MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	PANASONIC CORPORATION
Registered Office :	1006, Kadoma, Kadoma-Shi, 571-8501
Country :	Japan
Financials (as on) :	31.03.2013
Date of Incorporation :	15.12.1935
Legal Form :	Public Parent
Line of Business :	Audio and Video Equipment Manufacturing
No. of Employees :	293,742

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

JAPAN - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

COMPANY NAME & ADDRESS

PANASONIC CORPORATION

1006, Kadoma

Kadoma-Shi, 571-8501

Japan

Tel: 81-6-69081121

Fax: 81 (6) 6908-2351

Website : www.panasonic.net

synthesis

Employees: 293,742

Company Type: Public Parent

Corporate Family: 664 Companies

Traded: Tokyo Stock Exchange: 6752

Over The Counter: PCRFY

Incorporation Date: 15-Dec-1935

Auditor: KPMG AZSA LLC

Financials in: USD (Mil)

Fiscal Year End: 31-Mar-2013

Reporting Currency: Japanese Yen

Annual Sales: 88,019.8 ¹

Net Income: (9,090.6)

Total Assets: 57,369.5 ²

Market Value: 226.7

(30-Aug-2013)

 Business Description

Panasonic Corporation is a Japan-based electronics manufacturer. The Audio-Visual Computer (AVC) Network segment offers audio and video equipment. The Appliance segment provides household air-conditioning machines. The System Communications segment provides system network and mobile communications-related products and services. The Eco-solutions segment consists of riding, energy system, housing system and ecological system. The Automotive systems segment provides automotive multimedia-related equipment and environmental automotive equipment. The Device segment provides electronic components, semiconductors and optical devices. The Energy segment provides solar system and lithium-ion batteries. The Others segment consists of health care, manufacturing solutions and PanaHome. On April 1, 2013, it merged with two wholly owned subsidiaries. On July 1, 2013, it sold its 81% stake in a Japan-based subsidiary. For the three months ended 30 June 2013, Panasonic Corporation revenues increased 1% to Y1.825T. Net income increased from Y12.81B to Y107.83B. Revenues reflect Auto mode Dib Systems segment increase from Y186.88B to Y631.06B, Eco Solutions segment increase of 19% to Y349.53B, AVC Networks segment increase of 12% to Y340.35B, Asia/China/Oceania segment increase of 6% to Y510.11B, Americas segment increase of 12% to Y272.33B.

Industry

Industry Audio and Video Equipment Manufacturing

ANZSIC 2006: 2429 - Other Electronic Equipment Manufacturing

ISIC Rev 4: 2640 - Manufacture of consumer electronics

NACE Rev 2: 2640 - Manufacture of consumer electronics

NAICS 2012: 33431 - Audio and Video Equipment Manufacturing

UK SIC 2007: 2640 - Manufacture of consumer electronics

US SIC 1987: 3651 - Household Audio and Video Equipment

Key Executives

Name	Title
Tamio Yoshioka	President of Eco Solution Company, Director
Makoto Uenoyama	Managing Director, Accounting & Finance
Hideaki Kawai	Managing Executive Officer, Manager of Business Planning Group and Director
Ikusaburo Kashima	Senior Managing Director, Corporate Risk, Information, Security, International Affairs, Director
Yoshiaki Nakagawa	Managing Director, HR, General Affaris, Social Relations, e-Work Promotion, Office & Facility Management and Director

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.98	3.17
Quick Ratio (MRQ)	0.66	2.41
Debt to Equity (MRQ)	0.81	0.23
Sales 5 Year Growth	-4.24	3.71
Net Profit Margin (TTM) %	-9.36	3.84
Return on Assets (TTM) %	-11.53	3.71
Return on Equity (TTM) %	-40.23	7.21

Stock Snapshot

Traded: Tokyo Stock Exchange: 6752

As of 30-Aug-2013

   Financials in: JPY

Recent Price	894.00	EPS	-216.98
52 Week High	993.00	Price/Sales	0.30
52 Week Low	376.00	Price/Book	1.63
Avg. Volume (mil)	12.29	Beta	1.30
Market Value (mil)	2,193,030.00

	Price % Change	Rel S&P 500%
4 Week	-2.72%	5.20%
13 Week	13.31%	16.36%
52 Week	62.84%	9.51%
Year to Date	71.26%	33.13%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855

PANASONIC CORPORATION

CORPORATE OVERVIEW

Location
1006, Kadoma
Kadoma-Shi, 571-8501
Japan

Tel:	81-6-69081121
Fax:	81 (6) 6908-2351

www.panasonic.net

Quote Symbol - Exchange
6752 - Tokyo Stock Exchange
Sales JPY(mil):	7,303,045.0
Assets JPY(mil):	5,397,812.0
Employees:	293,742
Fiscal Year End:	31-Mar-2013

Industry:	Audio and Video Equipment

Incorporation Date:	15-Dec-1935
Company Type:	Public Parent
Quoted Status:	Quoted
Previous Name:	Matsushita Electric Industrial Co Ltd

Executive Officer, President, Sanyo Electric Co., Ltd.:	Masato Ito

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing
2422	-	Communication Equipment Manufacturing
2463	-	Machine Tool and Parts Manufacturing
2421	-	Computer and Electronic Office Equipment Manufacturing
2441	-	Whiteware Appliance Manufacturing
2439	-	Other Electrical Equipment Manufacturing

ISIC Rev 4 Codes:
2640	-	Manufacture of consumer electronics
2750	-	Manufacture of domestic appliances
2790	-	Manufacture of other electrical equipment
2720	-	Manufacture of batteries and accumulators
2630	-	Manufacture of communication equipment
2818	-	Manufacture of power-driven hand tools
2610	-	Manufacture of electronic components and boards
2817	-	Manufacture of office machinery and equipment (except computers and peripheral equipment)

NACE Rev 2 Codes:
2640	-	Manufacture of consumer electronics
2611	-	Manufacture of electronic components
2823	-	Manufacture of office machinery and equipment (except computers and peripheral equipment)
2751	-	Manufacture of electric domestic appliances
2720	-	Manufacture of batteries and accumulators
2630	-	Manufacture of communication equipment
2824	-	Manufacture of power-driven hand tools
2790	-	Manufacture of other electrical equipment

NAICS 2012 Codes:
33431	-	Audio and Video Equipment Manufacturing
335224	-	Household Laundry Equipment Manufacturing
333991	-	Power-Driven Handtool Manufacturing
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
333318	-	Other Commercial and Service Industry Machinery Manufacturing
335911	-	Storage Battery Manufacturing
335222	-	Household Refrigerator and Home Freezer Manufacturing
334413	-	Semiconductor and Related Device Manufacturing
334290	-	Other Communications Equipment Manufacturing
334220	-	Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

US SIC 1987:
3651	-	Household Audio and Video Equipment
3663	-	Radio and Television Broadcasting and Communications Equipment
3674	-	Semiconductors and Related Devices
3546	-	Power-Driven Handtools
3691	-	Storage Batteries
3632	-	Household Refrigerators and HOme and Farm Freezers
3633	-	Household Laundry Equipment
3669	-	Communications Equipment, Not Elsewhere Classified
3579	-	Office Machines, Not Elsewhere Classified
3699	-	Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified

UK SIC 2007:
2640	-	Manufacture of consumer electronics
2611	-	Manufacture of electronic components
2823	-	Manufacture of office machinery and equipment (except computers and peripheral equipment)
2751	-	Manufacture of electric domestic appliances
2720	-	Manufacture of batteries and accumulators
26309	-	Manufacture of communication equipment (other than telegraph and telephone apparatus and equipment)
2630	-	Manufacture of communication equipment
2824	-	Manufacture of power-driven hand tools
2790	-	Manufacture of other electrical equipment

Business Description

Panasonic Corporation (Panasonic), incorporated on December 15, 1935, is a manufacturer of electronic and electric products for a range of consumer, business and industrial uses, as well as a variety of components. Panasonic is engaged in the production and sales of electronic and electric products in a range of business areas. The Company divides its businesses into six segments: Digital AVC Networks, Home Appliances, Panasonic Electric Works Co., Ltd. (PEW) and PanaHome Corporation (PanaHome), Components and Devices, Other and SANYO Electric Co., Ltd. (SANYO). In December 2009, Panasonic Corporation acquired over 50% interest in Sanyo Electric Co., Ltd. Pursuant to the acquisition, Sanyo Electric Co., Ltd. became a subsidiary of Panasonic Corporation. Effective December 21, 2009, Panasonic Corporation acquired Sanyo Electric Co., Ltd., as well as its subsidiaries, SANYO ASIA PTE LTD, SANYO NORTH AMERICA CORPORATION and SANYO EUROPE LTD.

Digital AVC Networks

Panasonic’s principal products in Digital AVC Networks segment include video and audio equipment and information and communications equipment. This segment provides hardware, software, services and solutions. In the digital AVC business, Panasonic is manufacturing a high definition product group containing a variety of AV, security, electronic, and Internet-enabled equipment that can be linked to a flat-panel VIERA TV and operated with a single remote (VIERA Link). In the mobile communications business, Panasonic offers mobile phones incorporating advanced technologies, and communications infrastructure equipment, such as base stations. In the automotive electronics business, Panasonic operates in wide-ranging fields, from car navigation systems to key devices, such as engine control units and batteries for eco cars.

Home Appliances

Panasonic's principal products in this segment include home appliances, such as refrigerators, room air conditioners, washing machines and clothes dryers, and vacuum cleaners. This segment also includes lighting and environmental systems. In home appliances, Panasonic offers products and services in the fields of people's daily living environments linked to clothing, food and housing. In the lighting business, Panasonic has been developing products that conserve energy and resources. The environmental systems business of Panasonic is developing ventilation fan systems, indoor air quality products and environmental engineering businesses.

PEW and PanaHome

This segment includes Panasonic Electric Works Co., Ltd. (PEW), PanaHome Corporation (PanaHome) and their respective subsidiaries. PEW manufactures, sells, installs and provides services related to a variety of products. These include electrical construction materials, home appliances, building products, electronic materials and automation controls.

Components and Devices

The Components and Devices supplies high-performance and high-value-added components and devices used in various products ranging from digital AV equipment and information and communication devices to home appliances and industrial equipment. In the semiconductor business, Panasonic provides a range of semiconductor products as total solutions, such as system LSIs integrating multiple functions on a single chip, and image sensors delivering higher picture quality for digital cameras. The UniPhier Integrated Platform combines software and hardware resources across different product categories to improve R&D efficiency and design quality. The battery business consists of primary batteries including dry batteries and rechargeable batteries, such as lithium-ion batteries. In the primary battery business, Panasonic globally provides dry alkaline EVOLTA batteries.

SANYO

The SANYO segment consists of SANYO Electric Co., Ltd. (SANYO) and its subsidiaries. SANYO manufactures and sells products in three fields: energy (solar cells and rechargeable batteries), ecology (commercial equipment, home appliances and car electronics), and electronics (electronic devices and digital system devices) to support the energy and ecology fields.

Other

In the factory automation (FA) business, Panasonic supplies manufacturing systems that support the production of advanced electronic equipment. During the fiscal year ended March 31, 2010 (fiscal 2010), Panasonic launched a full dual lane mounting system as a next-generation platform offering outstanding function and flexibility as well as future-proofing. By combining the Next Production Modular - Dual Screen Printer (NPM-DSP) and NPM, this system conveys printed circuit boards (PCBs) on two lanes that handle the mass production of single modules, as well as the mixed production of various different types of PCBs and simultaneously print on the front and rear

More Business Descriptions

Panasonic Corporation is a Japan-based electronics manufacturer. The Audio-Visual Computer (AVC) Network segment offers audio and video equipment. The Appliance segment provides household air-conditioning machines. The System Communications segment provides system network and mobile communications-related products and services. The Eco-solutions segment consists of riding, energy system, housing system and ecological system. The Automotive systems segment provides automotive multimedia-related equipment and environmental automotive equipment. The Device segment provides electronic components, semiconductors and optical devices. The Energy segment provides solar system and lithium-ion batteries. The Others segment consists of health care, manufacturing solutions and PanaHome. On April 1, 2013, it merged with two wholly owned subsidiaries. On July 1, 2013, it sold its 81% stake in a Japan-based subsidiary. For the three months ended 30 June 2013, Panasonic Corporation revenues increased 1% to Y1.825T. Net income increased from Y12.81B to Y107.83B. Revenues reflect Auto mode Dib Systems segment increase from Y186.88B to Y631.06B, Eco Solutions segment increase of 19% to Y349.53B, AVC Networks segment increase of 12% to Y340.35B, Asia/China/Oceania segment increase of 6% to Y510.11B, Americas segment increase of 12% to Y272.33B.

Manufacture of video and audio equipment, personal computers, home appliances, communication and industrial equipment, optical disk equipment and electronic components

Electrical & Electronic Products; Video & Audio Equipment; Home Appliances; Communications & Industrial Equipment; Energy & Kitchen Related Products; Electric Components Mfr & Sales

Panasonic Corporation (Panasonic) undertakes the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. The company operates its business through eight segments, namely, AVC Networks, Appliances, Systems & Communications, Eco Solutions, Automotive Systems, Industrial Devices, Energy and Other. The company’s AVC Networks segment provides imaging equipment, such as AVC network equipment and flat-panel TVs. It offers various AVC network equipment, such as digital cameras, Blu-ray Disc recorders, and notebook PCs, in-flight entertainment systems, projectors and business-use AV equipment. The segment comprises business domains, such as AVC, fixed-line communications, mobile communications, automotive electronics, and system solutions. Its major products include video and audio equipment and information and communications equipment. This segment provides products, software, services and solutions that contribute to the realization of a ubiquitous networking society. For the fiscal year ended 2013, AVC Network segment contributed 14.7% of the total revenue of the company. The Appliances segment of the company consists of business domains, home appliances, household equipment, lighting and environmental systems. The major products in this segment include home appliances such as washing machines, vacuum cleaners, dishwasher/dryers, rice cookers, microwave ovens, induction-heating (IH) cooking equipment, refrigerators, room air conditioners, water heating systems, and compressors. This segment also includes healthcare systems, lighting, and environmental systems. For the fiscal year 2013, Appliances segment accounted for 16.5% of the total revenue of the company. Through System & Communications segment, the company carries out system network and mobile communications businesses. Through its mobile communications business, the company provides communications infrastructure equipment and mobile phones incorporating cutting-edge functions. In its system network activities, carries out worldwide delivery of communication solution and advanced security services. For the fiscal year ended 2013, the System & Communications segment contributed 7.9 % of the total revenue of the company.In Eco Solutions segment, the company through its Eco Solutions company carries out four businesses, namely, lighting business, in which the company develops products that conserve energy; energy systems business, is active in a broad range of fields ranging from wiring equipment, distribution panel boards to energy management products; housing systems business, where it offers comprehensive home and building product, and material solutions; and while environmental systems business of the company delivers air quality appliances and solutions. The company’s Panasonic Eco Technology Center Co., Ltd, (PETEC) developed a technology to sort and collect with high accuracy, polypropylene (PP), polystyrene (PS), and Acrylonitrile Butadiene Styrene (ABS) plastics from shredder residue generated at its home appliance recycling factory. Eco Solutions segment accounted for 16.5% of the total revenue of the company for the fiscal year ended 2013. Through Automotive Systems segment, the company carries out the development, manufacture and sales of automotive related products including car-use-multimedia equipment, eco-car-related equipment and electrical components. It also undertakes the development of new automotive products and putting forward proposals that contributes for the creation of a new motoring society through electronics. For the fiscal year 2013, Automotive Systems segment contributed 8.3% of the total revenue of the company.The Industrial Devices segment comprises business domains such as semiconductors, batteries, electric components, and electric motors. This segment develops and supplies components and devices used in various products ranging from AV equipment and information and communication devices to home appliances and industrial equipment. In the semiconductor business, the company offers a wide range of semiconductor products f as total solutions, such as system LSIs integrating multiple functions on a single chip, and image sensors delivering higher picture quality for digital cameras. Its electronic devices division provides products such as sensors, printed circuit boards and capacitors based on three core technologies: membrane and MEMS technology, circuit board and mounting technology, and power management technology. The company provides dry alkaline EVOLTA batteries (primary batteries) and lithium-ion batteries (rechargeable batteries). Its electric motors division involves in the development of energy-efficient electric motors. The company has manufacturing sites across North & Latin Americas, Europe, Africa, East Asia, South Asia, Oceania, and Japan. For fiscal year 2013, Industrial Devices segment contributed 14.5% of the total revenue of the company.In Energy segment, the company developed a wide energy-based business including lithium-ion batteries and solar photovoltaic systems. The segment carries out its activities in three different business groups, namely, solar photovoltaic systems business, lithium-ion batteries business and dry batteries business. The products are used by several consumer to storage, in-car, and other fields. The company is also seeking worldwide growth through EVOLTA dry alkaline battery that boasts long-lasting performance, and lead-acid storage batteries. Energy segment accounted for 6.3% of the total revenue of the company for the fiscal year ended 2013. The Other segment of the company includes Manufacturing Solutions Company, Healthcare Company, PanaHome Corporation and others. Through this segment, the company offers a variety of healthcare-related products and services, high operating rate and reliable manufacturing systems, and delivers ‘eco ideas’ homes. The company’s PEW and PanaHome business is sub-divided into PEW and PanaHome sub-segments. The PEW sub-segment manufactures, sells, installs and provides services related to a wide variety of products. These include electrical construction materials, home appliances, building products, electronic and plastic materials and automation controls. PanaHome’s operations are principally focused on detached housing, asset and property management, and home remodeling. In all these businesses, the company’s product strategies are guided by the basic ‘Eco-life Home’ concept, which advocates all-electric homes with an emphasis on safety, security, health, comfort, and high energy efficiency. In the factory automation (FA) business, the company aims to contribute to the development of client businesses through innovative manufacturing processes in circuit manufacturing technology. For the fiscal year ended 2013, Other segment contributed 15.3% of the total revenue of the company.The company has manufacturing plants in Japan, and other countries in Asia, North and South America and Europe. In addition to its manufacturing facilities, the company’s has sales offices, research and development facilities, employee housing and welfare facilities, and administrative offices all over the world. Geographically, the company categorizes its revenue into six regions: Japan (Domestic), North and South America, Europe, Asia and China. Domestic region contributed 51.9% of the total revenue of the company for the fiscal year ended March 2013, followed by North and South America (14%), Europe (9.1%), Asia (12.1%) and China (12.9%).In June 2013, Panasonic ranked 4th in Best Global Green Brands 2013 ranking announced by Interbrand, a US brand consultant company. In the same month, the company and FUJIFILM Corporation developed organic CMOS image sensor technology that uses an organic photoelectric conversion layer with a photoelectric conversion property. The company through its various subsidiaries launched EcoLogiX demand control system; Fine-wiring electrode film using copper pattern and MEGTRON GX series R-1515C Halogen-free IC substrate materials. In May 2013, the company transferred 66% shares of its wholly owned subsidiary Panasonic Logistic Co., Ltd., to Nippon Express. In April 2013, the company delisted its shares from the New York Stock Exchange. In the same month, Panasonic and Fujitsu Limited launched a joint pilot project to develop new services that enhance convenience and comfort in customers daily lives; by integrating both company’s key strengths such as information from Panasonic’s smart appliances and Fujitsu’s cloud technology. In March 2013, the company built an additional motor plant on the premises of Panasonic Ecology Systems Guangdong Co., Ltd. its subsidiary production company in Guangdong, China.

Panasonic Corporation (Panasonic) is a manufacturer of electronic products. It carries out the manufacturing, sales and service activities in a broad range of electric, electronic and related business areas. Panasonic consists of various business domains companies operating in diverse areas, such as home appliances, digital audio/video, industrial solutions and consumer electronic products. The product portfolio of the company includes car audio/video and navigation systems, communication systems, batteries, mobile phones, security systems, lighting and camcorders. The company also offers a wide range of industrial solutions which enhances industrial process through innovative products, such as factory automation, optics, sensors, electrical distribution and transmission components and compressors. The company carries out its operations through its subsidiaries and affiliate companies in Asia and Oceania, China and Northeast Asia, CIS, Middle East and Africa, Europe, Latin America and North America. Panasonic is headquartered in Osaka, Japan. Panasonic envisages maintaining its position by expanding its overseas business with a focus on emerging countries, drive the growth through its business segments, reinforcing systems and equipment business, and strengthen its collaboration with SANYO. The company intends to become the best green innovation company in the electronics industry by the year 2018. This intent is indicated by the recent expansion of its lineup of smart home appliances and launch of cloud-based services in Japan.The company reported revenues of (Yen) JPY 7,303,045.00 million during the fiscal year ended March 2013, a decrease of 6.92% from 2012. The operating profit of the company was JPY 160,936.00 million during the fiscal year 2013, whereas the company reported an operating loss of JPY 519,436.00 million during 2012. The net loss of the company was JPY 754,250.00 million during the fiscal year 2013, as compared to a net loss of JPY 772,172.00 million during 2012.

Matsushita Electric Industrial Co. is one of the largest electronic product manufacturers in the world. The company is comprised of more than 600 companies. Matsushita Electirc designs, develops, manufactures, distributes and markets in excess of 15,000 products. Its brands include Panasonic, National, Technics, JVC and Quasar. Its main subsidary, Panasonic, is comprised of 14 business domain companies. Each company has its own distinct research and development, production and sales divisions that respond to its own business segment. The company designs, develops, manufactures, distributes and markets a wide array of consumer and business electronic products. Matsushita Electrical Industrial Company maintains its corporate headquarters in Osaka, Japan, and has numerous operations and facilities worldwide. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Düsseldorf, Frankfurt, New York, Pacific and Paris stock exchanges

Brand/Trade Names

Panasonic

Financial Data

Financials in:	JPY(mil)
Revenue:	7,303,045.0
Net Income:	-754,250.0
Assets:	5,397,812.0
Long Term Debt:	663,091.0
Total Liabilities:	4,133,780.0
Working Capital:	1,412.8
Date of Financial Data:	31-Mar-2013

1 Year Growth

-6.9%

NA

-18.2%

Market Data

Quote Symbol:	6752
Exchange:	Tokyo Stock Exchange
Currency:	USD
Stock Price:	894.0
Stock Price Date:	08-30-2013
52 Week Price Change %:	62.8
Market Value (mil):	22,300,490.0
SEDOL:	6572707
ISIN:	JP3866800000
Equity and Dept Distribution:
FY-'03,'02,'01&'00 are restated due to the consolidation of subsidiaries financials. FY'05 1Q WAS was estimated. FY'08 3Q WAS were estimated and used for O/S. 10/2008, company name changed from Matsushita Electric Industrial Co., Ltd.

Subsidiaries

Company	Percentage Owned	Country
Panasonic Refrigeration Devices Malaysia Sdn Bhd	100%	MALAYSIA
Panasonic Healthcare Co Ltd	57.6%	JAPAN
Sunx Ltd	69.7%	JAPAN
Panasonic Energy Europe SA/NV	100%	BELGIUM
Panasonic System Networks Company U.K. Ltd	100%	UK
Panasonic Factory Solutions Co Ltd	100%	JAPAN
Panasonic AVC Networks Czech, s.r.o.	100%	CZECH REPUBLIC
Panasonic do Brasil Ltda.		BRAZIL
Panasonic Taiwan Co Ltd		TAIWAN
Panasonic Energy Tanzania Co Ltd		TANZANIA
Panasonic Marketing Europe GmbH	100%	AUSTRIA
Sanyo Electric Co Ltd	100%	JAPAN
Panasonic Rus Ltd	100%	RUSSIA
Panasonic Norge, Branch of Panasonic Nordic AB		NORWAY
Panasonic Corporation of China	100%	PEOPLE'S REPUBLIC OF CHINA
SANYO Semiconductor Co Ltd	100%	JAPAN
Panasonic Italia Branch office of Panasonic Marketing Europe GmbH		ITALY
Panasonic Compressor Malaysia Sdn Bhd	100%	MALAYSIA
Panasonic Malaysia Sdn Bhd		MALAYSIA
Panasonic AVC Networks Kuala Lumpur Malaysia Sdn Bhd	100%	MALAYSIA
Panasonic AVC Networks Slovakia s.r.o.	100%	SLOVAKIA
Panasonic AVC Networks India Company Limited	55%	INDIA
Panasonic Appliances India Company Limited		INDIA
Panasonic Australia Pty Ltd		AUSTRALIA
Panasonic Industrial Devices Slovakia s.r.o.	100%	SLOVAKIA
PanaHome Corporation	54%	JAPAN
Panasonic Mobile Communications Co Ltd		JAPAN
Panasonic Electric Works (Europe) AG	100%	GERMANY
Panasonic Manufacturing Philippines Corporation	79.96%	PHILIPPINES
Panasonic System Networks Co Ltd	100%	JAPAN
Panasonic Industrial (Thailand) Ltd	100%	THAILAND
Panasonic Asia Pacific Pte Ltd		SINGAPORE
Panasonic AVC Networks Singapore Pte Ltd		SINGAPORE
Panasonic Refrigeration Devices Singapore Pte Ltd		SINGAPORE
Panasonic Semiconductor Asia Pte Ltd		SINGAPORE
Panasonic Eco Solutions Sales Taiwan Co Ltd	100%	TAIWAN
Panasonic Corporation of North America	100%	USA
Panasonic Manufacturing Indonesia, PT	60%	INDONESIA
Panasonic Energy Poland S.A.	100%	POLAND
Panasonic Electric Works Asia Pacific Pte Ltd		SINGAPORE
Panasonic Energy India Company Limited		INDIA
Panasonic Factory Solutions Asia Pacific Pte Ltd		SINGAPORE
Panasonic Electric Works Korea Co Ltd		SOUTH KOREA
Panasonic de México, S.A. de C.V.	100%	MEXICO
Panasonic Automotive Systems Czech s.r.o.	100%	CZECH REPUBLIC
Panasonic Industrial Asia Pte Ltd		SINGAPORE
Panasonic Siew Sales (Thailand) Co Ltd	100%	THAILAND
Panasonic Vietnam	100%	VIETNAM
Panasonic Manufacturing Malaysia Berhad		MALAYSIA
Panasonic HA Air-Conditioning (M) Sdn Bhd		MALAYSIA
Panasonic de Colombia S.A.		COLOMBIA
Panasonic Trading Malaysia Sdn Bhd	100%	MALAYSIA
Panasonic Wanbao Compressor (Guangzhou) Co Ltd		PEOPLE'S REPUBLIC OF CHINA
Panasonic Peruana S.A.		PERU
Panasonic Manufacturing UK Ltd	100%	UK
Panasonic Energy Belgium SA/NV	100%	BELGIUM
Panasonic System Networks Malaysia Sdn Bhd	100%	MALAYSIA
Panasonic Ecology Systems Co Ltd	100%	JAPAN
Panasonic Information Systems Co Ltd	63.6%	JAPAN
Panasonic Electronic Devices Co Ltd		JAPAN

Shareholders

Major Shareholders

The Master Trust Bank of Japan Ltd (5.42%); Japan Trustee Services Bank Ltd (5.2%)

Key Corporate Relationships

Auditor:	KPMG AZSA LLC
Auditor:	KPMG AZSA LLC, KPMG AZSA & Co

Panasonic Corporation

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments.

