
noncontrolling interests   (1,734 )   (2,273 )
Net income (loss) attributable to
Panasonic Corporation

¥

12,809
 

¥

(30,351

)
--
Net income (loss) attributable to
Panasonic Corporation, basic
per common share 5.54 yen (13.13) yen
per ADS 5.54 yen (13.13) yen
Net income (loss) attributable to
Panasonic Corporation, diluted
per common share * -- --
per ADS * -- --
 

Supplementary Information * >
Depreciation (tangible assets)

¥

67,837

¥

74,871
Capital investment **

¥

70,586

¥

63,940
R&D expenditures

¥

122,490

¥

132,181
Number of employees (June 30) 327,512 365,899
 

Consolidated Statements of Comprehensive Income (Loss)

Yen (millions)
Percentage

2012

2011

2012/2011
Net income (loss)

¥

11,075

¥

(32,624

)
--
Other comprehensive income (loss), net of tax
Translation adjustments (50,747 ) (28,327 )
Unrealized holding gains (losses)
of available-for-sale securities (26,243 ) (1,886 )
Unrealized gains (losses) of
derivative instruments 5,185 1,459
Pension liability adjustments   4,457     2,785  
  (67,348 )   (25,969 )
Comprehensive income (loss) (56,273 ) (58,593 ) --
Less comprehensive income (loss) attributable to
noncontrolling interests   (5,311 )   (3,678 )
Comprehensive income (loss)
attributable to Panasonic Corporation

¥

(50,962

)

¥

(54,915

)
--
 
(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 **
June 30, 2012
With comparative figures for March 31, 2012
 

Yen (millions)

Assets

June 30, 2012

March 31, 2012
Current assets:
Cash and cash equivalents

¥

536,651

¥

574,411
Time deposits 18,128 36,575
Short-term investments 466 483
Trade receivables:
Notes 81,414 73,044
Accounts 914,344 963,202
Allowance for doubtful receivables (25,004 ) (26,604 )
Inventories 838,387 801,991
Other current assets   462,499     454,663  
Total current assets   2,826,885     2,877,765  
Investments and advances 375,277 451,879
Property, plant and equipment,
net of accumulated depreciation 1,736,244 1,762,558
Other assets   1,494,311     1,508,853  
Total assets

¥

6,432,717
 

¥

6,601,055
 
 

Liabilities and Equity
Current liabilities:
Short-term debt, including current portion
of long-term debt

¥

605,242

¥

633,847
Trade payables:
Notes 64,573 53,243
Accounts 784,465 797,770
Other current liabilities   1,370,691     1,394,644  
Total current liabilities   2,824,971     2,879,504  
Noncurrent liabilities:
Long-term debt 920,844 941,768
Other long-term liabilities   782,453     802,217  
Total noncurrent liabilities   1,703,297     1,743,985  
Total liabilities   4,528,268     4,623,489  
Panasonic Corporation shareholders' equity:
Common stock 258,740 258,740
Capital surplus 1,117,447 1,117,530
Legal reserve 95,538 94,512
Retained earnings 1,441,396 1,441,177
Accumulated other
comprehensive income (loss) * (798,926 ) (735,155 )
Treasury stock, at cost   (247,020 )   (247,018 )
Total Panasonic Corporation shareholders' equity   1,867,175     1,929,786  
Noncontrolling interests   37,274     47,780  
Total equity   1,904,449     1,977,566  
Total liabilities and equity

¥

6,432,717
 

¥

6,601,055
 
* Accumulated other comprehensive income (loss) breakdown:
 

Yen (millions)

June 30, 2012

March 31, 2012
Cumulative translation adjustments

¥

(529,331

)

¥

(482,168

)
Unrealized holding gains (losses) of
available-for-sale securities (12,941 ) 13,283
Unrealized gains (losses) of derivative instruments 1,457 (3,728 )
Pension liability adjustments (258,111 ) (262,542 )

