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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
Announcement of Financial Results: Panasonic Reports Third-Quarter and Nine-Month Results

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 profit1 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 taxes 9,273 (191,188 ) --
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 31) 308,882 348,028
 

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 securities 11,381 (3,209 )
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 Corporation

¥

197,742

 

¥

(215,578

)

--
 
(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 taxes (269,398 ) (350,531 ) --
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 31) 308,882 348,028
 

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 securities (19,453 ) (37,945 )
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 Corporation

¥

(570,792

)

¥

(477,223

)

--
 
(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' equity   1,340,663     1,929,786  
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 instruments (8,522 ) (3,728 )
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 activities   82,165     (10,420 )
 

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 equipment 68,037 41,641
(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 shareholders (11,559 ) (21,912 )
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 equivalents (49,108 ) (288,961 )
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:

 
1.   The company's consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP).
 
2. 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 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.
 
3. In accordance with U.S. GAAP, expenses associated with the 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.
 
4. In June 2011, FASB issued Accounting Standards Update (ASU) 2011-05, "Presentation of Comprehensive Income." Accordingly, the company adopted ASU 2011-05 from fiscal 2013 and presents the consolidated statement of comprehensive income (loss) following the consolidated statement of operations.
 
5. In other income (deductions), the company incurred expenses associated 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.
 
7. The impairment losses of goodwill and intangible assets, and an increase in the valuation allowances to deferred tax assets are included in Other of cash flows from operating activities.
 
8. Diluted net income (loss) per share attributable to Panasonic Corporation common shareholders has been omitted because the company did not have potential common shares that were outstanding for the period.
 
9. Regarding consolidated segment profit (loss), expenses for basic 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.
 
11. Effective from the beginning of fiscal 2013, investments and depreciation expenses in molding dies are included in "Capital investment" and "Depreciation (tangible assets)," respectively. 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.
 
12. The company's segments are classified according to a business 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
  Sales   13/12 Segment

Profit

  % of sales   13/12 Sales   13/12 Segment

Profit

  % of sales   13/12
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 & Communications 152 .5   78 % -4 .0   -2 .7%   -   509 .8   85 % -14 .0   -2 .8%   -  
Eco Solutions 399 .8   101 % 24 .1   6 .0%   126 % 1,140 .1   100 % 42 .7   3 .7%   111 %
Automotive Systems 189 .0   112 % 3 .2   1 .7%   128 % 571 .7   128 % 11 .9   2 .1%   369 %
Industrial Devices 336 .6   101 % 0 .0   0 .0%   -   1,030 .2   95 % 17 .9   1 .7%   -  
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 eliminations -505 .3   -   -15 .2   -     -   -1,535 .8   -   -46 .1   -     -  
Consolidated total   1,801 .5   92 %   34 .6   1 .9%   -     5,439 .7   91 %   122 .0   2 .2%   308 %
 
 

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
  Sales   13/12 Domain

Company

Profit

  % of sales   13/12 Sales   13/12 Domain

Company

Profit

  % of sales   13/12
Healthcare Company 33 .4   104 % 2 .0   6 .0%   93 % 98 .7   100 % 5 .9   5 .9%   115 %
Manufacturing Solutions Company   27 .2   84 %   1 .2   4 .3%   38 %   109 .3   87 %   12 .5   11 .5%   71 %
Note: Healthcare Company and Manufacturing Solutions Company are included in Other segment.
 
           

3. Sales by Region

yen (billions)
 
Fiscal 2013 Third Quarter Fiscal 2013 Nine Months ended

December 31, 2012

           
      13/12  

Local currency
basis 13/12

    13/12  

Local currency
basis 13/12

Domestic 917 .2   88 %   -   2,795 .4   91 %   -  
Overseas 884 .3   97 %   93 % 2,644 .3   92 %   93 %
North and South America 270 .7   104 %   100 % 757 .3   102 %   102 %
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 Third Quarter Fiscal 2013 Nine Months 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 clothes dryers 38 .1   92 % 113 .4   105 %
Refrigerators 35 .6   105 % 118 .4   113 %
Electronic components and materials 158 .9   101 % 488 .8   100 %
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 Third Quarter Fiscal 2013 Nine Months 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 2012
3rd quarter

