Toshiba 2005 Annual Report Download

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OPERATION REVIEW
130th Anniversary
TOSHIBA CORPORATION ANNUAL REPORT 2005
Innovation Breeds Invention

Table of contents

  • Page 1
    ...2005 2005 2005 2005 2005 2005 2005 Innovation Breeds Invention S H I BA C O R P O R AT I O N ANNUAL REPORT 2005 2006 2007 2008 2009 2010 TO 2011 2012... 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 2015 2016 2017 2018 2019...

  • Page 2
    ...and responsive business activities. As good corporate citizens, we actively contribute to further the goals of society. Commitment to the Future By continually developing innovative technologies centering on the fields of Electronics and Energy, we strive to create products and services that enhance...

  • Page 3
    ... assets Shareholders' equity Capital expenditures (property, plant and equipment) Research and development expenditures Return on equity (ROE) (%) Return on total assets (ROA) (%) Per share of common stock: Net income (Note 3) -basic -diluted Cash dividends Number of employees (Thousands) ¥3,259...

  • Page 4
    ... Products Segment saw increased revenue in Digital Media businesses including Magnetic Disk Storage Devices and LCD TVs, PCs, as well as in retail and business equipment, including Multi-Function Peripherals. Revenue from the Mobile Phone business remained at the same level as for the previous term...

  • Page 5
    ... of the Employee's Pension Fund Plan in FY2003 produced a situation in which the segment reported lower overall profit compared to the year-earlier period. The Home Appliances Segment achieved higher revenue, but price erosion in Refrigerators and Washing Machines and increasing material costs...

  • Page 6
    ... competitiveness that outpace our 4 Toshiba Corporation 130th Anniversary competitors, and deliver levels of product quality that win customer's satisfaction. We must be relentless in promoting reductions in production lead times, and take our supply chain management system to the next level, one...

  • Page 7
    ...our products and services bring to customers. We will position "the perpetual pursuit of innovation and passion" as the defining characteristic of the Toshiba brand." By integrating such values as surprise and sensation, safety and security, and comfort, Toshiba will assure a distinctive, high-value...

  • Page 8
    ... Invention Toshiba Corporation has long been respected, both at home and abroad, for research and development capabilities that assure "Technology is Toshiba." In product development, Toshiba's guiding concept is "to continue to provide comfort and to bring smiles to customers' faces with products...

  • Page 9
    What Makes the Difference? Ever since its establishment by Hisashige Tanaka in 1875, Toshiba has ignored technology for its own sake to pursue ease-of-use for users. The result is a wide range of world-class technologies and products. 130th Anniversary Toshiba Corporation 7

  • Page 10
    ... 6,600kW, 60Hz current trans 4,500 horsepower reversible DC motor 3,500 horsepower induction motor Main electric motor and control unit for trains 73t electric locomotive Electric tools Induction motor 20t electric crane Electric welder Hard alloy "Tungaloy" Electric equipment Tanaka Seizosho...

  • Page 11
    ... Electric clock "T1100" laptop PC Digital still camera system TV for terrestrial digital broadcasting "RD-2000" HDD & DVD video recorder High resolution VCR with digital memory circuit "gigabeat" HDD audio player (HDD & HD-DVD recorder) grated wattmeter Completion of radio beacon research...

  • Page 12
    ... been the leader in embracing new technology, such as power management and wireless networking; it's also been our lead 12 Toshiba Corporation 130th Anniversary partner in developing Windows Vista for portable PCs. Computers will change our lives more in the next 20 years than in the last 20-and...

  • Page 13
    ... Invention AV Notebook PC, "Qosmio Series" Fusion and convergence are key concepts that drive product development at Toshiba. A prime example of the results is Qosmio, the AV notebook PC that brings digital AV functions, including LCD TV and DVD recorder, to a notebook PC. Clear, high-resolution...

  • Page 14
    ... the best monitors moving images, with original products that fuse advanced devices with our own basic full motion technology. 14 Toshiba Corporation 130th Anniversary The LCD panel from Toshiba Matsushita Display Technology Co., Ltd. that we integrated into our "FORIS. TV," color LCD TV was the...

  • Page 15
    ... year, with the start of mass production of a display fusing OCB technology with Low Temperature Polysilicon technology in a 32-inch display-the world's largest TFT LCD of its type. In 2004, operating income saw a turnaround and is now contributing to Toshiba Group results. 130th Anniversary Toshiba...

  • Page 16
    ... and development into innovative technologies. This is an approach that will not change, now or in the future. Last year, key researchers and engineers from across Toshiba group gathered together to look into the future, to anticipate the products of tomorrow, with five-year and ten-year time...