** See Notes to consolidated financial statements.
 
         
Panasonic Corporation

Consolidated Information by Segment *
(Three months ended June 30)

By Segment:

Yen (billions)

Percentage
[Sales]

2012

2011

2012/2011
AVC Networks

¥

359.7

¥

449.9
80 %
Appliances 431.4 417.7 103 %
Systems & Communications 164.5 181.6 91 %
Eco Solutions 355.2 356.5 100 %
Automotive Systems 190.7 111.7 171 %
Industrial Devices 338.2 364.0 93 %
Energy 142.6 145.1 98 %
Other   343.5     484.5   71 %
Subtotal 2,325.8 2,511.0 93 %
Eliminations   (511.3 )   (581.5 ) --
Consolidated total

¥

1,814.5
 

¥

1,929.5
  94 %
 
[Segment Profit (Loss)]*
AVC Networks

¥

7.4

¥

(3.8

)
--
Appliances 37.4 34.9 107 %
Systems & Communications (8.3 ) (9.9 ) --
Eco Solutions 3.9 6.1 63 %
Automotive Systems 4.2 (3.7 ) --
Industrial Devices 7.3 (2.7 ) --
Energy 0.1 (7.5 ) --
Other   4.1     3.9   106 %
Subtotal 56.1 17.3 324 %
Corporate and eliminations   (17.5 )   (11.7 ) --
Consolidated total

¥

38.6
 

¥

5.6
  692 %

* See Notes to consolidated financial statements.
 
   
Panasonic Corporation

Consolidated Statements of Cash Flows *
(Three months ended June 30)
 

Yen (millions)

2012

2011

Cash flows from operating activities:
Net income (loss)

¥

11,075

¥

(32,624

)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Depreciation and amortization 84,875 95,319
Net (gain) loss on sale of investments (7,034 ) 976
Cash effects of changes in, excluding acquisition:
Trade receivables 17,180 (2,866 )
Inventories (57,270 ) (88,324 )
Trade payables 23,860 (2,762 )
Retirement and severance benefits (4,312 ) (5,802 )
Other   (14,605 )   1,491  
Net cash provided by (used in) operating activities   53,769     (34,592 )
 

Cash flows from investing activities:
Proceeds from disposition of investments
and advances 42,380 12,241
Increase in investments and advances (1,244 ) (2,181 )
Capital expenditures (86,019 ) (97,546 )
Proceeds from disposals of property, plant and equipment 37,762 25,397
(Increase) decrease in time deposits 16,918 10,297
Other   (8,480 )   (4,575 )
Net cash provided by (used in) investing activities   1,317     (56,367 )
 

Cash flows from financing activities:
Increase (decrease) in short-term debt (31,519 ) 2,736
Increase (decrease) in long-term debt (23,965 ) (17,481 )
Dividends paid to Panasonic Corporation shareholders (11,559 ) (10,351 )
Dividends paid to noncontrolling interests (6,642 ) (5,796 )
(Increase) decrease in treasury stock (7 ) (13 )
Purchase of noncontrolling interests and Other   (123 )   (4,980 )
Net cash used in financing activities   (73,815 )   (35,885 )
 
Effect of exchange rate changes on cash
and cash equivalents   (19,031 )   (10,941 )
Net increase (decrease) in cash and cash equivalents (37,760 ) (137,785 )
Cash and cash equivalents at beginning of period   574,411     974,826  
Cash and cash equivalents at end of period

¥

536,651
 

¥

837,041
 
 

* 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. Under 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. 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.
 
7. 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.
 
8. Panasonic Electronic Devices Co., Ltd. and Panasonic Electronic Devices Japan Co., Ltd., were absorbed by the company on April 1, 2012.
 
9. 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.
 
10. 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 three months ended June 30, 2011 has been reclassified to conform to the presentation for the three months ended June 30, 2012.
 
Other segment consists of Healthcare Company, Manufacturing Solutions Company, PanaHome Corporation and others.
 