Strategic Initiatives

Partnerships

The closure will cut around 500 workers at the factory.Jun 12, 2013Panasonic Delivers Lithium-ion Battery Cells To Tesla MotorsPanasonic Corporation announced that shipments of its automotive-grade lithium-ion battery cells for Tesla Motors, Inc.'s all-electric Model S sedan will surpass 100 million units by the end of June 2013.For several years, Panasonic has built its partnership with Tesla Motors, starting with the battery supply for Tesla Motors' luxury sports car, the Roadster. The relationship was extended to the battery supply for the Model S as well as collaboration on the development of next-generation lithium-ion battery cells for EVs. The battery cell is based on Panasonic's new technology and optimized specifically for EV quality and life. These cells are integrated by Tesla Motors into the battery pack that powers the Model S, and have contributed to achieving the groundbreaking driving range of 500km for the Model S.Jun 11, 2013Panasonic To Expand LED Lamp Lineup In EuropePanasonic Corporation announced that it will expand its LED lamp lineup in Europe to offer as many as 55 models in 2013 as the company aims to increase sales in the European LED lighting market.

Planning

The decrease in cash reserves could be principally due to high current liabilities and negative cash flows from investing and financing activities. As a result, Panasonic recorded net change in cash of (JPY113029m) in 2013. The decreasing cash reserves indicate the company’s inability to obtain debt to finance acquisitions, capture business opportunities, and meet capital expenditure or other capital requirements in the future.strategic initiativesThe company implemented certain strategic initiatives that are aimed at enhancing its business operations and existing product line. This could help the company maintain its competitive position in the industry. In April 2013, Panasonic and Fujitsu Limited launched a joint pilot project to develop new services that enhance convenience and comfort in customers’ daily lives; by integrating both company’s key strengths such as information from Panasonic’s smart appliances and Fujitsu’s cloud technology.

Sales and Distribution

Further in few countries, the sales are handled through independent agents or distributors, and certain products are sold on an original equipment manufacturer (OEM) basis and marketed under the brands of the third parties. In addition, the company in Asia and Others segment concentrated on China, India, Vietnam and Indonesia. The company plans to develop products for the high-volume segment at Asian bases and introduce these products to the Middle East, Africa, and Latin America through stronger cooperation among regions. The company achieved significant overseas sales growth in white goods namely washing machines, refrigerators and other appliances.Wide Product PortfolioThe company operates by manufacturing diverse portfolio of products to cater varied category of customers. The company operates its activities in eight business segments, namely, AVC Networks, Appliances, Systems & Communications, Eco Solutions, Automotive Systems, Industrial Devices, Energy and Others.

In April 2011, Panasonic opened its second showroom in India at Bollywood, Mumbai, which is the heart of the Indian film industry. This facility would further help in expanding the company’s BtoB business. Panasonic also focuses on promoting an A23 (Attack 2nd and 3rd tier cities) strategy in China in order to expand sales. The company plans to place considerable emphasis on developing business opportunities in regional cities that are expected to experience future growth. It would utilize the opportunities available in this market by opening, upgrading and expanding Panasonic Living Centers.

This facility would further help in expanding the company’s BtoB business. Panasonic also focuses on promoting an A23 (Attack 2nd and 3rd tier cities) strategy in China in order to expand sales. The company plans to place considerable emphasis on developing business opportunities in regional cities that are expected to experience future growth. It would utilize the opportunities available in this market by opening, upgrading and expanding Panasonic Living Centers. These centers are locally oriented stores opened to sell the company's products exclusively, by proposing and marketing a range of product groups as complete home solutions.

The car, developed by the university team, will run in the 2013 World Solar Challenge (WSC 2013) car race which will be held from 6 October to 13 October 2013 in Australia.The company's HIT solar cells are hybrids of single crystalline silicon surrounded by amorphous silicon layers. The cells are ideal for obtaining maximum power, lifting the performance of the car in the WSC where regulations limit the total area of solar cells installed on the body. The cylindrical 18650 type lithium-ion rechargeable batteries utilize the company's nickel-based positive electrodes and can run for long time.Aug 23, 2013Panasonic underscores rooftops for solar panel sales in JapanJapanese consumer-electronics maker Panasonic is underscoring rooftops for solar panels that do not have issues related to grid connection and the acquisition of the land, Bloomberg reported. The company, which sold 540MW of solar products in the fiscal year 2012, intends to raise the sales volume by 25% in the fiscal 2013, with an emphasis on rooftops.The company forecasts solar cells totaling 5W capacity will be consumed by the market in the year through March 31, 2014 that include 3.5GW for projects smaller than 50kW. Earlier in July 2012, the Asian country has introduced an incentive program that pays above-market rates for power produced from renewable sources including sun and wind.Aug 21, 2013Panasonic To Invest JPY20 Billion To Expand Lithium-ion Battery BusinessPanasonic Corp. intends to invest JPY20 billion to expand its lithium-ion battery business, The Economics Times reported.

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · High Patent Portfolio · Strong Overseas Operations · Wide Product Portfolio	Weaknesses · Product Recall · Declining Cash Reserves
External Origin (attributes of the environment)	Opportunities · Focus on India and China · Growing Demand for Lithium-ion Batteries · Launch of New Products · Strategic Initiatives	Threats · Counterfeit Products · Competitive Pressure · Foreign Currency Fluctuations · Rapid Technological Changes

Overview

Panasonic Corporation (Panasonic) is one of the leading manufacturers of electronic products. The company conducts the manufacturing, sales and service activities in a broad range of electric, electronic and related business areas. The company has strong overseas operations by spanning its activities across Europe, America, and Asian regions. Further, the broad overseas operations and strong patent portfolio helps it to cater to large customer base. However, the company’s declining liquidity coupled with the recent recall of its products remains a concern for the company. In addition, the intense competition in the sector, foreign currency fluctuations and counterfeit products pose a threat for the company. Nevertheless, increasing demand for lithium-ion batteries, and focus on the markets of India and China will help in streamlining its operations and could present new growth opportunities for the company.

Strengths

High Patent Portfolio

The company conducts a wide variety of activities related to electronics field, including diverse technologies and product lines. Panasonic protects its product lines by obtaining high quality intellectual property (IP) rights. It holds numerous Japanese and foreign patent registrations for its products, and shares technologies with a number of Japanese and foreign manufacturers. Panasonic’s patents related to MPEG2 technology, which is widely used in digital TVs, are licensed to other companies through MPEG LA LLC. It also offers patents relating to CD technology to manufacturers. The company holds the second position in the world in international patent applications. In addition, it ranks second for total patents issued in Japan and maintains high rankings in overseas patents in major regions such as the US, Europe and China. In 2012, Panasonic held 66,880 patents in Japan and 73,266 patents overseas. Further, it also has non-exclusive cross-license agreements with Samsung Electronics Co., Ltd. for semiconductor technology and with Sharp Corporation for mobile phone technology. Panasonic Corporation has begun licensing its patents and technologies for designing large-scale integration (LSI) chips that support its HD-PLC high-speed powerline communication technology. In April 2012, the company started licensing its newly developed low power consumption high-speed broadband powerline communication technology HD-PLC1 Eco. Thus, the strong patent portfolio of the company helps it to offer new, innovative products and increase the customer base.

Strong Overseas Operations

Panasonic enjoys strong and diverse market presence. Due to strong overseas operations, the company is able to cater to a diverse category of industries and customers for better business results and growth. The company generated approximately 52% of its net sales from Japan for the fiscal year ended March 2013, followed by Asia (12%), China (13%), Americas (14%) and Europe (9%). The company markets its products under eight categories which enjoys significant market share in their respective overseas and domestic markets. Panasonic expanded its digital camera markets steadily. It enjoys a high market share for digital cameras in France and significant market share in other foreign countries. Panasonic conducts its sales and marketing operations through its subsidiaries and affiliates in respective countries or regions in coordination with business domain companies. Further in few countries, the sales are handled through independent agents or distributors, and certain products are sold on an original equipment manufacturer (OEM) basis and marketed under the brands of the third parties. In addition, the company in Asia and Others segment concentrated on China, India, Vietnam and Indonesia. The company plans to develop products for the high-volume segment at Asian bases and introduce these products to the Middle East, Africa, and Latin America through stronger cooperation among regions. The company achieved significant overseas sales growth in white goods namely washing machines, refrigerators and other appliances.

Wide Product Portfolio

The company operates by manufacturing diverse portfolio of products to cater varied category of customers. The company operates its activities in eight business segments, namely, AVC Networks, Appliances, Systems & Communications, Eco Solutions, Automotive Systems, Industrial Devices, Energy and Others. The AVC Networks segment provides imaging equipment, such as AVC network equipment and flat-panel TVs. It offers various AVC network equipment including digital cameras, Blu-ray Disc recorders, and notebook PCs, in-flight entertainment systems, projectors and business-use AV equipment. The Appliances segment offers air conditioners, washing machines and clothes dryers, refrigerators, compressors, electric hot water supply equipment, sanitary equipment, microwave ovens, dish washer/dryers, rice cookers, vacuum cleaners, showcases, electric motors and personal-care products. The Systems & Communications segment provides products such as mobile phones, communication network equipment, security network equipment, business systems equipment and social infrastructure systems equipment. In Eco Solutions segment, the company provides lighting fixtures and electric lamps (including LED lighting), wiring devices, interior furnishing materials, modular kitchen systems, water-related products, ventilation and air conditioning equipment, and air purifiers. Under the Automotive Systems segment, the company offers car-use-multimedia-related equipment (for example, car AVC equipment and car navigation systems), eco-car-related equipment and electrical components. The Industrial Devices segment comprises electronic components such as capacitors, circuit boards, circuit components, electromechanical components, custom components and automation controls; semiconductors; optical devices; and electronic materials. Through the Energy segment, the company supplies solar photovoltaic systems, lithium-ion batteries for consumer and in-car use, and dry batteries. The Other segment includes healthcare equipment and services, electronic components-mounting machines, industrial robots, welding equipment, detached housing, rental apartment housing, land and buildings for sale, home remodeling, imported materials and components and bicycles. For fiscal year 2013, the company generated 14.7% of the total revenue from the AVC Networks segment, 16.5% from the Appliances segment, 7.9% from the System & Communications segment, 16.5% from the Eco Solutions segment, 8.3% from the Automotive Systems segment, 14.5% from the Industrial Devices segment, 6.3% from the Energy segment and 15.3% from the Others segment.

Weaknesses

Product Recall

In May 2012, the company announced that serious product accidents had occurred in models of dehumidifiers manufactured and imported by Panasonic Ecology Systems Co., Ltd. (formerly Matsushita Ecology Systems Co., Ltd.), causing the products to ignite. The cause of these accidents is thought to be that part of the heater coil in the products detached from the coil holder and came into contact with the dehumidifier rotor cover resin near the holder, resulting in ignition. Panasonic and Matsushita decided to replace the products. The Consumer Affairs Agency announced three accidents in total related to the product as serious product accidents, in accordance with the Consumer Products Safety Act. Thus, recall of of products degrades the brand image of the company and remains a concern for the company.

Declining Cash Reserves

Panasonic reported a decrease in the cash and cash equivalents in fiscal 2013. The company had JPY497,957m in cash and cash equivalents as of March 31, 2013, as compared to cash and cash equivalents of JPY610,986m in 2012, reflecting a decrease of 18.5%. The decrease in cash reserves could be principally due to high current liabilities and negative cash flows from investing and financing activities. As a result, Panasonic recorded net change in cash of (JPY113029m) in 2013. The decreasing cash reserves indicate the company’s inability to obtain debt to finance acquisitions, capture business opportunities, and meet capital expenditure or other capital requirements in the future.

Opportunities

Focus on India and China

India is emerging as a huge market and offers enormous potential to the company. The company is showcasing its comprehensive strength to a broad customer base through a variety of initiatives in the country. These initiatives include organizing events that allow participants to gain first-hand experience of the its products and services in most major cities and regional markets, opening new showrooms, strengthening BtoB sales, upgrading and expanding its BtoC product lineup and bolstering sales promotion activities. In May 2012, the company's wholly-owned subsidiary Anchor Electricals Private Limited acquired a major stake of Firepro Systems Private Limited (Firepro Systems) in India. Firepro Systems is an integrated solutions provider for fire protection, security and building management systems. The acquisition would bolster Panasonic's sales of BtoB products such as ECM and fire alarms, and expand its solutions business including installation and maintenance services. In April 2011, Panasonic opened its second showroom in India at Bollywood, Mumbai, which is the heart of the Indian film industry. This facility would further help in expanding the company’s BtoB business. Panasonic also focuses on promoting an A23 (Attack 2nd and 3rd tier cities) strategy in China in order to expand sales. The company plans to place considerable emphasis on developing business opportunities in regional cities that are expected to experience future growth. It would utilize the opportunities available in this market by opening, upgrading and expanding Panasonic Living Centers. These centers are locally oriented stores opened to sell the company's products exclusively, by proposing and marketing a range of product groups as complete home solutions. Such expansion initiatives in India and China offer immense growth opportunities to the company.

Growing Demand for Lithium-ion Batteries

Lithium-ion (Li-ion) technology has emerged as a cost effective, high capacity, and reliable power solution over the past few years. Demand predominately comes from use in mobile consumer goods such as laptops and mobile phones; however, recently markets for digital products such as electric bikes have also grown significantly. While the market for electric and hybrid vehicles (EV/HV) is now relatively small, it is set for expansion in the near term. Demand for lithium batteries has been growing at approximately 25% every year. Global demand for lithium-ion batteries would grow by 447% from 5,411 MWh in 2011 to 24,191 MWh in 2015. Thus, it is expected that global lithium-ion battery sales will total $9 billion by 2015. In 2015, about 70% of the global market for lithium-ion batteries would be controlled by five front-runners: AESC, LG Chem, Panasonic/Sanyo, A123 Systems and SB LiMotive. Light-duty vehicles will account for more than 85% of the world's lithium-ion battery demand. With growing competition in China, the Chinese market is expected to become the leading market for e-mobility by 2020. By the end of 2011, the China's market for Li-ion batteries was valued at more than $2.2 billion with a growth of approximately 14% in 2011. Going forward, the market would continue witnessing a robust growth at a compound annual rate of 12% through 2015. In June 2013, the company’s shipments of automotive-grade lithium-ion battery cells for Tesla Motors' premium, all-electric Model S sedan surpassed 100 million units. In February 2012, the company started supplying lithium-ion battery cells for Ford Motor Company's plug-in hybrid and hybrid vehicles, which is an initiative to capitalize on the growing demand for lithium-ion batteries.

Launch of New Products

Panasonic continues to develop innovative products to meet the growing needs of its customers. The company launched several products at regular intervals, which helps it in retaining its customer base and garnering a higher market share. With a strong technology foundation and a deep understanding of its clients, Panasonic is well positioned to deliver unparalleled value through innovative products and solutions. In June 2013, the company through its various subsidiaries launched EcoLogiX demand control system; Fine-wiring electrode film using copper pattern and MEGTRON GX series R-1515C Halogen-free IC substrate materials. In February, Panasonic’s group company Panasonic Ecology Systems Co., Ltd. released a new bathroom heater/dryer/ventilation system equipped with a sauna-like mist function for the Chinese market. In January 2013, Panasonic developed a new tablet computer which features a 20-inch IPS Alpha LCD panel with over four times the resolution of Full High Definition, and a high precision digital pen. Panasonic also developed a 56-inch organic light-emitting diode (OLED) panel with 4k2k resolution (3,840 x 2,160 resolution, 8.29 million pixels). In August 2012, Panasonic expanded its lineup of smart home appliances, that range from white goods, such as refrigerators and air conditioners to kitchen appliances and healthcare devices. It intends to launch cloud-based services in Japan by September 2012. In July 2012, the company developed an artificial photosynthesis system, that converts CO2 to organic materials. In June 2012, the company's car carrier outfitted with green technology was completed. During the same month, it also started mass-production of a secure, compact, long-life lithium-ion battery system developed for European homes. In May 2012, the company agreed to supply its audio visual equipment for the London 2012 Olympic Games. It started the shipment of its 65-inch "Interactive Plasma Display", in Japan, the US, and Europe by the end of June. In April 2012, the company planned to launch a new series of USB Mobile Power Supplies for mobile devices, such as tablet PCs and smart phones, in May 2012, in the Japanese market. It also plans to launch a 40W equivalent LED lamp Clear Type in Europe from July 2012. In April 2012, the company developed an advanced radar technology that enables to detect vehicles and humans in a range of several tens of meters. It also developed a chipset used for multi-gigabit millimeter wave wireless communication. In February 2012, the company developed a new solution for protecting personal data, such as photos, documents,videos and e-mails stored on Android smartphones. Llaunch of new products enables the company to enhance its market presence.

Strategic Initiatives

The company implemented certain strategic initiatives that are aimed at enhancing its business operations and existing product line. This could help the company maintain its competitive position in the industry. In April 2013, Panasonic and Fujitsu Limited launched a joint pilot project to develop new services that enhance convenience and comfort in customers’ daily lives; by integrating both company’s key strengths such as information from Panasonic’s smart appliances and Fujitsu’s cloud technology. In March 2013, the company built an additional motor plant on the premises of Panasonic Ecology Systems Guangdong Co., Ltd. its subsidiary production company in Guangdong, China. In February 2013, the company along with Fujitsu Limited signed a MOU for consolidating design and development function of Fujitsu Semiconductor Limited and LSI businesses of Panasonic. Both the companies will establish a new company enabling LSI design and development functions. In December 2012, the company’s subsidiary SANYO Electric Co., Ltd. formed an agreement to transfer all of its shares in SANYO DI Solutions Co., Ltd. that operates the digital camera and movie camera businesses. Also, the company announced that it has signed an agreement to absorb its wholly-owned subsidiary Panasonic Eco Solutions Power Tools Co., Ltd. In October 2012, the company decided to carry out merger where its wholly-owned subsidiary Panasonic System Solutions Japan Co., Ltd will absorb Panasonic System Networks Co., Ltd. (PSN) and Panasonic System Solutions Infrastructure Co., Ltd., a wholly-owned subsidiary of PSN. Also, Panasonic gained approval to start the construction of the Fujisawa Sustainable Smart Town (Fujisawa SST), a smart city project planned with Fujisawa City and eleven other partner companies. In May 2012, the company acquired all the outstanding shares of Firepro Systems Private Limited (India).

Threats

Counterfeit Products

The electronics manufacturing industry is plagued with problems such as the black market, parallel imports, and smuggled goods. The high penetration of counterfeit merchandise may lower the sales of the company and adversely affect its profit margins. Moreover, as the customers end up buying the counterfeited products bearing the look a like brand labels, the low quality of these counterfeits affects the consumer confidence and also tarnishes the brand image of the company. The US Chamber of Commerce estimates a cost of $500-600 billion per year on the global economy due to counterfeiting and piracy activities. It accounts for about 5-7% of the world trade. In US alone, counterfeit activities result in a yearly sales loss of about $200-250 billion. Several counterfeit products are produced in countries such as China, Korea, and Hong Kong. These products are poor in quality, but cheaper than their original counterparts. The cheap availability of counterfeit products therefore erodes Panasonics’s customer base and affects the overall business of the company. The company plans to establish a base at Panasonic Corporation of China during fiscal year 2012, to consolidate its efforts to fight counterfeiting. With the increase in imitation products, the company’s financial health and brand position may be severely affected.

Competitive Pressure

The electronic equipment and white goods industry is intensely competitive. It is characterized by short product life cycles, continual performance enhancements, and rapid adoption of technological and product advancements by competitors in the retail market, and price sensitivity in the Original Equipment Manufacturer (OEM) market. In the Audio business, the company faces competition from several small competitors and also from large established consumer electronic companies, such as Phillips. In the digital appliances business, the company competes with LG Electronics. Its competitors in the mobile segment include Nokia, Motorola, Apple, and others. Many of the company’s competitors across categories or markets could have greater marketing resources and brand recognition than the company. It is anticipated that the five top players who would be sharing most of the lithium-ion battery market in 2015 are: AESC (20%), LG Chem (15%), Panasonic/Sanyo (13%), A123 (11%) und SB LiMotive (9%). In addition, the continuous convergence of the markets for electronic devices could further intensify the competition.

Foreign Currency Fluctuations

The robust international operations of the company have increased its exposure to foreign currency fluctuations. The company operates across the world and has dealings in various currencies. It operations are exposed to different currencies including Euro, Chinese Renminbi, British Pound Sterling, Japanese Yen, Taiwanese Dollar, Canadian Dollar, and Mexican Peso. However, the functional currency of the company’s operations is principally Japanese Yen. The company makes efforts to mitigate the risk through foreign currency hedging. However, hedging activities may not offset more than a portion of the adverse financial impact resulting from unfavorable movement in foreign currency exchange rates. The constant fluctuations in currency would adversely affect the results of operations of the company.

Rapid Technological Changes

The company's offerings are characterized by rapid technological changes, which may affect its business operations. To compete effectively with its peers, the company should continually introduce new products that exceed the customers requirements. Utility companies are shifting to low cost technologies for supporting their capital-intensive investments. The introduction of products using new technologies or the adoption of new industry standards can make existing products, or products under development, obsolete or unmarketable. Inability to study the evolving technological landscape may impact the company’s competitive position.

