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02 TOSHIBA Annual Report 2014
Management's Discussion and Analysis
FIVE-YEAR SUMMARY
Toshiba Corporation and Subsidiaries
Years ended March 31
Millions of yen,
except per share amounts
2014 2013 2012 2011 2010
Net sales ¥ 6,502,543 ¥ 5,726,986 ¥ 5,994,347 ¥ 6,270,684 ¥ 6,129,850
Cost of sales 4,854,349 4,313,956 4,538,563 4,781,880 4,710,778
Selling, general and administrative expenses 1,357,430 1,215,289 1,253,156 1,250,128 1,301,472
Operating income (Note 1) 290,764 197,741 202,628 238,676 117,600
Income from continuing operations, before income
taxes and noncontrolling interests 180,938 159,629 145,445 194,722 27,154
Income taxes 96,299 59,315 64,223 40,720 31,509
Net income (loss) attributable to shareholders of the
Company 50,826 77,366 70,054 137,845 (19,743)
Per share of common stock:
Earnings (loss) attributable to shareholders of
the Company (Note 2)
−Basic ¥ 12.00 ¥ 18.27 ¥ 16.54 ¥ 32.55 ¥ (4.93)
−Diluted −−16.32 31.25 (4.93)
Cash dividends 8.00 8.00 8.00 5.00 −
Total assets ¥ 6,241,623 ¥ 6,100,002 ¥ 5,752,737 ¥ 5,379,319 ¥ 5,451,173
Equity attributable to shareholders of the Company 1,229,066 1,034,268 863,481 868,119 797,455
Capital expenditures (Property, plant and equipment) 229,540 237,280 298,104 229,913 209,287
Depreciation (Property, plant and equipment) 137,552 170,734 202,800 215,456 252,284
R&D expenditures 329,523 304,931 319,461 319,218 310,820
Number of employees 200,260 206,087 209,784 202,638 203,889
Notes: 1) Operating income is derived by deducting the cost of sales and selling, general and administrative expenses from net sales, and reported as a measurement of segment profit or loss.
This result is regularly reviewed to support decision-making in allocation of resources and to assess performance. Certain operating expenses such as restructuring charges and legal settlement
costs are not included in it.
2) Basic earnings (loss) per share attributable to shareholders of the Company (EPS) are computed based on the weighted-average number of shares of common stock outstanding during each
period.
Diluted EPS assumes the dilution that could occur if convertible bonds were converted or stock acquisition rights were exercised to issue common stock, unless their inclusion would have an
antidilutive effect.
3) Diluted net earnings per share attributable to shareholders of the Company for the years ended March 31, 2014 and 2013 have been omitted because the company did not have potential common
stock that were outstanding for the period.
4) The Optical Disc Drive (ODD) business has been classified as discontinued operations since the fiscal year ended March 31, 2014, in accordance with Accounting Standards Codification (“ASC”)
No.205-20 “Presentation of Financial Statements - Discontinued Operations” (“ASC No.205-20”). Prior-period data for the fiscal years up to March 31, 2013 has been reclassified to conform with the
current classification.
5) Following the acquisition of IBM's Retail Store Solutions business in July 2012, the Company completed the allocation of the cost of the acquisition to assets and liabilities, according to ASC No.805
“Business Combinations” (“ASC No.805”), in the fiscal year ended March 31, 2014. Results for the fiscal year ended March 31, 2013 have been revised to reflect this change.
6) Following the acquisition of Landis+Gyr AG in July 2011, the Company completed the allocation of the cost of the acquisition to assets and liabilities, according to ASC No.805, in the fiscal year
ended March 31, 2013. Results for the fiscal year ended March 31, 2012 have been revised to reflect this change.
7) The Mobile Phone business has been classified as discontinued operations since the fiscal year ended March 2011, in accordance with ASC No.205-20. Results for the fiscal year ended March 31,
2010 has been reclassified to conform with the current classification.
2. Management's Discussion and Analysis 18. Consolidated Balance Sheets 20. Consolidated Statements of Income
21. Consolidated Statements of Comprehensive Income 22. Consolidated Statements of Equity
24. Consolidated Statements of Cash Flows 25. Notes to Consolidated Financial Statements
71. Report of Independent Auditors