11. Number of consolidated companies: 565 (including parent company)
 
12. Number of associated companies under the equity method: 101
 

Supplemental Consolidated Financial Data for Fiscal 2013First Quarter, ended June 30, 2012

Note:
 

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 fiscal 2012 has been reclassified to conform to the presentation for fiscal 2013.

1. Segment Information
yen(billions)
    Sales   13/12   Segment

Profit
  % of sales   13/12
AVC Networks 359 .7   80 % 7 .4   2 .1%   -  
Appliances 431 .4   103 % 37 .4   8 .7%   107 %
Systems & Communications 164 .5   91 % -8 .3   -5 .1%   -  
Eco Solutions 355 .2   100 % 3 .9   1 .1%   63 %
Automotive Systems 190 .7   171 % 4 .2   2 .2%   -  
Industrial Devices 338 .2   93 % 7 .3   2 .2%   -  
Energy 142 .6   98 % 0 .1   0 .1%   -  
Other 343 .5   71 % 4 .1   1 .2%   106 %
Total 2,325 .8   93 % 56 .1   2 .4%   324 %
Corporate and eliminations -511 .3   -   -17 .5   -     -  
Consolidated total   1,814 .5   94 %   38 .6   2 .1%   692 %
     

2. Domain Companies' Information
(Business domain company basis)

< Sales and Domain Company Profit >
yen(billions)
  Sales   13/12 Segment

Profit
  % of sales   13/12
Healthcare Company 32 .3   103 % 1 .8   5 .6%   208 %
Manufacturing Solutions Company   44 .6   94 %   6 .3   14 .2%   94 %
 
Note: Healthcare Company and Manufacturing Solutions Company are included in Other segment.
 
3. Sales by Region
yen(billions)
      Sales      
     
        Yen basis 13/12  

Local currencybasis 13/12
  Domestic   922 .1     95 % -  
Overseas   892 .4     93 % 97 %
North and South America   244 .0     102 % 105 %
Europe   168 .2     85 % 96 %
Asia   227 .5     90 % 95 %
  China   252 .7     93 %   94 %
  Total     1,814 .5     94 %   96 %
 

4. Sales by Products
yen(billions)
Products   Sales   13/12
LCD TVs 92 .3   90 %
Plasma TVs 42 .4   53 %
Digital cameras 34 .6   78 %
BD recorders / players 13 .0   38 %
Air conditioners 102 .5   99 %
Washing machines and clothes dryers 35 .9   116 %
Refrigerators 39 .7   121 %
Electronic components and materials 166 .1   104 %
Semiconductors   37 .6   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)
  Capital

Investment
   
    13-12
AVC Networks 8 .2   -2 .3
Appliances 11 .4   +2 .0
Systems & Communications 1 .8   -1 .3
Eco Solutions 7 .8   -0 .2
Automotive Systems 1 .9   +0 .5
Industrial Devices 18 .7   +1 .8
Energy 16 .5   +8 .7
Other 4 .3   -2 .5
Total   70 .6   +6 .7

* These figures are calculated on an accrual basis.

Note:
 

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
 
  Export Rates Rates Used for Consolidation Foreign Currency Transaction
  Fiscal 2012

1st quarter
  Fiscal 2013

1st quarter
Fiscal 2012

1st quarter
  Fiscal 2013

1st quarter
Fiscal 2012

1st quarter
  Fiscal 2013

1st quarter
U.S. Dollars ¥82     ¥78   ¥82     ¥80   US$0.9 billion   US$0.6 billion
Euro   ¥114     ¥101     ¥117     ¥103     €0.4 billion   €0.4 billion
 

7. Number of Employees
(persons)
  End of June 2011 End of March 2012 End of June 2012
Domestic 145,546 133,605 132,815
Overseas 220,353 197,162 194,697
Total   365,899   330,767   327,512
 
 

