The Prague Post - Toshiba: Japan's troubled megacorp

EUR -
AED 4.179243
AFN 80.810524
ALL 98.715295
AMD 442.438618
ANG 2.050691
AOA 1042.247794
ARS 1325.560361
AUD 1.774621
AWG 2.05093
AZN 1.931747
BAM 1.955095
BBD 2.278879
BDT 138.200198
BGN 1.959585
BHD 0.428911
BIF 3382.880944
BMD 1.137825
BND 1.490463
BOB 7.859133
BRL 6.394351
BSD 1.1374
BTN 96.880662
BWP 15.528541
BYN 3.722259
BYR 22301.369472
BZD 2.284777
CAD 1.573481
CDF 3274.660094
CHF 0.93746
CLF 0.02804
CLP 1076.029359
CNY 8.271419
CNH 8.266725
COP 4775.451412
CRC 575.007951
CUC 1.137825
CUP 30.152362
CVE 110.224795
CZK 24.927492
DJF 202.54701
DKK 7.465155
DOP 67.027613
DZD 150.521735
EGP 57.835986
ERN 17.067375
ETB 152.252872
FJD 2.567385
FKP 0.849564
GBP 0.849694
GEL 3.123397
GGP 0.849564
GHS 16.265067
GIP 0.849564
GMD 81.354276
GNF 9851.363379
GTQ 8.759805
GYD 238.672943
HKD 8.826063
HNL 29.516623
HRK 7.53285
HTG 148.826369
HUF 404.303011
IDR 18934.545377
ILS 4.131039
IMP 0.849564
INR 96.820883
IQD 1490.06304
IRR 47902.43118
ISK 146.097466
JEP 0.849564
JMD 180.176655
JOD 0.806942
JPY 162.302201
KES 147.178113
KGS 99.502471
KHR 4553.319147
KMF 491.824654
KPW 1024.158266
KRW 1617.844914
KWD 0.348538
KYD 0.947858
KZT 581.820335
LAK 24602.134368
LBP 101912.374829
LKR 340.717219
LRD 227.487023
LSL 21.105694
LTL 3.359701
LVL 0.688258
LYD 6.222758
MAD 10.550752
MDL 19.574946
MGA 5133.195314
MKD 61.512294
MMK 2389.187997
MNT 4064.744358
MOP 9.088525
MRU 45.030169
MUR 51.463591
MVR 17.51147
MWK 1972.306593
MXN 22.249308
MYR 4.905159
MZN 72.832552
NAD 21.105694
NGN 1822.249091
NIO 41.854917
NOK 11.792446
NPR 155.014226
NZD 1.915579
OMR 0.438057
PAB 1.137385
PEN 4.170097
PGK 4.712281
PHP 63.534439
PKR 319.531162
PLN 4.268266
PYG 9108.71758
QAR 4.146488
RON 4.977076
RSD 117.157781
RUB 93.302508
RWF 1625.92837
SAR 4.268019
SBD 9.513693
SCR 16.671368
SDG 683.323174
SEK 10.973241
SGD 1.48563
SHP 0.894152
SLE 25.885581
SLL 23859.602297
SOS 650.071453
SRD 41.928441
STD 23550.679683
SVC 9.952414
SYP 14793.956034
SZL 21.098582
THB 37.913408
TJS 12.010808
TMT 3.993766
TND 3.402359
TOP 2.664902
TRY 43.805795
TTD 7.717219
TWD 36.40468
TZS 3055.060085
UAH 47.253887
UGX 4168.479528
USD 1.137825
UYU 47.891689
UZS 14727.692725
VES 98.476601
VND 29589.138425
VUV 138.026121
WST 3.151879
XAF 655.726465
XAG 0.034617
XAU 0.000344
XCD 3.075029
XDR 0.815513
XOF 655.720704
XPF 119.331742
YER 278.824402
ZAR 21.10679
ZMK 10241.797846
ZMW 31.819534
ZWL 366.379177
  • RYCEF

