Announcement of Financial Results: Panasonic Reports Third-Quarter and Nine-Month Results
Announcement of Financial Results: Panasonic Reports Third-Quarter and
Nine-Month Results
- Operating Profit Improved on Fixed Cost Reductions, While Overall Sales
Decreased as a Result of Weak Sales in Digital Consumer Products -
Business Wire
OSAKA, Japan -- February 1, 2013
Panasonic Corporation (Panasonic)(NYSE:PC)(TOKYO:6752) today reported its
consolidated financial results for the third quarter and nine months ended
December 31, 2012, of the current fiscal year ending March 31, 2013 (fiscal
2013).
Consolidated Third-quarter Results
Consolidated group sales for the third quarter decreased by 8% to 1,801.5
billion yen, compared with 1,960.2 billion yen for the third quarter of the
year ended March 31, 2012 (fiscal 2012). Of the consolidated group total,
domestic sales amounted to 917.2 billion yen, down by 12% from 1,043.8 billion
yen and overseas sales decreased to 884.3 billion yen, down by 3% from 916.4
billion yen.
During the third quarter under review, despite signs of economic improvement
in the U.S. and China, the global economy stayed in a moderate recovery under
uncertainty due to the financial issues in Europe and the U.S. The electronics
industry continued to be under severe condition with weak demand in digital
products and devices. However, there were signs of improvement in business
environment for Japanese companies such as weakening Japanese yen foreign
exchange rates against the dollar and the Euro from extreme yen appreciation,
and the recovering stock market in Japan.
Operating profit^1 improved to 34.6 billion yen from a loss of 8.1 billion yen
a year ago. In the meantime, pre-tax income was 9.3 billion yen compared with
a loss of 191.2 billion yen, and net income attributable to Panasonic
Corporation amounted to 61.4 billion yen compared with a loss of 197.6 billion
yen a year ago.
^1 For information about operating profit (loss), see Note 2 of the Notes to
consolidated financial statements.
Consolidated Nine-month Results
Consolidated group sales for nine months ended December 31, 2012 decreased by
9% to 5,439.7 billion yen, compared with 5,965.4 billion yen in the same
period of fiscal 2012. Despite stable sales in car-related products thanks to
the market recovery, this sales decrease was due mainly to weak demand for
flat-panel TVs and BD recorders in Japan. The company also put emphasis on
profitability rather than on sales volume. Domestic sales amounted to 2,795.4
billion yen, down by 9% from 3,080.2 billion yen a year ago, while overseas
sales decreased by 8% to 2,644.3 billion yen, down from 2,885.2 billion yen a
year ago.
The company's operating profit for the nine months increased to 122.0 billion
yen, from 39.5 billion yen a year ago. Despite sales decrease, this result was
due mainly to fixed cost reductions and streamlining material costs. On the
other hand, pre-tax loss totaled 269.4 billion yen, compared with a loss of
350.5 billion yen a year ago. This was due mainly to business restructuring
expenses recorded in the second-quarter, including impairment losses of
goodwill and intangible assets in other deductions in solar, consumer-use
lithium-ion batteries and mobile phone businesses. Taking into consideration
significant sales decreases in Japan and other factors, in accordance with
U.S. GAAP, the company increased the valuation allowances to deferred tax
assets in Panasonic Corporation and Panasonic Mobile Communications Co., Ltd.,
and incurred provision for income taxes of 412.5 billion yen, in the
second-quarter. Accordingly, Net loss attributable to Panasonic Corporation
amounted to 623.8 billion yen compared with a loss of 333.8 billion yen a year
ago.
Consolidated Nine-month Breakdown by Segment
The company's nine-month consolidated sales and profits by segment with
previous year comparisons are summarized as follows:
AVC Networks
Sales decreased by 23% to 1,078.9 billion yen from 1,402.1 billion yen a year
ago. This result was due mainly to significant sales decline in flat-panel
TVs, BD recorders and digital cameras. Segment profit significantly improved
to 21.6 billion yen, compared with a loss of 40.5 billion yen a year ago, due
mainly to fixed cost reductions and restructuring benefits.
Appliances
Sales increased by 1% to 1,197.1 billion yen from 1,187.4 billion yen a year
ago. Despite sales decrease in air conditioners, this result was due mainly to
sales increases in refrigerators and washing machines. Segment profit
decreased to 70.3 billion yen, compared with 76.4 billion yen a year ago, due
mainly to sales decrease in air conditioners.
Systems & Communications
Sales decreased by 15% to 509.8 billion yen from 599.9 billion yen a year ago,
due mainly to sales decreases in mobile phones and system-related equipment
such as compact multifunction printers and private branch exchange (PBX)
products. Segment loss amounted to 14.0 billion yen due mainly to sales
decrease, compared with a loss of 2.3 billion yen a year ago.
