in millions

Company name
Lenovo
Apple
Acer
Dell
HP
Toshiba
Nvidia
AMD (ATI is a brand of AMD)
Kingston
A-Data
Ramaxel
Crucial
Apacer
Transcend
Elite Group Computer Systems
Gigabyte
Asus
Hon Hai Precision (foxconn)
Quantum Corporation
Intevac, Inc.
NetApp Inc.
EMC Corporation
Brocade Communications Systems, Inc.
Seagate Technology PLC
Western Digital Corp.
STEC, Inc.
SanDisk Corporation
Xyratex Ltd.
Hitachi Global Storage Technologies

Product
Desktops/Notebook/Net Book
Desktops/Notebook/Net Book
Desktops/Notebook/Net Book
Desktops/Notebook/Net Book
Desktops/Notebook/Net Book
Desktops/Notebook/Net Book
Graphics Card
Graphics Card
Memory Module
Memory Module
Memory Module
Memory Module
Memory Module
Memory Module
Motherboard
Motherboard
Motherboard
Motherboard
HDD
HDD
HDD
HDD
HDD
HDD
HDD
HDD
HDD
HDD
HDD

Currency

JPY

TWD

Share price
Dated
10/13/11

JPY

Market cap

350.00

25.1

16000

Book value

FY-31/3/2010

20530.8

EV/Sales

EV

LTM

EV/EBITDA

LTM

EV/EBIT

LTM

P/E

LTM

7.6x

PBR

Sales(in millions)

LTM

EBITDA Margin

LTM

55834.3

EBIT Margin

LTM

Net Income Margin

LTM

ROA

ROE

Shareholders'

D/E

Equity ratio dated- 31/03/2011

Ratio

No. of shares
Million

4200

Weighted
average
share price

Market
Elimination
Market
capitalisatio of retail capitalisatio
n
discount
n

Borrowings

Cash

Investments

Debt (net of
investments and
surplus cash/bank)

Preference Enterprise
capital
value

10.8

Currency in

As of:

Sep-29

Sep-27

Sep-26

Sep-25

2007

2008

2009

2010

Restated

Restated

Restated

USD

USD

USD

USD

Revenues

24,578.00

37,491.00

42,905.00

65,225.00

TOTAL REVENUES

24,578.00

37,491.00

42,905.00

65,225.00

Cost of Goods Sold

16,426.00

24,294.00

25,683.00

39,541.00

Millions of
U.S. Dollars

GROSS PROFIT

8,152.00

13,197.00

17,222.00

25,684.00

Selling General & Admin

Expenses, Total

2,963.00

3,761.00

4,149.00

5,517.00

R&D Expenses

782

1,109.00

1,333.00

1,782.00

OTHER OPERATING
EXPENSES, TOTAL

3,745.00

4,870.00

5,482.00

7,299.00

OPERATING INCOME

4,407.00

8,327.00

11,740.00

18,385.00

Interest and Investment

Income

647

653

407

311

NET INTEREST EXPENSE

647

653

407

311

--

--

-94

-174

-48

-33

13

18

5,006.00

8,947.00

12,066.00

18,540.00

5,006.00

8,947.00

12,066.00

18,540.00

Currency Exchange Gains

(Loss)
Other Non-Operating
Income (Expenses)
EBT, EXCLUDING
UNUSUAL ITEMS
EBT, INCLUDING
UNUSUAL ITEMS
Income Tax Expense

1,511.00

2,828.00

3,831.00

4,527.00

Earnings from Continuing

Operations

3,495.00

6,119.00

8,235.00

14,013.00

NET INCOME

3,495.00

6,119.00

8,235.00

14,013.00

NET INCOME TO
COMMON INCLUDING
EXTRA ITEMS

3,495.00

6,119.00

8,235.00

14,013.00

NET INCOME TO
COMMON EXCLUDING
EXTRA ITEMS

3,495.00

6,119.00

8,235.00

14,013.00

4-Year
Trend

PROFITABILITY - TOSHIBA CORP (6502)

Return on Assets

2.40% Return on Equity

Return on Capital

5.67%

13.62%

MARGIN ANALYSIS - TOSHIBA CORP (6502)