CORPORATE FAMILY	CORPORATE STRUCTURE NEWS:
	Panasonic Corporation
Panasonic Corporation Total Corporate Family Members: 664

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Panasonic Corporation	Parent	Kadoma-Shi	Japan	Audio and Video Equipment Manufacturing	88,019.8	293,742
Asset/product line purchase proposed/announced.See corporate structure news on Panasonic Corporation for details
Panasonic Electric Works Co., Ltd.	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing		58,252
Universal Lighting Technologies	Subsidiary	Nashville, TN	United States	Electrical Equipment and Appliances Manufacturing	35.1	4,000
Universal Lighting Shanghai Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Electrical Equipment and Appliances Manufacturing		200
Universal Lighting Electronic Design (Shanghai) Co.,Ltd.	Subsidiary	Shanghai, Shanghai	China	Electrical Equipment and Appliances Manufacturing		113
Panasonic Industrial Devices SUNX Co Ltd	Subsidiary	Kasugai-Shi	Japan	Electromedical and Control Instruments Manufacturing	452.6	1,295
Panasonic Industrial Devices Sunx Tatsuno Co., Ltd.	Subsidiary	Tatsuno, Hyogo	Japan	Electrical Equipment and Appliances Manufacturing	161.3	420
Panasonic Electric Works Corporation of America	Subsidiary	New Providence, NJ	United States	Electronics Wholesale	168.0	100
Panasonic Electric Works Mexicana, S.A. De C.V.	Subsidiary	Mexicali, Baja California	Mexico	Semiconductor and Other Electronic Component Manufacturing	8,568.7	750
Panasonic Corporation Eco Solutions Company	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing		46,000
Panasonic Eco Solutions Shin Dong-A Co., Ltd.	Subsidiary	Busan	Korea, Republic of	Electronics Wholesale		170
Panasonic Eco Solutions Sales Taiwan Co Ltd	Subsidiary	Taipei	Taiwan	Electronics Wholesale		80
Panasonic Ecology Systems Kyoei Co., Ltd.	Subsidiary	Osaka	Japan	Building and Dwelling Services		32
Panasonic Eco Solutions Logistics Co., Ltd.	Subsidiary	Shijonawate, Osaka	Japan	Consulting Services		30
PT. Panasonic Gobel Eco Solutions Sales Indonesia	Subsidiary	Jakarta	Indonesia	Construction and Hardware Materials Wholesale		30
PT. KDK Indonesia	Subsidiary	Jakarta	Indonesia	Construction and Hardware Materials Wholesale		25
Panasonic Eco Solutions Nordic AB	Subsidiary	Malmo	Sweden	Communications Equipment Manufacturing		15
Panasonic Industrial Devices Materials Europe GmbH	Subsidiary	Enns	Austria	Electromedical and Control Instruments Manufacturing		110
Panasonic Manufacturing (Ayuthaya) Co., Ltd.	Subsidiary	Ayutthaya	Thailand	Electrical Equipment and Appliances Manufacturing
Panasonic Industrial Devices Materials Taiwan Co., Ltd.	Subsidiary	Hsin-chu	Taiwan	Machinery Wholesale
Panasonic Industrial Devices Materials (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Semiconductor and Other Electronic Component Manufacturing
Panasonic Industrial Devices Materials (Guangzhou) Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Semiconductor and Other Electronic Component Manufacturing
Douglas Lighting Controls, Inc.	Subsidiary	Burnaby, BC	Canada	Electrical Equipment and Appliances Manufacturing	6.0	6
Panasonic Electric Works Laboratory of America, Inc.	Subsidiary	Hillsboro, OR	United States	Research and Development Services	0.1	1
PT. Panasonic Gobel Eco Solutions Manufacturing Indonesia	Subsidiary	Bekasi, West Java	Indonesia	Electronics Wholesale
PT. Panasonic Lighting Indonesia	Subsidiary	Pasuruan	Indonesia	Electrical Equipment and Appliances Manufacturing
Panasonic Interior Lighting Co., Ltd.	Subsidiary	Iga, Mie	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Ikeda Electric Co., Ltd.	Subsidiary	Himeji, Hyogo	Japan	Electrical Equipment and Appliances Manufacturing
Sayo Ikeda Denki K.K.	Subsidiary	Katsuta-Gun, Okayama	Japan	Semiconductor and Other Electronic Component Manufacturing	82.5
Panasonic Lighting Kagawa Co., Ltd.	Subsidiary	Kagawa	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Living Hokkaido Tohoku Co., Ltd.	Subsidiary	Sendai, Miyagi	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Asahi Co., Ltd.	Subsidiary	Gunma	Japan	Construction and Hardware Materials Wholesale
Panasonic Eco Solutions Electrical Construction Materials Taiwan Co., Ltd.	Subsidiary	Taoyuan	Taiwan	Electronics Wholesale
Panasonic Photo & Lighting Co., Ltd.	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Condominiums & Apartments Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Residential and Commercial Building Construction
Panasonic Eco Solutions AWE Co., Ltd.	Subsidiary	Tokyo	Japan	Construction and Hardware Materials Wholesale
Panasonic Living Kyushu Co., Ltd.	Subsidiary	Fukuoka	Japan	Electronics Wholesale
Panasonic Living Chubu Co., Ltd.	Subsidiary	Nagoya, Aichi	Japan	Construction and Hardware Materials Wholesale
Panasonic Living Shutoken Kantoh Co., Ltd.	Subsidiary	Tokyo	Japan	Electronics Wholesale
Panasonic Eco Solutions Electrical Construction Materials Mie Co., Ltd.	Subsidiary	Tsu, Mie	Japan	Electrical Equipment and Appliances Manufacturing
Kinan Denko K.K.	Subsidiary	Minamimuro-Gun, Mie	Japan	Semiconductor and Other Electronic Component Manufacturing	17.7	100
Matsusaka Seidensha, Y.K.	Subsidiary	Taki-Gun, Mie	Japan	Semiconductor and Other Electronic Component Manufacturing	11.9
Panasonic Eco Solutions (Hong Kong) Co., Ltd.	Subsidiary	Tsuen Wan, New Territories	Hong Kong	Electromedical and Control Instruments Manufacturing
Kdk Fans (M) Sdn. Bhd.	Subsidiary	Petaling Jaya, Selangor	Malaysia	Electronics Wholesale	53.2	27
Panasonic Eco Solutions Networks Co., Ltd.	Subsidiary	Tokyo	Japan	Computer System Design Services
Panasonic Living Kinki Co., Ltd.	Subsidiary	Osaka, 536-0008	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Facility Management Co., Ltd.	Subsidiary	Kadoma	Japan	Facilities Management
Panasonic Lighting Device Marketing Co., Ltd.	Subsidiary	Kadoma	Japan	Home Furnishings Wholesale
Componentes Universales de Matamoros, S.A. de C.V.	Subsidiary	Matamoros	Mexico	Electronics Wholesale
Panasonic Ecology Systems Ventec Co., Ltd.	Subsidiary	Kasugai	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Facilities Lighting Co., Ltd.	Subsidiary	Tanba, Hyogo	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Lighting Devices Serbia d. o. o.	Subsidiary	Kusiljevo	Serbia	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Creates Co., Ltd.	Subsidiary	Osaka	Japan	Computer System Design Services
Panasonic Photo & Lighting Kumihama Co., Ltd.	Subsidiary	Kyotango, Kyoto	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Techno Service Co., Ltd.	Subsidiary	Osaka	Japan	Building and Dwelling Services
Panasonic Eco Solutions Chemical Co., Ltd.	Subsidiary	Nishinomiya, Hyogo	Japan	Miscellaneous Chemical Manufacturing
Panasonic Living Chushikoku Co., Ltd.	Subsidiary	Tokushima	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Information Equipment (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Electrical Equipment and Appliances Manufacturing
Panasonic Eco Solutions Canada Inc.	Subsidiary	Mississauga, ON	Canada	Motor Vehicle Parts Manufacturing
Panasonic Lighting (Beijing) Co.,Ltd	Subsidiary	Beijing	China	Electrical Equipment and Appliances Manufacturing
Panasonic Corporation of North America	Subsidiary	Secaucus, NJ	United States	Electronics Wholesale	63,667.7	23,000
Panasonic Communications De México, S.A. De C.V.	Subsidiary	Tijuana, Baja California	Mexico	Communications Equipment Manufacturing		2,532
Matsushita Communication Industrial Corp.	Subsidiary	Peachtree City, GA	United States	Communications Equipment Manufacturing		1,900
Panasonic Home Appliances De México, S.A. De C.V.	Subsidiary	Apodaca, Nuevo Leon	Mexico	Audio and Video Equipment Manufacturing		1,256
Panasonic Automotive Systems De México, S.A. De C.V.	Subsidiary	Reynosa, Tamaulipas	Mexico	Audio and Video Equipment Manufacturing	0.0	1,150
Panasonic Avionics Corp	Subsidiary	Lake Forest, CA	United States	Transportation Equipment Wholesale		650
Panasonic Avionics Corp	Branch	Romulus, MI	United States	Transportation Equipment Wholesale	29.6	9
Panasonic Avionics Corp	Branch	Houston, TX	United States	Transportation Equipment Wholesale	16.8	5
Panasonic Avionics Corp	Branch	Irving, TX	United States	Transportation Equipment Wholesale	16.8	5
Panasonic Avionics Corp	Branch	Elk Grove Vlg, IL	United States	Transportation Equipment Wholesale	15.8	5
Panasonic Avionics Corp	Branch	Tulsa, OK	United States	Transportation Equipment Wholesale	13.6	5
Panasonic Avionics Corp	Branch	Lake Forest, CA	United States	Transportation Equipment Wholesale	13.0	5
Panasonic Avionics Corp	Branch	Miami, FL	United States	Transportation Equipment Wholesale	12.4	5
Panasonic Avionics Corp	Branch	Seatac, WA	United States	Transportation Equipment Wholesale	11.0	5
Panasonic Avionics Corp	Branch	Sterling, VA	United States	Transportation Equipment Wholesale	9.9	5
Panasonic Avionics Corp	Branch	Las Vegas, NV	United States	Transportation Equipment Wholesale	8.1	5
Panasonic Avionics Corp	Branch	Honolulu, HI	United States	Transportation Equipment Wholesale	7.8	5
Panasonic Avionics Corp	Branch	Boston, MA	United States	Electronics and Appliances Stores	1.0	5
Panasonic Avionics Corp	Branch	Salt Lake City, UT	United States	Transportation Equipment Wholesale	7.3	4
Panasonic N.A	Subsidiary	Rolling Meadows, IL	United States	Electronics Wholesale	7.9	600
Panasonic Digital Service Center	Subsidiary	Elgin, IL	United States	Electronics Wholesale		500
Panasonic Avionics Corporation	Subsidiary	Bothell, WA	United States	Transportation Equipment Wholesale	1,099.9	400
Matsushita Avionics Systems Corporation	Subsidiary	Lake Forest, CA	United States	Transportation Equipment Wholesale		800
Matsushita Avionics Systems Corporation	Subsidiary	Houston, TX	United States	Transportation Equipment Wholesale		1
Panasonic	Subsidiary	Knoxville, TN	United States	Audio and Video Equipment Manufacturing	1,050.0	400
Matsushita Electric Corporation of America	Subsidiary	Suwanee, GA	United States	Miscellaneous Store Retailers	0.8	300
Panasonic Customer Call Center	Branch	Chesapeake, VA	United States	Miscellaneous Information Services	39.3	220
Panasonic Disc Manufacturing Corporation of America	Subsidiary	Torrance, CA	United States	Magnetic and Optical Media Manufacturing	67.5	200
Sanyo North America Corp	Subsidiary	San Diego, CA	United States	Electronics and Appliances Stores	1,050.0	150
Panasonic Eco Solutions Energy	Branch	Cupertino, CA	United States	Specialty Construction Trade Contractors	1.8	9
Sanyo USA	Branch	New York, NY	United States	Electronics Wholesale	17.2	7
Sanyo Commercial Solutions	Branch	Kennesaw, GA	United States	Electronics Wholesale	14.1	6
Sanyo North America Corp	Branch	Marietta, GA	United States	Electronics Wholesale	4.7	2
Sanyo Commercial Solutions	Branch	Marietta, GA	United States	Electronics Wholesale	4.7	2
Matsushita Electric Corporation of America	Subsidiary	San Diego, CA	United States	Electronics Wholesale		150
Panasonic Broadcast & TV Systems	Subsidiary	Los Angeles, CA	United States	Electronics Wholesale	260.0	125
Mema Panasonic	Subsidiary	Berea, KY	United States	Electronics Wholesale		107
Panasonic Automotive Electronics Co.	Subsidiary	Southfield, MI	United States	Electronics Wholesale		100
Panasonic	Subsidiary	McAllen, TX	United States	Electronics and Appliances Stores	1,050.0	80
Panasonic AVC American Co.	Subsidiary	Westampton, NJ	United States	Advertising Services		80
Panasonic Avionics Corporation	Subsidiary	Coppell, TX	United States	Transportation Equipment Wholesale	1,050.0	75
Panasonic Corp	Branch	Wood Dale, IL	United States	Professional and Commercial Equipment Wholesale	106.9	50
Panasonic Technologies Inc.	Subsidiary	Princeton, NJ	United States	Research and Development Services	19.6	50
Panasonic Broadcast & Television Systems Company	Subsidiary	Secaucus, NJ	United States	Cable and Other Program Distribution		50
Panasonic Industrial Company	Subsidiary	San Jose, CA	United States	Electronics Wholesale		40
Panasonic Corp	Branch	Earth City, MO	United States	Semiconductor and Other Electronic Component Manufacturing	10.6	35
Panasonic	Subsidiary	San Diego, CA	United States	Communications Equipment Manufacturing	10.3	30
Panasonic Industrial Co	Subsidiary	Secaucus, NJ	United States	Medical Equipment and Supplies		25
Panasonic Factory Automation	Branch	Buffalo Grove, IL	United States	Machinery and Equipment Manufacturing	25.6	100
Panasonic Industrial Co	Branch	Houston, TX	United States	Semiconductor and Other Electronic Component Manufacturing	16.0	30
Panasonic Industrial Co	Branch	San Diego, CA	United States	Semiconductor and Other Electronic Component Manufacturing	6.8	25
Panasonic Technologies Inc	Branch	Cambridge, MA	United States	Research and Development Services		8
Panasonic Factory Services Center	Branch	Tampa, FL	United States	Electronics and Appliances Stores	1.5	7
Panasonic Corporation Of North America	Branch	Troy, OH	United States	Electronics Wholesale		25
Panasonic Boston Laboratory	Branch	Newton, MA	United States	Electronics and Appliances Stores	4.1	20
Matsushita Electric Corporation of America	Subsidiary	Langhorne, PA	United States	Electronics Wholesale		20
Amac Corporation	Subsidiary	Cypress, CA	United States	Electronics Wholesale		18
Panasonic Corp	Branch	San Diego, CA	United States	Electrical Equipment and Appliances Manufacturing	4.7	15
Panasonic	Subsidiary	Miami, FL	United States	Consulting Services	3.0	15
Saxon Office Technology	Subsidiary	Fairless Hills, PA	United States	Electronics Wholesale	2.3	15
Panasonic	Subsidiary	Salt Lake City, UT	United States	Audio and Video Equipment Manufacturing		15
Panasonic Industrial Systems	Subsidiary	Kent, WA	United States	Electronics Wholesale		11
Panasonic Consumer Electronics	Subsidiary	Secaucus, NJ	United States	Electronics Wholesale		10
Panasonic Home Appliance Co	Branch	Danville, KY	United States	Electronics and Appliances Stores	22.7	115
Panasonic Home Appliance Co	Branch	Danville, KY	United States	Electronics and Appliances Stores	0.8	3
Panasonic Home Appliance Co	Branch	Danville, KY	United States	Electronics and Appliances Stores	0.8	3
Panasonic Home Appliance Co	Branch	Westminster, CA	United States	Electronics and Appliances Stores	0.6	2
Panasonic Home Appliance Co	Branch	Danville, KY	United States	Electronics and Appliances Stores	0.5	2
Panasonic Repair Center	Branch	Elgin, IL	United States	Electronic Equipment Repair and Maintenance	1.3	7
Panasonic Office Product East	Branch	Knoxville, TN	United States	Computer, Office Equipment and Software Merchant Wholesalers	13.1	6
Panasonic Corp of North America	Subsidiary	Aiea, HI	United States	Electronics Wholesale		6
Panasonic System Solutions Co	Subsidiary	Secaucus, NJ	United States	Home Furnishings Wholesale		6
Panasonic Communication & System	Branch	Secaucus, NJ	United States	Telecommunications Resellers	5.6	15
Panasonic Business Phone-Systs	Branch	Louisville, KY	United States	Telecommunications Resellers	5.6	15
Panasonic Digital IP Cameras	Branch	Agoura Hills, CA	United States	Investigation and Security Services	0.4	8
Panasonic Broadcast & Television Systems	Branch	Odessa, FL	United States	Electronics Wholesale	17.2	7
Panasonic Office Automation	Branch	Brockton, MA	United States	Computer, Office Equipment and Software Merchant Wholesalers	11.0	5
Panasonic Business Phone-Systs	Branch	Agoura Hills, CA	United States	Telecommunications Resellers	1.9	5
Panasonic Broadcast	Branch	Mesquite, TX	United States	Electronics Wholesale	10.4	4
Panasonic Telephone Systems	Branch	Norcross, GA	United States	Telecommunications Resellers	1.1	3
Panasonic Communication & System	Branch	Miami, FL	United States	Telecommunications Resellers	1.1	3
Panasonic Computer Solutions	Subsidiary	Secaucus, NJ	United States	Computer and Peripheral Equipment Manufacturing		6
Panasonic Computer Solutions	Branch	Ballwin, MO	United States	Computer and Peripheral Equipment Manufacturing	8.0	6
Panasonic Finance America Inc	Branch	New York, NY	United States	Banking		6
Panasonic Industrial Co.	Subsidiary	Beaverton, OR	United States	Electronics Wholesale		6
Panasonic Energy Corp-America	Subsidiary	Columbus, GA	United States	Electrical Equipment and Appliances Manufacturing	1,050.0	5
Panasonic Energy	Branch	Columbus, GA	United States	Advertising Services	17.7	70
Panasonic Energy	Branch	Columbus, GA	United States	Electromedical and Control Instruments Manufacturing	9.2	40
Panasonic Lithium Battery Division	Branch	Columbus, GA	United States	Miscellaneous Manufacturing	1.2	6
Panasonic Corp	Branch	Honolulu, HI	United States	Electronics Wholesale	11.9	5
Panasonic Corp	Branch	High Point, NC	United States	Electrical Equipment and Appliances Manufacturing	1.9	5
Panasonic Corp	Branch	San Rafael, CA	United States	Telecommunications Resellers	1.9	5
Panasonic Corp	Branch	Apple Valley, MN	United States	Electrical Equipment and Appliances Manufacturing	1.5	5
Panasonic Corp	Branch	Los Indios, TX	United States	Electronics and Appliances Stores	1.1	5
Panasonic Foundation Inc	Branch	Secaucus, NJ	United States	Associations and Organizations		5
Panasonic Venture Group	Branch	Cupertino, CA	United States	Investment Services		5
Sanyo Energy USA Corp	Subsidiary	Frisco, TX	United States	Specialty Construction Trade Contractors		5
Sanyo Energy Technical Center	Branch	Farmington Hills, MI	United States	Specialty Construction Trade Contractors	1.1	6
Sanyo Energy USA Corp	Branch	Kansas City, MO	United States	Specialty Construction Trade Contractors	1.1	6
Panasonic Factory Solutions - Welding Robotics Group	Subsidiary	Lawrenceburg, TN	United States	Electronics Wholesale		5
Matsushita Electric Corporation of America	Subsidiary	Suwanee, GA	United States	Sporting Goods and Recreation Stores		5
Panasonic Corp	Branch	Aurora, IL	United States	Electronics Wholesale	9.9	4
Panasonic Corp	Branch	Secaucus, NJ	United States	Electronics and Appliances Stores	1.1	4
Panasonic Corp	Branch	Yorba Linda, CA	United States	Electronics and Appliances Stores	0.9	4
Panasonic Corp	Branch	Carmel, IN	United States	Electronics and Appliances Stores	0.8	4
Panasonic Corp	Branch	Dublin, OH	United States	Electronics and Appliances Stores	0.8	4
Panasonic Corp	Branch	Westminster, CA	United States	Consulting Services	0.6	4
Panasonic Corp	Branch	Kent, WA	United States	Electronics Wholesale	8.7	3
Panasonic Corp	Branch	Cypress, CA	United States	Electronics Wholesale	8.3	3
Panasonic Corp	Branch	Broomfield, CO	United States	Electronics Wholesale	7.7	3
Panasonic Corp	Branch	Columbus, GA	United States	Electronics Wholesale	7.6	3
Panasonic Corp	Branch	San Rafael, CA	United States	Telecommunications Resellers	1.1	3
Panasonic Corp	Branch	San Francisco, CA	United States	Telecommunications Resellers	1.1	3
Panasonic Corp	Branch	Killeen, TX	United States	Electronics and Appliances Stores	0.7	3
Panasonic AVC Networks Co	Subsidiary	San Diego, CA	United States	Electronics and Appliances Stores		3
Panasonic Experience Shop	Branch	Edgewater, NJ	United States	Electronics and Appliances Stores	0.5	2
Panasonic Corp	Branch	Mcallen, TX	United States	Motor Vehicle and Parts Dealers	0.2	1
Panasonic Factory Automation Co.	Subsidiary	Rolling Meadows, IL	United States	Electronics Wholesale
Panasonic Eco Solutions Energy Management North America	Subsidiary	Cupertino, CA	United States	Consulting Services
Panasonic Lighting Americas, Inc.	Subsidiary	Nashville, TN	United States	Electrical Equipment and Appliances Manufacturing
Panasonic System Networks Co., Ltd.	Subsidiary	Tokyo	Japan	Communications Equipment Manufacturing		19,500
Panasonic Vietnam	Subsidiary	Hanoi	Viet Nam	Audio and Video Equipment Manufacturing		8,200
Panasonic Electronic Devices Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Semiconductor and Other Electronic Component Manufacturing	212.1	6,800
Panasonic Electronic Devices Batam, Pt	Subsidiary	Batam, Riau	Indonesia	Semiconductor and Other Electronic Component Manufacturing		5,382
Panasonic Electronic Device Company Co. Ltd.	Subsidiary	Osaka	Japan	Semiconductor and Other Electronic Component Manufacturing		6,000
PanaHome Corporation	Subsidiary	Toyonaka-Shi	Japan	Residential and Commercial Building Construction	3,488.0	5,161
Panahome Real Estate Corporation	Subsidiary	Toyonaka, Osaka	Japan	Real Estate Agents and Brokers	139.0
Saitamanishi-Panahome Co.,Ltd.	Subsidiary	Tokorozawa, Saitama	Japan	Residential and Commercial Building Construction	110.5
Panahome Shiga Co.,Ltd.	Subsidiary	Kusatsu, Shiga	Japan	Residential and Commercial Building Construction	99.5
Natex Co.,Ltd.	Subsidiary	Shinjuku-Ku, Tokyo	Japan	Specialty Construction Trade Contractors	82.7
Panahome Tokai Co.,Ltd.	Subsidiary	Nagano, Nagano	Japan	Residential and Commercial Building Construction	74.6
Panahome Tama, K.K.	Subsidiary	Tachikawa, Tokyo	Japan	Residential and Commercial Building Construction	58.2
Pana Home Kitakyushu, K.K.	Subsidiary	Kitakyushu, Fukuoka	Japan	Real Estate Agents and Brokers	45.7
Sanyo Energy (Suzhou) Co., Ltd.	Subsidiary	Suzhou	China	Electrical Equipment and Appliances Manufacturing		5,000
Panasonic Electronic Devices Co Ltd	Subsidiary	Osaka	Japan	Semiconductor and Other Electronic Component Manufacturing		4,800
Panasonic Wanbao Compressor (Guangzhou) Co Ltd	Subsidiary	Guangzhou, Guangdong Province	China	Motor Vehicle Parts Manufacturing		4,400
Panasonic Ecology Systems Co Ltd	Subsidiary	Kasugai, Aichi Pref	Japan	Motor Vehicle Parts Manufacturing		4,290
Matsushita Battery Industrial Co., Ltd.	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing		3,400
Panasonic Healthcare Co Ltd	Subsidiary	Tokyo	Japan	Electromedical and Control Instruments Manufacturing		3,000
Panasonic Healthcare Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Electromedical and Control Instruments Manufacturing	109.7	150
Panasonic Healthcare Business Support Co.,Ltd.	Subsidiary	Saijo, Ehime	Japan	Employment Services	6.8	98
Panasonic Medicom Networks Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Miscellaneous Store Retailers	98.2
Panasonic Factory Solutions Co., Ltd.	Subsidiary	Kadoma, Osaka	Japan	Machinery and Equipment Manufacturing		2,730
Panasonic Factory Solutions Sales & Engineering Japan Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Electronics Wholesale	276.1
Sanyo Electric Co Ltd	Subsidiary	Moriguchi, Osaka Pref	Japan	Audio and Video Equipment Manufacturing	17,832.2	2,500
Panasonic Taiwan Co Ltd	Subsidiary	New Taipei, Taipei Hsien	Taiwan	Communications Equipment Manufacturing		4,500
Panasonic Marketing Sales (Taiwan) Co., Ltd.	Subsidiary	Taipei	Taiwan	Electronics Wholesale
Panasonic Industrial Devices Sales (Taiwan) Co., Ltd.	Subsidiary	Taipei	Taiwan	Machinery Wholesale
P.T. Sanyo Precision Batam	Subsidiary	Batam	Indonesia	Audio and Video Equipment Manufacturing		3,000
Hefei Rongshida Sanyo Electric Co., Ltd	Subsidiary	Hefei	China	Electrical Equipment and Appliances Manufacturing	636.4	2,584
Acquisition by Whirlpool Corporation proposed/announced.See corporate structure news on Panasonic Corporation for details
Tottori Sanyo Electric Co., Ltd.	Subsidiary	Tottori	Japan	Audio and Video Equipment Manufacturing		2,500
Tottori Sanyo Electric (Hong Kong) Limited	Subsidiary	Hong Kong	Hong Kong	Audio and Video Equipment Manufacturing		42
P.T. Sanyo Compressor Indonesia	Subsidiary	Bekasi	Indonesia	Motor Vehicle Parts Manufacturing		2,000
Dalian Sanyo Compressor Co., Ltd.	Subsidiary	Dalian	China	Motor Vehicle Parts Manufacturing		1,800
Sanyo Indonesia, PT	Subsidiary	Bekasi	Indonesia	Audio and Video Equipment Manufacturing		1,700
Haier Sales Indonesia, Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Electronics Wholesale
Sanyo Electronic Components (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Semiconductor and Other Electronic Component Manufacturing		1,700
Sanyo Optical Component (Huizhou) Co., Ltd.	Subsidiary	Huizhou, Guangdong	China	Machinery and Equipment Manufacturing	38.1	1,500
Niigata Sanyo Electronic Co., Ltd.	Subsidiary	Niigata	Japan	Semiconductor and Other Electronic Component Manufacturing		1,400
Taiwan Sanyo Electric Co Ltd	Subsidiary	Taipei	Taiwan	Electrical Equipment and Appliances Manufacturing	226.5	1,244
SANYO Hungary Ipari és Kereskedelmi Kft	Subsidiary	Dorog	Hungary	Semiconductor and Other Electronic Component Manufacturing	517.9	1,042
Guangdong Sanyo Air Conditioner Co., Ltd.	Subsidiary	Foshan, Guangdong	China	Motor Vehicle Parts Manufacturing		1,000
Panasonic Ap Kucho Reisetsu Kiki K.K.	Subsidiary	Ora-Gun, Gunma	Japan	Motor Vehicle Parts Manufacturing	144.5	950
Mabe Sanyo Compressors, S.A. de C.V.	Subsidiary	San Luis PotosÃ, San Luis PotosÃ	Mexico	Motor Vehicle Parts Manufacturing		800
