Toshiba 2012 Annual Report Download - page 4

To Our Shareholders
Our mid-to long-term vision and basic management strategies for generating the strong future
growth of Toshiba Group in the current challenging global business environment are concentrated
on further transforming our business structure and restructuring our businesses to assure that we
have a steady, strong, and highly pro table business structure and robust  nancial foundation that
can withstand rapidly changing economic conditions and market changes.
With regard to the consolidated net sales of FY2011, the Social Infrastructure segment saw higher sales, re ecting the positive
results achieved by our acceleration of business expansion in the global market. Sales of other segments, however, were
a ected by yen appreciation, economic slowdowns in the United States and Europe and the impacts of the Great East Japan
Earthquake and the  oods in Thailand. As a result, total net sales were ¥6,100.3 billion. In addition, with regard to consolidated
operating income, although the Digital Products segment experienced a year-on-year decline, the Electronic Devices segment
and Social Infrastructure segment achieved higher operating income of ¥90.2 billion and ¥134.2 billion, respectively. Total
operating income amounted to ¥206.6 billion in FY2011.
In the Electronics Devices segment, a strong performance in storage products, such as HDDs, allowed the overall
segment to record higher operating income. In the Social Infrastructure segment, higher operating income and net sales
re ected a healthy performance in thermal and hydro power systems mainly overseas, and the positive impact of acquiring
the Swiss company Landis+Gyr AG, the world’s leading Smart Meter company. With regard to the Home Appliances segment,
LED lighting and industrial air-conditioners did well due to the growing demand for reduced electricity consumption and
energy saving, and as a whole the operating income of this business segment was in the black. In the Digital Products
segment, sales and operating income declined due to such factors as lower demand in Japan for LCD TVs after the completion
of the shift to digital terrestrial broadcasting and the global economic slowdown. We are going ahead with the restructuring
of our TV business and the acceleration of its development in the emerging economies, aiming to move it back into the black
in the latter half of FY2012.
Our debt-to-equity ratio at the end of March 2012 became 142%; however, this was a temporary increase due to our
making aggressive investments aimed at future growth, such as the acquisition of Landis+Gyr, and our basic policy to
maintain a sound balance between business growth and our financial base remains unchanged. The annual dividend for
FY2011 was ¥8 per share.
During FY2012, we expect a continued uncertain business environment. However, Toshiba Group is determined to
further pursue sustained growth and improved profitability. Towards this end, through transforming Toshiba’s business
structure by such means as focusing on growth businesses and development into new business areas and moving ahead
with the restructuring of businesses, we will build a business structure that can flexibly and effectively respond to changes
in the global business environment. At the same time, we will focus on the pursuit of Total Energy Innovation and Total
Storage Innovation. We will further speed up the pace of innovation for next-generation business development and create
exciting new values through the introduction of World’s First and expansion of World’s No. 1 products and services in the
global market.
We will continue to endeavor to enhance the corporate value of Toshiba Group, and we would like to once again
sincerely ask our stockholders for their continued strong support.
Atsutoshi Nishida
Director, Chairman of the Board
Norio Sasaki
Director, President and CEO
To Our Shareholders
02 TOSHIBA Annual Report 2012