Eco Solutions
Overall sales increased to 1,140.1 billion yen from 1,136.6 billion yen a year
ago. Despite sales decrease in solar photovoltaic systems in Europe, this
result was due mainly to sales increases in the lighting business including
LED and the energy system business including wiring devices. Segment profit
increased to 42.7 billion yen, compared with 38.5 billion yen a year ago, due
mainly to streamlining costs.
Automotive Systems
Sales increased by 28% to 571.7 billion yen from 446.8 billion yen a year ago,
due mainly to strong sales in car AVC equipment and car navigation systems
globally. Segment profit significantly improved to 11.9 billion yen from 3.2
billion yen a year ago, due mainly to sales increase.
Industrial Devices
Sales decreased by 5% to 1,030.2 billion yen from 1,085.5 billion yen a year
ago. This result was due mainly to sales decreases in optical pickups and
semiconductors. Segment profit significantly improved to 17.9 billion yen,
compared with a loss of 13.7 billion yen a year ago, due mainly to fixed cost
reductions.
Energy
Sales decreased by 6% to 434.8 billion yen from 461.8 billion yen a year ago.
Despite significant sales increase in automotive-use batteries, this result
was due mainly to sales decreases in consumer-use lithium-ion batteries, and
solar photovoltaic systems in Europe. Segment profit improved to 6.4 billion
yen compared with a loss of 16.7 billion yen a year ago, due mainly to fixed
cost reductions and streamlining material costs.
Other
Sales decreased by 28% to 1,012.9 billion yen from 1,403.5 billion yen a year
ago. This result was due mainly to sales decrease owing to the SANYO-related
business transfers implemented in fiscal 2012. Segment profit decreased to
11.3 billion yen from 15.7 billion yen a year ago, due mainly to sales
decrease of Manufacturing Solutions Company.
Consolidated Financial Condition
Net cash provided by operating activities for nine months ended December 31,
2012 amounted to 82.2 billion yen, compared with an outflow of 10.4 billion
yen a year ago. This was due to the improving operating profit, since increase
in valuation allowances to deferred tax assets and impairment losses of
goodwill and intangible assets do not impact on cash flow. Net cash used in
investing activities amounted to 49.8 billion yen, a decrease of 177.8 billion
yen from a year ago. This was due primarily to a decrease in capital
expenditures and an increase in proceeds from disposals of investments. Net
cash used in financing activities amounted to 104.1 billion yen, an increase
of 88.3 billion yen from a year ago, due mainly to the issuance of short-term
bonds in fiscal 2012. Taking into consideration exchange rate fluctuations,
cash and cash equivalents totaled 525.3 billion yen as of December 31, 2012, a
decrease of 49.1 billion yen, compared with the end of the last fiscal year.
The company's consolidated total assets as of December 31, 2012 decreased by
856.9 billion yen to 5,744.2 billion yen from the end of fiscal 2012. This was
due mainly to decreases in other assets and other current assets affected by
the impairment losses of goodwill and intangible assets, and the increase in
valuation allowances to deferred tax assets, as well as decreases in
investments and advances affected by the disposals of investments. Panasonic
Corporation shareholders' equity decreased by 589.1 billion yen, compared with
March 31, 2012, to 1,340.7 billion yen. Despite an improvement in accumulated
other comprehensive income (loss) along with yen depreciation, this was
primarily due to decrease in retained earnings according to net loss
attributable to Panasonic Corporation. Adding Noncontrolling interests to
Panasonic Corporation shareholders' equity, total equity decreased by 594.7
billion yen to 1,382.9 billion yen compared with March 31, 2012.
Forecast for Fiscal 2013
The business performance forecast for fiscal 2013 remains unchanged from the
previous forecast announced on October 31, 2012.
Panasonic Corporation is one of the world's leading manufacturers of
electronic and electric products for consumer, business and industrial use.
Panasonic's shares are listed on the Tokyo, Osaka, Nagoya and New York Stock
Exchanges.
For more information, please visit the following web sites:
Panasonic home page URL: http://panasonic.net/
Panasonic IR web site URL: http://panasonic.net/ir/
Disclaimer Regarding Forward-Looking Statements
This press release includes forward-looking statements (within the meaning of
Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934) about Panasonic and its Group companies (the
Panasonic Group). To the extent that statements in this press release do not
relate to historical or current facts, they constitute forward-looking
statements. These forward-looking statements are based on the current
assumptions and beliefs of the Panasonic Group in light of the information
currently available to it, and involve known and unknown risks, uncertainties
and other factors. Such risks, uncertainties and other factors may cause the
Panasonic Group's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these
forward-looking statements. Panasonic undertakes no obligation to publicly
update any forward-looking statements after the date of this press release.
Investors are advised to consult any further disclosures by Panasonic in its
subsequent filings with the U.S. Securities and Exchange Commission pursuant
to the U.S. Securities Exchange Act of 1934 and its other filings.
