Toshiba has filed its delayed financial results, warning that the company’s survival is at risk. “There are material events and conditions that raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a statement. The electronics-to-construction giant reported a loss of 532bn yen (£3.8bn; $4.8bn) for April to December. However, the results have not been approved by the firm’s auditors. These latest financial results have already been delayed twice and raise the possibility that Toshiba could be delisted from the Tokyo Stock Exchange. Toshiba’s president, Satoshi Tsunakawa, apologised for the problems facing the firm and called the auditor’s decision not to approve the financial report as “truly regrettable”. He said he hoped the company would not be delisted. Toshiba, originally known for its consumer electronics products, has faced a series of difficulties. An accounting scandal, uncovered in 2015, led to the resignation of several members of the firm’s senior management, including the chief executive, after the company was found to have inflated the previous seven years’ profits by $1.2bn. Its problems came to a head again in January this year, when it became clear its US nuclear unit, Westinghouse, was in financial trouble. Westinghouse was put into Chapter 11 bankruptcy in March, which protects it from creditors while it undergoes restructuring. This week, Taiwanese electronics manufacturer Foxconn was reported to be willing to pay up to $27bn (£21.7bn) for Toshiba’s computer chip business, a move which could help shore up the losses if it went ahead. But that has not been enough to resolve Toshiba’s difficulties.
BBC 11th April 2017 read more »
The Times 12th April 2017 read more »
The company’s escalating crisis also heightened fears about the future of Toshiba’s planned Moorside nuclear plant in Cumbria. Earlier this month it was forced to take full control of the venture behind the project, Nugen, after its previous partner, the French utility Engie, exercised the right to sell its 40% stake under an option triggered by Westinghouse’s bankruptcy filing. Unite, Britain’s largest trade union, said it was fearful about what the latest developments at Toshiba would mean for the Moorside plant, and repeated its call on Greg Clark, the business and energy secretary, to intervene to safeguard the future of the project. Kevin Coyne, Unite’s national officer for energy, said: “The latest news about the very poor financial health of Toshiba raises further concerns about its involvement in the construction of the Moorside nuclear power station in Cumbria. “Unite renews its call to the business secretary, Greg Clark, to step in and pledge public investment to ensure that the project goes ahead on schedule, as Toshiba is in deep financial trouble and has a big question mark over its future.” Coyne said the “lights could go out” in the future without a coherent, joined up energy policy, adding Moorside would be crucial. “The importance of Moorside can’t be underestimated as it is expected to generate 20,000 highly skilled jobs during its construction and when it is up and running – and also supply 7% of the UK’s electricity needs from 2025,” he said. A spokesperson for the Department for Business, Energy and Industrial Strategy said the government was talking to potential investors. “The NuGen consortium has always planned to bring in other partners to deliver the project and we engage regularly with a range of developers and investors. The secretary of state visited South Korea last week for talks on future collaboration between our two countries, including on potential civil nuclear projects.”
Guardian 11th April 2017 read more »
Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings Tuesday and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March. Tokyo-based Toshiba’s unaudited results showed it racked up a 532.5 billion yen loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a 390 billion yen loss for the fiscal year. Its auditor, PricewaterhouseCoopers Aarata, said it could not reach a conclusion in its review of the figures because of uncertainties related to the acquisition of U.S. nuclear construction company CB&I Stone and Webster.
Asahi Shimbun 11th April 2017 read more »
Toshiba Corp has reported a loss of ¥532 billion ($4.8 billion) for the first nine months of its 2016 financial year (April to December), up from a ¥479.4 billion loss recorded in the same period of FY2015. The nine-month financial results – which the firm’s auditors, PricewaterhouseCoopers Aarata LLC, have refused to sign off – have already been delayed twice and raise the possibility that Toshiba could be delisted from the Tokyo Stock Exchange.
World Nuclear News 11th April 2017 read more »