< Attachment 1 > Reference

Segment information for fiscal 2013
 

Sales
yen(billions)
  1st quarter

(Apr.-June)
AVC Networks 359 .7
Appliances 431 .4
Systems & Communications 164 .5
Eco Solutions 355 .2
Automotive Systems 190 .7
Industrial Devices 338 .2
Energy 142 .6
Other 343 .5
Total 2,325 .8
Eliminations -511 .3
Consolidated total   1,814 .5
 

Segment profit
yen(billions)
  1st quarter

(Apr.-June)
AVC Networks 7 .4
Appliances 37 .4
Systems & Communications -8 .3
Eco Solutions 3 .9
Automotive Systems 4 .2
Industrial Devices 7 .3
Energy 0 .1
Other 4 .1
Total 56 .1
Corporate and eliminations -17 .5
Consolidated total   38 .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

Note:
 

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 fiscal 2012 has been reclassified to conform to the presentation for fiscal 2013.
 

< Attachment 3 > Reference

Domain companies' information for fiscal 2013
 

Sales
  yen(billions)
  1st quarter

(Apr.-June)
Healthcare Company 32 .3
Manufacturing Solutions Company   44 .6
 
 

Domain company profit
  yen(billions)
  1st quarter

(Apr.-June)
Healthcare Company 1 .8
Manufacturing Solutions Company   6 .3
 
         

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

Note1:
 

Healthcare Company and Manufacturing Solutions Company are included in Other segment.

Note2:

The company restructured its Group organization on January 1, 2012. Accordingly, domain companies' information for fiscal 2012 has been reclassified to conform to the presentation for fiscal 2013.

< Attachment 4 > Reference

Capital Investment and Depreciation (tangible assets) for Fiscal 2012 and Fiscal 2013 (Forecast)
           

Capital Investment *
yen(billions)
    Fiscal 2012

1st quarter

(Apr.-June)
  Fiscal 2012

2nd quarter

(July -Sep.)
  Fiscal 2012

3rd quarter

(Oct.-Dec.)
  Fiscal 2012

4th quarter

(Jan.-Mar.)
  Fiscal 2012

Full year

(Apr.-Mar.)
Fiscal 2013

Full year

(Forecast)
AVC Networks 10 .5   19 .6   10 .0   20 .3   60 .4 69 .0
Appliances 9 .4   12 .7   11 .0   18 .3   51 .4 55 .0

Systems & Communications
3 .1   3 .3   2 .2   4 .7   13 .3 11 .0
Eco Solutions 8 .0   8 .5   6 .8   9 .8   33 .1 27 .0
Automotive Systems 1 .4   1 .7   2 .2   3 .6   8 .9 10 .0
Industrial Devices 16 .9   18 .5   20 .1   22 .6   78 .1 72 .0
Energy 7 .8   13 .2   14 .4   18 .4   53 .8 86 .0
Other 6 .8   8 .1   7 .2   12 .6   34 .7 30 .0
Total   63 .9   85 .6   73 .9   110 .3   333 .7 360 .0
* These figures are calculated on an accrual basis.
 

Depreciation (tangible assets)
yen(billions)
  Fiscal 2012

1st quarter

(Apr.-June)
  Fiscal 2012

2nd quarter

(July -Sep.)
  Fiscal 2012

3rd quarter

(Oct.-Dec.)
  Fiscal 2012

4th quarter

(Jan.-Mar.)
  Fiscal 2012

Full year

(Apr.-Mar.)
Fiscal 2013

Full year

(Forecast)
Consolidated Total   74 .9   75 .4   71 .5   74 .0   295 .8 300 .0

Note1:
 

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 "Capital investment" and "Depreciation (tangible assets)" for fiscal 2012 and fiscal 2013 (forecast) are changed.

Note2:

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 fiscal 2012 has been reclassified to conform to the presentation for fiscal 2013.
 
Disclaimer Regarding Forward-Looking Statements
This document 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 document 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 document. 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.

Copyright Business Wire 2010

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