The risks, uncertainties and other factors referred to above include, but are
not limited to, economic conditions, particularly consumer spending and
corporate capital expenditures in the United States, Europe, Japan, China and
other Asian countries; volatility in demand for electronic equipment and
components from business and industrial customers, as well as consumers in
many product and geographical markets; currency rate fluctuations, notably
between the yen, the U.S. dollar, the euro, the Chinese yuan, Asian currencies
and other currencies in which the Panasonic Group operates businesses, or in
which assets and liabilities of the Panasonic Group are denominated; the
possibility of the Panasonic Group incurring additional costs of raising
funds, because of changes in the fund raising environment; the ability of the
Panasonic Group to respond to rapid technological changes and changing
consumer preferences with timely and cost-effective introductions of new
products in markets that are highly competitive in terms of both price and
technology; the possibility of not achieving expected results on the alliances
or mergers and acquisitions including the business reorganization after the
acquisition of all shares of Panasonic Electric Works Co., Ltd. and SANYO
Electric Co., Ltd.; the ability of the Panasonic Group to achieve its business
objectives through joint ventures and other collaborative agreements with
other companies; the ability of the Panasonic Group to maintain competitive
strength in many product and geographical areas; the possibility of incurring
expenses resulting from any defects in products or services of the Panasonic
Group; the possibility that the Panasonic Group may face intellectual property
infringement claims by third parties; current and potential, direct and
indirect restrictions imposed by other countries over trade, manufacturing,
labor and operations; fluctuations in market prices of securities and other
assets in which the Panasonic Group has holdings or changes in valuation of
long-lived assets, including property, plant and equipment and goodwill,
deferred tax assets and uncertain tax positions; future changes or revisions
to accounting policies or accounting rules; as well as natural disasters
including earthquakes, prevalence of infectious diseases throughout the world,
disruption of supply chain and other events that may negatively impact
business activities of the Panasonic Group. The factors listed above are not
all-inclusive and further information is contained in Panasonic's latest
annual reports, Form 20-F, and any other reports and documents which are on
file with the U.S. Securities and Exchange Commission.
(Financial Tables and Additional Information Attached)
Panasonic Corporation
Consolidated Statements of Operations and
Consolidated Statements of Comprehensive Income (Loss) *
(Three months ended December 31)
Consolidated Statements of Operations
Yen (millions) Percentage
2012 2011 2012/2011
Net sales ¥ 1,801,503 ¥ 1,960,200 92 %
Cost of sales (1,342,620 ) (1,487,926 )
Selling, general and
administrative expenses (424,296 ) (480,333 )
Interest income 2,073 3,319
Dividends received 1,101 1,936
Interest expense (6,267 ) (7,388 )
Expenses associated with
the implementation of
early retirement programs * (8,613 ) (37,651 )
Other income (deductions), net (13,608 ) (143,345 )
*
Income (loss) before income 9,273 (191,188 ) --
taxes
Provision for income taxes 42,852 (21,013 )
Equity in earnings of
associated companies 1,978 1,246
Net income (loss) 54,103 (210,955 ) --
Less net income (loss)
attributable to
noncontrolling interests (7,237 ) (13,287 )
Net income (loss) attributable
to
Panasonic Corporation ¥ 61,340 ¥ (197,668 ) --
Net income (loss) attributable
to
Panasonic Corporation, basic
per common share 26.53 yen (85.49) yen
per ADS 26.53 yen (85.49) yen
Net income (loss) attributable
to
Panasonic Corporation, diluted
per common share * -- --
per ADS * -- --
< Supplementary Information * >
Depreciation (tangible assets) ¥ 69,478 ¥ 71,482
Capital investment ** ¥ 71,630 ¥ 73,854
R&D expenditures ¥ 126,029 ¥ 132,700
Number of employees (December 308,882 348,028
31)
Consolidated Statements of Comprehensive Income (Loss)
Yen (millions) Percentage
2012 2011 2012/2011
Net income (loss) ¥ 54,103 ¥ (210,955 ) --
Other comprehensive income
(loss), net of tax
Translation adjustments 141,740 12,268
Unrealized holding gains
(losses)
of available-for-sale 11,381 (3,209 )
securities
Unrealized gains (losses) of
derivative instruments (9,558 ) (3,700 )