  • Page 17
    ... Invention Mobile communications support the age of ubiquitous connectivity. People want more from their mobile phones. Toshiba has the answers: advanced communications capabilities made possible by the fusion of such state-of-the-art technologies as Bluetoothâ„¢, Low Temperature Polysilicon LCDs...

  • Page 18
    ... knowhow have secured the number one position in the global market for polysilicon TFT panels for Mobile Phones, Mobile Computers, and On-Board Vehicle use. Toshiba Elevator and Building Systems Corporation Sales revenue increased in 2004 on expansion of the domestic replacement businesses and...

  • Page 19
    ... high quality solutions backed up by experience and a record of past successes. An approach to business grounded in selectivity in deciding the projects in which to concentrate resources is supported by promotion of in-house development of systems and efficiency enhancements in software development...

  • Page 20
    Business Review: Digital Products Segment Toshiba's digital hi-vision LCD TVs with integrated HDD and DVD recorders continue to evolve 20 Toshiba Corporation 130th Anniversary

  • Page 21
    ... button operations. Digital Products Segment enjoyed a fruitful year. Operating income improved significantly in the PC business, which made marked progress in overcoming recent challenges. Mobile Phone business and Digital Media & Network business brought the guiding concept of "Imaging by Toshiba...

  • Page 22
    ...and now accounts for 40% of Toshiba's HDD production. In the latter half of 2004 Toshiba added another strategic product to its portfolio when 0.85-inch HDDs started to ship. Despite unit sales gains, profit declined against the same period a year ago due to softening prices for TVs, DVD players and...

  • Page 23
    Business Review: Electronic Devices Segment 300mm Wafer for NAND Flash Memory 130th Anniversary Toshiba Corporation 23

  • Page 24
    ... competitive advantage. Increased market share resulted from emphasizing new generations of Power Devices and Optical Devices. CMOS sensors and Analog Devices helped to push up profit in the System LSI business, where the main strategic targets are digital consumer products and mobile equipment. In...

  • Page 25
    ...an unequalled combination of differentiated technologies and mass production knowhow have secured the number one position in the global market for polysilicon TFT panels for Mobile Phones, Mobile Computers and On-Board Vehicle use. Challenges and strategies: Two major business challenges must be met...

  • Page 26
    Business Review: Social Infrastructure Segment Steam turbine for thermal power generation 26 Toshiba Corporation 130th Anniversary

  • Page 27
    ... & Services Company Results for the term under review: Overall sales rose on increased overseas sales for power plants, even as the Industrial Electric and Automation Systems businesses were transferred to equity method affiliates. In the domestic market, capital expenditure by the manufacturing...

  • Page 28
    ...Network Technologies. In security, a business area that is expected to see significant growth, the focus will be on identification systems that utilize facial recognition technologies and the IC-card business. Toshiba Elevator and Building Systems Corporation Results for the term under review: Sales...

  • Page 29
    Business Review: Home Appliances Segment NEOSLIM Z Square 130th Anniversary Toshiba Corporation 29

  • Page 30
    ... Toshiba pays particular attention to the high growth market of China, where the business is promoting two Joint Ventures, one with TCL Corporation for the manufacture and sale of Refrigerators and Washing Machines, the second with GD MIDEA HOLDING CO., LTD, to manufacture Air Conditioners and parts...

  • Page 31
    .... Regarding management supervision and auditing, Toshiba has put in place a system in which executive officers report to the board of directors and the Audit Toshiba's Corporate Governance Structure General Meeting of Shareholders Appointment/Dismissal Executive Officers (Toshiba Corp.) Number of...

  • Page 32
    ... Through highly agile management, the company will realize both high growth and stable profitability. Toshiba Group positions Corporate Social Responsibility (CSR) activities as a main pillar for management. To earn the trust of society, our business activities must be fair. Toshiba Group places the...

  • Page 33
    ...to take us toward 2010. As part of this, we will extend our current action plans to all Toshiba Group companies, and to all business processes. We will also promote environmental management with the target of simultaneous advances in our business activities and preservation of the global environment...

  • Page 34
    ... and the local community, in respect of corporate activities, products, and services, and further improve public recognition of Toshiba Group and its corporate image by means of positive and timely corporate communications activities on corporate information, such as corporate strategy and financial...

  • Page 35
    ... of the Board /Director Atsutoshi Nishida Director Yasuhiko Torii Director Atsushi Shimizu Director Board of Directors Chairman of the Board/Director Tadashi Okamura Directors Atsutoshi Nishida Yuji Kiyokawa Yasuhiko Torii Executive Officers President and Chief Executive Officer Takeshi...