Sanyo Jaya Components Indonesia, PT	Subsidiary	Bogor	Indonesia	Audio and Video Equipment Manufacturing		800
Shenyang Sanyo Air Conditioner Co., Ltd.	Subsidiary	Shenyang	China	Audio and Video Equipment Manufacturing		620
Sanyo Electronic (Taichung) Co., Ltd.	Subsidiary	Taichung, Hsien	Taiwan	Semiconductor and Other Electronic Component Manufacturing		500
Sanyo (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Electrical Equipment and Appliances Manufacturing		500
Shimane Sanyo Electric Co.,Ltd.	Subsidiary	Unnan, Shimane	Japan	Electrical Equipment and Appliances Manufacturing	224.5	483
Sanyo BPL Private Limited	Subsidiary	Bengaluru	India	Audio and Video Equipment Manufacturing		400
Sanyo Electronics S.A.	Subsidiary	Ushuaia, Tierra Del Fuego	Argentina	Audio and Video Equipment Manufacturing		400
Sanyo Sales & Marketing Corporation	Subsidiary	Osaka	Japan	Electronics Wholesale		400
Newsan S.A.	Subsidiary	Buenos Aires	Argentina	Audio and Video Equipment Manufacturing	616.7	300
Electrofueguina Sa	Subsidiary	Rio Grande, Tierra Del Fuego	Argentina	Audio and Video Equipment Manufacturing	166.1	100
Kirbo S.A.	Subsidiary	Ciudad De Buenos Aires	Argentina	Pensions and Funds	3.5
Misur S.A.	Subsidiary	Ciudad De Buenos Aires	Argentina	Pensions and Funds	3.5
Dalian Sanyo Refrigeration Co., Ltd.	Subsidiary	Dalian	China	Motor Vehicle Parts Manufacturing		300
P.T. Jaya Indah Casting	Subsidiary	Bekasi	Indonesia	Motor Vehicle Parts Manufacturing		200
Argoclima SpA	Subsidiary	Gallarate, VA	Italy	Motor Vehicle Parts Manufacturing	42.4	189
SANYO Semicon Device Co., Ltd.	Subsidiary	Tokyo	Japan	Electronics Wholesale	224.0	168
Panasonic Ap Prodex K.K.	Subsidiary	Ora-Gun, Gunma	Japan	Motor Vehicle Parts Manufacturing	85.8	156
Sanyo Component Europe GmbH	Subsidiary	München, Bayern	Germany	Electrical Equipment and Appliances Manufacturing	809.8	100
Sanyo Asia Pte Ltd	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing		100
Sanyo Automedia Sdn Bhd	Subsidiary	Prai, Pulau Pinang	Malaysia	Audio and Video Equipment Manufacturing	391.9	1,900
Sanyo Automedia Sdn.Bhd.	Branch	Ora-Gun, Gunma	Japan	Architecture and Engineering	374.3	50
P.T. Sanyo Electronics Indonesia	Subsidiary	Bekasi	Indonesia	Audio and Video Equipment Manufacturing		100
P.T. Sanyo Energy (Batam) Corporate	Subsidiary	Batam	Indonesia	Audio and Video Equipment Manufacturing		100
Sanyo Energy (Taiwan) Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Electronics Wholesale		100
Sanyo Energy (Hong Kong) Company Limited	Subsidiary	Hong Kong	Hong Kong	Electronics Wholesale		90
Sanyo Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronics Wholesale	25.8	80
Technodevice Co.,Ltd.	Subsidiary	Mooka, Tochigi	Japan	Electrical Equipment and Appliances Manufacturing	86.7	70
Sanyo Electric (Shekou) Ltd	Branch	Kwai Chung, New Territories	Hong Kong	Electrical Equipment and Appliances Manufacturing		70
Sanyo Canada Holdings 1990 Inc.	Subsidiary	Concord, ON	Canada	Holding Companies		65
Sanyo North American Corporation	Subsidiary	San Diego, CA	United States	Consulting Services		60
Sanyo Fisher Company	Subsidiary	Chatsworth, CA	United States	Electronics Wholesale		175
Sanyo Fisher Home Appliance & Consumer Products Div.	Division	Springfield, NJ	United States	Appliance Repair and Maintenance	0.2	1
Sanyo Energy (U.S.A.) Corporation	Subsidiary	San Diego, CA	United States	Electrical Equipment and Appliances Manufacturing		150
SANYO Energy, S.A. de C.V.	Subsidiary	Escobedo, 66050	Mexico	Electrical Equipment and Appliances Manufacturing
SANYO Energy (U.S.A.) Corporation - Mobile Energy Business Division	Division	Frisco, TX	United States	Semiconductor and Other Electronic Component Manufacturing
SANYO Energy (U.S.A.) Corporation - HEV Battery Business Division	Division	Farmington Hills, MI	United States	Electrical Equipment and Appliances Manufacturing
SANYO Energy (U.S.A.) Corporation - Kansas City HEV JIT Facility	Division	Kansas City, MO	United States	Electrical Equipment and Appliances Manufacturing
Sanyo E & E Corporation	Subsidiary	San Diego, CA	United States	Electrical Equipment and Appliances Manufacturing	2.1	80
SANYO Customs Brokerage, Inc.	Subsidiary	San Diego, CA	United States	Securities	1.1	30
Sanyo Customs Brokerage, S.A. De C.V.	Subsidiary	Tijuana, Baja California	Mexico	Trucking		60
Sanyo Logistics Corporation	Subsidiary	Rancho Cucamonga, CA	United States	Trucking	2.5	19
Recently sold.See corporate structure news on Panasonic Corporation for details
SANYO Manufacturing Corporation	Subsidiary	Forrest City, AR	United States	Audio and Video Equipment Manufacturing	568.0	17
Sanyo Manufacturing Corp	Branch	San Diego, CA	United States	Miscellaneous Manufacturing	1.1	6
Sanyo Manufacturing Corp	Branch	Bentonville, AR	United States	Miscellaneous Manufacturing	0.6	3
Sanyo Electronic Device Sales (USA) Corporation	Subsidiary	Norwood, NJ	United States	Electronics Wholesale		15
SANYO Solar of Oregon L.L.C.	Subsidiary	Salem, OR	United States	Semiconductor and Other Electronic Component Manufacturing
Sanyo Fisher Vertriebs GmbH	Subsidiary	Munich	Germany	Electronics and Appliances Stores		60
SANYO Sales & Marketing Europe GmbH	Subsidiary	München, Bayern	Germany	Electronics Wholesale	461.6	50
Sanyo Oceania Pty Limited	Subsidiary	North Sydney, NSW	Australia	Computer, Office Equipment and Software Merchant Wholesalers	4.1	50
Sanyo LSI Technology India Private Limited	Subsidiary	Bengaluru	India	Audio and Video Equipment Manufacturing		50
Sanyo Canada, Inc.	Subsidiary	Concord, ON	Canada	Accounting and Tax Preparation		50
Sanyo E.T. Canada, Inc.	Subsidiary	Woodbridge, ON	Canada	Accounting and Tax Preparation		50
Sanyo Customs Brokerage S.A. de C.V.	Subsidiary	Tijuana	Mexico	Audio and Video Equipment Manufacturing		45
Sanyo de Amazonia SA	Subsidiary	Sao Paulo	Brazil	Audio and Video Equipment Manufacturing		42
Tattori Sanyo Electric (Hong Kong) Limited	Subsidiary	Kwai Chung, NT	Hong Kong	Audio and Video Equipment Manufacturing		40
Sanyo Commercial Refrigeration International Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Audio and Video Equipment Manufacturing		40
Sanyo Airconditioners Europe S.r.l.	Subsidiary	Milan	Italy	Audio and Video Equipment Manufacturing		35
Sanyo Portugal Electrónica SA	Subsidiary	Agualva-Cacém, Lisboa	Portugal	Electronics Wholesale	14.9	33
Sanyo Energy (Singapore) Corporation Pte. Ltd.	Subsidiary	Singapore	Singapore	Electrical Equipment and Appliances Manufacturing	303.0	32
Sanyo Energy (Singapore) Corporation Pte., Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing		30
Sanyo South Africa (Pty) Ltd.	Subsidiary	Wendwood	South Africa	Audio and Video Equipment Manufacturing		25
Sanyo Bio Medical Europe	Subsidiary	Etten-Leur	Netherlands	Audio and Video Equipment Manufacturing		25
Sanyo Airconditioners Manufacturing Singapore Pte., Ltd.	Subsidiary	Singapore	Singapore	Motor Vehicle Parts Manufacturing	49.5	20
Sanyo Electric (China) Co., Ltd.	Subsidiary	Beijing, PRC	China	Audio and Video Equipment Manufacturing		20
SANYO Electric (Hong Kong) Limited	Subsidiary	Kowloon	Hong Kong	Electrical Equipment and Appliances Manufacturing
SANYO Gulf FZE	Subsidiary	Dubai	United Arab Emirates	Electronics Wholesale
SANYO Electric International Trading Co., Ltd.	Subsidiary	Shanghai	China	Electronics Wholesale
Guangzhou Sanyo Car Electronics Co., Ltd.	Subsidiary	Guangzhou	China	Motor Vehicle Parts Manufacturing
SANYO Electric International Logistics (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen	China	Consulting Services
Dalian SANYO Meica Electronics CO., Ltd.	Subsidiary	Dalian, Liaoning	China	Motor Vehicle Parts Manufacturing
Tottori SANYO Electric (Guangzhou) Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Communications Equipment Manufacturing
SANYO Electronic Components (S) Pte. Ltd.	Subsidiary	Singapore	Singapore	Semiconductor and Other Electronic Component Manufacturing		16
SANYO E&E Europe BV, Biomedical Division	Subsidiary	Loughborough	United Kingdom	Machinery and Equipment Manufacturing		15
Sanyo Home Appliance Vietnam Corporation	Subsidiary	Bien Hoa	Viet Nam	Audio and Video Equipment Manufacturing		15
Sara Lee Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Chemical Manufacturing	20.7	14
Sanyo (Thailand) Company Limited	Subsidiary	Huai Kwang, Bangkok	Thailand	Electronics Wholesale		285
SANYO E&E S.A. de C.V.	Subsidiary	Tijuana, Baja California	Mexico	Electrical Equipment and Appliances Manufacturing		12
Sanyo Buro-Electronic Europe-Vertrieb GmbH	Subsidiary	Munich	Germany	Audio and Video Equipment Manufacturing		10
Sanyo Precision Singapore Pte., Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing		6
SANYO Electronic Device (U.S.A.) Corporation	Subsidiary	San Diego, CA	United States	Electronics Wholesale		6
Sanyo Electronic Device Corp	Branch	Frisco, TX	United States	Electronics and Appliances Stores	0.7	3
Panasonic Eco Solutions Commercial Equipment Systems Co.,Ltd.	Subsidiary	Taito-Ku, Tokyo	Japan	Machinery Wholesale	1,323.8
Sanyo Electronic Device Sales,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Electronics Wholesale	850.3
Sanyo Electronics (Dongguan) Co., Ltd.	Subsidiary	Dongguan, Guangdong	China	Audio and Video Equipment Manufacturing	318.1
Saga Sanyo Industries Co.,Ltd.	Subsidiary	Kishima-Gun, Saga	Japan	Electrical Equipment and Appliances Manufacturing	207.2
Sanyo Information Technology Solutions Co., Ltd.	Subsidiary	Moriguchi, Osaka	Japan	Computer Programming	170.8
Ntt Data Sanyo System Integration (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Computer System Design Services	1.5	100
Sanyo Commercial Hambai K.K.	Subsidiary	Taito-Ku, Tokyo	Japan	Machinery Wholesale	145.9
Panasonic Eco Sollutions Facility Engineering Co.,Ltd.	Subsidiary	Maebashi, Gunma	Japan	Specialty Construction Trade Contractors	115.8
Sanyo Showa Panel System Corporation	Subsidiary	Chiyoda-Ku, Tokyo	Japan	Motor Vehicle Parts Manufacturing	110.6
Sanyo Techno Solutions Tottori Co., Ltd.	Subsidiary	Tottori, Tottori	Japan	Electrical Equipment and Appliances Manufacturing	88.7
Sanyo Sales & Service Sdn. Bhd.	Subsidiary	Petaling Jaya, Selangor Darul Ehsan	Malaysia	Electrical Equipment and Appliances Manufacturing	16.8
Sanyo Heart Ecology Co.,Ltd.	Subsidiary	Daito, Osaka	Japan	Miscellaneous Store Retailers	3.5
Sanyo Electric International Finance (Uk) Plc	Subsidiary	Watford	United Kingdom	Pensions and Funds	1.2
Sanyo Electric (Hong Kong) Limited	Subsidiary	New Territories	Hong Kong	Audio and Video Equipment Manufacturing
Sanyo Electric (Shekou) Ltd	Subsidiary	Shenzhen, Guangdong Province	China	Electronics Wholesale		3,500
Sanyo Electric Home Appliances (Suzhou) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Electrical Equipment and Appliances Manufacturing	58.5	550
Sanyo Electric Co.,Ltd.	Branch	Okazaki, Aichi	Japan	Computer and Peripheral Equipment Manufacturing
Sanyo da Amazonia S.A.	Subsidiary	Manaus, AM	Brazil	Motor Vehicle Parts Manufacturing
Suzhou Sanyo Electro-Mechanical Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Audio and Video Equipment Manufacturing
Sanyo Armco (K) Ltd	Subsidiary	Nairobi	Kenya	Electronics Wholesale
Dalian Honjo Chemical Corporation	Subsidiary	Dalian	China	Basic Chemical Manufacturing
Dalian Sanyo Cold-Chain Co., Ltd.	Subsidiary	Dalian	China	Audio and Video Equipment Manufacturing
Shenzhen Sanyo Huaqiang Optical Technology Co., Ltd.	Subsidiary	Shenzhen, Guangdong	China	Machinery and Equipment Manufacturing
SANYO Manufacturing S.A. de C.V.	Subsidiary	Tijuana, Baja California	Mexico	Electrical Equipment and Appliances Manufacturing
Sanyo Electric Co.,Ltd.	Branch	Daito, Osaka	Japan	Electrical Equipment and Appliances Manufacturing
Sanyo Europe Ltd	Subsidiary	Watford	United Kingdom	Miscellaneous Professional Services	0.0	10
Sanyo Industries (U. K. ) Ltd.	Subsidiary	Lowestoft	United Kingdom	Audio and Video Equipment Manufacturing		74
SANYO Commercial Solutions (Thailand) Co., Ltd.	Subsidiary	Chachoengsao	Thailand	Electronics Wholesale
SANYO Semiconductor (Vietnam) Co., Ltd.	Subsidiary	Ho Chi Minh City	Viet Nam	Semiconductor and Other Electronic Component Manufacturing
Dalian Sanyo Home Appliance Co., Ltd.	Subsidiary	Dalian	China	Audio and Video Equipment Manufacturing
Chen Ho & Co., Ltd.	Subsidiary	Taipei	Taiwan	Audio and Video Equipment Manufacturing
SMI Co., Ltd.	Affiliates	Tokyo	Japan	Travel and Reservation Services
Sanyo VLSI Engineering Co., Ltd.	Subsidiary	Gifu	Japan	Semiconductor and Other Electronic Component Manufacturing
Sanyo Home Tech Co., Ltd.	Subsidiary	Kyoto, Sagara Gun	Japan	Electrical Equipment and Appliances Manufacturing
Sanwa Estate Philippines, Inc.	Subsidiary	Manila	Philippines	Audio and Video Equipment Manufacturing
Sanwa Electric Philippines, Inc.	Subsidiary	Tarlac	Philippines	Audio and Video Equipment Manufacturing
Sanyo Information Systems (UK) Limited	Subsidiary	Watford	United Kingdom	Audio and Video Equipment Manufacturing
Sanyo Armco (Kenya) Limited	Subsidiary	Nairobi	Kenya	Home and Garden Retail
Shenzhen Sanyo Huaqiang Energy Co., Ltd.	Subsidiary	Shenzhen	China	Audio and Video Equipment Manufacturing
Beijing Sanyo Electric Co., Ltd.	Subsidiary	Shenzhen	China	Electrical Equipment and Appliances Manufacturing
Shenzhen Huaqiang Sanyo Technology Design Co., Ltd.	Subsidiary	Shenzhen	China	Audio and Video Equipment Manufacturing
Sanyo Universal Electric Public Co., Ltd.	Subsidiary	Bangkok	Thailand	Audio and Video Equipment Manufacturing
Sanyo Denso Industries (Singapore) Pte., Ltd.	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing
Shin A International Inc	Branch	Seoul, Seoul	Korea, Republic of	Nonclassifiable Establishments
Royal Tourist Co., Ltd.	Affiliates	Tokyo	Japan	Travel and Reservation Services
Sanyo Energy (Beijing) Co., Ltd.	Subsidiary	Beijing, Beijing	China	Electrical Equipment and Appliances Manufacturing
Panasonic Mobile Communications Co Ltd	Subsidiary	Yokohama, Kanagawa Pref	Japan	Communications Equipment Manufacturing		2,400
Panasonic Mobile Communications Development Of Europe Ltd.	Subsidiary	Bracknell	United Kingdom	Miscellaneous Telecommunication Services	3.2	9
Panasonic System Networks R&D Lab. Co.,Ltd.	Subsidiary	Sendai, Miyagi	Japan	Architecture and Engineering	69.7
Panasonic Compressor Malaysia Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Electrical Equipment and Appliances Manufacturing		2,180
Panasonic System Networks Malaysia Sdn Bhd	Subsidiary	Senai, Johor	Malaysia	Communications Equipment Manufacturing	387.6	2,100
Panasonic Electronic Devices Malaysia Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Semiconductor and Other Electronic Component Manufacturing	189.0	2,000
Panasonic Manufacturing Indonesia, PT	Joint Venture	Jakarta	Indonesia	Audio and Video Equipment Manufacturing		2,000
Panasonic Appliances (Thailand) Co., Ltd.	Subsidiary	Bang Pakong, Chachoengsao	Thailand	Electronics Wholesale		2,000
MT Texture Display Indonesia	Subsidiary	Bekasi, Jawa Barat	Indonesia	Semiconductor and Other Electronic Component Manufacturing		2,000
Panasonic Refrigeration Devices Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Motor Vehicle Parts Manufacturing	314.4	1,803
Panasonic Storage Battery (Shenyang) Co., Ltd.	Subsidiary	Shenyang, Liaoning	China	Electrical Equipment and Appliances Manufacturing		1,800
Panasonic Manufacturing (Thailand) Company Limited	Subsidiary	Klongluang, Pathum Thani	Thailand	Electrical Equipment and Appliances Manufacturing		1,800
Panasonic AVC Networks Czech, s.r.o.	Subsidiary	Plzen	Czech Republic	Audio and Video Equipment Manufacturing	1,595.1	1,793
Panasonic AVC Networks (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Electronics Wholesale		1,600
Panasonic HA Air-Conditioning (M) Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Motor Vehicle Parts Manufacturing	569.0	1,530
Panasonic AVC Networks Singapore Pte Ltd	Subsidiary	Singapore	Singapore	Semiconductor and Other Electronic Component Manufacturing	919.8	1,414
Panasonic Refrigeration Devices Malaysia Sdn Bhd	Subsidiary	Cheng, Melaka	Malaysia	Motor Vehicle Parts Manufacturing	114.2	1,300
Panasonic Plasma Display Co., Ltd.	Subsidiary	Ibaraki, Osaka	Japan	Semiconductor and Other Electronic Component Manufacturing		1,200
Placibras Da Amazonia Ltda	Subsidiary	Manaus, Amazonas (Am)	Brazil	Audio and Video Equipment Manufacturing	49.4	1,158
Panasonic Lighting Europe GmbH	Subsidiary	Lüdenscheid, Nordrhein-Westfalen	Germany	Electrical Equipment and Appliances Manufacturing		1,070
Vossloh-Schwabe Deutschland GmbH	Subsidiary	Urbach, Baden-Württemberg	Germany	Electrical Equipment and Appliances Manufacturing		1,100
Vossloh Schwabe France SARL	Subsidiary	Colmar	France	Electrical Equipment and Appliances Manufacturing	39.2	200
Vossloh-Schwabe Optoelectronic GmbH & Co. KG	Subsidiary	Kamp-Lintfort, Nordrhein-Westfalen	Germany	Electrical Equipment and Appliances Manufacturing	27.7	110
Vossloh-Schwabe Italia SpA	Subsidiary	Sarsina, Forli'-Cesena	Italy	Electrical Equipment and Appliances Manufacturing	47.5	107
Elektrobau Oschatz GmbH & Co. KG.	Subsidiary	Oschatz, Sachsen	Germany	Electrical Equipment and Appliances Manufacturing	19.4	98
Vossloh-Schwabe Electrical Appliances Trading (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Miscellaneous Wholesale		25
Vossloh-Schwabe Pte Ltd	Subsidiary	Singapore	Singapore	Electrical Equipment and Appliances Manufacturing	12.3	12
Vossloh-Schwabe Hong Kong Limited	Subsidiary	Cheung Sha Wan, Kowloon	Hong Kong	Electronics Wholesale		8
Panasonic Manufacturing Malaysia Berhad	Subsidiary	Shah Alam	Malaysia	Metal Products Manufacturing	269.7	1,030
Panasonic Semiconductor Asia Pte Ltd	Subsidiary	Singapore	Singapore	Semiconductor and Other Electronic Component Manufacturing	1,001.0	1,000
Panasonic do Brasil Ltda.	Subsidiary	São José dos Campos, SP	Brazil	Electronics Wholesale	504.0	1,000
Panasonic de México, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Audio and Video Equipment Manufacturing	502.4	1,000
Panasonic Industrial Devices Materials Sales Co., Ltd.	Subsidiary	Kadoma, Osaka	Japan	Electronics Wholesale		1,000
Panasonic Electric Works (Europe) AG	Subsidiary	Holzkirchen, Bayern	Germany	Electrical Equipment and Appliances Manufacturing	345.9	895
Panasonic Electric Works Korea Co Ltd	Subsidiary	Seoul	Korea, Republic of	Electronics Wholesale	157.2	75
Panasonic Electric Works Sales Western Europe B.V.	Subsidiary	Best	Netherlands	Electrical Equipment and Appliances Manufacturing		30
Panasonic Electric Works España Sa	Subsidiary	Madrid	Spain	Electrical Equipment and Appliances Manufacturing	3.1	27
Panasonic Electric Works Austria GmbH	Subsidiary	Biedermannsdorf	Austria	Electrical Equipment and Appliances Manufacturing	2.6	20
Panasonic Electric Works Polska sp. z.o.o.	Subsidiary	Warsaw	Poland	Electronics Wholesale		10
Panasonic Electric Works Schweiz AG	Subsidiary	Rotkreuz	Switzerland	Electronics Wholesale
Panasonic Electric Works Europe AG - German Factory	Facility	Pfaffenhofen	Germany	Electrical Equipment and Appliances Manufacturing
Panasonic Marketing Europe GmbH	Subsidiary	Wiesbaden, Hessen	Germany	Professional and Commercial Equipment Wholesale	4,513.4	850
Panasonic Marketing Europe G.m.b.H. - Panasonic Deutschland Division	Division	Hamburg	Germany	Electronics Wholesale		300
Panasonic Marketing Europe Gmbh South-East Europe Fioktelep	Subsidiary	Budapest	Hungary	Electronics Wholesale	100.2	81
Panasonic Marketing Europe Gmbh - Organizacna Zlozka Slovenska Republika	Subsidiary	Bratislava - Mestska Cast Star	Slovakia	Electronics Wholesale
Panasonic Energy India Co Ltd	Subsidiary	Vadodara	India	Electrical Equipment and Appliances Manufacturing	39.1	837
Panasonic Siew Sales (Thailand) Co Ltd	Subsidiary	Bangkok	Thailand	Electronics Wholesale		700
Panasonic Corporation of China	Subsidiary	Beijing	China	Electronics Wholesale		700
Panasonic Electronic Devices (Qingdao) Co., Ltd.	Subsidiary	Qingdao	China	Electrical Equipment and Appliances Manufacturing	207.6	3,000
Panasonic Electronic Devices (Jiangmen) Co., Ltd.	Subsidiary	Jiangmen, Guangdong	China	Electrical Equipment and Appliances Manufacturing		1,500
Panasonic Home Appliances (Hangzhou) Precision Machining Co., Ltd.	Subsidiary	Hangzhou	China	Electrical Equipment and Appliances Manufacturing		750
Panasonic System Networks (Dalian) Co., Ltd.	Subsidiary	Dalian	China	Magnetic and Optical Media Manufacturing		750
Panasonic Carbon (Anyang) Co., Ltd.	Subsidiary	Anyang	China	Electrical Equipment and Appliances Manufacturing		400
Panasonic Automotive Systems Development Tianjin Co., Ltd.	Subsidiary	Tianjin	China	Communications Equipment Manufacturing		100
Panasonic Electronic Devices (Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Electrical Equipment and Appliances Manufacturing
Panasonic Industrial Devices Sales (China) Co., Ltd.	Subsidiary	Shanghai	China	Semiconductor and Other Electronic Component Manufacturing
Panasonic Hong Kong Co., Ltd.	Subsidiary	Kowloon	Hong Kong	Electronics Wholesale
China Hualu Panasonic Avc Networks Co., Ltd.	Subsidiary	Dalian	China	Electronics Wholesale
Panasonic Electronic Devices (Hong Kong) Co., Ltd.	Subsidiary	Tsuen Wan	Hong Kong	Electronics Wholesale
Panasonic Energy (Wuxi) Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Electrical Equipment and Appliances Manufacturing
Panasonic Refrigeration Devices (Wuxi) Co., Ltd.	Subsidiary	Wuxi, Jiangsu	China	Construction and Hardware Materials Wholesale
Panasonic Industrial (China) Co., Ltd.	Subsidiary	Shenyang	China	Electronics Wholesale
Panasonic System Networks (Suzhou) Co., Ltd.	Subsidiary	Suzhou	China	Computer System Design Services
Panasonic R&D Center Suzhou Co., Ltd.	Subsidiary	Suzhou	China	Research and Development Services
Panasonic Semiconductor (Suzhou) Co., Ltd.	Subsidiary	Suzhou	China	Semiconductor and Other Electronic Component Manufacturing
Panasonic Factory Solutions Suzhou Co., Ltd.	Subsidiary	Suzhou	China	Electrical Equipment and Appliances Manufacturing
Panasonic R&D Center China Co., Ltd.	Subsidiary	Beijing	China	Research and Development Services
Panasonic System Networks (Zhuhai) Co., Ltd.	Subsidiary	Zhuhai	China	Electronics Wholesale
Panasonic AVC Networks Xiamen Co., Ltd.	Subsidiary	Xiamen	China	Electronics Wholesale
Panasonic AVC Networks Shandong Co., Ltd.	Subsidiary	Jinan	China	Electronics Wholesale
Panasonic Energy (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Electrical Equipment and Appliances Manufacturing
Panasonic Appliances Washing Machine (Hangzhou) Co., Ltd.	Subsidiary	Hangzhou	China	Electrical Equipment and Appliances Manufacturing
Panasonic Industrial Devices (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Electrical Equipment and Appliances Manufacturing
Panasonic Information Systems Co Ltd	Subsidiary	Osaka-Shi	Japan	Computer System Design Services	424.0	686
Panasonic Information Systems Co., Ltd.	Subsidiary	Osaka	Japan	Computer Programming	473.9	629
Panasonic Manufacturing Philippines Corporation	Subsidiary	Taytay, Rizal	Philippines	Electrical Equipment and Appliances Manufacturing	159.5	618
Panasonic Manufacturing Philippines Corp	Subsidiary	Taytay	Philippines	Electrical Equipment and Appliances Manufacturing	137.8	618
Panasonic Manufacturing Philippines Corporation	Branch	Sta. Rosa, Laguna	Philippines	Electrical Equipment and Appliances Manufacturing		1,200
Panasonic Industrial Devices Obihiro Co.,Ltd.	Subsidiary	Obihiro, Hokkaido	Japan	Electrical Equipment and Appliances Manufacturing	314.8	600
Panasonic Welding Systems Co., Ltd.	Subsidiary	Toyonaka, Osaka	Japan	Machinery and Equipment Manufacturing		600
Panasonic U. K. Ltd.	Subsidiary	Bracknell	United Kingdom	Electronics Wholesale		500
Panasonic Lighting Devices (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Electrical Equipment and Appliances Manufacturing		500
Panasonic Europe Ltd.	Subsidiary	Bracknell	United Kingdom	Electronics Wholesale	121.2	473
Panasonic Industrial Devices Europe GmbH	Subsidiary	Lüneburg, Niedersachsen	Germany	Electrical Equipment and Appliances Manufacturing	177.3	1,500
Panasonic Industrial Devices Slovakia s.r.o.	Subsidiary	Trstená	Slovakia	Semiconductor and Other Electronic Component Manufacturing	147.5	1,226
Panasonic AVC Networks Slovakia s.r.o.	Subsidiary	Krompachy	Slovakia	Audio and Video Equipment Manufacturing	164.8	990
Panasonic Automotive Systems Czech s.r.o.	Subsidiary	Pardubice	Czech Republic	Audio and Video Equipment Manufacturing	278.5	848
Panasonic Energy Belgium	Subsidiary	Tessenderlo	Belgium	Electrical Equipment and Appliances Manufacturing	110.4	367
Panasonic Industrial Devices Sales Europe GmbH	Subsidiary	Hamburg, Hamburg	Germany	Professional and Commercial Equipment Wholesale	590.8	290