 

Nine Months ended
December 31, 2011

 

Fiscal 2012
Full Year

Fiscal 2013
3rd quarter

 

Nine Months ended
December 31, 2012

U.S. Dollars ¥78   ¥80   ¥80 ¥79   ¥79
Euro   ¥110   ¥113   ¥111   ¥99   ¥101
 

< Rates Used for Consolidation >

 

Fiscal 2012
3rd quarter

 

Nine Months ended
December 31, 2011

 

Fiscal 2012
Full Year

Fiscal 2013
3rd quarter

 

Nine Months ended
December 31, 2012

U.S. Dollars ¥77   ¥79   ¥79 ¥81   ¥80
Euro   ¥104   ¥111   ¥109   ¥105   ¥102
 

< Foreign Currency Transaction >

 

Fiscal 2012
3rd quarter

 

Nine Months ended
December 31, 2011

 

Fiscal 2012
Full Year

Fiscal 2013
3rd quarter

 

Nine Months ended
December 31, 2012

U.S. Dollars US$0.8 billion   US$2.6 billion   US$3.0 billion US$0.6 billion   US$1.8 billion
Euro   €0.4 billion   €1.2 billion   €1.7 billion   €0.4 billion   €1.3 billion
 
 

7. Number of Employees

(persons)
  End of Dec. 2011 End of March 2012 End of Sep. 2012 End of 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

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(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

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(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

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

4th quarter

(Jan.-Mar.)

Fiscal 2012

(Apr.-Mar.)

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 & Communications 181 .6 223 .6 194 .7 240 .9 840 .8
Eco Solutions 356 .5 386 .1 394 .0 389 .2 1,525 .8
Automotive Systems 111 .7 165 .9 169 .2 206 .4 653 .2
Industrial Devices 364 .0 387 .7 333 .8 319 .1 1,404 .6
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 total   1,929 .5   2,075 .7   1,960 .2   1,880 .8   7,846 .2
 
 

Segment profit

yen(billions)
  1st quarter

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

4th quarter

(Jan.-Mar.)

Fiscal 2012

(Apr.-Mar.)

AVC Networks -3 .8 -11 .9 -24 .8 -27 .3 -67 .8
Appliances 34 .9 17 .9 23 .6 5 .1 81 .5
Systems & Communications -9 .9 3 .3 4 .3 19 .6 17 .3
Eco Solutions 6 .1 13 .3 19 .1 20 .4 58 .9
Automotive Systems -3 .7 4 .4 2 .5 1 .7 4 .9
Industrial Devices -2 .7 2 .1 -13 .1 -2 .9 -16 .6
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 eliminations -11 .7 4 .4 -13 .8 -16 .1 -37 .2
Consolidated total   5 .6   42 .0   -8 .1   4 .2   43 .7
 
     

< Attachment 3 > Reference

Domain companies' information for fiscal 2013
 

Sales

          yen(billions)
  1st quarter

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

Healthcare Company 32 .3 33 .0 33 .4
Manufacturing Solutions Company   44 .6   37 .5   27 .2
 
 

Domain company profit

          yen(billions)
  1st quarter

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

Healthcare Company 1 .8 2 .1 2 .0
Manufacturing Solutions Company   6 .3   5 .0   1 .2
 
         

Domain companies' information for fiscal 2012

 

Sales

                  yen(billions)
  1st quarter

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

4th quarter

(Jan.-Mar.)

Fiscal 2012

(Apr.-Mar.)

Healthcare Company 31 .5 35 .0 32 .2 34 .9 133 .6
Manufacturing Solutions Company   47 .2   46 .6   32 .5   33 .5   159 .8
 
 

Domain company profit

              yen(billions)
  1st quarter

(Apr.-June)

2nd quarter

(July -Sep.)

3rd quarter

(Oct.-Dec.)

4th quarter

(Jan.-Mar.)

Fiscal 2012

(Apr.-Mar.)

Healthcare Company 0 .9 2 .1 2 .1 3 .7 8 .8
Manufacturing Solutions Company   6 .7   7 .8   3 .1   7 .5   25 .1
 
Note: Healthcare Company and Manufacturing Solutions Company are included in Other segment.
 

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