The Prague Post - Toshiba: Japan's troubled megacorp

EUR -
AED 4.292163
AFN 75.332487
ALL 95.397394
AMD 438.877827
ANG 2.091806
AOA 1071.725436
ARS 1618.712771
AUD 1.661273
AWG 2.103714
AZN 1.995441
BAM 1.948598
BBD 2.350412
BDT 143.370078
BGN 1.955799
BHD 0.440173
BIF 3468.778754
BMD 1.16873
BND 1.487004
BOB 8.064193
BRL 5.848092
BSD 1.166987
BTN 108.258855
BWP 15.667092
BYN 3.34942
BYR 22907.111094
BZD 2.347025
CAD 1.620316
CDF 2688.079559
CHF 0.925628
CLF 0.026576
CLP 1045.943265
CNY 7.980066
CNH 7.985296
COP 4260.933035
CRC 540.103677
CUC 1.16873
CUP 30.971349
CVE 109.858941
CZK 24.369307
DJF 207.811889
DKK 7.472521
DOP 70.270268
DZD 154.560715
EGP 62.298007
ERN 17.530952
ETB 183.116468
FJD 2.584645
FKP 0.868289
GBP 0.872165
GEL 3.143194
GGP 0.868289
GHS 12.842532
GIP 0.868289
GMD 85.897274
GNF 10239.154198
GTQ 8.927004
GYD 244.147586
HKD 9.154681
HNL 30.993443
HRK 7.534331
HTG 153.01443
HUF 367.673741
IDR 20006.03066
ILS 3.546173
IMP 0.868289
INR 108.952473
IQD 1528.74946
IRR 1538194.97898
ISK 143.205055
JEP 0.868289
JMD 184.508024
JOD 0.828599
JPY 186.682412
KES 151.011415
KGS 102.205534
KHR 4671.732416
KMF 490.866993
KPW 1051.855013
KRW 1739.9061
KWD 0.360775
KYD 0.972505
KZT 551.471659
LAK 25734.879142
LBP 104507.520935
LKR 368.288737
LRD 214.726332
LSL 19.146531
LTL 3.450956
LVL 0.706953
LYD 7.41858
MAD 10.846808
MDL 20.106682
MGA 4843.099013
MKD 61.417988
MMK 2455.225454
MNT 4177.048774
MOP 9.414203
MRU 46.644593
MUR 54.369304
MVR 18.068624
MWK 2023.520694
MXN 20.338478
MYR 4.644527
MZN 74.751672
NAD 19.146531
NGN 1587.170439
NIO 42.941281
NOK 11.134612
NPR 173.21377
NZD 2.007458
OMR 0.449528
PAB 1.166987
PEN 3.938542
PGK 5.051329
PHP 70.572014
PKR 325.498298
PLN 4.255764
PYG 7547.10451
QAR 4.254475
RON 5.08935
RSD 116.937776
RUB 90.369239
RWF 1704.200959
SAR 4.380708
SBD 9.417801
SCR 17.747402
SDG 702.407138
SEK 10.91144
SGD 1.491668
SHP 0.872575
SLE 28.779976
SLL 24507.690348
SOS 666.934886
SRD 43.767762
STD 24190.354611
STN 24.409777
SVC 10.211257
SYP 129.180366
SZL 19.151214
THB 37.697387
TJS 11.092102
TMT 4.096399
TND 3.409996
TOP 2.814022
TRY 52.247378
TTD 7.919727
TWD 37.154519
TZS 3036.424041
UAH 50.702096
UGX 4318.039729
USD 1.16873
UYU 47.085962
UZS 14190.549114
VES 556.125986
VND 30784.352358
VUV 137.818414
WST 3.19588
XAF 653.541391
XAG 0.015743
XAU 0.000248
XCD 3.158552
XCG 2.103226
XDR 0.812796
XOF 653.541391
XPF 119.331742
YER 277.164793
ZAR 19.343072
ZMK 10519.971638
ZMW 22.201938
ZWL 376.330634
  • RBGPF

    -13.5000

    69

    -19.57%

  • NGG

    -0.0300

    90.29

    -0.03%

  • BCC

    -0.4100

    80.17

    -0.51%

  • GSK

    -0.1500

    58.21

    -0.26%

  • BCE

    -0.5400

    23.35

    -2.31%

  • CMSD

    0.0400

    22.63

    +0.18%

  • RELX

    -0.0400

    33.3

    -0.12%

  • RIO

    1.1300

    98.26

    +1.15%

  • RYCEF

    -0.2700

    16.96

    -1.59%

  • BTI

    -0.0400

    58.81

    -0.07%

  • CMSC

    0.0400

    22.43

    +0.18%

  • JRI

    0.0400

    13.02

    +0.31%

  • VOD

    -0.1600

    15.69

    -1.02%

  • AZN

    -0.9600

    204.03

    -0.47%

  • BP

    0.5400

    46.44

    +1.16%

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