Panasonic España, Sucursal de Panasonic Marketing Europe GmbH	Subsidiary	Cornella de Llobregat, Barcelona	Spain	Electronics Wholesale	275.8	200
Panasonic Italia Branch office of Panasonic Marketing Europe GmbH	Subsidiary	Milano, MI	Italy	Electronics Wholesale		140
Panasonic Nordic AB	Subsidiary	Kungens Kurva	Sweden	Electronics Wholesale	330.5	80
Panasonic Czech Republic, s.r.o.	Subsidiary	Prague	Czech Republic	Electronics Wholesale		70
Panasonic Biomedical Sales Europe B.V.	Subsidiary	Etten-Leur, Noord-Brabant	Netherlands	Electricity Generation and Distribution		65
Panasonic Elektronik Satis A.S.	Subsidiary	Istanbul	Turkey	Electronics Wholesale		55
Panasonic South-East Europe Ltd.	Subsidiary	Budapest	Hungary	Electronics Wholesale		40
Panasonic R&D Center Germany GmbH	Subsidiary	Langen (Hessen), Hessen	Germany	Research and Development Services		34
Panasonic Ireland	Subsidiary	Dublin	Ireland	Electronics Wholesale		10
Panasonic Finance (Europe) PLC	Subsidiary	London	United Kingdom	Miscellaneous Professional Services		8
EcologyNet Europe GmbH	Subsidiary	Wiesbaden	Germany	Waste Management		4
Panasonic Romania SRL	Subsidiary	Bucharest	Romania	Electronics Wholesale
Panasonic Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronics Wholesale	936.4	446
Panasonic Appliances Air-Conditioning R&D Malaysia Sdn. Bhd.	Subsidiary	Shah Alam, Selangor	Malaysia	Machinery and Equipment Manufacturing	20.1	1,500
Panasonic Avc Networks Johor Malaysia Sdn. Bhd.	Subsidiary	Pasir Gudang, Johor	Malaysia	Electronics and Appliances Stores	389.3	1,300
Panasonic Appliances Refrigeration Devices (Thailand) Company Limited	Subsidiary	Klongluang, Pathum Thani	Thailand	Motor Vehicle Parts Manufacturing		620
Panasonic Carbon India Company Limited	Subsidiary	Chennai, Tamil Nadu	India	Electrical Equipment and Appliances Manufacturing	4.6	500
PT. Panasonic Gobel Energy Indonesia	Subsidiary	Bekasi, Jawa Barat	Indonesia	Electrical Equipment and Appliances Manufacturing	115.6	1,498
Panasonic Peruana S.A.	Subsidiary	Lima	Peru	Electronics Wholesale
Panasonic Energy (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Electrical Equipment and Appliances Manufacturing
Panasonic Energy Tanzania Co Ltd	Subsidiary	Dar es Salaam	Tanzania	Electrical Equipment and Appliances Manufacturing
Panasonic Management (Thailand) Company Limited	Subsidiary	Pathumwan, Bangkok	Thailand	Administrative Services		128
Panasonic Logistics Asia Pacific	Subsidiary	Singapore	Singapore	Electronics Wholesale		74
Panasonic Appliances Vietnam Co., Ltd.	Subsidiary	Hanoi	Viet Nam	Electrical Equipment and Appliances Manufacturing		440
Panasonic Factory Solutions Asia Pacific Pte Ltd	Subsidiary	Singapore	Singapore	Machinery and Equipment Manufacturing		430
Panasonic Canada, Inc.	Subsidiary	Mississauga, ON	Canada	Electronics Wholesale		400
Panasonic Manufacturing U.K. Ltd.	Subsidiary	Cardiff	United Kingdom	Computer and Peripheral Equipment Manufacturing	293.8	397
Panasonic Malaysia Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Electronics Wholesale	508.6	380
Panasonic System Networks Malaysia Sdn. Bhd.	Subsidiary	Senai, Johor Darul Takzim	Malaysia	Computer System Design Services	453.0	1,200
Panasonic AVC Networks Kuala Lumpur Malaysia Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Audio and Video Equipment Manufacturing	353.8	925
Panasonic Semiconductor Discrete Devices (M) Sdn Bhd	Subsidiary	Melaka	Malaysia	Semiconductor and Other Electronic Component Manufacturing	60.1	700
Panasonic Foundry Malaysia Sdn Bhd	Subsidiary	Tanjung Kling, Melaka	Malaysia	Metal Products Manufacturing	27.6	322
Panasonic Appliances Foundry Malaysia Sdn. Bhd.	Subsidiary	Melaka	Malaysia	Metal Products Manufacturing		255
Panasonic Trading Malaysia Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Electronics Wholesale	962.1	76
Panasonic R&D Centre Malaysia Sdn. Bhd.	Subsidiary	Cyberjaya, Selangor	Malaysia	Research and Development Services	6.9	70
Panasonic Financial Centre (M) Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Investment Services
Panasonic Industrial Co., (M) Sdn Bhd	Subsidiary	Kuala Lumpur	Malaysia	Machinery Wholesale
Panasonic Germany	Subsidiary	Hamburg	Germany	Electronics and Appliances Stores	340.0	380
Panasonic Semiconductor Indonesia, Pt	Subsidiary	Karawang, West Java	Indonesia	Semiconductor and Other Electronic Component Manufacturing		370
Panasonic Liquid Crystal Display Malaysia Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Semiconductor and Other Electronic Component Manufacturing	612.3	360
Panasonic Ecology Systems Co.,Ltd.	Subsidiary	Kasugai, Aichi	Japan	Electromedical and Control Instruments Manufacturing	693.0	341
Kinki Matsushita Technical Service	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing		300
Panasonic Appliances India Company Ltd	Subsidiary	Chennai	India	Electronics Wholesale	37.6	260
Panasonic Automotive Systems Europe GmbH	Subsidiary	Langen (Hessen), Hessen	Germany	Electrical Equipment and Appliances Manufacturing	847.8	253
Panasonic Australia Pty Ltd	Subsidiary	Macquarie Park, NSW	Australia	Electronics Wholesale	901.7	250
Panasonic New Zealand	Subsidiary	Auckland,	New Zealand	Computer, Office Equipment and Software Merchant Wholesalers	12.1	108
Panasonic Eco Solutions Steel (Thailand) Company Limited	Subsidiary	Phra Pradaeng, Samut Prakan	Thailand	Metal Products Manufacturing		250
Taimatsu Tech. Co., Ltd.	Subsidiary	Keelung City	Taiwan	Electrical Equipment and Appliances Manufacturing		250
Panasonic Energy Poland S.A.	Subsidiary	Gniezno	Poland	Electrical Equipment and Appliances Manufacturing	51.0	239
Panasonic Industrial Devices Sales (M) Sdn. Bhd.	Subsidiary	Kuala Lumpur, Kuala Lumpur	Malaysia	Electrical Equipment and Appliances Manufacturing	396.4	200
Teichiku Co., Ltd.	Subsidiary	Tokyo	Japan	Electronics and Appliances Stores		200
Panasonic Singapore	Subsidiary	Singapore	Singapore			200
Panasonic Home Engineering Co., Ltd.	Subsidiary	Osaka	Japan	Electrical Equipment and Appliances Manufacturing		200
Panasonic Gulf FZE	Subsidiary	Dubai	United Arab Emirates	Electronics Wholesale		200
Panasonic Electric Works Asia Pacific Pte Ltd	Subsidiary	Singapore	Singapore	Electronics Wholesale	142.7	190
Panasonic System Networks Co. U.K. Ltd.	Subsidiary	Newport	United Kingdom	Electrical Equipment and Appliances Manufacturing	27.5	151
Panasonic Industrial Asia Private Limited	Subsidiary	New Delhi, Delhi	India	Audio and Video Equipment Manufacturing		150
Panasonic Centroamericana Sa	Subsidiary	Alajuela, Alajuela	Costa Rica	Electrical Equipment and Appliances Manufacturing		147
Panasonic Electric Works Electronic Materials Europe GesmbH	Subsidiary	Enns, Oberösterreich	Austria	Rubber and Plastic Product Manufacturing	40.5	145
Panasonic Netherlands BV	Subsidiary	's-Hertogenbosh	Netherlands	Electronics Wholesale		140
Panasonic New Zealand Limited	Subsidiary	East Tamaki	New Zealand	Electronics and Appliances Stores		130
Panasonic Eco Solutions Power Tools (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing		115
Panasonic R&D Center Singapore	Subsidiary	Singapore	Singapore	Research and Development Services	7.9	100
Panasonic Industrial Devices Sales Asia	Subsidiary	Singapore	Singapore	Machinery Wholesale		100
Panasonic Marketing Middle East & Africa FZE	Subsidiary	Dubai	United Arab Emirates	Electronics Wholesale		80
Panasonic Industrial Devices Korea Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Electronics Wholesale		75
Panasonic Electric Works Kenaf Malaysia Sdn. Bhd.	Subsidiary	Kuantan, Pahang	Malaysia	Synthetic Chemical Manufacturing	10.1	70
Panasonic Kibi Co., Ltd.	Subsidiary	Kaga-Gun, Okayama	Japan	Audio and Video Equipment Manufacturing	40.1	65
Panasonic Do Brasil Ltda ( Sp )	Subsidiary	Sao Jose Dos Campos, Sao Paulo	Brazil	Audio and Video Equipment Manufacturing	684.4	60
Panasonic Associate Shiga K.K.	Subsidiary	Hikone, Shiga	Japan	Semiconductor and Other Electronic Component Manufacturing	34.6	59
Panasonic Energy Europe	Subsidiary	Zellik	Belgium	Electronics Wholesale	192.1	56
Panasonic Industrial Devices Automation Controls Sales (Hong Kong) Co., Limited	Subsidiary	Tsim Sha Tsui East, Kowloon	Hong Kong	Electronics Wholesale	128.9	55
Panasonic Eastern Europe Handels GesmbH	Subsidiary	Wien, Wien	Austria	Home and Garden Retail	624.5	45
Panasonic Electric Works Italia s.r.l.	Subsidiary	Bussolengo, Verona	Italy	Electrical Equipment and Appliances Manufacturing	23.8	42
Panasonic Canada Inc.	Subsidiary	Richmond, BC	Canada	Electronics Wholesale	22.6	42
Global Electronics LLC	Subsidiary	Ulaanbaatar	Mongolia	Electronics Wholesale		40
Panasonic Do Brasil Ltda Sucursal Argentina	Subsidiary	Ciudad De Buenos Aires, Ciudad De Buenos Aires	Argentina	Electronics Wholesale	67.4	38
Global Telecom LLC	Subsidiary	Ulaanbaatar	Mongolia	Wireless Telecommunications Carriers		36
Panasonic Electric Works Uk Limited	Subsidiary		Ireland	Professional and Commercial Equipment Wholesale	9.4	32
Gamba Osaka Co., Ltd.	Subsidiary	Suita, Osaka	Japan	Performing Arts	43.8	29
Panasonic Marketing Europe GmbH	Subsidiary	Wien	Austria	Electronics Wholesale	77.1	25
Panasonic Avionics Corporation	Subsidiary	Colomiers	France	Miscellaneous Repair and Maintenance		25
Panasonic Eco Solutions Malaysia Sdn. Bhd.	Subsidiary	Subang Jaya, Selangor	Malaysia	Professional and Commercial Equipment Wholesale	8.4	20
Panasonic Electric Works Nordic AB	Subsidiary	Malmö, Skåne	Sweden		17.8	18
Panasonic Electric Works UK Ltd.	Subsidiary	Milton Keynes	United Kingdom	Miscellaneous Wholesale	1.7	15
Panasonic Norge, Branch of Panasonic Nordic AB	Subsidiary	Oslo	Norway	Electronics Wholesale	332.8	5
Panasonic Holding (Netherlands) B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Banking		2
Panasonic Precision Devices Philippines Corporation	Subsidiary	Sta. Rosa, Laguna	Philippines	Computer and Peripheral Equipment Manufacturing		1,620
Panasonic Marketing CIS Oy	Subsidiary	Helsinki	Finland	Electronics Wholesale	658.1	401
Panasonik Servis Sng Ooo	Subsidiary	Moscow	Russian Federation	Miscellaneous Wholesale	12.1	95
Panasonic Automotive Systems Company of America	Subsidiary	Peachtree City, GA	United States	Motor Vehicle Parts Manufacturing		8
Panasonic Automotive Systems	Branch	Los Indios, TX	United States	Motor Vehicle Parts Manufacturing	228.8	400
Panasonic Automotive Systems	Branch	Farmington Hills, MI	United States	Motor Vehicle Parts Manufacturing	2.8	8
Panasonic Procurement (Hong Kong) Co., Limited	Subsidiary	Tsim Sha Tsui East, Kowloon	Hong Kong	Chemical Wholesale		108
Panasonic Global Treasury Center B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Banking		5
Panasonic Industrial Devices (Hong Kong) Co., Limited	Subsidiary	Tsim Sha Tsui East, Kowloon	Hong Kong	Electronics Wholesale	29.6	4
Panasonic AVC Networks Germany GmbH	Subsidiary	Peine, Niedersachsen	Germany	Electrical Equipment and Appliances Manufacturing		1
Panasonic Consumer Marketing Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Electronics Wholesale	11,440.1
Panasonic Communications Co. Ltd.	Subsidiary	Fukuoka	Japan	Industrial Machinery Repair and Maintenance	3,124.0
Panasonic System Networks Co.,Ltd.	Subsidiary	Chuo-Ku, Tokyo	Japan	Civil Engineering	3,033.9
Panasonic Ss Service K.K.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Specialty Construction Trade Contractors	11.4	96
Panasonic Communications Solutions Co., Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Electronics Wholesale	329.2
Panasonic System Netwoks Kyushu Co.,Ltd.	Subsidiary	Usa, Oita	Japan	Semiconductor and Other Electronic Component Manufacturing	177.0
Panasonic Solution Technologies Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Electronics and Appliances Stores	124.4
Panasonic Eco Housing Equipment Co.,Ltd.	Subsidiary	Moka, Tochigi	Japan	Furniture Manufacturing	1,147.6
Panasonic Avionics Corporation	Subsidiary				1,077.2
Aeromobile Communications Ltd.	Subsidiary	Crawley	United Kingdom	Miscellaneous Telecommunication Services	3.2	20
Panasonic Logistics Co.,Ltd.	Subsidiary	Settsu, Osaka	Japan	Trucking	925.6
Fukunishi Electrical Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Electronics Wholesale	900.3
F-Techno.Co.,Ltd.	Subsidiary	Toyonaka, Osaka	Japan	Specialty Construction Trade Contractors	14.0
Panasonic Liquid Crystal Display Co.,Ltd.	Subsidiary	Ibaraki, Osaka	Japan	Semiconductor and Other Electronic Component Manufacturing	850.5
Panasonic Rus Ltd	Subsidiary	Moscow	Russian Federation	Electronics Wholesale	748.7
Panasonic Car Electronics Co.,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Motor Vehicle Wholesale	660.1
Panasonic Technical Services Co.,Ltd.	Subsidiary	Kadoma, Osaka	Japan	Appliance Repair and Maintenance	645.9
Panasonic India Private Limited	Subsidiary	Gurgaon, Haryana	India	Electronics Wholesale	533.9
Panasonic Industrial Asia Pte Ltd	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing	447.1
Panasonic Es Engineering Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Specialty Construction Trade Contractors	436.7
Panasonic Eco Solutions Bousai Systems Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Specialty Construction Trade Contractors	87.0
Panasonic Cycle Technology Co.,Ltd.	Subsidiary	Kashiwara, Osaka	Japan	Miscellaneous Transportation Equipment Manufacturing	393.7
Panasonic Eco Solutions Switchgear Devices Co.,Ltd.	Subsidiary	Owariasahi, Aichi	Japan	Electrical Equipment and Appliances Manufacturing	329.4
Panasonic Eco Solutions Switchgear Devices Owari Co.,Ltd.	Subsidiary	Owariasahi, Aichi	Japan	Electrical Equipment and Appliances Manufacturing	59.5
Panasonic Industrial Devices Discrete Semiconductor Co.,Ltd.	Subsidiary	Nagaokakyo, Kyoto	Japan	Semiconductor and Other Electronic Component Manufacturing	325.9
Panasonic Industrial Devices Discrete Semiconductor Niigata Co.,Ltd.	Subsidiary	Myoko, Niigata	Japan	Semiconductor and Other Electronic Component Manufacturing	84.9
Panasonic Industrial Devices Materials Koriyama Co.,Ltd.	Subsidiary	Koriyama, Fukushima	Japan	Semiconductor and Other Electronic Component Manufacturing	316.3
Panasonic Storage Battery Co.,Ltd.	Subsidiary	Kosai, Shizuoka	Japan	Electrical Equipment and Appliances Manufacturing	303.2
Panasonic Eco Solutions Techno Service Co., Ltd.	Subsidiary	Kadoma, Osaka	Japan	Industrial Machinery Repair and Maintenance	301.8
Panasonic Industrial Devices Optical Semiconductor Co.,Ltd.	Subsidiary	Hioki, Kagoshima	Japan	Semiconductor and Other Electronic Component Manufacturing	271.2
Panasonic Business Service Co.,Ltd.	Subsidiary	Kadoma, Osaka	Japan	Investigation and Security Services	267.2
Panasonic Electrical Construction Materials System Co., Ltd.	Subsidiary	Sumida-Ku, Tokyo	Japan	Machinery Wholesale	229.9
Panasonic Living Chushikoku Co., Ltd.	Subsidiary	Hiroshima, Hiroshima	Japan	Home Furnishings Wholesale	228.0
Panasonic Information Technology Solutions Co., Ltd.	Subsidiary	Kadoma, Osaka	Japan	Computer Programming	216.5
Panasonic Insurance Services Japan Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Insurance Agents	183.0
Ishigaki Denzai K.K.	Subsidiary	Sapporo, Hokkaido	Japan	Electronics Wholesale	177.7
Panasonic Age-Free Shops Co.,Ltd.	Subsidiary	Kadoma, Osaka	Japan	Residential and Commercial Building Construction	158.1
Panasonic de Colombia S.A.	Subsidiary	Cota	Colombia	Electronics Wholesale	151.4
Panasonic Industrial Devices Materials Sales Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Electronics Wholesale	130.9
Panasonic Eco Solutions Creates K.K.	Subsidiary	Kadoma, Osaka	Japan	Printing	128.7
Panasonic Its Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Computer Programming	121.7
Shutoken Denko Co.,Ltd.	Subsidiary	Toshima-Ku, Tokyo	Japan	Electronics Wholesale	108.7
Shin Nihon Kogyo Co.,Ltd.	Subsidiary	Matsusaka, Mie	Japan	Printing	106.3
Koyo Electric Materials Sales Co.,Ltd.	Subsidiary	Shimonoseki, Yamaguchi	Japan	Machinery Wholesale	104.3
Panasonic Eco Solutions Steel Pipe & Tube Co.,Ltd.	Subsidiary	Ishioka, Ibaraki	Japan	Metal Products Manufacturing	101.4
Denzai Toa, K.K.	Subsidiary	Oita, Oita	Japan	Machinery Wholesale	93.1
Panasonikkukonshumamaketeinguokinawa K.K.	Subsidiary	Urasoe, Okinawa	Japan	Electronics Wholesale	89.5
Panasonic Eco Solutions Inter Building Products Co.,Ltd.	Subsidiary	Ayauta-Gun, Kagawa	Japan	Furniture Manufacturing	86.9
Panasonic Industrial Devices Systems And Technology Co., Ltd.	Subsidiary	Nagaokakyo, Kyoto	Japan	Computer Programming	83.3
Kagoshima Denko K.K.	Subsidiary	Kagoshima, Kagoshima	Japan	Machinery Wholesale	80.5
Panasonic Avc Networks India Company Limited	Subsidiary	Noida, Uttar Pradesh	India	Audio and Video Equipment Manufacturing	79.1
Panasonic System Networks Software Co.,Ltd.	Subsidiary	Osaka, Osaka	Japan	Computer Programming	77.3
Panasonic Devices Yamanashi Co.,Ltd.	Subsidiary	Minami Alps, Yamanashi	Japan	Semiconductor and Other Electronic Component Manufacturing	76.9
Panasonic Production Technology Co.,Ltd.	Subsidiary	Kadoma, Osaka	Japan	Machinery and Equipment Manufacturing	76.4
Firepro Systems Private Limited	Subsidiary	Bengaluru, Karnataka	India	Machinery and Equipment Manufacturing	69.0
Firepro Building Systems Pte Ltd	Subsidiary	Singapore	Singapore	Audio and Video Equipment Manufacturing	2.5	5
Yashima Denki Kogyo K.K.	Subsidiary	Okayama, Okayama	Japan	Electronics Wholesale	66.3
Chugoku Kizai Setsubi K.K.	Subsidiary	Hiroshima, Hiroshima	Japan	Machinery Wholesale	54.3
Panasonic Battery Engineering Co., Ltd.	Subsidiary	Moriguchi, Osaka	Japan	Electrical Equipment and Appliances Manufacturing	53.3
Kanagawa Denzai K.K.	Subsidiary	Yokohama, Kanagawa	Japan	Electronics Wholesale	52.9
Panasonic Excel International Co., Ltd.	Subsidiary	Osaka, Osaka	Japan	Internet and Web Services	48.4
Panasonic Denzai Kyoto Co.,Ltd.	Subsidiary	Kyoto, Kyoto	Japan	Electronics Wholesale	46.1
Panasonic Avc Disk Service Co.,Ltd.	Subsidiary	Tsuyama, Okayama	Japan	Magnetic and Optical Media Manufacturing	44.4
Kyutec, K.K.	Subsidiary	Fukuoka, Fukuoka	Japan	Electronics Wholesale	41.8
Panasonic Visuals,Inc.	Subsidiary	Osaka, Osaka	Japan	Movies	38.3
Nakatani Denki Co.,Ltd.	Subsidiary	Nara, Nara	Japan	Electronics Wholesale	38.1
Panasonic Ap Motor Expert Co.,Ltd.	Subsidiary	Daito, Osaka	Japan	Architecture and Engineering	29.2
Panasonic Polytechnology Co.,Ltd.	Subsidiary	Tamba, Hyogo	Japan	Rubber and Plastic Product Manufacturing	27.0
Panasonic Industrial Devices Engineering Co., Ltd.	Subsidiary	Uozu, Toyama	Japan	Employment Services	25.3
Matsushita Washing Machine India Private Limited	Subsidiary	Pune, Maharashtra	India	Machinery and Equipment Manufacturing	8.2
Panasonic do Brasil Limitada	Subsidiary	Sao Paulo	Brazil	Electronics Wholesale
Panasonic AVC Networks India Company Limited	Subsidiary	New Delhi	India	Audio and Video Equipment Manufacturing
Panasonic AVC Networks Taiwan Co., Ltd.	Subsidiary	Taipei	Taiwan	Audio and Video Equipment Manufacturing
PT.Panasonic Gobel Indonesia	Subsidiary	Jakarta	Indonesia	Electronics Wholesale
Panasonic Industrial (Thailand) Ltd	Subsidiary	Bangkok	Thailand	Electronics Wholesale
Matsushita Electric Works, Ltd.	Subsidiary	London	United Kingdom
Matsushita Avionics Systems Co.	Subsidiary
Panasonic Automotive Systems Europe Gmbh	Subsidiary
Panasonic Corporation	Branch	Kusatsu, Shiga	Japan	Communications Equipment Manufacturing
Panasonic Ecology Systems Guangdong Co., Ltd	Subsidiary	Foshan, Guangdong	China	Electrical Equipment and Appliances Manufacturing
Panasonic Industrial Sales (Taiwan) Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Electronics Wholesale
Panasonic A.P. Sales (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Electronics Wholesale
Panasonic Industrial Devices (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Motor Vehicle Parts Manufacturing
Panasonic-Wanbao Meijian Life Electircal Appliance (Guangzhou) Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Electrical Equipment and Appliances Manufacturing
Panasonic Electronic Devices (Beijing) Co., Ltd.	Subsidiary	Beijing, Beijing	China	Audio and Video Equipment Manufacturing
PT Panasonic Shikoku Electronics Batam	Subsidiary	Muka Kuning, Batam	Indonesia	Computer and Peripheral Equipment Manufacturing
Panasonic Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Electrical Equipment and Appliances Manufacturing
Panasonic Latin America, S.A.	Subsidiary	Panama	Panama	Electronics Wholesale
Panasonic Industrial Devices Sales Korea Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Electronics Wholesale
Panasonic Automotive Systems Asia Pacific (Thailand) Co., Ltd	Subsidiary	Samut Prakan	Thailand	Motor Vehicle Parts Manufacturing
Panasonic Appliances Motor (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Motor Vehicle Parts Manufacturing
Panasonic Electronic Devices Vietnam Co., Ltd.	Subsidiary	Hanoi	Viet Nam	Electrical Equipment and Appliances Manufacturing
Panasonic Communications System Co. Ltd	Subsidiary	Tokyo	Japan	Electrical Equipment and Appliances Manufacturing
Panasonic Mobile Communications Development of Europe Limited	Subsidiary	Thatcham	United Kingdom	Electromedical and Control Instruments Manufacturing
Panasonic Industrial Devices Taiko Co., Ltd.	Subsidiary	Otawara, Tochigi	Japan	Semiconductor and Other Electronic Component Manufacturing
Panasonic Electric Works Taiko Device (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen	China	Electrical Equipment and Appliances Manufacturing
Panasonic Industrial Devices Materials Yokkaichi Co., Ltd.	Subsidiary	Yokkaichi, Mie	Japan	Electronics Wholesale
Panasonic Environmental Systems & Engineering Co., Ltd.	Subsidiary	Osaka	Japan	Architecture and Engineering
Panasonic Food Appliances Co., Ltd.	Subsidiary	Tokyo	Japan	Synthetic Chemical Manufacturing
Panasonic Photo & Lighting Hong Kong Co., Ltd.	Subsidiary	Tsim Tsa Tsui	Hong Kong	Electrical Equipment and Appliances Manufacturing
PT. Panasonic Healthcare Indonesia	Subsidiary	Bekasi	Indonesia	Electromedical and Control Instruments Manufacturing
Panasonic Home Elevator Co., Ltd.	Subsidiary	Osaka	Japan	Machinery and Equipment Manufacturing
Panasonic Corporation of Latin America	Subsidiary	Sao Paulo	Brazil	Electronics Wholesale
Panasonic Energy Corporation of America	Subsidiary	Columbus, GA	United States	Electrical Equipment and Appliances Manufacturing	1,050.0	5,000
Panasonic Electronic Devices Corporation of America	Subsidiary	Knoxville, TN	United States	Audio and Video Equipment Manufacturing		350
Panasonic Electronic Devices	Branch	Mcallen, TX	United States	Semiconductor and Other Electronic Component Manufacturing	11.7	22
Panasonic Electric Works Corp	Branch	San Jose, CA	United States	Electronics Wholesale	27.1	20
Panasonic Electronic Devices	Branch	Washington, DC	United States	Electrical Equipment and Appliances Manufacturing	1.5	10
Panasonic Electric Works Corp	Branch	Rolling Meadows, IL	United States	Semiconductor and Other Electronic Component Manufacturing	1.9	6
Panasonic Electronic Works Co	Branch	Erlanger, KY	United States	Electronics and Appliances Stores	0.8	4
Panasonic Electric Works Corp	Branch	Redmond, WA	United States	Specialty Construction Trade Contractors	0.7	4
Panasonic Chile Limitada	Subsidiary	Las Condes, Santiago	Chile	Electronics Wholesale		30
Panasonic International Trading Corporation of America	Subsidiary	Torrance, CA	United States	Electronics Wholesale
Panasonic Industrial Devices Sales (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Machinery Wholesale
Panasonic Industrial Devices Sales (M) Sdn. Bhd.	Subsidiary	Kuala Lumpur	Malaysia	Electronics Wholesale
Panasonic Logistics Asia	Subsidiary	Singapore	Singapore	Consulting Services
Panasonic Ecology Systems Guangdong Co., Ltd.	Subsidiary	Foshan, Guangdong	China	Motor Vehicle Parts Manufacturing
Panasonic Asia Pacific Pte. Ltd. - Panasonic Singapore Division	Subsidiary	Singapore	Singapore	Electronics Wholesale
Panasonic Asia Pacific Pte. Ltd. - Consumer Electronics Division	Division	Singapore	Singapore	Electronics Wholesale
Panasonic Treasury Center (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Executive and Legislature
Panasonic Insurance Service Broker (Thailand) Co., Ltd	Subsidiary	Bangkok	Thailand	Insurance Agents
P.T. PANASONIC ELECTRIC WORKS GOBEL SALES INDONESIA	Subsidiary	Jakarta	Indonesia	Electronics Wholesale
Panasonic Systems Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronics Wholesale
Panasonic Industrial Devices Sales Japan Co.,Ltd.	Subsidiary
Panasonic Industrial Devices Sales Technology Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Electromedical and Control Instruments Manufacturing	45.5
Panasonic Excel Staff Co.,Ltd.	Subsidiary
Arrow Business Mates, K.K.	Subsidiary	Osaka, Osaka	Japan	Employment Services	216.1