Pension liability adjustments 2,379 (22,281 )
145,942 (16,922 )
Comprehensive income (loss) 200,045 (227,877 ) --
Less comprehensive income
(loss) attributable to
noncontrolling interests 2,303 (12,299 )
Comprehensive income (loss)
attributable to Panasonic ¥ 197,742 ¥ (215,578 ) --
Corporation
(Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated Statements of Operations and
Consolidated Statements of Comprehensive Income (Loss) *
(Nine months ended December 31)
Consolidated Statements of Operations
Yen (millions) Percentage
2012 2011 2012/2011
Net sales ¥ 5,439,663 ¥ 5,965,398 91 %
Cost of sales (4,052,633 ) (4,482,247 )
Selling, general and
administrative expenses (1,265,077 ) (1,443,611 )
Interest income 7,219 10,055
Dividends received 3,639 5,750
Interest expense (18,349 ) (21,560 )
Expenses associated with
the implementation of
early retirement programs * (23,096 ) (60,960 )
Other income (deductions), net (360,764 ) (323,356 )
*
Income (loss) before income (269,398 ) (350,531 ) --
taxes
Provision for income taxes (368,569 ) (19,658 )
Equity in earnings of
associated companies 4,596 6,077
Net income (loss) (633,371 ) (364,112 ) --
Less net income (loss)
attributable to
noncontrolling interests (9,541 ) (30,293 )
Net income (loss) attributable
to
Panasonic Corporation ¥ (623,830 ) ¥ (333,819 ) --
Net income (loss) attributable
to
Panasonic Corporation, basic
per common share (269.86) yen (144.37) yen
per ADS (269.86) yen (144.37) yen
Net income (loss) attributable
to
Panasonic Corporation, diluted
per common share * -- --
per ADS * -- --
< Supplementary Information * >
Depreciation (tangible assets) ¥ 207,094 ¥ 221,747
Capital investment ** ¥ 228,528 ¥ 223,375
R&D expenditures ¥ 374,502 ¥ 399,551
Number of employees (December 308,882 348,028
31)
Consolidated Statements of Comprehensive Income (Loss)
Yen (millions) Percentage
2012 2011 2012/2011
Net income (loss) ¥ (633,371 ) ¥ (364,112 ) --
Other comprehensive income
(loss), net of tax
Translation adjustments 74,588 (93,169 )
Unrealized holding gains
(losses)
of available-for-sale (19,453 ) (37,945 )
securities
Unrealized gains (losses) of
derivative instruments (4,794 ) (2,043 )
Pension liability adjustments 7,730 (15,525 )
58,071 (148,682 )
Comprehensive income (loss) (575,300 ) (512,794 ) --
Less comprehensive income
(loss) attributable to
noncontrolling interests (4,508 ) (35,571 )
Comprehensive income (loss)
attributable to Panasonic ¥ (570,792 ) ¥ (477,223 ) --
Corporation
(Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated Balance Sheets **
December 31, 2012
With comparative figures for March 31, 2012
Yen (millions)
Assets Dec. 31, 2012 March 31, 2012
Current assets:
Cash and cash equivalents ¥ 525,303 ¥ 574,411
Time deposits 16,125 36,575
Short-term investments 491 483
Trade receivables:
Notes 58,533 73,044
Accounts 918,947 963,202
Allowance for doubtful receivables (24,049 ) (26,604 )
Inventories 838,115 801,991
Other current assets 356,492 454,663
Total current assets 2,689,957 2,877,765
Investments and advances 322,348 451,879
Property, plant and equipment,
net of accumulated depreciation 1,767,435 1,762,558
Other assets 964,446 1,508,853
Total assets ¥ 5,744,186 ¥ 6,601,055
Liabilities and Equity
Current liabilities:
Short-term debt, including current portion
of long-term debt ¥ 641,308 ¥ 633,847
Trade payables:
Notes 44,612 53,243
Accounts 699,277 797,770
Other current liabilities 1,340,748 1,394,644
Total current liabilities 2,725,945 2,879,504
Noncurrent liabilities:
Long-term debt 878,372 941,768
Other long-term liabilities 756,988 802,217
Total noncurrent liabilities 1,635,360 1,743,985
Total liabilities 4,361,305 4,623,489
Panasonic Corporation shareholders' equity:
Common stock 258,740 258,740
Capital surplus 1,110,773 1,117,530
Legal reserve 95,859 94,512
Retained earnings 804,428 1,441,177
Accumulated other
comprehensive income (loss) * (682,117 ) (735,155 )
Treasury stock, at cost (247,020 ) (247,018 )
Total Panasonic Corporation shareholders' 1,340,663 1,929,786
equity
Noncontrolling interests 42,218 47,780
Total equity 1,382,881 1,977,566
Total liabilities and equity ¥ 5,744,186 ¥ 6,601,055
* Accumulated other comprehensive income (loss) breakdown:
Yen (millions)
Dec. 31, 2012 March 31, 2012
Cumulative translation adjustments ¥ (412,501 ) ¥ (482,168 )
Unrealized holding gains (losses) of
available-for-sale securities (6,204 ) 13,283
Unrealized gains (losses) of derivative (8,522 ) (3,728 )
instruments
Pension liability adjustments (254,890 ) (262,542 )
