[World Cyber ​​Reporter Chen Jian] February 14 is Valentine's Day, but it is a sad day for the famous Japanese company Toshiba. The financial report for the first three fiscal quarters of fiscal 2016, which was scheduled to be released on the afternoon of February 14 local time, was forced to be postponed for one month. Toshiba’s chairman Shiga Heavy Industries, who co-ordinated nuclear power, subsequently apologized and resigned at the press conference, followed by Toshiba’s share price. It fell sharply and it fell by more than 9%.
Toshiba is currently in huge losses
Toshiba stated in an open e-mail that the reason why this time there was no public financial report was because the company was "not ready to publish" its financial information. Its lawyers and independent auditors are continuing to review the financial situation and postpone the release of financial statements. It is related to the investigation of its US nuclear business. However, according to a person familiar with the situation in Japan, Toshiba’s related financial data still needs to be approved by the company’s auditing unit, and postponing the announcement of the financial report is due to a problem with the communication with the auditing agency.
Compared with the Toshiba high in December 2016, Toshiba’s stock price is now low. After a stoppage on February 14th, Toshiba released predictive financial reports. Toshiba estimated a loss of 499.9 billion yen (4.4 billion U.S. dollars) for the first three fiscal quarters of fiscal 2016, and the annual net loss for 2016 fiscal year ending on March 31 will reach 390 billion yen (34.4 billion U.S. dollars). Among them, as the pillar business of Toshiba, the US nuclear energy business invested may lose as much as 712.5 billion yen (about 6.27 billion US dollars) this year. However, there are predictive analysis, Toshiba will publish figures worse than expected.
According to reports by the Japanese mainstream media “Japan Industry Newsâ€, Toshiba is facing a huge crisis and the company’s prospects are worrying. Since the company’s merger in 1939, it will issue financial warnings to its shareholders for the first time.
Toshiba's transformation frustrates acquisition mistakes
As a former consumer electronics giant, today’s Toshiba has adjusted its existing product layout to include “energy†(including energy generation and reuse, transmission and distribution, etc.) and “storage†(including storage products and data centers). Etc.), "Medical" (including imaging diagnostic equipment, disease prevention, care, and emerging portable electronic medical equipment, etc.) as its three pillar industries.
Later in the home appliance business, it was realized that due to the increasing competitiveness of the home appliance business in Korea and China, Toshiba has long been planning to abandon the appliance business. In 2016, Toshiba sold its 80.1% stake in its white power business to China Midea, and sold the color TV business and washing machine business to Skyworth.
In the medical field, Canon acquired Toshiba Medical for $6.5 billion in mid-March 2016. Toshiba has completely abandoned the medical field.
In the energy sector, especially nuclear energy business, as early as 2006, Toshiba purchased US nuclear power technology company Westinghouse for US$5.4 billion. Many analysts believe that it is this transaction that has caused Toshiba to fall into a series of passive situations.
Toshiba’s final purchase price of 5.4 billion U.S. dollars exceeded market expectations, and in 2011, the accident at the Fukushima nuclear power plant in Japan caused Toshiba to fall into unexpected natural disasters. Toshiba apparently made further strategic mistakes. At the end of 2015, Westinghouse Electric purchased the American company Shi Wei, which is engaged in the nuclear power business. This decision was driven by the fact that the cost incurred by the rise in costs was substantially higher than expected at the time of the acquisition.
According to sources, Toshiba has already decided to significantly reduce its nuclear power business and will stop building new atomic power stations. Reuters quoted sources as saying that Toshiba will withdraw from UK and India related nuclear power plant construction projects. According to Agence France-Presse, Toshiba has been discussing with South Korea Electric Power Co., Ltd. on the sale of a partial stake in NuGeneration, its UK nuclear business joint venture.
Toshiba Business Still Selling Flash Memory or Selling
Poor strategic operations in the past two years and two consecutive financial scandals have put Toshiba in a difficult position. In 2015, the Eastern Explosion revealed a large-scale financial fraud scandal. From the end of 2008 to the end of 2014, Toshiba falsely reported a pre-tax profit of nearly 224.8 billion yen (about 12 billion yuan), and forged fraud for at least seven consecutive years. The department and 3 presidents participated in the program. Following Olympus’ concealment of a loss of US$1.7 billion in 2011, the Japanese company’s largest corporate financial fraud scandal. In 2016, another two financial fraud scandals broke out.
Currently, Toshiba has sold a number of assets and Toshiba’s current image sensor business is sold to Sony. Now, Toshiba’s well-oiled assets include elevators and semiconductors. It’s true that semiconductors have recently been selling rumors.
Toshiba is currently the world’s second-largest flash memory manufacturer after Samsung Electronics. NAND chip manufacturing has always been Toshiba’s core and most profitable business. Toshiba was forced to decide to sell some of its own semiconductor manufacturing operations. The official sales ratio is about 20%. However, according to foreign media reports, since the latest accounting needs to reduce the amount of funds amounted to US$6.3 billion, Toshiba will sell 60% of its semiconductor business shares in exchange for sufficient funds to keep the company running.
Currently five companies including Foxconn Group, Bain Capital, Hynix Semiconductor, Micron Technology, and Western Digital Corporation are all interested in competing to acquire this business. Seagate and China’s Tsinghua Unisplendour have also rumors to join the competition.
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