Competitors Report

CompanyName	Location	Employees	Ownership
AB Electrolux	Stockholm, Sweden	60,418	Public
Apple Inc.	Cupertino, California, United States	72,800	Public
BSH Bosch und Siemens Hausgeraete GmbH	Muenchen, Germany	44,814	Private
Dell Inc.	Round Rock, Texas, United States	108,800	Public
Eastman Kodak Company	Rochester, New York, United States	13,000	Public
Fujitsu Siemens Computers BV	Maarssen, Netherlands	600	Private
GE Consumer & Industrial	Louisville, Kentucky, United States	64,000	Private
Harman International Industries Inc./DE/	Stamford, Connecticut, United States	12,221	Public
Hewlett-Packard Company	Palo Alto, California, United States	331,800	Public
Hitachi, Ltd.	Chiyoda-Ku, Japan	326,240	Public
Intel Corporation	Santa Clara, California, United States	106,000	Public
International Business Machines Corp.	Armonk, New York, United States	434,246	Public
Koninklijke Philips NV	Eindhoven, Netherlands	115,281	Public
LG Electronics Inc.	Seoul, Korea, Republic of	38,220	Public
Micrel, Incorporated	San Jose, California, United States	796	Public
Murata Manufacturing Co., Ltd.	Nagaokakyo-Shi, Japan	37,061	Public
NEC Corp	Minato-Ku, Japan	102,375	Public
Nokia Oyj	Espoo, Finland	92,874	Public
Olympus Corp	Shinjuku-Ku, Japan	30,697	Public
Oman Cables Industry	Muscat, Oman	460	Public
Philips Consumer Electronic Services B.V.	Eindhoven, Netherlands	10,000	Private
Robert Bosch GmbH	Gerlingen, Germany	302,519	Private
Samsung Electronics Co., Ltd.	Suwon, Korea, Republic of	93,322	Public
Semtech Corporation	Camarillo, California, United States	1,433	Public
Sharp Corporation	Osaka-Shi, Japan	50,647	Public
Siemens AG	Muenchen, Germany	368,000	Public
SONY CORPORATION	Minato-Ku, Japan	146,300	Public
Suntech Power Holdings Co., Ltd. (ADR)	Wuxi, China	17,693	Public
Technicolor SA	Issy-Les-Moulineaux, France	14,639	Public
The Procter & Gamble Company	Cincinnati, Ohio, United States	121,000	Public
Tyco Electronics	Wilsonville, Oregon, United States	500	Private

Executives Report

Board of Directors

Name	Title	Function
Shunsaku Nagae	Chairman	Chairman
Biography: Mr. Shusaku Nagae has been serving as Chairman of the Board and Representative Director in Panasonic Corporation since June 28, 2013. His previous titles include Senior Executive Officer, Vice President and President of Ecology Solutions Company. He obtained his Bachelor's degree in Electrical Engineering from Ehime University in March 1972. Age: 63 Education: Ehime University, B (Electrical Engineering)
Masayuki Matsushita	Vice Chairman of the Board, Representative Director	Vice-Chairman
Biography: Mr. Masayuki Matsushita has been serving as Vice Chairman of the Board and Representative Director in Panasonic Corporation since June 2000. He joined the Company in April 1968. He has served as Vice President, Chief Director of Industry Sales, Senior Managing Director, Managing Director and Director of Washing Machines in the Company. Age: 67
Ikusaburo Kashima	Senior Managing Director, Corporate Risk, Information, Security, International Affairs, Director	Director/Board Member
Biography: Mr. Ikusaburo Kashima has been serving as Senior Managing Director and Representative Director in Panasonic Corporation since April 2011. He joined the Company in June 2004 and used to serve as Managing Director in the Company. He used to work for the Ministry of International Trade and Industry and the Economic Planning Agency of Japan. Age: 64 Education: University of Tokyo, B (Law)
Yasuo Katsura	Executive Vice President, Director	Director/Board Member
Age: 65
Hideaki Kawai	Managing Executive Officer, Manager of Business Planning Group and Director	Director/Board Member
Biography: Mr. Hideaki Kawai has been serving as Managing Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1977. His previous titles include Manager of Finance and Investor Relations Group, Managing Executive Officer and Manager of Business Planning Group. Age: 58
Yoshiyuki Miyabe	Managing Director, Technology, New Business, Strategy Office & Panasonic Start-up Fund, Director	Director/Board Member
Biography: Mr. Yoshiyuki Miyabe has been serving as Managing Director and President of AVC Network Company in Panasonic Corporation since April 1, 2013. He joined the Company in April 1983. He previously served as Managing Executive Officer and Manager of R&D Planning Office of the Company. Age: 55
Yoshiiku Miyata	Senior Managing Director, Global Consumer Marketing Sector, Design, Director	Director/Board Member
Biography: Mr. Yoshiiku Miyata has been serving as Senior Managing Director and Representative Director in Panasonic Corporation since April 1, 2013. He joined the Company in April 1977 and used to serve as Chief Director of Europe, Manager of Global Consumer Marketing Division, Managing Executive Officer and Senior Managing Executive Officer in the Company. Age: 60
Yoshiaki Nakagawa	Managing Director, HR, General Affaris, Social Relations, e-Work Promotion, Office & Facility Management and Director	Director/Board Member
Biography: Mr. Yoshiaki Nakagawa has been serving as Managing Director in Panasonic Corporation since April 2012. He joined the Company in April 1976. He previously served as Managing Executive Officer, Manager of Accounting Group and Manager of Business Planning Group, among others of the Company. Age: 59
Hiroko Ohta	Independent Director	Director/Board Member
Biography: Ms. Hiroko Ohta has been serving as Independent Director in Panasonic Corporation since June 2013. She is also Professor in National Graduate Institute for Policy Studies. Age: 59
Masayuki Oku	Independent Director	Director/Board Member
Biography: Mr. Masayuki Oku has been serving as Independent Director in Panasonic Corporation since June 26, 2008. He is also serving as Chairman of the Board in Sumitomo Mitsui Financial Group Inc. He used to serve as President of Sumitomo Mitsui Banking Corp. Age: 68
Kazunori Takami	Senior Managing Director	Director/Board Member
Biography: Mr. Kazunori Takami has been serving as Senior Managing Director, President of Appliance Company and Representative Director in Panasonic Corporation since April 1, 2012. He joined the Company in April 1978. His previous titles include Chief Director of National Appliance Marketing and Managing Executive Officer. He obtained his Bachelor's degree in Economics from Soka University in March 1978. Age: 59 Education: Soka University, B (Economics)
Takashi Toyama	Managing Director	Director/Board Member
Biography: Mr. Takashi Toyama has been serving as Managing Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1978. He previously served as Executive Officer and Chief Director of Construction Business Promotion of the Company. Age: 57
Kazuhiro Tusga	President, Director	Director/Board Member
Biography: Mr. Kazuhiro Tsuga has been serving as President and Representative Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1979 and used to serve as Manager of Multimedia Development Center, Senior Managing Director, Managing Executive Officer and Senior Managing Executive Officer in the Company. Age: 56
Makoto Uenoyama	Managing Director, Accounting & Finance	Director/Board Member
Ikuo Uno	Independent Director	Director/Board Member
Biography: Mr. Ikuo Uno has been serving as Independent Director of Panasonic Corporation since June 2005. He is also working for Nippon Life Insurance Company. He used to serve as President and Chairman of the Board in Nippon Life Insurance Company. Age: 78 Education: Tokyo University, BA (Law)
Yoshihiko Yamada	Senior Managing Director, Industrial Devices Business and Director	Director/Board Member
Biography: Mr. Yoshihiko Yamada has been serving as Senior Managing Director and Representative Director in Panasonic Corporation, as well as President of a subsidiary, since April 1, 2013. He joined the Company in April 1974. He previously served as Managing Director, Chief Director of Industry Sales and Managing Executive Officer of the Company. Age: 62
Mamoru Yoshida	Managing Director	Director/Board Member
Biography: Mr. Mamoru Yoshida has been serving as Managing Director in Panasonic Corporation since April 1, 2013. He joined the Company in April 1979. His previous titles include Manager of Network Business Group, Executive Officer and Managing Executive Officer. Age: 57
Tamio Yoshioka	President of Eco Solution Company, Director	Director/Board Member
Biography: Mr. Tamio Yoshioka has been serving as President of Eco Solution Company and Director in Panasonic Corporation since June 2013. He used to work for Panasonic Electric Works Co., Ltd. Age: 58

Executives

Name	Title	Function
Masato Ito	Executive Officer, President, Sanyo Electric Co., Ltd.	President
Kazuhiro Tsuga	President	President
Kazuhiro Tusga	President, Director	President
Biography: Mr. Kazuhiro Tsuga has been serving as President and Representative Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1979 and used to serve as Manager of Multimedia Development Center, Senior Managing Director, Managing Executive Officer and Senior Managing Executive Officer in the Company. Age: 56
Tamio Yoshioka	President of Eco Solution Company, Director	President
Biography: Mr. Tamio Yoshioka has been serving as President of Eco Solution Company and Director in Panasonic Corporation since June 2013. He used to work for Panasonic Electric Works Co., Ltd. Age: 58
Yasuji Enokido	Executive Officer, Senior Vice President of AVC Networks Company	Division Head Executive
Yoshihisa Fukushima	Managing Executive Officer, Director, Intellectual Property Division	Division Head Executive
Toshiro Kisaka	Executive Officer, Project Manager, Director, Procurement Division, Logistcs	Division Head Executive
Shiro Kitajima	President of Panasonic Consumer Marketing	Division Head Executive
Toshiaki Kobayashi	Managing Executive Officer, President, Director, Electronic Components & Materials	Division Head Executive
Paul Margis	Executive Officer, Senior Vice President of AVC Networks Company, Director of Avionics Business	Division Head Executive
Kuniaki Matsukage	Executive Officer, VP, Lighting Business Group	Division Head Executive
Norihisa Mimura	Executive Officer, Senior Vice President of Appliance Company	Division Head Executive
Betty Noonan	Vice President, Marketing	Division Head Executive
Gary Shapiro	President and Chief Executive Officer - CEA	Division Head Executive
Yoshiro Takemoto	President, Manufacturing Solutions, Panasonic Factory Solutions Co., Ltd.	Division Head Executive
Joseph Taylor	Managing Executive Officer, President of Panasonic Consumer Marketing North America Company, Chairman of Subsidiary	Division Head Executive
Masato Tomita	Executive Officer, VP, Overseas Operations, Eco Solutions	Division Head Executive
Education: Meiji University
Takeshi Uenoyama	Executive Officer, Device Technology, GM, Device Strategy, Research	Division Head Executive
Kenji Yamane	Executive Officer, President of Subsidiary	Division Head Executive
Takeo Endo	Executive Officer, Managing Director, Consumer Marketing, China	Managing Director
Ikusaburo Kashima	Senior Managing Director, Corporate Risk, Information, Security, International Affairs, Director	Managing Director
Biography: Mr. Ikusaburo Kashima has been serving as Senior Managing Director and Representative Director in Panasonic Corporation since April 2011. He joined the Company in June 2004 and used to serve as Managing Director in the Company. He used to work for the Ministry of International Trade and Industry and the Economic Planning Agency of Japan. Age: 64 Education: University of Tokyo, B (Law)
Hideaki Kawai	Managing Executive Officer, Manager of Business Planning Group and Director	Managing Director
Biography: Mr. Hideaki Kawai has been serving as Managing Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1977. His previous titles include Manager of Finance and Investor Relations Group, Managing Executive Officer and Manager of Business Planning Group. Age: 58
Yoshiyuki Miyabe	Managing Director, Technology, New Business, Strategy Office & Panasonic Start-up Fund, Director	Managing Director
Biography: Mr. Yoshiyuki Miyabe has been serving as Managing Director and President of AVC Network Company in Panasonic Corporation since April 1, 2013. He joined the Company in April 1983. He previously served as Managing Executive Officer and Manager of R&D Planning Office of the Company. Age: 55
Yoshiiku Miyata	Senior Managing Director, Global Consumer Marketing Sector, Design, Director	Managing Director
Biography: Mr. Yoshiiku Miyata has been serving as Senior Managing Director and Representative Director in Panasonic Corporation since April 1, 2013. He joined the Company in April 1977 and used to serve as Chief Director of Europe, Manager of Global Consumer Marketing Division, Managing Executive Officer and Senior Managing Executive Officer in the Company. Age: 60
Yoshiaki Nakagawa	Managing Director, HR, General Affaris, Social Relations, e-Work Promotion, Office & Facility Management and Director	Managing Director
Biography: Mr. Yoshiaki Nakagawa has been serving as Managing Director in Panasonic Corporation since April 2012. He joined the Company in April 1976. He previously served as Managing Executive Officer, Manager of Accounting Group and Manager of Business Planning Group, among others of the Company. Age: 59
Manish Sharma	Managing Director, Panasonic India	Managing Director
Kazunori Takami	Senior Managing Director	Managing Director
Biography: Mr. Kazunori Takami has been serving as Senior Managing Director, President of Appliance Company and Representative Director in Panasonic Corporation since April 1, 2012. He joined the Company in April 1978. His previous titles include Chief Director of National Appliance Marketing and Managing Executive Officer. He obtained his Bachelor's degree in Economics from Soka University in March 1978. Age: 59 Education: Soka University, B (Economics)
Takashi Toyama	Managing Director	Managing Director
Biography: Mr. Takashi Toyama has been serving as Managing Director in Panasonic Corporation since June 27, 2012. He joined the Company in April 1978. He previously served as Executive Officer and Chief Director of Construction Business Promotion of the Company. Age: 57
Makoto Uenoyama	Managing Director, Accounting & Finance	Managing Director
Yoshihiko Yamada	Senior Managing Director, Industrial Devices Business and Director	Managing Director
Biography: Mr. Yoshihiko Yamada has been serving as Senior Managing Director and Representative Director in Panasonic Corporation, as well as President of a subsidiary, since April 1, 2013. He joined the Company in April 1974. He previously served as Managing Director, Chief Director of Industry Sales and Managing Executive Officer of the Company. Age: 62
Mamoru Yoshida	Managing Director	Managing Director
Biography: Mr. Mamoru Yoshida has been serving as Managing Director in Panasonic Corporation since April 1, 2013. He joined the Company in April 1979. His previous titles include Manager of Network Business Group, Executive Officer and Managing Executive Officer. Age: 57
Yoshihiro Furuta	Senior Corporate Auditor	Accounting Executive
Ikuo Hata	Corporate Auditor	Accounting Executive
Hiroyuki Takahashi	Corporate Auditor	Accounting Executive
Yasuo Yoshino	Corporate Auditor	Accounting Executive
Doug Campbell	Manager-Product Marketing-Lumix Digital Cameras-Australia	Marketing Executive
Yukitoshi Ohda	Manager of Accounting Group	Investor Relations Executive
Craig Greenwood	Vice President, Business Development	Business Development Executive
Laurent Abadie	Managing Executive Officer	Other
Education: ISTEC
Bill Brennan	Senior Director, Reseller Channel	Other
Katsuhiko Fujiwara	Executive Officer	Other
Yasutomo Fukui	Executive Officer	Other
Masatoshi Harada	Managing Executive Officer	Other
Biography: Mr. Masatoshi Harada has been serving as Managing Executive Officer in Panasonic Corporation since June 27, 2012. He joined the Company in April 1977. His previous titles include Executive Officer, Managing Director and Manager of Labor Administration. Age: 58
Masahiro Ido	Executive Officer	Other
Age: 56
Jun Ishii	Managing Executive Officer	Other
Yoshio Ito	Managing Executive Officer	Other
Takumi Kajisha	Senior Managing Executive Officer	Other
Machiko Miyai	Executive Officer	Other
Yukio Nakashima	Managing Executive Officer	Other
Shiro Nishiguchi	Executive Officer	Other
Tsuyoshi Nomura	Managing Executive Officer	Other
Biography: Mr. Tsuyoshi Nomura has been serving as Managing Director in Panasonic Corporation since June 26, 2013. He joined the Company in January 1990. His previous titles include Executive Officer and Managing Executive Officer in the Company. Age: 60
Sheila O’Neil	Vice President, Distribution	Other
Fumio Ohtsubo	Executive Adviser	Other
Biography: Mr. Fumio Ohtsubo has been the chairman of the company since 2012. Prior to this, he was the president and a director of Panasonic Corporation. He joined the company in April 1971. His previous titles in the company include senior managing director and managing director. Additionally, he served as president of Panasonic AVC Networks Company and president and director of Singapore-based Matsushita Electric Co., Ltd. Age: 68
Hidetoshi Osawa	Managing Executive Officer	Other
Masahisa Shibata	Executive Officer	Other
Yorihisa Shiokawa	Managing Executive Officer	Other
Toshiyuki Takagi	Executive Officer	Other
Satoshi Takeyasu	Executive Officer	Other
Age: 56

Significant Developments

KKR & Co LP Favoured In $1.5 Billion Panasonic Corp's Healthcare Talks-Reuters

Sep 06, 2013

Reuters reported that KKR & Co LP is set to gain preferential negotiating rights for a majority stake in Panasonic Corp's healthcare unit, a potential $1.5 billion deal.

Panasonic Corp Determines Mid-year Dividend Forecast for FY 2014

Aug 29, 2013

Panasonic Corp announced that it has determined the mid-year dividend forecast of JPY 5 per share for the fiscal year ending March 2014.

Panasonic Corp to Withdraw from Consumer Smartphone Business- Jiji Press

Aug 29, 2013

Jiji Press reported that Panasonic Corp is discussing plans to pull out of the consumer smartphone business. The Company plans to stop production of consumer smartphones at its major smartphone plant in Malaysia by the end of the current fiscal year to March at the earliest, informed sources said.

Panasonic Corp's Subsidiary Sanyo Electric Co Ltd to Sell Stake in Joint Venture to Whirlpool Corp-Shinano Mainichi Shimbun

Aug 14, 2013

Shinano Mainichi Shimbun reported that Panasonic Corp's subsidiary, Sanyo Electric Co Ltd, will sell all 29.51% stake in a joint venture, which is engaged in production and sales of white goods in China, to Whirlpool Corp, for approximately JPY 2.2 billion. Whirlpool Corp will also inject capital in the joint venture to finally hold a 51% stake in it.

Sony Corp Announces Co-development of Optical Disk with Panasonic Corp-Asahi

Jul 30, 2013

Asahi reported that Sony Corp and Panasonic Corp will work together on the co-development of optical disk.

Panasonic Corp and Subsidiary Fined by United States Department of Justice for Auto Parts and Personal Computer Lithium Battery Cartel-Jiji Press

Jul 18, 2013

Jiji Press reported that Panasonic Corp has agreed with the United States Department of Justice to pay a fine of USD 45.8 million due to automobile part cartel. Panasonic's subsidiary, SANYO Electric Co., Ltd, has also agreed to pay a fine of USD 10.731 million due to personal computer lithium battery cartel.

Panasonic Corp to Shut Hungary Solar Plant- Daily Tribune

Jul 06, 2013

Daily Tribune reported that Panasonic Corp will close its only European solar cell plant in Hungary, resulting in the loss of 550 jobs. The assembly factory in the city of Dorog will end production in September before its official closure in March, but the Company will maintain its overall global solar cell production level by moving the European workload to other solar cell factories in Japan and Malaysia. The decision came as the European solar cell market shrinks, partly due to cuts in government subsidies.

Gorenje dd and Panasonic Corp Sign Long-Term Strategic Alliance

Jul 05, 2013

Gorenje dd announced that it has signed a long-term strategic alliance agreement with Panasonic Corp. The strategic alliance between the companies will be structured around two pillars: joint Research and Development and sharing of selected manufacturing platforms for selected product categories (washing machines, refrigerators and built-in ovens); and the sales network and marketing know-how for distribution throughout Europe. Under the conditions of the alliance, Panasonic Corp will invest EUR 10 million and acquire a minority interest in Gorenje dd. Gorenje dd will execute an equity issue and dual listing to allow existing and new shareholders to benefit from the alliance. Gorenje dd and Panasonic Corp will implement the alliance jointly in the areas of Research and Development, manufacturing, and sales, starting with the joint development of new generation washing machines which are to be distributed in the EU market, the production of Panasonic brand refrigerators by Gorenje which are to be distributed in the EU, Russian and other CIS markets and the joint distribution potential of selected Panasonic Corp brand built-in kitchen appliances in Europe, and the production of built-in ovens by Gorenje dd.