** See Notes to consolidated financial statements.
Panasonic Corporation
Consolidated Information by Segment *
(Nine months ended December 31)
By Segment:
Yen (billions) Percentage
[Sales] 2012 2011 2012/2011
AVC Networks ¥ 1,078.9 ¥ 1,402.1 77 %
Appliances 1,197.1 1,187.4 101 %
Systems & Communications 509.8 599.9 85 %
Eco Solutions 1,140.1 1,136.6 100 %
Automotive Systems 571.7 446.8 128 %
Industrial Devices 1,030.2 1,085.5 95 %
Energy 434.8 461.8 94 %
Other 1,012.9 1,403.5 72 %
Subtotal 6,975.5 7,723.6 90 %
Eliminations (1,535.8 ) (1,758.2 ) --
Consolidated total ¥ 5,439.7 ¥ 5,965.4 91 %
[Segment Profit (Loss)]*
AVC Networks ¥ 21.6 ¥ (40.5 ) --
Appliances 70.3 76.4 92 %
Systems & Communications (14.0 ) (2.3 ) --
Eco Solutions 42.7 38.5 111 %
Automotive Systems 11.9 3.2 369 %
Industrial Devices 17.9 (13.7 ) --
Energy 6.4 (16.7 ) --
Other 11.3 15.7 72 %
Subtotal 168.1 60.6 278 %
Corporate and eliminations (46.1 ) (21.1 ) --
Consolidated total ¥ 122.0 ¥ 39.5 308 %
* See Notes to consolidated financial statements.
Panasonic Corporation
Consolidated Statements of Cash Flows *
(Nine months ended December 31)
Yen (millions)
2012 2011
Cash flows from operating activities:
Net income (loss) ¥ (633,371 ) ¥ (364,112 )
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 254,499 282,021
Net (gain) loss on sale of investments (29,731 ) 1,473
Cash effects of changes in, excluding
acquisition:
Trade receivables 78,954 (9,934 )
Inventories (21,208 ) (22,666 )
Trade payables (87,473 ) (86,076 )
Retirement and severance benefits (6,399 ) (26,215 )
Other 526,894 215,089
Net cash provided by (used in) operating 82,165 (10,420 )
activities
Cash flows from investing activities:
Proceeds from disposition of investments
and advances 129,582 38,221
Increase in investments and advances (3,114 ) (5,226 )
Capital expenditures (249,225 ) (328,170 )
Proceeds from disposals of property, plant and 68,037 41,641
equipment
(Increase) decrease in time deposits 21,337 39,306
Other (16,372 ) (13,299 )
Net cash used in investing activities (49,755 ) (227,527 )
Cash flows from financing activities:
Increase (decrease) in short-term debt (21,231 ) 213,040
Increase (decrease) in long-term debt (61,850 ) (191,091 )
Dividends paid to Panasonic Corporation (11,559 ) (21,912 )
shareholders
Dividends paid to noncontrolling interests (8,788 ) (8,921 )
(Increase) decrease in treasury stock (15 ) (11 )
Purchase of noncontrolling interests and Other (617 ) (6,851 )
Net cash used in financing activities (104,060 ) (15,746 )
Effect of exchange rate changes on cash
and cash equivalents 22,542 (35,268 )
Net increase (decrease) in cash and cash (49,108 ) (288,961 )
equivalents
Cash and cash equivalents at beginning of period 574,411 974,826
Cash and cash equivalents at end of period ¥ 525,303 ¥ 685,865
* See Notes to consolidated financial statements.
Notes to consolidated financial statements:
The company's consolidated financial statements are prepared in
1. conformity with U.S. generally accepted accounting principles (U.S.
GAAP).
In order to be consistent with generally accepted financial reporting
practices in Japan, operating profit, a non-GAAP measure, is presented
as net sales less cost of sales and selling, general and administrative
2. expenses. The company believes that this is useful to investors in
comparing the company's financial results with those of other Japanese
companies. Please refer to the accompanying consolidated statement of
operations and Note 3 for the U.S. GAAP reconciliation.
In accordance with U.S. GAAP, expenses associated with the
3. implementation of early retirement programs at certain domestic and
overseas companies and the impairment loss on goodwill and fixed assets
are included as part of operating profit in the statement of operations.
In June 2011, FASB issued Accounting Standards Update (ASU) 2011-05,
"Presentation of Comprehensive Income." Accordingly, the company adopted
4. ASU 2011-05 from fiscal 2013 and presents the consolidated statement of
comprehensive income (loss) following the consolidated statement of
operations.
In other income (deductions), the company incurred expenses associated
5. with the implementation of early retirement programs of certain domestic
and overseas companies.
6. The impairment losses of goodwill and intangible assets are included in
Other income (deductions), net.
The impairment losses of goodwill and intangible assets, and an increase
7. in the valuation allowances to deferred tax assets are included in Other
of cash flows from operating activities.
Diluted net income (loss) per share attributable to Panasonic
8. Corporation common shareholders has been omitted because the company did
not have potential common shares that were outstanding for the period.
