Toshiba 2015 Annual Report Download - page 2

Download and view the complete annual report

Please find page 2 of the 2015 Toshiba annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

To Our Shareholders
We will make every effort to revitalize Toshiba
and recover stakeholder trust.
I would like to open this message by expressing my sincerest
apologies for any concern or inconvenience caused due to
the inappropriate accounting issue at Toshiba.
Following delays due to the inappropriate accounting
issue, we submitted our FY2014 Annual Securities Report on
September 7, 2015. At the end of the same month, our new
management team was launched following the approval by
our shareholders at the extraordinary general meeting.
Based on this, we are now able to present to you our annual
report for FY2014, and apologize for the delay in its
publication.
Toshiba deeply regrets betraying the trust of our
shareholders and all other stakeholders and for causing
confusion in the market due to the inappropriate accounting
issue. We have received numerous stern opinions and
criticisms from our stakeholders. We take such reproaches
seriously, and under the new management team we will
continue to reform our corporate governance. In tandem with
this, we are also working to redene our corporate culture,
including changing the mindset of top management, so
as to ensure that our reformed corporate governance
system functions properly. In addition, we will also examine
all possibilities in taking decisive action on certain
businesses whose performance is recognized as an issue for
management.
Our net income for FY2014 was negative ¥37.8 billion,
due in part to the effects of factors such as reversal of
deferred tax assets due to tax reforms. In addition, we inform
you again with sincerest apologies that we have regretfully
decided not to pay a dividend in respect of FY2014 earnings
or a dividend with a September 30, 2015 date of record, in
light of factors such as the business environment and the
nancial situation.
Toshiba also received notices from the Tokyo Stock
Exchange and Nagoya Stock Exchange to the effect that
they had designated our shares as “Securities on Alert” as of
September 15, 2015, due to their finding that there are
serious issues in the internal control systems and the like of
Toshiba and that improvement in these areas is highly
necessary. We take the “Securities on Alert” designation,
which is a measure proportional to delisting, very seriously,
and with advice from the relevant authorities, all members
of Toshiba will strive together as one to make every effort
towards the designation being removed.
It is with great shame that Toshiba recognizes the
immense blemish that the accounting issue has left on our
140 year history. The resilience of Toshiba during our long
history to overcome multiple difficulties and crises and
continue to survive to this day as a corporation that
contributes to society through technology and quality is due
01 TOSHIBA Annual Report 2015