  • Page 36
    ...Companies) Corporate Strategic Information Systems Center Planning Div. Information Security Center Corporate Business Development Div. Corporate Communications Office External Relations Div. Overseas Business Promotion Div. (Overseas Offices) Moscow Johannesburg Baghdad Abu Dhabi Digital Products...

  • Page 37
    ...Div. Corporate Research & Development Center Software Engineering Center Marketing Planning Group Marketing Planning Div. Corporate Market Creation Div. Automotive Systems Div. Corporate Branding Office Design Center Infrastructure Systems Group (Network Services & Content Group) Display Devices...

  • Page 38
    ... Capital Corporation U.S.A. Middle East Toshiba Gulf FZE U.A.E. Toshiba Research Europe Limited U.K. Toshiba America Research, Inc. U.S.A. Toshiba Information Systems (UK) Ltd. U.K. Toshiba America Medical Systems, Inc. U.S.A. Toshiba El Araby Home Appliances Marketing Company Egypt TTI Card...

  • Page 39
    .... Hong Kong SAR P.T. Toshiba Visual Media Network Indonesia Indonesia Toshiba Consumer & Lighting Products Trading (Shanghai) Co., Ltd. The People's Republic of China Toshiba Information Equipment (Philippines), Inc. Philippines P.T. Nusantara Energy Solution Indonesia Toshiba Washing Machine...

  • Page 40
    ... Capital (Asia) Ltd. Toshiba Compressor (Taiwan) Corporation Toshiba Consumer Products (Thailand) Co., Ltd. Toshiba Dalian Co., Ltd. Toshiba Digital Media Network Taiwan Corp. Toshiba Electronics Europe GmbH Toshiba Electronics Malaysia Sdn. Bhd. Toshiba Europe GmbH Toshiba Information Equipment...

  • Page 41
    ... Life Insurance Company Employees Stock Ownership Plan Sumitomo Mitsui Banking Corporation Shinsei Bank, Limited NIPPONKOA Insurance Co., Ltd. Mizuho Corporate Bank, Ltd. Mitsui Sumitomo Insurance Co., Ltd. Voting Rights (%) 6.8 4.6 3.4 3.2 1.7 1.5 1.5 1.4 1.2 1.1 Web site information Toshiba is...

  • Page 42
    The white-colored pages of this report were printed on FSC certified paper with soy-based ink. Printed in Japan

  • Page 43
    ...2005 2005 2005 2005 2005 Innovation Breeds Invention O S H I B A C O R P O R A T I O N ANNUAL REPORT 2005 2006 2007 2008 2009 2010 ...T2011 2012 2013 2014 2015 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 2015 2016 2017 2018 2019 2020 2021 ...

  • Page 44
    ... services, real estate leasing and sales, and other operations are reported as operating activities whereas they were reported as non-operating activities in prior periods. Prior-period data for the fiscal years ended from March 31, 1995 through 1997 has been reclassified to conform with the current...

  • Page 45
    ...except per share amounts 2001 2000 1999 1998 1997 1996 1995 ¥5,951,357 4,323,525 1,395,699 232,133 188,099 96,145 96,168 ¥5,749,372 4,254,444 1,393,959 100,969 (44,844) (4,530) (32,903) ¥5,300,902 3,...565 1,255,083 293,823 283,575 302,171 190,000 130th Anniversary Toshiba Corporation 3

  • Page 46
    ... Segments recorded year-on-year sales increases through operations based on their growth strategies, achieving the Group strategy of combining high growth with steady profitability. SCOPE OF > NET SALES BY REGION Millions of yen Year ended March 31 2005 2004 2003 Japan Asia North America Europe...

  • Page 47
    ...growth, mainly in North America and Europe. The Digital Media business saw sales increase on higher sales of hard disk drives for portable audio players and LCD TVs, and the start of operations at a Joint Venture in optical disk drives with Samsung Electronics Co., Ltd. Retail information and office...

  • Page 48
    .... Sales of the Industrial and Power Systems & Services business rose on increased orders of power generation plant business overseas, despite the transfer of the Industrial Electric and Automation Systems business from the Group. The Medical Systems business sales increased on higher sales of Multi...

  • Page 49
    ...: Digital Products Electronic Devices Social Infrastructure Home Appliances Others Corporate Consolidated Impairment of long-lived assets: Digital Products Electronic Devices Social Infrastructure Home Appliances Others Corporate Consolidated Capital expenditures: Digital Products Electronic Devices...

