Toshiba : FY2022 Q4

May 12, 2023

Toshiba Corporation

FOR IMMEDIATE RELEASE

Toshiba Announces Consolidated Results for Fiscal Year 2022, ended March 31, 2023

TOKYO--Toshiba Corporation (TOKYO: 6502) (hereinafter "Toshiba" or "the Company") today announced its consolidated results for fiscal year (FY) 2022, ended March 31, 2023. All comparisons in the following are based on the same period a year earlier, unless otherwise stated.

Note:

For convenience only, all dollar amounts used in reporting FY2022 are calculated at 134 yen to the dollar.

Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (Under U.S. GAAP)

			May 12, 2023
Company name	: Toshiba Corporation
Stock exchange listings	: Tokyo, Nagoya
Securities code	: 6502	URL: https://www.global.toshiba/ww/top.html
Representative	: Taro Shimada, Representative Executive Officer, President and CEO
Contact info	: Akira Nakanishi, Vice President, Corporate Communications Div.	TEL: [phone]

Scheduled date of annual general shareholders' meeting	: June 29, 2023	Scheduled date of dividend payment	: -
Scheduled date of securities report filing	: June 28, 2023
Supplemental materials of financial results	: Yes
Financial results briefing	: Yes

1. Consolidated financial results for the fiscal year ended March 31, 2023 (April 1, 2022 - March 31, 2023)

(1) Consolidated Operating Results										(% indicates changes from the previous corresponding period)
	Net sales					Operating income			Income before income taxes	Net income attributable to
							and noncontrolling interests	shareholders of the Company
Fiscal year ended	Millions of yen			%		Millions of yen		%		Millions of yen		%	Millions of yen	%
March 31, 2023	3,361,657		0.7		110,549		(30.4)		188,965		(21.0)			126,573	(35.0)
March 31, 2022	3,336,967		9.3		158,945		52.2		239,105		55.8			194,651	70.8
Note: Comprehensive income		For the fiscal year ended March 31, 2023:	¥166,677 million	((31.4)%)
				For the fiscal year ended March 31, 2022:	¥242,947 million	(0.3%)
	Earnings per share			Diluted earnings per share		Return on shareholders'		Ratio of income before		Ratio of operating
					equity			income taxes to total		income to net sales
													assets
Fiscal year ended			Yen					Yen				%				%			%
March 31, 2023			292.56			292.56				10.3				5.2			3.3
March 31, 2022			442.05			440.87				16.4				6.6			4.8
Reference: Equity in earnings (losses) of affiliates	For the fiscal year ended March 31, 2023:	¥(43,013)million
				For the fiscal year ended March 31, 2022:	¥57,523 million

Note: For the fiscal year ended March 31, 2023, the stock options issued by the companies accounted for under the equity method are excluded from the calculation of diluted earnings per share, because they have an antidilutive effect.

(2) Consolidated financial position

	Total assets	Total equity	Shareholders' equity	Shareholders' equity ratio	Shareholders' equity
	per share
As of	Millions of yen	Millions of yen	Millions of yen	%	Yen
March 31, 2023	3,539,268	1,337,067	1,247,381	35.2	2,883.27
March 31, 2022	3,734,519	1,366,664	1,206,634	32.3	2,788.95

(3) Consolidated cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
	operating activities	investing activities	financing activities	at end of period
Fiscal year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
March 31, 2023	34,040	(8,811)	(142,347)	326,690
March 31, 2022	249,244	(124,521)	(216,832)	421,219

2. Cash dividends

		Dividends per share			Total amount of	Payout ratio	Ratio of dividends
							dividends	(Consolidated)	to equity
	First quarter	Second quarter	Third quarter		Year-end	Total	(Consolidated)
	Yen	Yen	Yen		Yen	Yen	Millions of yen	%	%
FY2021	110.00	40.00	-		70.00	220.00	97,506	49.8	8.2
FY2022	160.00	60.00	-		0.00	220.00	95,180	75.2	7.8
FY2023 (Forecast)	-	-	-		-	-		-

Note: Breakdown of 1Q dividend for the fiscal year ended March 2022: the special dividend of 110.00 yen. Breakdown of 1Q dividend for the fiscal year ended March 2023: the special dividend of 160.00 yen.

Note: For the fiscal year ending March 31 2024 (forecast), dividends have not yet been determined because the tender offer for the Company's common shares by TBJH Inc. is planned to be implemented as described in the "Announcement of Opinion of Scheduled Commencement of the Tender Offer to be Conducted by TBJH Inc. for the Company Shares" which the Company announced on March 23 2023.

3. Forecast of Consolidated Results for the Fiscal Year ending March 31, 2024 (April 1, 2023 - March 31, 2024)

(% indicates changes from the previous year)

	Net sales		Operating income
	Millions of yen		%	Millions of yen		%
FY2023	3,200,000		(4.8)	110,000		(0.5)

Note: Since Toshiba is not involved in the management of Kioxia Holdings Corporation (hereinafter "Kioxia") and is not provided with any forecasted business results, Toshiba Group's forward-looking statements concerning income before income taxes, net income attributable to shareholders of the Company and earnings per share do not include the impact of Kioxia.

