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• Beginning with the fiscal year ended March 31, 2006, equity in earnings (losses) of affiliates
has been included in income (loss) from continuing operations, before income taxes and
noncontrolling interests. Prior-period data for the fiscal years up to March 31, 2005 has
been reclassified to conform with the current classification.
• Equity attributable to shareholders of Toshiba Corporation is based on U.S. GAAP.
• Beginning with the fiscal year ended March 31, 2010, Toshiba Corporation adopted ASC No.
810 “Consolidation.” Prior-period data for the fiscal years up to March 31, 2009 has been
reclassified to conform with the current classification.
• The Mobile Phone business has been classified as discontinued operations since the fiscal
year ended March 31, 2011. Prior-period data for the fiscal years up to March 31, 2010 has
been reclassified to conform with the current classification.
• Following the acquisition of Landis+Gyr AG in July 2011, Toshiba Corporation completed
to allocate the acquisition cost to assets and liabilities in the fiscal year ended March 31,
2013. Prior-period data for the fiscal year ended March 31, 2012 has been revised to reflect
this change.
Year ended March 31 2003 2004 2005 2006
Net Sales, Operating Income (Loss) and Net Income (Loss) Attributable to Shareholders of Toshiba Corporation
Net sales
¥5,441.5 ¥5,389.7 ¥5,647.2 ¥6,061.9
Cost of sales
3,970.2 3,913.7 4,149.3 4,450.4
Selling, general and administrative expenses
1,354.6 1,293.9 1,346.1 1,394.0
Operating income (loss)
116.7 182.1 151.8 217.5
Income (loss) from continuing operations, before income taxes and noncontrolling interests
59.6 147.6 112.0 159.7
Income taxes
49.0 105.6 54.8 82.6
Net income (loss) attributable to shareholders of Toshiba Corporation
18.5 28.8 46.0 78.2
EBITDA
*1341.5 414.1 372.5 436.8
Profitability Ratios
Operating income ratio (%)
2.1 3.4 2.7 3.6
Return on sales (%)
0.3 0.5 0.8 1.3
Cost of sales ratio (%)
73.0 72.6 73.5 73.4
Selling, general and administrative expenses ratio (%)
24.9 24.0 23.8 23.0
Total Assets, Equity Attributable to Shareholders of Toshiba Corporation and Interest-bearing Debt
Total assets
5,238.9 4,462.2 4,571.4 4,727.1
Equity attributable to shareholders of Toshiba Corporation
571.1 755.0 815.5 1,002.2
Interest-bearing debt
1,653.4 1,199.5 1,111.4 917.5
Long-term debt
882.0 701.9 683.4 611.4
Short-term debt
771.4 497.6 428.0 306.1
Shareholders’ equity ratio (%)
*210.9 16.9 17.8 21.2
Debt/equity ratio (Times)
*32.9 1.6 1.4 0.9
R&D, Capital Expenditures and Depreciation
R&D expenditures
306.3 315.6 323.0 345.2
Capital expenditures (Property, plant and equipment)
227.8 224.7 316.8 337.3
Depreciation (Property, plant and equipment)
235.3 221.3 213.7 227.4
Return Indicators
Return on investment (ROI) (%)
*44.6 8.1 7.3 10.5
Return on equity (ROE) (%)
*52.9 4.3 5.9 8.6
Return on total assets (ROA) (%)
*60.3 0.6 1.0 1.7
Efficiency Indicators
Inventory turnover (Times)
*78.23 8.56 8.83 9.22
Total assets turnover (Times)
*81.02 1.11 1.25 1.30
Inventory turnover (Days)
*944.37 42.62 41.33 39.59
Cash Flows
Net cash provided by (used in) operating activities
271.6 322.7 305.5 501.4
Net cash used in investing activities
(148.0) (189.5) (243.1) (303.4)
Net cash provided by (used in) financing activities
(159.8) (132.7) (92.3) (235.3)
Effect of exchange rate changes on cash and cash equivalents
(7.2) (8.3) 5.6 13.2
Net increase (decrease) in cash and cash equivalents
(43.3) (7.8) (24.2) (24.1)
Cash and cash equivalents at end of year
327.1 319.3 295.0 270.9
Liquidity Indicators
Debt/cash flow ratio (%)
*10 16.09 19.47 24.87 32.77
Interest coverage ratio (Times)
*11 5.4 9.3 7.5 9.4
Corporate Value
Free cash flow
*12 123.6 133.2 62.4 198.0
Market capitalization
*13 1,007.6 1,519.4 1,442.1 2,201.8
Other Data
Number of employees (Consolidated) (Thousands)
166 161 165 172
Number of employees (Non-Consolidated) (Thousands)
40 32 31 32
Ratios of Consolidated to Non-Consolidated Performance (Times) (Net sales)
1.6 1.8 2.0 1.9
• ¥48.9 billion, ¥4.8 billion and ¥4.1 billion of “Subsidy received on return of substitutional
portion of Employees’ Pension Fund Plan, net of settlement loss of ¥188.1 billion in 2004,
¥8.0 billion in 2005, ¥5.0 billion in 2006” are classified as a reduction of selling, general and
administrative expenses for the years ended March 31, 2004, 2005 and 2006, respectively.
• Operating income (loss) has been determined under financial reporting practices generally
accepted in Japan and is defined as net sales less cost of sales and selling, general and
administrative expenses.
• The Mobile Broadcasting business ceased operation at the end of the fiscal year ended
March 31,2009. Prior-period data for the fiscal years up to March 31, 2008 has been
reclassified to conform with the current classification.
Consolidated Financial Summary
Data Section
58 TOSHIBA Annual Report 2013