Gross Margin
EBITDA Margin

-1.53%
20.28%

23.56% Levered Free Cash Flow Margin

7.36% SG&A Margin

ASSET TURNOVER - TOSHIBA CORP (6502)

Total Assets Turnover

1.2x

Accounts Receivables Turnover

Fixed Assets Turnover

6.8x

Inventory Turnover

6.3x
4.9x

1.1x

Quick Ratio

0.5x

100.4x

Total Liabilities/Total Assets

78.7x

CREDIT RATIOS - TOSHIBA CORP (6502)

Current Ratio

LONG-TERM SOLVENCY - TOSHIBA CORP (6502)

Total Debt/Equity

GROWTH OVER PRIOR YEAR - TOSHIBA CORP (6502)

Total Revenue
EBITDA
Receivables

90.96%
-14.00%
4.14%
42.71%
-156.06%

-4.70% Tangible Book Value

-13.38% Gross Profit
1.15% Inventory

Diluted EPS Before Extra

231.68% Capital Expenditures

Cash From Ops.

-26.18% Levered Free Cash Flow

As of:

Mar-31
2009

Currency in

Mar-31 Reclassified

Millions of Japanese Yens

2008 JPY
Restated
JPY

6,654,518
117,552

Revenues
Other Revenues

7,665,332

6,772,070

113,706

5,234,874

TOTAL REVENUES

7,779,038

1,537,196

Cost of Goods Sold

5,756,603 23.1%

GROSS PROFIT

2,022,435

1,666,627

26.4%

1,666,627

Selling General & Admin Expenses, Total

1,662,336

OTHER OPERATING EXPENSES, TOTAL

1,662,336

6,901,501

7,418,939

(129,431)

3%

(33,693)

OPERATING INCOME

360,099

19,432

Interest Expense

(39,825)

(14,261)

26,863

9,596

(12,962)

6,686

28,023

(96,907)

(38,128)

(224,317)

(113,327)

(5,902)

223,705

(30,013)

34,037

(19,020)

Interest and Investment Income

NET INTEREST EXPENSE
Income (Loss) on Equity Investments
Currency Exchange Gains (Loss)
Other Non-Operating Income (Expenses)
EBT, EXCLUDING UNUSUAL ITEMS
Gain (Loss) on Sale of Investments
Gain (Loss) on Sale of Assets

7,307

--

Other Unusual Items, Total

--

(279,252)

Other Unusual Items

--

54,323

EBT, INCLUDING UNUSUAL ITEMS

265,049

Income Tax Expense

113,375

(333,575)

Minority Interest in Earnings

(14,765)

(13,779)

Earnings from Continuing Operations

151,674

(343,559)

EARNINGS FROM DISCOUNTINUED OPERATIONS

(9,496)

NET INCOME

127,413

NET INCOME TO COMMON INCLUDING EXTRA ITEMS

127,413

NET INCOME TO COMMON EXCLUDING EXTRA ITEMS

136,909

3,795

(343,559)
(329,780)

Mar-31 4-Year

Mar-31

2011 Trend

2010
Restated

Restated

JPY

JPY

6,291,208

6,398,505

48,251

34,713

6,339,459

6,433,218

4,698,019

4,730,764

1,641,440

1,702,454

26.1%

26.6%

1,464,738

1,408,445

1,464,738

1,408,445

6,162,757

6,139,209

176,702

294,009

(35,650)

(32,331)

7,965

8,704

(27,685)

(23,627)

22,385

18,478

6,574

(3,113)

(96,847)

(83,671)

81,129

202,076

(5,902)

(6,505)

(21,794)

33,098

(19,020)

(33,120)

--

(14,097)
34,413

195,549

33,534

40,720

(14,450)

(8,801)

879
(6,172)

154,829
(8,183)

(19,743)

137,845

(19,743)

137,845

(13,571)

