OREANDA-NEWS. Panasonic Corporation reported its consolidated financial results for the year ended March 31, 2013 (fiscal 2013).

Consolidated group sales for the fiscal 2013 decreased by 7% to 7,303.0 billion yen from 7,846.2 billion yen in the year ended March 31, 2012 (fiscal 2012). Of the consolidated group total, domestic sales amounted to 3,790.4 billion yen, down by 9% from 4,162.0 billion yen and over seas sales decreased by 5% to 3,512.6 billion yen from 3,684.2 billion yen.

During the fiscal 2013 under review, the business environment for Japanese companies improved as a result of factors including the depreciating yen against U.S. dollar and Euro after a period of extreme yen appreciation, and the recovering U.S. stock market, towards the end of the fiscal 2013. However, the electronics industry  continued to be in a severe business situation including sluggish demand in flat-panel TVs mainly in Japan. Under such business circumstances, the three-year midterm management plan “Green Transformation 2012 (GT12)”, which ended in the fiscal 2013, achieved results far below target.

Operating profit increased by 268% to 160.9 billion yen from 43.7 billion yen in the fiscal 2012. Pre-tax loss totaled 398.4 billion yen, compared with the loss of 812.8 billion yen a year ago, due mainly to the business restructuring expense of 508.8 billion yen including impairment losses of goodwill and intangible assets, and losses related to buildings etc in other deduction for solar, consumer-use lithium-ion batteries and mobile phone businesses. Taking into consideration significant sales decrease in Japan and a severe business environment, in accordance with U.S. GAAP, the company increased the valuation allowances for deferred tax assets in Panasonic Corporation and Panasonic Mobile Communications Co., Ltd., and incurred provision for income tax of 412.5 billion yen in the second quarter. Accordingly, net loss attributable to Panasonic Corporation amounted to a loss of 754.3 billion yen from the loss of 772.2 billion yen in the fiscal 2012.