2023-05-13 17:33:05
The Japanese conglomerate Toshiba, on which a takeover bid by a Japanese consortium is in preparation, delivered not very rosy forecasts for its new financial year 2023/24 following a fall in its profits over its past financial year.
Its net profit in 2022/23, which ended on March 31, fell by 35% to 126.6 billion yen (841 million francs at the current price) and its operating profit fell by 30.4% to 110.5 billion. yen, according to a statement.
Its profits were particularly reduced by exceptional factors (provisions and depreciation of assets) in its computer storage (hard disks) and printing systems activities.
Its former memory chip subsidiary, now renamed Kioxia, in which Toshiba retains some 40% of the capital, has also contributed negatively to its results over the last two quarters.
Thanks to the diversity of its business segments, its total turnover was however almost stable (+0.7%) at 3,361.7 billion yen.
The group expects operating profit to stagnate in 2023/24, citing rising fixed costs and restructuring costs to secure future growth.
He anticipates an annual net profit of 70 billion yen, but this objective does not include the future contribution – positive or negative – of Kioxia, whose business he is not involved in.
Toshiba also expects a 4.8% decline in annual sales to 3.2 trillion yen.
In March, the group supported a takeover bid from a consortium of Japanese companies led by the Japan Industrial Partners (JIP) fund, offering to acquire the conglomerate for 2 trillion yen.
This amount was then deemed unattractive by analysts. However, given its lackluster performance and earnings outlook, Toshiba and its shareholders probably don’t have much leeway to hope for better.
This takeover bid (OPA) should be launched at the end of July at the earliest, Toshiba repeated on Friday.
A former Japanese industrial and technological flagship with a century-old history, Toshiba has lost a lot of its luster since a huge accounts makeup scandal appeared in 2015 and serious financial difficulties followingwards.
The group has slowly recovered, but is much smaller than before, having had to part with many assets to survive. And he is also now very influenced by activist shareholders, who have been pushing for a takeover scenario for a long time.
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