Regarding consolidated segment profit (loss), expenses for basic
9. research and administrative expenses at the corporate headquarters level
are treated as unallocatable expenses for each segment, and are included
in Corporate and eliminations.
10. Panasonic Electronic Devices Co., Ltd. and Panasonic Electronic Devices
Japan Co., Ltd., were absorbed by the company on April 1, 2012.
Effective from the beginning of fiscal 2013, investments and
depreciation expenses in molding dies are included in "Capital
investment" and "Depreciation (tangible assets)," respectively.
11. Accordingly, the amounts of "Depreciation (tangible assets)" and
"Capital investment" of supplementary information on consolidated
statements of operations for fiscal 2012 are changed. The related
amounts of the consolidated statements of cash flows and consolidated
balance sheets for fiscal 2012 are also changed.
The company's segments are classified according to a business
12. domain-based management system, which focuses on global consolidated
management by each business domain company, in order to ensure
consistency of its internal management structure and disclosure.
The company restructured its Group organization on January 1, 2012,
resulting in the number of reportable segments from six to eight.
Accordingly, segment information for the nine months ended December 31,
2011 has been reclassified to conform to the presentation for the nine
months ended December 31, 2012.
Other segment consists of Healthcare Company, Manufacturing Solutions
Company, PanaHome Corporation and others.
13. Number of consolidated companies: 547 (including parent company)
14. Number of associated companies under the equity method: 101
Supplemental Consolidated Financial Data for Fiscal 2013
Third Quarter and Nine Months ended December 31, 2012
1. Segment Information
yen (billions)
Fiscal 2013 Third Quarter Fiscal 2013 Nine Months ended December 31,
2012
Segment % of Segment % of
Sales 13/12 sales 13/12 Sales 13/12 sales 13/12
Profit Profit
AVC Networks 388 .9 80 % 1 .7 0 .4% - 1,078 .9 77 % 21 .6 2 .0% -
Appliances 383 .1 99 % 19 .3 5 .0% 82 % 1,197 .1 101 % 70 .3 5 .9% 92 %
Systems & 152 .5 78 % -4 .0 -2 .7% - 509 .8 85 % -14 .0 -2 .8% -
Communications
Eco Solutions 399 .8 101 % 24 .1 6 .0% 126 % 1,140 .1 100 % 42 .7 3 .7% 111 %
Automotive 189 .0 112 % 3 .2 1 .7% 128 % 571 .7 128 % 11 .9 2 .1% 369 %
Systems
Industrial 336 .6 101 % 0 .0 0 .0% - 1,030 .2 95 % 17 .9 1 .7% -
Devices
Energy 142 .3 92 % 3 .6 2 .6% - 434 .8 94 % 6 .4 1 .5% -
Other 314 .6 75 % 1 .9 0 .6% 200 % 1,012 .9 72 % 11 .3 1 .1% 72 %
Total 2,306 .8 91 % 49 .8 2 .2% 886 % 6,975 .5 90 % 168 .1 2 .4% 278 %
Corporate and -505 .3 - -15 .2 - - -1,535 .8 - -46 .1 - -
eliminations
Consolidated 1,801 .5 92 % 34 .6 1 .9% - 5,439 .7 91 % 122 .0 2 .2% 308 %
total
2. Domain Companies' Information
(Business domain company basis)
< Sales and Domain Company Profit >
yen (billions)
Fiscal 2013 Third Quarter Fiscal 2013 Nine Months ended December 31,
2012
Domain Domain
% of % of
Sales 13/12 Company sales 13/12 Sales 13/12 Company sales 13/12
Profit Profit
Healthcare 33 .4 104 % 2 .0 6 .0% 93 % 98 .7 100 % 5 .9 5 .9% 115 %
Company
Manufacturing
Solutions 27 .2 84 % 1 .2 4 .3% 38 % 109 .3 87 % 12 .5 11 .5% 71 %
Company
Note: Healthcare Company and Manufacturing Solutions Company are included in Other segment.
3. Sales by Region
yen (billions)
Fiscal 2013 Nine Months ended
Fiscal 2013 Third Quarter
December 31, 2012
Local Local
13/12 currency 13/12 currency
basis 13/12 basis
13/12
Domestic 917 .2 88 % - 2,795 .4 91 % -
Overseas 884 .3 97 % 93 % 2,644 .3 92 % 93 %
North and 270 .7 104 % 100 % 757 .3 102 % 102 %
South America
Europe 179 .2 89 % 88 % 499 .6 85 % 91 %
Asia 215 .7 101 % 96 % 654 .1 90 % 91 %
China 218 .7 90 % 86 % 733 .3 89 % 87 %
Total 1,801 .5 92 % 90 % 5,439 .7 91 % 92 %
4. Sales by Products
yen (billions)
Fiscal 2013 Nine Months
Fiscal 2013 Third Quarter ended
December 31, 2012
13/12* 13/12*
LCD TVs 116 .2 103 % 304 .4 92 %
Plasma TVs 45 .8 53 % 123 .0 50 %
Digital cameras 26 .1 69 % 87 .0 70 %
BD recorders / players 16 .5 48 % 40 .0 42 %
Air conditioners 47 .5 100 % 213 .7 94 %
Washing machines and 38 .1 92 % 113 .4 105 %
clothes dryers
Refrigerators 35 .6 105 % 118 .4 113 %
Electronic components 158 .9 101 % 488 .8 100 %
and materials
Semiconductors 31 .5 86 % 107 .0 90 %
The company restructured its Group organization on January 1, 2012.