146,028

In Millions of Taiwanese Dollars

2011

2011

2010

2010

2010

6/30/2011
--

3/31/2011
--

12/31/2010
--

9/30/2010
--

6/30/2010
--

Cash & Equivalents

7,185.50

8,724.20

7,106.30

7,654.80

6,711.60

Short Term Investments

2,334.10

2,002.80

1,540.90

1,920.50

3,375.20

Cash and Short Term Investments

9,519.50

10,727.00

8,647.20

9,575.20

10,086.80

Accounts Receivable - Trade, Net

4,562.40

5,401.10

5,799.40

6,029.10

4,418.30

5.7

17.2

6.5

9.5

12.4

(except for per share items)

Cash

Notes Receivable - Short Term

Receivables - Other

1,282.50

185.1

503.6

394.6

569.7

Total Receivables, Net

5,850.60

5,603.40

6,309.50

6,433.20

5,000.40

10,055.80

8,059.90

8,410.30

8,883.20

8,545.10

--

--

--

--

--

810.3

699.5

837.5

801.7

722.5

26,236.30

25,089.80

24,204.50

25,693.40

24,354.80

8,232.60

8,035.10

8,150.20

8,310.30

8,405.60

-3,817.30

-3,816.00

-3,880.90

-3,809.60

-3,748.70

4,415.40

4,219.10

4,269.20

4,500.60

4,656.90

Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total - Gross
Accumulated Depreciation, Total
Property/Plant/Equipment, Total - Net
Goodwill, Net
Intangibles, Net
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total
Other Assets, Total
Total Assets
Accounts Payable
Payable/Accrued

--

--

--

--

--

52.7

71.4

53

75.9

57.7

1,592.80

1,868.80

1,832.30

2,098.10

2,694.00

--

--

--

--

--

307.2

279.7

326.5

260.4

296.7

--

--

--

--

--

32,604.30

31,528.80

30,685.50

32,628.40

32,060.10

6,891.10

5,538.20

6,066.80

7,049.20

5,511.10

--

--

--

--

--

2,302.90

2,104.30

1,945.70

2,537.00

2,109.40

173.4

195

194.9

431.1

368.2

--

--

--

--

--

3,005.80

2,192.60

1,777.30

1,908.90

3,600.80

12,373.10

10,030.20

9,984.60

11,926.20

11,589.60

Long Term Debt

--

--

--

--

--

Capital Lease Obligations

--

--

--

--

--

Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital Leases
Other Current liabilities, Total
Total Current Liabilities

Total Long Term Debt

Total Debt
Deferred Income Tax
Minority Interest

173.4

195

194.9

431.1

368.2

--

--

--

--

--

40.6

44.9

51.5

51.2

61.7

273.7

247.4

284.1

278.2

340.8

12,687.50

10,322.40

10,320.20

12,255.60

11,992.10

Redeemable Preferred Stock, Total

--

--

--

--

--

Preferred Stock - Non Redeemable, Net

--

--

--

--

--

Common Stock, Total

6,374.10

6,370.00

6,346.10

6,433.20

6,431.10

Additional Paid-In Capital

4,683.70

4,681.20

4,666.60

4,731.80

4,730.40

Retained Earnings (Accumulated Deficit)

8,583.40

9,757.40

9,094.00

8,889.10

8,253.70

Other Liabilities, Total

Total Liabilities

Treasury Stock - Common

--

--

--

-255.1

--

ESOP Debt Guarantee

--

--

--

--

--

Unrealized Gain (Loss)

-16.8

-13.4

-1.8

31.3

38.7

Other Equity, Total

292.3

411

260.3

542.6

614

Total Equity

19,916.80

21,206.30

20,365.30

20,372.90

20,068.00

Total Liabilities & Shareholders' Equity

32,604.30

31,528.80

30,685.50

32,628.40

32,060.10

Shares Outs - Common Stock Primary

Issue
Shares Outstanding - Common Issue 2

637.41

637.01

634.61

634.47

643.11

--

--

--

--

--

Shares Outstanding - Common Issue 3

--

--

--

--

--

Shares Outstanding - Common Issue 4

--

--

--

--

--

Total Common Shares Outstanding

637.41

637.01

634.61

634.47

643.11

Total Preferred Shares Outstanding

--

--

--

--

--

Ratios
Company

Industry

Sector

S&P 500

13.84

29.96

16.11

P/E High - Last 5 Yrs.

199.76

26.32

60

103.62

P/E Low - Last 5 Yrs.