• Notes
• 1. Changes in significant subsidiaries during the period (changes in Specified Subsidiaries involving changes in the scope of consolidation): Yes
     Excluded: 1 company (Toshiba Carrier Corporation)
     In August 2022, the Company sold 55% of the outstanding shares of Toshiba Carrier Corporation (hereinafter "TCC") to Global Comfort Solutions LLC, a wholly owned subsidiary of US-based Carrier Corporation. As a result, TCC and its subsidiaries were deconsolidated from Toshiba Group.
  2. Changes in accounting policies
  3. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: None
     2. Changes in accounting policies due to other reasons: None
  4. Number of issued shares (common stock)
  5. 1. Total number of issued shares at the end of the period (including shares of treasury stock)

	As of March 31, 2023	433,137,955 shares
	As of March 31, 2022	433,137,955 shares

2) Number of shares of treasury stock at the end of the period

	As of March 31, 2023	511,457 shares
	As of March 31, 2022	489,871 shares

3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

	For the fiscal years ended March 31, 2023	432,636,162 shares
	For the fiscal years ended March 31, 2022	440,342,283 shares

[Reference] Overview of non-consolidated financial results

Non-consolidated financial results for the fiscal year ended March 31, 2023 (April 1, 2022 - March 31, 2023)

(1) Non-consolidated operating results						(% indicates changes from the previous corresponding period)
	Net sales		Operating income			Ordinary income		Net income
Fiscal year ended	Millions of yen		%	Millions of yen		%		Millions of yen		%	Millions of yen		%
March 31, 2023	94,430		9.2	(34,865)		-		118,273		74.9	230,771		163.3
March 31, 2022	86,442		16.2	(36,535)		-		67,607		(12.1)	87,638		(13.4)
	Net income per share	Diluted net income per share
Fiscal year ended			Yen			Yen
March 31, 2023			533.41			-
March 31, 2022			199.02			-

Note: Reason for difference from the previous year's actual results

In the current fiscal year, ordinary income and net income differ from the previous fiscal year's actual results and the current fiscal year's actual results due to the recording of gain on sales of shares of subsidiaries, affiliates and others and an increase in dividend income from subsidiaries and affiliates in the current fiscal year from the previous fiscal year.

(2) Non-consolidated financial position

	Total assets	Net assets	Equity ratio	Net assets per share
As of	Millions of yen	Millions of yen	%	Yen
March 31, 2023	1,683,566	701,834	41.7	1,622.26
March 31, 2022	1,640,128	592,673	36.1	1,369.88
Reference: Equity	As of March 31, 2023:	¥701,834 million
	As of March 31, 2022:	¥592,673 million

• This summary of financial statements is not subject to review by certified accountants or audit corporations.
• Proper use of earnings forecasts, and other special matters
  The forward-looking statements such as forecast of results contained in this summary are based on information currently available to the Company and on certain assumptions deemed reasonable. Actual results might differ significantly from these forecasts due to various factors.
  Please refer to "Disclaimer" on page 5 for assumptions used in forecasting business results and precautions regarding the use of business results forecast.

Contents
1. Overview of Consolidated Results
(1) Overview of Consolidated Results for FY2022	2
(2) Financial Position and Cash Flows for FY2022	4
(3) General Policy on Profit Distribution and Dividends for Current Periods	4
2. Basic Policy in the Selection of an Accounting Standard	5
3. Consolidated Financial Statements
(1) Outline	6
(2) Comparative Consolidated Balance Sheets	7
(3) Comparative Consolidated Statements of Operations and
Comparative Consolidated Statements of Comprehensive Income	8
(4) Consolidated Statement of Equity	10
(5) Comparative Consolidated Statements of Cash Flows	12
(6) Notes Relating to Assumptions for the Going Concern	13
(7) Basis of Consolidated Financial Statements	13
(8) Notes to Consolidated Financial Statements
Industry Segment Information and Net Sales by Region	15
Per Share Data	17
Subsequent event	17
4. Non-Consolidated Financial Statements
(1) Outline	18

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1. Overview of Consolidated Results

(1) Overview of Consolidated Results for FY2022

i. Overview of Consolidated Results for FY2022 (April 2022 - March 2023)

		(Yen in billions)
	FY2022	Change from FY2021
Net sales	3,361.7	24.7
Operating income	110.5	(48.4)
Income before income taxes	189.0	(50.1)
and noncontrolling interests
Net income attributable to	126.6	(68.1)
shareholders of the Company

During FY2022, the global economy picked up moderately, particularly in the U.S. and China. In Europe, however, the pick-up has been slowing down. In the domestic economy, private consumption, including the service industry, has picked up moderately as whole, and business fixed investment as a whole, although stagnation was observed in some area. And, exports from Japan continue to remain weak.

In FY2023, the global economy is expected to continue to recover steadily and picked up moderately. However, there are certain forecasted downside risks. There are downside risks due to monetary tightening in the U.S., downside risks due to trends in the real estate market in China, and downside risks due to monetary tightening and the energy situation in Europe.

While the domestic economy is expected to pick up under the condition of the new normal. However, the downturn in the overseas economy is a risk domestically. And there are also risks such as inflation, supply-side constraints and fluctuations in the financial and capital markets.

In these conditions, Toshiba Group's net sales increased by 24.7 billion yen to 3,361.7 billion yen (US$25,087.0 million). Energy Systems & Solutions recorded higher sales by due to the difference in progress of projects to enhance safety measures in nuclear power systems, progress of construction projects in thermal and hydro power business and growth in transmission and distribution systems. Infrastructure Systems & Solutions recorded higher sales in railways and industrial systems. Building Solutions recorded higher sales in elevators overseas business and lighting, offset by lower sales in the elevators domestic business. This business was also impacted by the sale of air conditioning business during the year. Retail & Printing Solutions recorded higher sales in both the retail and printing businesses. Electronic Devices & Storage Solutions recorded higher sales in semiconductors but was offset by declines in mobile and desktop markets. This was compounded by lower sales in

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