Panasonic Corp and UNESCO Renew Strategic Partnership Agreement-Business Wire

Jun 18, 2013

Business Wire reported that Panasonic Corp and UNESCO announced the renewal of their strategic partnership agreement on June 18, 2013. The new agreement will run for two years from June 2013 to May 2015.

Talks Fail on Integrating Renesas Unit with Panasonic-Fujitsu Chip JV-Kyodo News

Jun 18, 2013

Kyodo News reported that negotiations have broken down over incorporating the mobile device chip operations of Renesas Electronics Corp. into a new joint venture that Fujitsu Ltd. and Panasonic Corp. will set up by integrating their system LSI chip operations.

Panasonic Corp To Cut 5,000 Workers From Automotive And Industrial Division-Reuters

May 29, 2013

Reuters reported that Panasonic Corp will cut around 5,000 workers from its automotive and industrial division in a bid to bolster its operating profit margin over the next three years to a 5% minimum set by the Company's president, Kazuhiko Tsuga. The division, which covers automotive components, semiconductors, production machinery and other devices, employs 110,000 people, around a third of Panasonic's workforce. The business is at the forefront of Tsuga's strategy to shift Panasonic away from consumer electronics to building gadgets and machinery it sells to other companies.

NIPPON EXPRESS CO LTD to Acquire Stake in Panasonic Logistics Co., Ltd. from Panasonic Corp

May 24, 2013

NIPPON EXPRESS CO LTD announced that ithas decided to acquire 2,399,999 (a 66.7% stake) of Panasonic Logistics Co., Ltd.'s stock, from Panasonic Corp, in December 2013. After this, the Company will hold a 33.3% stake (1,200,001 shares) in Panasonic Logistics Co., Ltd.

Toshiba Corp, KKR To Bid For Panasonic Corp's Healthcare Unit-Reuters

May 24, 2013

Reuters reported that Toshiba Corp and U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) are among those expected to bid for Panasonic Corp's healthcare business, financial sources with knowledge of the matter said. Panasonic is looking to raise as much as $1 billion by selling shares in the healthcare unit, whose products include blood sugar monitoring equipment, hearing aids and electronic medical record-keeping systems. The Company, which is being advised by Bank of America Merrill Lynch on the sale, has set a deadline of Monday for first-round bids, according to the sources who spoke on condition of anonymity because the bidding is not public.

Panasonic Corp To Cut 90% Of Sanyo's Global Workforce-Reuters

May 18, 2013

Reuters reported that Panasonic Corp will cut 90% of Sanyo's global workforce of about 2,500 in around three years, Nikkei reported. About 1,000 workers at Sanyo's headquarters will be reduced to around 100 this fiscal year.

UT Holdings Co Ltd to Acquire Shares of Panasonic Battery Engineering Co., Ltd from Panasonic Corp

May 10, 2013

UT Holdings Co Ltd announced that it has decided to acquire 324 shares (81% stake) of Panasonic Battery Engineering Co., Ltd, from Panasonic Corp, for JPY 81 million on July 1, 2013. UT Holdings will also acquire the remaining 76 shares (19% stake) of Panasonic Battery Engineering Co., Ltd, from Panasonic Corp, for JPY 19 million on July 1, 2014. After that, UT Holdings will hold a 100% stake in Panasonic Battery Engineering.

Panasonic Corp Completes Delisting of ADR from NYSE

Apr 23, 2013

Panasonic Corp announced that its stock has been delisted from New York Stock Exchange, on April 22, 2013 (the United States time).

Panasonic Corp To Sell Healthcare Unit Stake-Reuters

Apr 16, 2013

Reuters reported that Panasonic Corp has hired Bank of America Merrill Lynch to sell a part of its healthcare unit in a deal that could raise as much as $1 billion for the sprawling electronics conglomerate.

Panasonic Corp to Build New Factory in Vietnam-Mainichi Newspapers

Apr 16, 2013

Mainichi Newspapers reported that Panasonic Corp announced that it will build a new factory in Vietnam, for the production of wiring devices. The new factory will start operation in April 2014.

Panasonic Corp Announces Delisting of ADR from NYSE

Apr 01, 2013

Panasonic Corp announced that its stock will be delisted from New York Stock Exchange, effective April 22, 2013 (the United States time).

Panasonic Corp Appoints Chairman of the Board

Mar 28, 2013

Panasonic Corp announced that it has appointed Shusaku Nagae as Chairman of the Board and Representative Director, to replace Fumio Ohtsubo, effective June 26, 2013.

Panasonic Corp Files for Delisting from NYSE

Mar 28, 2013

Panasonic Corp announced that it has decided to file for delisting its stock from New York Stock Exchange (NYSE). The delisting is expected to be completed in April 2013.

Panasonic Corp to Sell Shares of Subsidiary to Nippon Express Co., Ltd.

Mar 28, 2013

Panasonic Corp announced that it has decided to sell 2,399,999 shares (66.6% stake) of a wholly owned subsidiary, which is engaged in logistics business, to Nippon Express Co., Ltd. The transaction is expected to be conducted in July 2013. Panasonic will enhance its logistics business through Nippon Express's networks.

Panasonic Corp Considers Sale Of Healthcare Business-Reuters

Mar 18, 2013

Reuters reported that Panasonic Corp is considering selling its healthcare business to raise cash as the consumer electronics maker fights to end losses with flat-panel televisions. Panasonic was planning to sell the profitable healthcare business for about JPY100 billion ($1.05 billion), Kyodo reported. The electronics company wanted to sell the entire business to one buyer, although it would also consider selling it off in parts, Kyodo said. Panasonic's healthcare business involves electronic medical chart systems and blood-sugar monitoring devices.

Panasonic Corp Considers Exiting From Plasma TVs-Reuters

Mar 17, 2013

Reuters reported that Panasonic Corp is leaning towards withdrawing from plasma television operations as part of a downsizing of its television business over three years starting next fiscal year, the Nikkei newspaper said. The company has already been selling assets, including real estate, to strengthen its financial position. Panasonic's TV business, which generated sales of more than 1 trillion yen ($10.5 billion) during the peak in 2009/2010, is seen earning less than half of that amount in 2015/2016.

Renesas Electronics Corp Eyes Selling Subsidiary To Panasonic Corp-Fujitsu Ltd Chip Unit-DJ

Mar 05, 2013

Dow Jones reported that Renesas Electronics Corp is considering selling a subsidiary to a new company that Fujitsu Ltd and Panasonic Corp will set up by integrating their loss-making system LSI chip operations, Kyodo News reported. Fujitsu and Panasonic announced the system LSI merger plan in February, but Renesas, which initially took part in the negotiations, failed to reach terms with them. Fujitsu and Panasonic, however, still want to acquire the chipmaker's technology to boost their international competitiveness. The three are mulling incorporating Renesas Mobile Corp, a Renesas unit that develops semiconductors for smartphones, into the new company that Fujitsu and Panasonic are aiming to launch around the middle of fiscal 2013 starting April.

Panasonic Corp Sells Third Tokyo Property to Sumitomo Mitsui Financial Group Inc and Nippon Building Fund Inc-Reuters

Mar 05, 2013

Reuters reported that Panasonic Corp has sold a central Tokyo building for around JPY50 billion ($536 million) to two Japanese investors. Sumitomo Mitsui Finance and Leasing, a unit of Sumitomo Mitsui Financial Group Inc will take a 90% stake in the 43-storey high-rise in Tokyo's Shiodome district, while Japanese real estate trust Nippon Building Fund Inc will take a 10% interest, Nippon Building Fund said in a statement.

Fujitsu Ltd Announces Semiconductor Business Restructuring; Fujitsu's Subsidiary to Form Joint Venture with Panasonic Corp

Feb 07, 2013

Fujitsu Ltd announced that its subsidiary, FUJITSU SEMICONDUCTOR LIMITED, has signed a basic agreement with Panasonic Corp, to integrate the system LSI (large-scale integration) business by forming a joint venture. This joint venture will also receive fund from another company. Fujitsu will also begin discussions on transforming Mie Plant 300mm line to Taiwan Semiconductor Manufacturing Company Limited.

Fujitsu Ltd And Panasonic Corp To Merge Chip Business In Fiscal 2013-Reuters

Feb 06, 2013

Reuters reported that Fujitsu Ltd and Panasonic Corp will merge their chip units in the next fiscal year. The two companies will announce on February 7, 2013 after a meeting of Fujitsu's board of directors that they will begin discussions on forming a joint venture. Fujitsu is likely to negotiate to take a majority stake in the venture, which will be a design and development-only firm. According to a source the two are in talks with Development Bank of Japan over funding for the venture.

Power-One Inc Enters Into Strategic Alliance With Panasonic Corp

Feb 05, 2013

Power-One Inc and Panasonic Corp announced that they have entered into a strategic alliance to develop, produce and market energy storage systems for the residential and non-residential markets worldwide combining Power-One inverters with Panasonic lithium-ion batteries and systems.As part of the agreement, the companies will leverage their respective research and development and sales and marketing resources for joint product and market development around the world. Initial efforts will focus on developing the residential, commercial and utility-scale, grid-connected, energy storage systems business in Europe and the U.S. as well as the non-residential segment in Japan. Additionally, the companies have committed to develop the large-scale commercial and utility photovoltaic inverter business in Japan.

Fitch Affirms Japan's Panasonic Corp At 'BB'; Outlook Negative-Reuters

Feb 05, 2013

Reuters reported that Fitch Ratings has affirmed Panasonic Corp's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and local currency senior unsecured ratings at 'BB', respectively. The Outlook on the Long-Term IDRs is Negative. Simultaneously, Panasonic's Short-Term Foreign- and Local-Currency IDRs have been affirmed at 'B'. Fitch believes that Panasonic will continue to suffer from frail economic conditions in both Japan and overseas and resultant weak demand for its products, as well as from intense competition. In particular, the company's market position in its core TV/panel business suffers from strong competition from Korean manufacturers, which has led to Panasonic downsizing its business.

Panasonic Corp Announces Dissolution of Joint Venture of Motor Business with MINEBEA CO LTD

Feb 01, 2013

Panasonic Corp announced that Minebea Co., Ltd. and Panasonic Corp have reached an agreement that Panasonic Corp would transfer all of its shares (a 40% stake) in their joint venture of Minebea Motor Manufacturing Corporation to Minebea and dissolve their alliance.

Temp Holdings Co Ltd's Subsidiary to Acquire Shares in Subsidiaries of Panasonic Corp

Jan 15, 2013

Temp Holdings Co Ltd announced that its subsidiary Tempstaff Co., Ltd. will acquire 666 shares (a 66.6% stake) in Panasonic AVC Technology Co., Ltd., which is an Osaka-based wholly owned subsidiary of Panasonic Corp engaged in software and hardware development for digital audio and video (AV) products, as well as 2,664 shares in Panasonic AVC Multimedia Software Co., Ltd., which is an Osaka-based wholly owned subsidiary of Panasonic Corp engaged in software and system development for digital AV products and communications network, at the price of JPY 900 million and JPY 765 million respectively, from Panasonic Corp on March 29, 2013. As a result, Tempstaff Co., Ltd. will hold 66.6% stake in the two companies respectively.

Panasonic Corp to Merge with Subsidiary; Announces Appeal against European Commission Decision on Cathode Ray Tubes for Television; Subsidiary to Transfer Camera Business

Dec 21, 2012

Panasonic Corp announced that it has decided to merge with a wholly owned subsidiary, which is engaged in manufacturing and sales of machinery tools, effective April 1, 2013. The Company and its subsidiary MT Picture Display Co., Ltd. have decided to appeal to the European General Court against the decision adopted by the European Commission on December 5, 2012, because Panasonic believes this decision is factually and legally erroneous as it applies to Panasonic and its subsidiary. The Company's subsidiary, SANYO Electric Co., Ltd. and the spacial purpose company AP26, which has a capital subscription from a fund with services provided by Advantage Partners, LLP, have formed an agreement on the transfer of all the shares of SANYO DI Solutions Co., Ltd, which operates the digital camera and digital movie camera businesses as of March 31, 2013.

EU Fines Panasonic Corporation And Other Makers of TV, PC Monitor Tubes EUR1.47 Billion In Cartel Probe-DJ

Dec 05, 2012

Dow Jones reported that Philips Electronics NV, Samsung SDI Co., Ltd. and Panasonic Corporation are among a group of seven companies fined EUR1.47 billion ($1.92 billion) by European regulators on Wednesday for operating a two-decade-long cartel in TV and computer monitor tubes. The European Commission said LG Electronics Inc., Philips Electronics NV and Samsung SDI participated in both cartels, while Panasonic, Toshiba Corp, MTPD, a Panasonic subsidiary and Technicolor, formerly Thomson participated only in the cartel for television tubes. Whistle-blower Chunghwa from Taiwan has received full immunity from fines as it was the first company to reveal the cartels' existence. Other companies received reductions of their fines for cooperating in the probe. The Commission said the two cartels were among the most organized cartels that it had investigated.

Fitch Cuts Sony Corp, Panasonic Corporation Debt Ratings To 'Junk' Status-Reuters

Nov 22, 2012

Reuters reported that ratings agency Fitch downgraded the debt ratings of Sony Corp and Panasonic Corporation to 'junk' status citing weakness in their consumer electronics and TV operations, further diminishing the luster of the once-great Japanese brands. The cut to below investment grade, the first by a ratings firm, comes as the floundering Japanese tech companies face weak demand and fierce competition from Apple and Samsung Electronics. A strong yen and bumps in China, where growth has slowed and Japanese goods have been targeted in sometimes violent protests recently, have also weighed on their earnings. The two companies, along with Sharp Corp, racked up combined losses of $20 billion last year, leading them to axe jobs, sell assets and close facilities. Fitch downgraded Sony by three notches to BB-minus from BBB- minus, saying meaningful recovery will be slow. The move came after Sony, the maker of PlayStation game consoles and Vaio laptops, last week announced plans to raise 150 billion yen ($1.82 billion) through the sale of convertible bonds. In a separate statement, Fitch cut Panasonic to BB from BBB-minus, a two-notch downgrade, citing weakened competitiveness in its TVs and display panels as well as weak cash generation from its operations.

Itron Inc Announces Alliance With Panasonic Corp To Deliver Smart Metering Solutions In Japan

Nov 16, 2012

Itron Inc announced that it has formed a strategic alliance with Panasonic Corporation to develop a smart meter platform tailored to the Japanese market. The companies will utilize their combined global experience and local presence to offer a smart metering solution that will meet Japan's electric utilities' needs and requirements and into the future.

R&I Removes Panasonic Corp from Rating Monitor; Downgrades Rating to "A-"

Nov 14, 2012

Rating and Investment Information, Inc. announced that it has removed Panasonic Corp from rating monitor, and downgraded the rating on the Company from "A+" to "A-". The rating outlook is stable.

Panasonic Corp To Cut 10,000 More Workers In Year Ending Next March-The Economic Times

Nov 14, 2012

The Economic Times reported that Panasonic Corp will lay off 10,000 more workers in the year ending next March in a bid to trim costs and boost profitability at close to 100 business units, a fifth of which are losing money, its Chief Financial Officer told Reuters.

Panasonic Corp's Sanyo Electric Co Ltd To Sell Digital Camera Business-Reuters

Nov 12, 2012

Reuters reported that Panasonic Corp's unit Sanyo Electric Co Ltd is in talks to sell its digital camera business to an investment fund as early as this year. Sanyo, which has no camera brand of its own, supplies products on an original equipment manufacturing basis to several companies including Olympus Corp (7733.T). Digital camera production reached about 11 million units in the year ended March 2011.

R&I Places Panasonic Corp on the Rating Monitor; With View to Downgrading

Nov 01, 2012

Rating and Investment Information, Inc. announced that it has placed Panasonic Corp on the rating monitor, with view to downgrading. The current issuer rating is "A+".

Panasonic Corp Lowers FY 2013 Guidance

Oct 31, 2012

Panasonic Corp revised fiscal 2013 guidance and expects original sales of JPY8,100.0 billion significantly downward to JPY7,300.0 billion, due mainly to worsening market conditions in digital consumer products and the slowdown economy in emerging countries. Pre-tax loss is expected to be JPY365.0 billion, a deterioration from the original forecast of an income of JPY160.0 billion, owing primarily to business restructuring expenses in other deductions incurred in six months ended September 30, 2012. Operating profit is expected to be JPY140.0 billion, a decrease from the previous forecast of JPY260.0 billion due mainly to sales decrease. Net loss attributable to expected to be JPY765.0 billion, a deterioration from the previous forecast of an income of JPY50.0 billion mainly as a result of the aforementioned increase in valuation allowances to deferred tax assets. Net income attributable per share (EPS) is anticipated to be a loss of JPY330.93, compared with the previous forecast of an income of JPY21.63. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of JPY7,764 billion, pre-tax profit of JPY139.24 billion, net income of JPY41.52 billion, EPS of JPY18.38, operating profit of JPY225 billion for fiscal 2013.

Panasonic Corp Announces Subsidiaries Integration

Oct 31, 2012

Panasonic Corp announced that its wholly owned subsidiary, Panasonic System Solutions Japan Co., Ltd., will merge with another wholly owned subsidiary of the Company, Panasonic System Networks Co., Ltd, as well as a subsidiary of Panasonic System Networks, effective March 1, 2013. After the merger, Panasonic System Networks and its subsidiary will be dissolved. After that, the Company's another wholly owned subsidiary, Panasonic Mobile Communications Co., Ltd., will establish a new subsidiary on April 1, 2013 and on the same day, Panasonic Mobile Communications will transfer its mobile phone base station business to Panasonic System Solutions Japan, and will transfer its mobile phone terminal business to the newly established subsidiary of Panasonic Mobile Communications. And after that, the Company will merge with Panasonic Mobile Communications and as a result, Panasonic Mobile Communications will be dissolved, effective April 1, 2013.

Panasonic Corp May Cut Mobile Unit-Reuters

Oct 26, 2012

Reuters reported that Panasonic Corp may shrink its mobile phone unit by withdrawing from Europe within six months, prompting a possible writedown on the business in the year ending March 31, 2013.

Panasonic Corp Wins $7.6 Billion Loan Commitments From Sumitomo Mitsui Financial Group, Inc. And Other Banks-Reuters

Oct 16, 2012

Reuters reported that Panasonic Corp has won $7.6 billion of loan commitments from Sumitomo Mitsui Financial Group, Inc. and other banks, allowing the Japanese electronics conglomerate to sidestep fund-raising in the credit markets. Panasonic sought the financing framework to underpin its finances, choosing bank loans because of concern that the eurozone crisis and weaker global economy would make borrowing through bond issues and commercial paper more difficult. Sumitomo Mitsui Financial Group has committed to 350 billion yen ($4.44 billion)of the credit, with Mitsubishi UFJ Financial Group Inc. promising 200 billion yen ($2.54 billion), the Nikkei business daily reported earlier. Resona Holdings, Inc. has promised the remaining 50 billion yen ($634.84 million).

Japan Fund And Firms Including Panasonic Corporation Aim To Acquire Renesas Electronics Corp For $2.6 Billion-Reuters

Oct 13, 2012

Reuters reported that a Japan government fund is expected to partner with about 10 companies in hopes of buying Renesas Electronics Corp in a 200 billion yen ($2.55 billion) deal, the Nikkei business daily said. The taxpayer-funded Innovation Network Corp plans to invest 150 billion yen to acquire two-thirds of Renesas' shares on a voting rights basis, the Japanese newspaper said on Saturday. A consortium of Japanese companies including Canon Inc., Denso Corporation, Honda Motor Co., Ltd., Nikon Corporation, Nissan Motor Co., Ltd., Panasonic Corporation, Toyota Motor Corp and Yaskawa Electric Corporation, are also expected to invest a total of nearly 50 billion yen, the Nikkei said. German industrial group Robert Bosch GmbH is also considering an investment in the chipmaker, the Nikkei added.

Acacia Research Corps's Subsidiary Enters Into Settlement Agreement With Panasonic Corporation