    -0.1300

    10.12

    -1.28%

  • RBGPF

    -0.4500

    63

    -0.71%

  • BCC

    -0.8300

    94.5

    -0.88%

  • RIO

    0.0100

    60.88

    +0.02%

  • JRI

    0.1300

    12.93

    +1.01%

  • CMSD

    -0.1300

    22.35

    -0.58%

  • CMSC

    -0.0800

    22.24

    -0.36%

  • RELX

    0.4300

    53.79

    +0.8%

  • NGG

    0.1900

    73.04

    +0.26%

  • SCS

    0.1500

    10.01

    +1.5%

  • VOD

    0.0100

    9.58

    +0.1%

  • GSK

    0.9100

    38.97

    +2.34%

  • BTI

    0.4700

    42.86

    +1.1%

  • BP

    -1.0600

    28.07

    -3.78%

  • BCE

    0.1100

    21.92

    +0.5%

  • AZN

    1.7800

    71.71

    +2.48%

Toshiba: Japan's troubled megacorp
Toshiba: Japan's troubled megacorp

Toshiba: Japan's troubled megacorp

Once a symbol of Japan's advanced technology and economic power, Toshiba has been rocked by turbulence in recent years.

Text size:

The industrial giant dates back to 1875 when its forerunner, a telegraph factory, operated in central Tokyo.

During Japan's 1980s tech boom it grew into a vast conglomerate, with businesses ranging from escalators and chip-manufacturing equipment to laptops and nuclear plants.

Here AFP charts Toshiba's recent highs and lows:

- 2015: Profit-padding scandal -

Toshiba withdraws its earnings forecast in May, citing accounting problems on several infrastructure projects.

An external panel finds that high-level Toshiba staff "systematically" inflated profits by $1.2 billion between 2008 and 2014, pressuring underlings to cover up weak results.

The company president and other top executives resign over the ballooning scandal, as shares tank and thousands of jobs are cut.

- 2016: Asset sell-offs -

The scandal hits Toshiba at a weak point after the 2008 financial crisis and 2011 Fukushima nuclear disaster, which dealt a blow to its key atomic power division.

In a scramble to recover, the company sheds businesses, but still suffers a record net loss of around $4.4 billion for the 2015-16 financial year.

- 2017: Westinghouse goes bust -

Toshiba's US nuclear subsidiary Westinghouse Electric, whose tech is used in around half the world's atomic reactors, goes bankrupt, largely owing to delays and cost overruns.

Strapped for cash, Toshiba is forced to try to sell part of the family silver -- its memory chip business, which accounts for around a quarter of annual revenue.

The conglomerate posts a net loss of $8.8 billion in 2016/17 as it faces the humiliating threat of being delisted from the Tokyo Stock Exchange (TSE).

It raises $5.3 billion in new capital with foreign activist investors rushing in, but is demoted to the TSE's second section.

- 2018: Mega-sale of Toshiba Memory -

After months of complications, the $21-billion sale of prized chip unit Toshiba Memory to a group led by US investor Bain Capital is completed.

Toshiba retains a 40 percent stake in the chip business, which is renamed Kioxia.

The deal is seen as crucial to keeping Toshiba afloat, even as the firm says it has bounced back into the black by ceding assets and debts related to Westinghouse.

- 2019-2020: Shareholder pressure -

Toshiba works on its financial woes and strengthens its governance, with a board composed of mostly external directors.

But the group faces pressure from activist shareholders who want to see faster growth and a clearer long-term strategy.

The crisis comes to a head after the 2020 annual general meeting, as some shareholders call for an independent inquiry into vote irregularities.

- 2021: Buyout offer -

Having won a return to the TSE's first section, Toshiba says it has received a takeover offer from private equity fund CVC Capital Partners.

In a shock move, CEO Nobuaki Kurumatani, who previously worked for CVC, resigns. He insists his decision is not related to the buyout offer, which is later dropped.

In June, the independent probe into the 2020 AGM finds that the company sought government help to prevent activist investors from exercising their proposal and voting rights.

Toshiba apologises and removes two directors, but days later, shareholders vote to oust the board's chairman.

- 2022: Spin-off plan -

Toshiba announces plans in February to spin off its device segment, revising a proposal to split into three companies that was announced in November 2021 but faced stiff opposition from some investors.

A shareholder vote on the two-way split is set for late March, but on March 1 the conglomerate's new CEO Satoshi Tsunakawa steps down after less than a year in the job.

Tsunakawa had spoken out against taking Toshiba private in an interview with Bloomberg News the previous day, saying that splitting into two companies remained the best plan.

O.Ruzicka--TPP