  • Page 50
    ... of yen Year ended March 31 Thousands of U.S. dollars (Note 3) 2005 2004 2003 2005 Sales: Japan Unaffiliated customers Intersegment Total Asia Unaffiliated customers Intersegment Total North America Unaffiliated customers Intersegment Total Europe Unaffiliated customers Intersegment Total...

  • Page 51
    ... these policies to all stages of its research and development activities, from the development of new materials, products, and systems to the development of manufacturing technologies. The Group promotes research and development centered on our core business segments of Digital Products, Electronic...

  • Page 52
    ... & Services Corporation Toshiba Samsung Storage Technology Corporation Toshiba TEC Corporation U.S.A. Toshiba America Information Systems, Inc. Toshiba America, Inc. China Dalian Toshiba Television Co., Ltd. 100 100 80 60 100 69 51 52 100 100 65 Affiliated Companies: Japan MT Picture Display Co...

  • Page 53
    ... RELATING TO THE TOSHIBA GROUP AND ITS BUSINESS The Group's business areas of Electric and Electronics require highly advanced technology. At the same time, the Group faces fierce global competition. Therefore, appropriate risk management is indispensable. Major risk factors related to the Group...

  • Page 54
    ...every area of the business, including research and development, production, and marketing. If the Group fails to maintain Joint Ventures or business alliances, due to inconsistency with a partner in financing, technological management, product development or management strategies, this may adversely...

  • Page 55
    ... product liability or other claims relating to product quality. This could have a material adverse effect on the Group's results. (13) Personal information The Group keeps and manages various personal information obtained in the process of business operations. While the Group manages the information...

  • Page 56
    ... Sheets Toshiba Corporation and Subsidiaries As of March 31, 2005 and 2004 Millions of yen Thousands of U.S. dollars (Note 3) Assets Current assets: Cash and cash equivalents Notes and accounts receivable, trade: Notes (Note 5) Accounts (Note 5) Allowance for doubtful notes and accounts Finance...

  • Page 57
    Millions of yen Thousands of U.S. dollars (Note 3) Liabilities and shareholders' equity Current liabilities: Short-term borrowings (Note 9) Current portion of long-term debt (Notes 9 and 20) Notes payable, trade Accounts payable, trade Accounts payable, other and accrued expenses (Note 26) Accrued...

  • Page 58
    ...Statements of Income Toshiba Corporation and Subsidiaries For the years ended March 31, 2005 and 2004 Millions of yen Thousands of U.S. dollars (Note 3) 2005 2004 2005 Sales and other income: Net sales Subsidy received on return of substitutional portion of Employees' Pension Fund Plan, net of...

  • Page 59
    Consolidated Statements of Shareholders' Equity Toshiba Corporation and Subsidiaries For the years ended March 31, 2005 and 2004 Millions of yen Additional paid-in capital Accumulated other comprehensive loss Common stock Retained earnings Treasury stock Total Balance at March 31, 2003 ¥274,...

  • Page 60
    ... Proceeds from sale of securities Acquisition of property, plant and equipment Purchase of securities (Increase) decrease in investments in affiliates Increase in other assets and other Net cash used in investing activities Cash flows from financing activities Proceeds from long-term debt Repayment...

  • Page 61
    ... BUSINESS Toshiba Corporation and its subsidiaries (collectively, the "Company") are engaged in research and development, manufacturing and sales of high-technology electronic and energy products, which span (1) Digital Products, (2) Electronic Devices, (3) Social Infrastructure, (4) Home Appliances...

  • Page 62
    ... service period of employees expected to receive benefits. > ADDITIONAL PAID-IN CAPITAL Under the Japanese Commercial Code, the entire amount of the issue price of shares is required to be accounted for in the common stock account although a company in Japan may, by a resolution of its board...

  • Page 63
    ... Company generally compares the costs incurred to date to estimated total costs to complete based upon the most recent available information. A provision for contract losses is recorded in its entirety when the loss first becomes evident. Revenue from the sales of equipment under sales-type leases...

  • Page 64
    ... shown in U.S. dollars are not intended to be computed in accordance with generally accepted accounting principles in the United States for the translation of foreign currency amounts. The rate of ¥107=U.S.$1, the approximate current rate of exchange at March 31, 2005, has been used throughout for...

  • Page 65
    ... of sales-type and direct financing leases mainly for information systems, medical equipment, industrial equipment and others. Other finance receivables represent transactions in a variety of forms, including commercial loans, and installment sales of consumer products manufactured by the Company...

