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Management Overview
Toshiba Group’s business results in FY2012
In FY 2012, Japan saw a return to the path of gradual economic recovery due to the acceleration of the yen
depreciation trend that set in at the end of 2012, which also helped trigger a rise in stock prices, and a moderate
economic recovery also continued in the U.S. However, Europe still has not recovered from its fall into recession,
and the growth of emerging economies, such as China and in Southeast Asia, has slowed down. Overall, the
management environment surrounding our company has continued to present us with di cult conditions. In these
circumstances, aiming to transform Toshiba into a top-level global diversi ed electric/electronic manufacturer with
strong global competitive power and anticipating the changes in the world business environment, Toshiba Group
steadily pressed forward with the “restructuring” of certain of our businesses and worked to establish a firm
business foundation and strengthen our profit-making base by accelerating the transformation of our business
structure with the goal of achieving organic growth by focusing on creating new markets.
Consolidated net sales for FY2012 became ¥5,800.3 billion, due partly to the e ect of the divestiture of the
LCD business in FY2011. However, the Social Infrastructure business segment increased its net sales as a result
of the healthy business results achieved throughout the year in both the domestic and the overseas Thermal
Power System business, the overseas Nuclear Power Systems business, the Elevator business and the Medical
Systems business. In addition, the Social Infrastructure System-related business areas such as that of
Landis+Gyr AG continued to turn in a solid performance.
All Toshiba Group’s business segments achieved higher YoY operating income, with the Social
Infrastructure business segment recording its highest-ever operating income. However, due to the e ect of the
divestiture of the LCD business, consolidated operating income was ¥194.3 billion.
The Electronic Devices segment also recorded a higher level of operating income, re ecting the positive
effect of production adjustment for NAND flash memories and the expansion of sales of high-value-added
Norio Sasaki
Vice Chairman of the Board of Directors
Management Overview
04 TOSHIBA Annual Report 2013