Accordingly, the company reclassified
*
the figures of fiscal 2012 included in the prior segments of PEW and
PanaHome, and SANYO.
5. Capital Investment by Segments
yen (billions)
Fiscal 2013 Nine Months
Fiscal 2013 Third Quarter ended
December 31, 2012
13-12* 13-12*
AVC Networks 18 .4 +8 .4 40 .5 +0 .4
Appliances 12 .1 +1 .1 35 .4 +2 .3
Systems & Communications 1 .8 -0 .4 6 .1 -2 .5
Eco Solutions 5 .1 -1 .7 20 .3 -3 .0
Automotive Systems 1 .6 -0 .6 6 .1 +0 .8
Industrial Devices 12 .5 -7 .6 53 .6 -1 .9
Energy 15 .0 +0 .6 51 .3 +15 .9
Other 5 .1 -2 .1 15 .2 -6 .9
Total 71 .6 -2 .3 228 .5 +5 .1
Note: These figures are calculated on an accrual basis.
Effective from the beginning of fiscal 2013, investments in molding dies
are included in "Capital investment."
*
Accordingly, the amounts of "Capital Investment" for fiscal 2012 are
changed.
6. Foreign Currency Exchange Rates/Transaction
< Export Rates >
Fiscal Nine Months Fiscal Fiscal Nine Months
2012 ended 2012 2013 ended
3rd December 31, Full Year 3rd December
quarter 2011 quarter 31, 2012
U.S. ¥78 ¥80 ¥80 ¥79 ¥79
Dollars
Euro ¥110 ¥113 ¥111 ¥99 ¥101
< Rates Used for Consolidation >
Fiscal Nine Months Fiscal Fiscal Nine Months
2012 ended 2012 2013 ended
3rd December 31, Full Year 3rd December
quarter 2011 quarter 31, 2012
U.S. ¥77 ¥79 ¥79 ¥81 ¥80
Dollars
Euro ¥104 ¥111 ¥109 ¥105 ¥102
< Foreign Currency Transaction >
Fiscal Nine Months Fiscal Fiscal Nine Months
2012 ended 2012 2013 ended
3rd December 31, Full Year 3rd December
quarter 2011 quarter 31, 2012
U.S. US$0.8 US$2.6 US$3.0 US$0.6 US$1.8
Dollars billion billion billion billion billion
Euro €0.4 €1.2 billion €1.7 €0.4 €1.3
billion billion billion billion
7. Number of Employees
(persons)
End of End of March End of End of
Dec. 2011 2012 Sep. 2012 Dec. 2012
Domestic 138,694 133,605 131,143 128,217
Overseas 209,334 197,162 190,753 180,665
Total 348,028 330,767 321,896 308,882
< Attachment 1 > Reference
Segment information for fiscal 2013
Sales
yen(billions)
1st quarter 2nd quarter 3rd quarter
（Apr.-June） （July -Sep.） （Oct.-Dec.）
AVC Networks 359 .7 330 .3 388 .9
Appliances 431 .4 382 .6 383 .1
Systems & Communications 164 .5 192 .8 152 .5
Eco Solutions 355 .2 385 .1 399 .8
Automotive Systems 190 .7 192 .0 189 .0
Industrial Devices 338 .2 355 .4 336 .6
Energy 142 .6 149 .9 142 .3
Other 343 .5 354 .8 314 .6
Total 2,325 .8 2,342 .9 2,306 .8
Eliminations -511 .3 -519 .2 -505 .3
Consolidated total 1,814 .5 1,823 .7 1,801 .5
Segment profit
yen(billions)
1st quarter 2nd quarter 3rd quarter
（Apr.-June） （July -Sep.） （Oct.-Dec.）
AVC Networks 7 .4 12 .5 1 .7
Appliances 37 .4 13 .6 19 .3
Systems & Communications -8 .3 -1 .7 -4 .0
Eco Solutions 3 .9 14 .7 24 .1
Automotive Systems 4 .2 4 .5 3 .2
Industrial Devices 7 .3 10 .6 0 .0
Energy 0 .1 2 .7 3 .6
Other 4 .1 5 .3 1 .9
Total 56 .1 62 .2 49 .8
Corporate and eliminations -17 .5 -13 .4 -15 .2
Consolidated total 38 .6 48 .8 34 .6
< Attachment 2 > Reference
Segment information for fiscal 2012
Sales
yen(billions)
1st quarter 2nd 3rd quarter 4th quarter Fiscal 2012
quarter
（Apr.-June （Oct.-Dec. （Jan.-Mar. （Apr.-Mar.