  • Page 66
    ... 2004, the Company sold 25,481,000 shares of Toshiba Finance Corporation ("TFC"), a consolidated subsidiary of the Company, to certain unrelated financial institutions for ¥10,906 million. Subsequent to the effective date of the transaction, the Company has used the equity method to account for its...

  • Page 67
    ... Co., Ltd. (41.4%); Toshiba Machine Co., Ltd. (33.9%); TFC (35.0%); and Toshiba Mitsubishi-Electric Industrial Systems Corporation ("TMEIC") (50.0%). Of the affiliates which were accounted for by the equity method, the investments in common stock of the listed companies (5 companies) were carried at...

  • Page 68
    .... The future amortization expense for each of the next 5 years relating to intangible assets currently recorded in the consolidated balance sheets at March 31, 2005 is estimated as follows: Year ending March 31 Millions of yen Thousands of U.S. dollars 2006 2007 2008 2009 2010 ¥24,456 19,011 12...

  • Page 69
    ... of the lines of credit. Long-term debt at March 31, 2005 and 2004 comprise the following: Millions of yen March 31 Thousands of U.S. dollars 2005 2004 2005 Loans, principally from banks and insurance companies, due 2005 to 2032 with weighted-average interest rate of 0.69% at March 31, 2005...

  • Page 70
    ...rate of pay, length of service and conditions under which their employment terminates. The obligation for the severance indemnity benefit is provided for through accruals, funding of tax-qualified non-contributory pension plans, contributory trusteed employee pension funds, and the corporate pension...

  • Page 71
    ... trusts, with no cash proceeds thereon. The fair value of these securities at the time of contribution was ¥34,426 million. The Company expects to contribute ¥57,435 million ($536,776 thousand) to its defined benefit plans in the year ending March 31, 2006. 130th Anniversary Toshiba Corporation 29

  • Page 72
    ... and 2004 and net periodic pension and severance cost for the years then ended are as follows: March 31 2005 2004 Discount rate Rate of compensation increase Year ended March 31 2.6% 3.0% 2005 2.7% 3.0% 2004 Discount rate Expected long-term rate of return on plan assets Rate of compensation...

  • Page 73
    ... in the corporate tax rate, the Company's normal statutory tax rate changed from 42.1 percent to 43.9 percent for the year ended March 31, 2004 and to 40.7 percent for the years ended March 31, 2005 and thereafter. A reconciliation between the reported income tax expense and the amount computed by...

  • Page 74
    ...A SUBSIDIARY In March 2004, Toshiba Samsung Storage Technology Corporation ("TSST"), issued 294 shares of its common stock to Samsung Electronics Co., Ltd. for ¥13,713 million. TSST is engaged in the business of product development, manufacturing and sales of Optical Disc Drives and was established...

  • Page 75
    ... earnings available for dividends is based on Toshiba Corporation's retained earnings determined in accordance with generally accepted accounting principles in Japan and the Japanese Commercial Code. Retained earnings at March 31, 2005 do not reflect current year-end dividends of ¥9,646 million...

  • Page 76
    ... in relation to underlying debt instruments and accounts receivable and payable denominated in foreign currencies resulting from adverse fluctuations in foreign currency exchange and interest rates. These agreements mature during the period 2005 to 2014. 34 Toshiba Corporation 130th Anniversary

  • Page 77
    ... on future trade transactions and the interest rate characteristics of the underlying debt as discussed below. Fair Value Hedge Strategy The forward exchange contracts utilized by the Company effectively reduce fluctuation in fair value of accounts receivable and payable denominated in foreign...

  • Page 78
    ...leases for the years ended March 31, 2005 and 2004 were ¥82,174 million ($767,981 thousand) and ¥83,889 million, respectively. The Company also leases certain machinery and equipment which are accounted for as capital leases from TFC and Toshiba Medical Finance Co., Ltd., affiliates of the Company...

  • Page 79
    ... entered into several sale and leaseback transactions in which certain manufacturing equipment was sold and leased back. The Company may be required to make payments for residual value guarantees in connection with these transactions. The operating leases will expire on various dates through July...

  • Page 80
    ... effect on the financial position or the results of operations of the Company. 27. SUPPLEMENTAL CASH FLOW INFORMATION During the year ended March 31, 2004, Toshiba Corporation and Mitsubishi Electric established TMEIC. In connection with this transaction, the Company contributed certain assets...

  • Page 81
    ... of an Enterprise and Related Information" for the years ended March 31, 2005 and 2004. In our opinion, presentation of segment information is required under accounting principles generally accepted in the United States for a complete presentation of the Company's consolidated financial statements...

  • Page 82
    This report was printed on recycled paper with soy-based ink. Printed in Japan