9.12

11.76

12.45

12.82

Beta

1.14

1.18

0.95

1.17

Price to Sales (TTM)

0.29

1.18

38.74

2.15

Price to Book (MRQ)

0.8

1.94

3.4

3.23

Price to Tangible Book (MRQ)

0.8

2.4

4.13

5.02

Price to Cash Flow (TTM)

6.02

9.16

9.83

10.58

Price to Free Cash Flow (TTM)

5.99

6.48

28.16

41.55

--

--

--

--

Company

Industry

Sector

S&P 500

10.06

3.11

2.04

2.19

P/E Ratio (TTM)

% Owned Institutions
DIVIDENDS
Dividend Yield
Dividend Yield - 5 Year Avg.

6.37

2.1

1.46

2.33

Dividend 5 Year Growth Rate

13.97

3.87

12.03

-0.65

Payout Ratio(TTM)

78.32

46.61

41.37

32.34

Company

Industry

Sector

S&P 500

Sales (MRQ) vs Qtr. 1 Yr. Ago

-2.71

21.03

12.28

13.17

Sales (TTM) vs TTM 1 Yr. Ago

5.46

25.96

13.7

10.94

3.8

19.43

16.51

7.98

EPS (MRQ) vs Qtr. 1 Yr. Ago

54.99

-26.24

-66.13

14.64

EPS (TTM) vs TTM 1 Yr. Ago

-17.5

--

--

--

9.59

13.3

11.27

7.13

GROWTH RATES

Sales - 5 Yr. Growth Rate

EPS - 5 Yr. Growth Rate

Capital Spending - 5 Yr. Growth Rate

-23.49

12.9

6.33

4.19

Company

Industry

Sector

S&P 500

Quick Ratio (MRQ)

1.31

1.18

2.05

0.78

Current Ratio (MRQ)

2.12

1.48

2.63

1.15

21.2

11.14

109.49

0.87

53.8

19.75

145.98

--

1.94

24.63

Company

Industry

Sector

S&P 500

Gross Margin (TTM)

16.98

19.08

40.99

35.51

Gross Margin - 5 Yr. Avg.

15.56

19.11

41.95

34.3

FINANCIAL STRENGTH

LT Debt to Equity (MRQ)

Total Debt to Equity (MRQ)
Interest Coverage (TTM)
PROFITABILITY RATIOS

EBITD Margin (TTM)

3.51

--

--

--

EBITD - 5 Yr. Avg

3.67

11.38

21.96

21.17

Operating Margin (TTM)

2.37

8.21

13.3

--

Operating Margin - 5 Yr. Avg.

2.18

8.3

17.56

15.8

Pre-Tax Margin (TTM)

4.45

8.34

13.34

16.05

3.4

8.75

18.36

15.35

Net Profit Margin (TTM)

3.71

6.38

8.26

12.09

Net Profit Margin - 5 Yr. Avg.

2.65

6.81

13.69

11.36

Effective Tax Rate (TTM)

16.65

27.11

29.65

22.74

Effecitve Tax Rate - 5 Yr. Avg.

22.07

19.35

25.27

25.28

Company

Industry

Sector

S&P 500

6,626,366

13,079,266

16,508,547

789,932

246,013

360,887

1,881,872

106,617

Pre-Tax Margin - 5 Yr. Avg.

EFFICIENCY
Revenue/Employee (TTM)
Net Income/Employee (TTM)
Receivable Turnover (TTM)

12.1

8.29

5.73

10.39

Inventory Turnover (TTM)

4.85

15.28

461.96

8.79

Asset Turnover (TTM)

1.68

1.49

0.94

0.64

Company

Industry

Sector

S&P 500

Return on Assets (TTM)

6.24

7.08

12.09

7.47

Return on Assets - 5 Yr. Avg.

4.29

7.96

14.33

6.58

Return on Investment (TTM)

9.94

12.26

15.65

9.77

Return on Investment - 5 Yr. Avg.

6.61

14.39

19.33

8.73

10.18

13.86

17.18

26.03

6.95

16.18

22.73

21.33

MANAGEMENT EFFECTIVENESS

Return on Equity (TTM)

Return on Equity - 5 Yr. Avg.