） （July ） ） ）
-Sep.）
AVC Networks 449 .9 463 .7 488 .5 311 .4 1,713 .5
Appliances 417 .7 383 .4 386 .3 346 .8 1,534 .2
Systems & 181 .6 223 .6 194 .7 240 .9 840 .8
Communications
Eco Solutions 356 .5 386 .1 394 .0 389 .2 1,525 .8
Automotive 111 .7 165 .9 169 .2 206 .4 653 .2
Systems
Industrial 364 .0 387 .7 333 .8 319 .1 1,404 .6
Devices
Energy 145 .1 162 .6 154 .1 153 .1 614 .9
Other 484 .5 500 .8 418 .2 477 .4 1,880 .9
Total 2,511 .0 2,673 .8 2,538 .8 2,444 .3 10,167 .9
Eliminations -581 .5 -598 .1 -578 .6 -563 .5 -2,321 .7
Consolidated 1,929 .5 2,075 .7 1,960 .2 1,880 .8 7,846 .2
total
Segment profit
yen(billions)
1st quarter 2nd 3rd quarter 4th quarter Fiscal 2012
quarter
（Apr.-June （Oct.-Dec. （Jan.-Mar. （Apr.-Mar.
） （July ） ） ）
-Sep.）
AVC Networks -3 .8 -11 .9 -24 .8 -27 .3 -67 .8
Appliances 34 .9 17 .9 23 .6 5 .1 81 .5
Systems & -9 .9 3 .3 4 .3 19 .6 17 .3
Communications
Eco Solutions 6 .1 13 .3 19 .1 20 .4 58 .9
Automotive -3 .7 4 .4 2 .5 1 .7 4 .9
Systems
Industrial -2 .7 2 .1 -13 .1 -2 .9 -16 .6
Devices
Energy -7 .5 -2 .3 -6 .9 -4 .2 -20 .9
Other 3 .9 10 .8 1 .0 7 .9 23 .6
Total 17 .3 37 .6 5 .7 20 .3 80 .9
Corporate and -11 .7 4 .4 -13 .8 -16 .1 -37 .2
eliminations
Consolidated 5 .6 42 .0 -8 .1 4 .2 43 .7
total
< Attachment 3 > Reference
Domain companies' information for fiscal 2013
Sales yen(billions)
1st quarter 2nd quarter 3rd quarter
（Apr.-June） （July -Sep.） （Oct.-Dec.）
Healthcare Company 32 .3 33 .0 33 .4
Manufacturing Solutions 44 .6 37 .5 27 .2
Company
Domain company profit yen(billions)
1st quarter 2nd quarter 3rd quarter
（Apr.-June） （July -Sep.） （Oct.-Dec.）
Healthcare Company 1 .8 2 .1 2 .0
Manufacturing Solutions 6 .3 5 .0 1 .2
Company
Domain companies' information for fiscal 2012
Sales yen(billions)
1st quarter 2nd 3rd quarter 4th quarter
quarter Fiscal 2012
（Apr.-June （Oct.-Dec. （Jan.-Mar.
） （July ） ） （Apr.-Mar.）
-Sep.）
Healthcare 31 .5 35 .0 32 .2 34 .9 133 .6
Company
Manufacturing
Solutions 47 .2 46 .6 32 .5 33 .5 159 .8
Company
Domain company profit yen(billions)
1st quarter 2nd 3rd quarter 4th quarter
quarter Fiscal 2012
（Apr.-June （Oct.-Dec. （Jan.-Mar.
） （July ） ） （Apr.-Mar.）
-Sep.）
Healthcare 0 .9 2 .1 2 .1 3 .7 8 .8
Company
Manufacturing
Solutions 6 .7 7 .8 3 .1 7 .5 25 .1
Company
Note: Healthcare Company and Manufacturing Solutions Company are included in
Other segment.
Contact:
Panasonic Corporation
Media Contacts:
Megumi Kitagawa, +81-3-3574-5664 (Japan)
Global Public Relations Office
or
Panasonic News Bureau (Japan)
Tel: +81-3-3542-6205
or
Jim Reilly, +1-201-392-6067 (U.S.)
or
Anne Guennewig, +49-611-235-457 (Europe)
or
Investor Relations Contacts:
Shozo Mizuno, +81-6-6908-1121 (Japan)
Corporate Finance & IR Group
or
Yuko Iwatsu, +1-212-698-1360 (U.S.)
Panasonic Finance (America), Inc.
or
Hiroko Carvell, +44-20-3008-6887 (Europe)
Panasonic Finance (Europe) plc
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