Toshiba delays earnings results till March

Ailing Toshiba looks to book ¥500 billion April-December loss
Toshiba delays earnings and writedown report, fuelling fears of crisis
Author

16 February, 2017

The loss comes from the write-down of goodwill of CB&I Stone & Webster, a US -based nuclear plant builder Toshiba acquired through USA subsidiary Westinghouse Electric in late 2015.

The company has postponed releasing its finalized financial results for the nine months through December for up to one month due to auditing problems related to suspected misconduct at its U.S. Unit.

According to Tokyo Stock Exchange rules, Toshiba had until noon today to deliver its quarterly financial results.

The company also announced that Chairman Shigenori Shiga would step down.

Much of problem stems from Westinghouse Electric's acquisition of nuclear construction outfit Chicago Bridge & Iron (CB&I) in 2015.

As a result of the losses, shareholder equity will drop to negative 150 billion yen for the current year ending next month, Toshiba said. Toshiba explained it received internal information about inadequate governance during the acquisition process of a United States nuclear construction company. The company previously planned to limit the sale to 20 per cent to maintain control.

The figures eventually released were numbers that have yet to be approved by its auditor and Toshiba cautioned investors that a major revision was possible.

Webster releases response to Trump immigration order
BU wouldn't disclose their identities, to protect them from potential backlash, spokesperson Renee Charles said. However, McGlone said they are currently working with one student currently unable to travel back to the U.S.

Toshiba manufactured one of the reactors in Japan's crippled Fukushima Daiichi nuclear plant, which was hit by an natural disaster and tsunami in March 2011, and has since been involved in the clean up.

Building new nuclear capacity is an integral part of the United Kingdom being able to replace old power stations, keeping a balanced mix as carbon emissions are reduced, he added.

However, amid a reported $6 billion writedown and its chairman resigning, Toshiba's review into the future of its nuclear power business outside Japan is raising concerns in Britain.

United Kingdom trade association Nuclear Industry Association (NIA) welcomed Toshiba's renewed commitment to the Moorside project, in West Cumbria. "We must keep trying to do better". Stricter safety standards after the 2011 Fukushima nuclear accident in Japan added to the cost of plants in China and the U.S.

Construction of the new reactors is expected to create thousands of jobs over the next decade, with many contracts expected to go to United Kingdom firms.

As for Toshiba, the latest crisis comes after a troubled two-year period following the revelation of a £780m accounting scandal that cost then-chief executive Hisao Tanaka his job.


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