Sep 25, 2012

Acacia Research Corp announced that its Advanced Data Access LLC subsidiary has entered into a settlement agreement with Panasonic Corporation. This agreement resolves patent litigation that was pending in the United States District Court for the Eastern District of Texas.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	88,019.8	99,368.0	101,441.6	79,813.8	77,280.8
Revenue	88,019.8	99,368.0	101,441.6	79,813.8	77,280.8
Total Revenue	88,019.8	99,368.0	101,441.6	79,813.8	77,280.8
Cost of Revenue	65,323.1	74,270.8	74,560.3	57,467.1	56,399.7
Cost of Revenue, Total	65,323.1	74,270.8	74,560.3	57,467.1	56,399.7
Gross Profit	22,696.7	25,097.1	26,881.2	22,346.6	20,881.1
Selling/General/Administrative Expense	9,974.5	12,926.4	12,011.7	10,833.3	10,018.1
Advertising Expense	1,383.9	1,747.0	1,830.9	1,623.2	1,741.0
Total Selling/General/Administrative Expenses	11,358.5	14,673.3	13,842.6	12,456.6	11,759.0
Research & Development	6,053.0	6,588.3	6,159.3	5,131.2	5,154.2
Depreciation	3,345.6	3,281.8	3,317.1	2,709.7	3,242.6
Depreciation/Amortization	3,345.6	3,281.8	3,317.1	2,709.7	3,242.6
Impairment-Assets Held for Use	4,685.1	7,132.1	404.8	-	-
Unusual Expense (Income)	4,685.1	7,132.1	404.8	-	-
Total Operating Expense	90,765.2	105,946.3	98,284.2	77,764.6	76,555.6
Operating Income	-2,745.4	-6,578.4	3,157.4	2,049.2	725.2
Interest Expense - Non-Operating	-308.6	-359.7	-321.2	-276.7	-192.9
Interest Expense, Net Non-Operating	-308.6	-359.7	-321.2	-276.7	-192.9
Interest Income - Non-Operating	112.4	169.6	135.3	132.9	233.6
Investment Income - Non-Operating	44.4	77.6	73.8	72.6	114.3
Interest/Investment Income - Non-Operating	156.8	247.2	209.1	205.4	347.9
Interest Income (Expense) - Net Non-Operating Total	-151.7	-112.5	-112.1	-71.3	155.0
Other Non-Operating Income (Expense)	-1,904.4	-3,603.3	-958.6	-2,293.3	-4,688.1
Other, Net	-1,904.4	-3,603.3	-958.6	-2,293.3	-4,688.1
Income Before Tax	-4,801.5	-10,294.2	2,086.6	-315.4	-3,807.9
Total Income Tax	4,636.3	123.7	1,202.1	1,526.1	371.8
Income After Tax	-9,437.8	-10,417.9	884.5	-1,841.5	-4,179.7
Minority Interest	252.1	556.9	-135.1	723.1	247.6
Equity In Affiliates	95.1	81.9	114.4	5.2	160.7
Net Income Before Extraord Items	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Net Income	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Income Available to Common Excl Extraord Items	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Income Available to Common Incl Extraord Items	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Basic/Primary Weighted Average Shares	2,311.7	2,312.2	2,070.3	2,070.6	2,079.3
Basic EPS Excl Extraord Items	-3.93	-4.23	0.42	-0.54	-1.81
Basic/Primary EPS Incl Extraord Items	-3.93	-4.23	0.42	-0.54	-1.81
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Diluted Weighted Average Shares	2,311.7	2,312.2	2,070.3	2,070.6	2,079.3
Diluted EPS Excl Extraord Items	-3.93	-4.23	0.42	-0.54	-1.81
Diluted EPS Incl Extraord Items	-3.93	-4.23	0.42	-0.54	-1.81
Dividends per Share - Common Stock Primary Issue	0.00	0.13	0.12	0.11	0.30
Gross Dividends - Common Stock	0.0	292.8	241.6	222.8	618.2
Interest Expense, Supplemental	308.6	359.7	321.2	276.7	192.9
Depreciation, Supplemental	4,090.2	4,282.0	4,285.9	3,209.2	3,630.5
Total Special Items	4,685.1	7,132.1	404.8	-	-
Normalized Income Before Tax	-116.5	-3,162.1	2,491.5	-315.4	-3,807.9
Effect of Special Items on Income Taxes	1,639.8	2,496.2	233.2	-	-
Inc Tax Ex Impact of Sp Items	6,276.0	2,619.9	1,435.3	1,526.1	371.8
Normalized Income After Tax	-6,392.5	-5,782.0	1,056.2	-1,841.5	-4,179.7
Normalized Inc. Avail to Com.	-6,045.3	-5,143.3	1,035.4	-1,113.2	-3,771.3
Basic Normalized EPS	-2.62	-2.22	0.50	-0.54	-1.81
Diluted Normalized EPS	-2.62	-2.22	0.50	-0.54	-1.81
Amort of Intangibles, Supplemental	-	993.6	965.8	496.8	387.2
Rental Expenses	-	1,064.6	1,032.5	689.9	631.8
Advertising Expense, Supplemental	1,383.9	1,747.0	1,830.9	1,623.2	1,741.0
Research & Development Exp, Supplemental	6,053.0	6,588.3	6,159.3	5,131.2	5,154.2
Reported Operating Profit	1,939.7	553.8	3,562.2	2,049.2	725.2
Normalized EBIT	1,939.7	553.8	3,562.2	2,049.2	725.2
Normalized EBITDA	6,029.9	5,829.3	8,813.9	5,755.2	4,742.8
Current Tax - Domestic	-	-	332.3	237.8	381.1
Current Tax - Foreign	-	-	705.2	387.8	234.3
Current Tax - Total	801.9	876.5	-	-	-
Current Tax - Total	801.9	876.5	1,037.6	625.6	615.4
Deferred Tax - Domestic	-	-	244.1	871.0	-101.8
Deferred Tax - Foreign	-	-	-79.5	29.4	-141.8
Deferred Tax - Total	3,834.4	-752.8	-	-	-
Deferred Tax - Total	3,834.4	-752.8	164.5	900.4	-243.6
Income Tax - Total	4,636.3	123.7	1,202.1	1,526.1	371.8
Interest Cost - Domestic	622.2	690.9	666.3	551.3	498.7
Service Cost - Domestic	664.4	701.2	646.2	541.0	494.2
Prior Service Cost - Domestic	-270.7	-295.7	-286.4	-269.1	-244.9
Expected Return on Assets - Domestic	-648.0	-662.3	-648.6	-473.1	-484.2
Actuarial Gains and Losses - Domestic	365.6	395.2	297.5	468.9	222.8
Curtailments & Settlements - Domestic	-	132.0	24.8	-	-
Other Pension, Net - Domestic	26.6	-	-	-	-
Domestic Pension Plan Expense	760.1	961.2	699.6	819.0	486.6
Total Pension Expense	760.1	961.2	699.6	819.0	486.6
Discount Rate - Domestic	2.20%	2.50%	2.60%	2.70%	2.70%
Expected Rate of Return - Domestic	3.10%	3.10%	3.20%	3.10%	3.10%
Compensation Rate - Domestic	1.80%	1.80%	1.80%	1.70%	1.70%
Total Plan Interest Cost	622.2	690.9	666.3	551.3	498.7
Total Plan Service Cost	664.4	701.2	646.2	541.0	494.2
Total Plan Expected Return	-648.0	-662.3	-648.6	-473.1	-484.2
Total Plan Other Expense	26.6	-	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	5,292.4	7,416.2	12,605.2	12,863.3	11,776.4
Short Term Investments	0.0	5.9	0.0	0.0	20.2
Cash and Short Term Investments	5,292.4	7,422.1	12,605.2	12,863.3	11,796.6
Accounts Receivable - Trade, Gross	9,628.9	11,691.4	12,089.6	12,145.9	7,527.6
Provision for Doubtful Accounts	-248.7	-322.9	-263.8	-258.5	-213.9
Trade Accounts Receivable - Net	9,380.3	11,368.5	11,825.8	11,887.4	7,313.6
Notes Receivable - Short Term	603.2	886.6	952.9	795.0	433.0
Total Receivables, Net	9,983.4	12,255.1	12,778.7	12,682.4	7,746.6
Inventories - Finished Goods	4,819.3	5,474.2	5,625.7	5,320.6	4,452.2
Inventories - Work In Progress	1,438.1	1,752.8	1,982.7	1,709.1	1,315.7
Inventories - Raw Materials	2,105.4	2,850.9	3,207.5	2,748.2	2,039.5
Total Inventory	8,362.8	10,077.8	10,815.9	9,777.9	7,807.4
Other Current Assets	2,869.1	5,518.7	5,907.3	5,409.0	4,994.1
Other Current Assets, Total	2,869.1	5,518.7	5,907.3	5,409.0	4,994.1
Total Current Assets	26,507.8	35,273.7	42,107.3	40,732.5	32,344.8
Buildings	17,419.5	20,387.9	21,370.4	18,917.7	15,514.4
Land/Improvements	3,337.2	4,550.0	4,607.1	4,188.7	3,020.6
Machinery/Equipment	28,951.4	27,288.1	27,639.5	24,653.6	22,568.8
Construction in Progress	639.5	1,102.0	1,164.2	1,378.7	2,162.8
Property/Plant/Equipment - Gross	50,347.6	53,328.0	54,781.2	49,138.8	43,266.6
Accumulated Depreciation	-32,540.7	-32,277.1	-32,057.9	-28,205.3	-27,322.2
Property/Plant/Equipment - Net	17,806.9	21,050.9	22,723.3	20,933.4	15,944.4
Goodwill, Net	5,443.2	9,193.6	11,157.7	9,878.0	4,159.1
Intangibles - Gross	6,763.7	-	-	-	-
Accumulated Intangible Amortization	-4,448.9	-	-	-	-
Intangibles, Net	2,370.2	4,196.8	6,549.1	6,473.3	1,222.2
LT Investment - Affiliate Companies	-	1,659.7	1,892.4	1,895.6	1,255.0
Long Term Investments	-	1,659.7	1,892.4	1,895.6	1,255.0
Note Receivable - Long Term	2,943.8	3,825.2	4,980.8	4,919.0	4,331.2
Other Long Term Assets	2,297.5	4,924.2	4,977.3	4,616.4	5,573.9
Other Long Term Assets, Total	2,297.5	4,924.2	4,977.3	4,616.4	5,573.9
Total Assets	57,369.5	80,124.1	94,387.9	89,448.4	64,830.6
Accounts Payable	7,860.5	9,683.4	11,355.3	10,828.7	6,491.5
Accrued Expenses	7,581.3	9,097.4	9,015.5	8,840.4	6,812.1
Notes Payable/Short Term Debt	5,659.7	8,340.0	5,949.7	3,838.5	1,342.1
Customer Advances	804.2	863.0	802.0	685.4	616.9
Security Deposits	70.3	92.9	109.8	107.1	2.7
Income Taxes Payable	341.8	395.1	511.8	419.0	264.6
Other Current Liabilities	5,306.9	6,479.8	6,607.4	5,416.2	4,723.4
Other Current liabilities, Total	6,523.2	7,830.9	8,031.0	6,627.8	5,607.7
Total Current Liabilities	27,624.6	34,951.6	34,351.5	30,135.5	20,253.4
Long Term Debt	7,047.5	11,431.3	14,023.7	11,011.6	6,594.2
Total Long Term Debt	7,047.5	11,431.3	14,023.7	11,011.6	6,594.2
Total Debt	12,707.2	19,771.2	19,973.4	14,850.2	7,936.3
Minority Interest	427.7	580.0	4,673.5	9,495.8	4,339.4
Pension Benefits - Underfunded	6,608.7	6,876.8	5,947.9	4,663.9	4,094.0
Other Long Term Liabilities	2,226.5	2,860.5	4,515.4	4,256.1	1,363.1
Other Liabilities, Total	8,835.2	9,737.4	10,463.3	8,920.1	5,457.1
Total Liabilities	43,935.0	56,700.2	63,512.0	59,563.0	36,644.1
Common Stock	2,750.0	3,140.6	3,121.9	2,769.0	2,619.6
Common Stock	2,750.0	3,140.6	3,121.9	2,769.0	2,619.6
Additional Paid-In Capital	11,804.7	13,564.7	13,274.4	12,944.3	12,329.3
Retained Earnings (Accumulated Deficit)	8,182.3	18,640.3	30,117.1	26,142.9	26,041.7
Treasury Stock - Common	-2,625.5	-2,998.3	-8,092.9	-7,173.9	-6,786.4
Unrealized Gain (Loss)	-3,471.6	116.0	230.6	449.2	-156.4
Translation Adjustment	-3,156.8	-5,852.6	-5,467.6	-3,774.1	-3,458.5
Minimum Pension Liability Adjustment	-	-3,186.8	-2,307.6	-1,472.1	-2,402.9
Other Comprehensive Income	-48.6	-	-	-	-
Other Equity, Total	-3,205.4	-9,039.3	-7,775.2	-5,246.2	-5,861.3
Total Equity	13,434.5	23,423.9	30,875.9	29,885.4	28,186.5
Total Liabilities & Shareholders’ Equity	57,369.5	80,124.1	94,387.9	89,448.4	64,830.6
Shares Outstanding - Common Stock Primary Issue	2,311.7	2,311.7	2,070.3	2,070.6	2,070.6
Total Common Shares Outstanding	2,311.7	2,311.7	2,070.3	2,070.6	2,070.6
Treasury Shares - Common Stock Primary Issue	141.4	141.4	382.8	382.4	382.4
Employees	293,742	330,767	366,937	384,586	292,250
Number of Common Shareholders	522,392	502,329	338,320	289,535	250,744
Accumulated Intangible Amort, Suppl.	4,448.9	4,831.8	4,509.7	3,165.1	2,607.7
Deferred Revenue - Current	804.2	863.0	802.0	685.4	616.9
Total Long Term Debt, Supplemental	10,073.3	14,048.5	18,531.1	13,228.3	7,063.4
Long Term Debt Maturing within 1 Year	3,025.8	2,617.3	4,507.4	2,216.7	469.2
Long Term Debt Maturing in Year 2	1,077.2	3,471.0	2,674.2	3,944.7	383.9
Long Term Debt Maturing in Year 3	2,649.8	1,220.9	3,443.9	799.7	2,303.6
Long Term Debt Maturing in Year 4	85.6	3,017.5	1,215.6	3,035.3	110.5
Long Term Debt Maturing in Year 5	1,672.9	93.0	3,008.3	1,058.1	2,264.5
Long Term Debt Maturing in 2-3 Years	3,727.0	4,691.9	6,118.1	4,744.4	2,687.5
Long Term Debt Maturing in 4-5 Years	1,758.5	3,110.4	4,223.9	4,093.4	2,375.0
Long Term Debt Matur. in Year 6 & Beyond	1,562.0	3,628.9	3,681.7	2,173.8	1,531.7
Interest Costs	-	-56.4	-92.9	-110.0	-43.6
Total Capital Leases, Supplemental	728.8	899.2	1,329.4	1,549.3	1,137.3
Capital Lease Payments Due in Year 1	149.9	219.5	418.6	455.4	408.1
Capital Lease Payments Due in Year 2	122.9	177.4	279.1	323.4	316.0
Capital Lease Payments Due in Year 3	100.1	128.7	163.0	290.2	227.4
Capital Lease Payments Due in Year 4	88.9	103.5	133.6	130.9	98.6
Capital Lease Payments Due in Year 5	81.6	96.2	115.2	106.4	34.9
Capital Lease Payments Due in 2-3 Years	223.0	306.0	442.0	613.6	543.5
Capital Lease Payments Due in 4-5 Years	170.6	199.7	248.8	237.2	133.5
Cap. Lease Pymts. Due in Year 6 & Beyond	185.3	230.4	312.8	353.2	95.8
Total Operating Leases, Supplemental	1,472.2	1,429.3	2,853.9	1,819.0	1,771.1
Operating Lease Payments Due in Year 1	524.7	563.4	1,003.0	767.2	571.5
Operating Lease Payments Due in Year 2	299.7	398.6	782.8	459.6	635.9
Operating Lease Payments Due in Year 3	127.7	184.6	558.9	281.1	300.3
Operating Lease Payments Due in Year 4	95.6	69.4	252.7	214.8	137.8
Operating Lease Payments Due in Year 5	82.8	40.4	74.8	51.0	78.8
Operating Lease Pymts. Due in 2-3 Years	427.4	583.2	1,341.7	740.7	936.2
Operating Lease Pymts. Due in 4-5 Years	178.4	109.7	327.6	265.9	216.6
Oper. Lse. Pymts. Due in Year 6 & Beyond	341.6	173.0	181.6	45.2	46.8
Pension Obligation - Domestic	24,041.6	26,820.9	25,760.7	22,413.3	18,446.3
Plan Assets - Domestic	17,404.4	19,865.9	19,735.2	17,657.9	14,312.5
Funded Status - Domestic	-6,637.3	-6,954.9	-6,025.5	-4,755.5	-4,133.8
Total Funded Status	-6,637.3	-6,954.9	-6,025.5	-4,755.5	-4,133.8
Discount Rate - Domestic	1.60%	2.20%	2.50%	2.60%	2.70%
Compensation Rate - Domestic	1.70%	1.80%	1.80%	1.80%	1.70%
Accrued Liabilities - Domestic	-6,608.7	-12,528.9	-10,258.1	-7,428.0	-8,334.7
Other Assets, Net - Domestic	5,644.3	5,583.0	4,283.8	2,728.7	4,201.0
Net Assets Recognized on Balance Sheet	-964.4	-6,946.0	-5,974.3	-4,699.3	-4,133.8
Equity % - Domestic	-	-	40.00%	40.00%	35.00%
Debt Securities % - Domestic	-	-	40.00%	40.00%	50.00%
Other Investments % - Domestic	-	-	20.00%	20.00%	-
Total Plan Obligations	24,041.6	26,820.9	25,760.7	22,413.3	18,446.3
Total Plan Assets	17,404.4	19,865.9	19,735.2	17,657.9	14,312.5

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	-9,342.7	-10,336.0	998.9	-1,836.3	-3,771.3
Depreciation	4,090.2	4,282.0	4,285.9	3,209.2	3,630.5
Depreciation/Depletion	4,090.2	4,282.0	4,285.9	3,209.2	3,630.5
Unusual Items	4,382.4	7,269.1	594.1	912.5	3,900.8
Other Non-Cash Items	3,808.2	-970.7	-232.3	924.2	-1,453.2
Non-Cash Items	8,190.7	6,298.3	361.8	1,836.7	2,447.6
Accounts Receivable	1,543.8	306.8	972.5	-1,290.8	2,479.2
Inventories	778.9	482.7	-637.9	1,082.1	209.1
Other Assets	616.7	216.9	-2.1	259.9	301.3
Accounts Payable	-823.0	-1,314.4	-149.7	900.8	-1,982.2
Taxes Payable	58.1	-	-	-	-
Other Liabilities	-1,372.2	-299.3	-277.4	1,026.2	-1,779.9
Other Operating Cash Flow	342.3	-104.3	-76.7	432.2	-373.5
Changes in Working Capital	1,144.6	-711.5	-171.2	2,410.4	-1,145.9
Cash from Operating Activities	4,082.8	-467.2	5,475.4	5,620.0	1,160.8
Purchase of Fixed Assets	-3,858.8	-5,780.9	-4,912.1	-4,041.8	-5,190.7
Capital Expenditures	-3,858.8	-5,780.9	-4,912.1	-4,041.8	-5,190.7
Sale of Fixed Assets	1,766.4	675.4	1,781.5	1,268.1	402.8
Sale/Maturity of Investment	-	-	0.0	69.3	0.0
Investment, Net	2,798.5	1,716.0	1,239.7	1,727.7	844.7
Purchase of Investments	-49.9	-88.0	-103.5	-2,044.7	-345.8
Other Investing Cash Flow	-458.5	-359.9	-374.0	-461.1	-383.2
Other Investing Cash Flow Items, Total	4,056.6	1,943.6	2,543.7	559.4	518.5
Cash from Investing Activities	197.7	-3,837.4	-2,368.3	-3,482.4	-4,672.1
Other Financing Cash Flow	-11.6	-153.0	-6,886.4	-123.2	-0.9
Financing Cash Flow Items	-11.6	-153.0	-6,886.4	-123.2	-0.9
Cash Dividends Paid - Common	-266.5	-424.9	-388.5	-435.8	-1,036.6
Total Cash Dividends Paid	-266.5	-424.9	-388.5	-435.8	-1,036.6
Sale/Issuance of Common	0.1	0.9	0.2	0.2	6.0
Repurchase/Retirement of Common	-0.4	-5.5	-5.0	-0.8	-720.7
Common Stock, Net	-0.3	-4.6	-4.8	-0.5	-714.7
Issuance (Retirement) of Stock, Net	-0.3	-4.6	-4.8	-0.5	-714.7
Short Term Debt Reduction	-7,845.4	-	-	-	-
Short Term Debt, Net	-2,920.1	4,586.2	-397.2	-36.2	-343.1
Long Term Debt Issued	7.8	10.5	5,894.7	572.1	4,403.8
Long Term Debt Reduction	-2,727.7	-4,686.5	-2,356.2	-589.4	-828.6
Long Term Debt, Net	-2,719.9	-4,676.0	3,538.5	-17.3	3,575.3
Issuance (Retirement) of Debt, Net	-5,640.1	-89.9	3,141.3	-53.5	3,232.2
Cash from Financing Activities	-5,918.5	-672.4	-4,138.4	-613.0	1,480.0
Foreign Exchange Effects	696.3	-94.1	-545.1	-60.9	-366.5
Net Change in Cash	-941.6	-5,071.0	-1,576.4	1,463.8	-2,397.9
Net Cash - Beginning Balance	6,923.1	12,345.6	12,952.4	10,478.3	12,089.6
Net Cash - Ending Balance	5,981.4	7,274.6	11,376.0	11,942.1	9,691.7
Cash Interest Paid	-	362.7	330.3	283.0	195.3
Cash Taxes Paid	-	971.1	885.4	553.5	947.4

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	88,019.8	99,368.0	101,441.6	79,813.8	77,280.8
Total Revenue	88,019.8	99,368.0	101,441.6	79,813.8	77,280.8
Cost of Sales	65,323.1	74,270.8	74,560.3	57,467.1	56,399.7
Transportation Storage Charge	1,680.0	1,942.0	-	-	-
Other Selling/General/Admin. Expense	8,294.5	10,984.3	-	-	-
Research and development expenses	6,053.0	6,588.3	-	-	-
R & D expenses	-	-	6,159.3	5,131.2	5,154.2
Advertising Expenses(1)	1,383.9	1,747.0	-	-	-
Advertising expenses	-	-	1,830.9	1,623.2	1,741.0
Store & freight expenses	-	-	1,695.8	1,389.2	1,462.1
Depreciation	3,345.6	3,281.8	-	-	-
Depreciation expenses	-	-	3,317.1	2,709.7	3,242.6
Other SGA	-	-	10,315.9	9,444.1	8,556.0
Impairment Loss of Non-current Assets(1)	1,664.9	5,056.4	-	-	-
Impairment Loss of Goodwill(1)	3,020.1	2,075.7	-	-	-
Impairment Loss of Non-current Assets	-	-	404.8	-	-
Impairment Loss of Goodwill	-	-	0.0	-	-
Total Operating Expense	90,765.2	105,946.3	98,284.2	77,764.6	76,555.6
Interest Income	112.4	169.6	135.3	132.9	233.6
Dividend Income	44.4	77.6	73.8	72.6	114.3
Other Expense(1)	-	-2,883.1	-	-	-
Early Retirement Expenses(1)	-3,010.9	-1,279.0	-	-	-
Other Income	1,106.5	558.8	689.1	515.3	524.5
Interest Expense	-308.6	-359.7	-321.2	-276.7	-192.9
Early Retirement Expenses	-	-	-206.2	-419.1	-381.7
Other Expense	-	-	-1,441.5	-2,389.5	-4,831.0
Net Income Before Taxes	-4,801.5	-10,294.2	2,086.6	-315.4	-3,807.9
Provision for Income Taxes	4,636.3	123.7	1,202.1	1,526.1	371.8
Net Income After Taxes	-9,437.8	-10,417.9	884.5	-1,841.5	-4,179.7
Minority Interests	252.1	556.9	-135.1	723.1	247.6
Equity in Earnings	95.1	81.9	114.4	5.2	160.7
Net Income Before Extra. Items	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Net Income	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Income Available to Com Excl ExtraOrd	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Income Available to Com Incl ExtraOrd	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Basic Weighted Average Shares	2,311.7	2,312.2	2,070.3	2,070.6	2,079.3
Basic EPS Excluding ExtraOrdinary Items	-3.93	-4.23	0.42	-0.54	-1.81
Basic EPS Including ExtraOrdinary Items	-3.93	-4.23	0.42	-0.54	-1.81
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-9,090.6	-9,779.1	863.8	-1,113.2	-3,771.3
Diluted Weighted Average Shares	2,311.7	2,312.2	2,070.3	2,070.6	2,079.3
Diluted EPS Excluding ExtraOrd Items	-3.93	-4.23	0.42	-0.54	-1.81
Diluted EPS Including ExtraOrd Items	-3.93	-4.23	0.42	-0.54	-1.81
DPS-Ordinary Shares	0.00	0.13	0.12	0.11	0.30
Gross Dividends - Common Stock	0.0	292.8	241.6	222.8	618.2
Normalized Income Before Taxes	-116.5	-3,162.1	2,491.5	-315.4	-3,807.9
Inc Tax Ex Impact of Sp Items	6,276.0	2,619.9	1,435.3	1,526.1	371.8
Normalized Income After Taxes	-6,392.5	-5,782.0	1,056.2	-1,841.5	-4,179.7
Normalized Inc. Avail to Com.	-6,045.3	-5,143.3	1,035.4	-1,113.2	-3,771.3
Basic Normalized EPS	-2.62	-2.22	0.50	-0.54	-1.81
Diluted Normalized EPS	-2.62	-2.22	0.50	-0.54	-1.81
Interest Expense	308.6	359.7	321.2	276.7	192.9
Amort of Intang Assets Current Portion	-	993.6	-	-	-
Amort of Intangibles	-	-	965.8	496.8	387.2
Rental Expense	-	1,064.6	-	-	-
Rental Expense	-	-	1,032.5	689.9	631.8
BC - Depreciation of Fixed Assets	4,090.2	-	-	-	-
Depreciation	-	4,282.0	-	-	-
Depreciation	-	-	4,285.9	3,209.2	3,630.5
Research and development expenses	6,053.0	6,588.3	-	-	-
Research and Development	-	-	6,159.3	5,131.2	5,154.2
Advertising Expenses	1,383.9	1,747.0	-	-	-
Advertisement	-	-	1,830.9	1,623.2	1,741.0
Income taxes-current	801.9	876.5	-	-	-
Domestinc	-	-	332.3	237.8	381.1
Foreign	-	-	705.2	387.8	234.3
Current Tax - Total	801.9	876.5	1,037.6	625.6	615.4
Deferred	3,834.4	-752.8	-	-	-
Domestic	-	-	244.1	871.0	-101.8
Foreign	-	-	-79.5	29.4	-141.8
Deferred Tax - Total	3,834.4	-752.8	164.5	900.4	-243.6
Income Tax - Total	4,636.3	123.7	1,202.1	1,526.1	371.8
Reported operating profit	1,939.7	553.8	3,562.2	2,049.2	725.2
Service Cost	664.4	701.2	646.2	541.0	494.2
Interest Cost	622.2	690.9	666.3	551.3	498.7
Expected Return on Plan Assets	-648.0	-662.3	-648.6	-473.1	-484.2
Retirement Benefit Expenses Effect By Re	26.6	-	-	-	-
Prior Service Cost	-270.7	-295.7	-286.4	-269.1	-244.9
Actuarial Gains & Losses	365.6	395.2	297.5	468.9	222.8
Curtailments & Settlements - Domestic	-	132.0	24.8	-	-
Domestic Pension Plan Expense	760.1	961.2	699.6	819.0	486.6
Total Pension Expense	760.1	961.2	699.6	819.0	486.6
Discount Rate(MIN)-Retirement Cost(Domes	2.20%	2.50%	-	-	-
Discount Rate	-	-	2.60%	2.70%	2.70%
Expected return on assets(MIN)-Retiremen	3.10%	3.10%	-	-	-
Expected Return on Plan Assets	-	-	3.20%	3.10%	3.10%
Assumed Wage increase Rate (MAX)-Retirem	1.80%	1.80%	-	-	-
Compensation rate	-	-	1.80%	1.70%	1.70%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash/Equivs.	5,274.6	6,972.2	11,761.9	11,878.3	9,859.9
Time Deposits	17.8	444.0	843.4	984.9	1,916.5
Short Term Investments	0.0	-	-	-	-
Short Term Investments	-	5.9	-	-	-
ST Investment	-	-	0.0	0.0	20.2
Merchandise and finished goods	4,819.3	5,474.2	-	-	-
Finished goods & merchandise	-	-	5,625.7	5,320.6	4,452.2
Work in process	1,438.1	1,752.8	-	-	-
Work-In-Process	-	-	1,982.7	1,709.1	1,315.7
Inventories Raw Materials	2,105.4	2,850.9	-	-	-
Raw Materials	-	-	3,207.5	2,748.2	2,039.5
Oth.Curr. Assets	2,869.1	5,518.7	5,907.3	5,409.0	4,994.1
Note Receivable	603.2	886.6	952.9	795.0	433.0
Account Receiv.	9,628.9	11,691.4	12,089.6	12,145.9	7,527.6
Doubtful Receiv.	-248.7	-322.9	-263.8	-258.5	-213.9
Total Current Assets	26,507.8	35,273.7	42,107.3	40,732.5	32,344.8
Investments	2,943.8	3,825.2	4,980.8	4,919.0	4,331.2
Investments, Affiliated Companies	-	1,659.7	1,892.4	1,895.6	1,255.0
Land	3,337.2	4,550.0	4,607.1	4,188.7	3,020.6
Bldg.&Structructures	17,419.5	20,387.9	21,370.4	18,917.7	15,514.4
Mach./Equipment&Fixtures	28,951.4	27,288.1	27,639.5	24,653.6	22,568.8
Constr. in Prog.	639.5	1,102.0	1,164.2	1,378.7	2,162.8
Depreciation	-32,540.7	-32,277.1	-32,057.9	-28,205.3	-27,322.2
Goodwill	5,443.2	9,193.6	11,157.7	9,878.0	4,159.1
Balance Value Total Intangible Assets	55.4	-	-	-	-
Total intangible assets	-	4,196.8	6,549.1	6,473.3	1,222.2
Other Assets	2,297.5	4,924.2	4,977.3	4,616.4	5,573.9
Accumulated Amortization of Software	-2,935.0	-	-	-	-
Accumulated Amortization of Patent Right	-1,126.2	-	-	-	-
Other Intangible Assets Others	-387.7	-	-	-	-
Software - Gross	3,600.6	-	-	-	-
Patent Right - Gross	2,184.9	-	-	-	-
Other Intangible Assets Gross	978.2	-	-	-	-
Total Assets	57,369.5	80,124.1	94,387.9	89,448.4	64,830.6
Short Term Liabilities And Current Porti	5,104.8	7,693.7	-	-	-
ST/Cur.Port.Debt	-	-	5,224.2	3,200.6	955.3
Note Pay., Net	554.8	646.3	725.5	637.9	386.8
Account Payables	7,860.5	9,683.4	11,355.3	10,828.7	6,491.5
Accrued Taxes	341.8	395.1	511.8	419.0	264.6
Accrued Payroll	2,141.2	2,486.4	2,320.0	1,596.9	1,172.9
Accrued Expenses	7,581.3	9,097.4	9,015.5	8,840.4	6,812.1
Deposits/Advance	804.2	863.0	802.0	685.4	616.9
Employee Deposit	70.3	92.9	109.8	107.1	2.7
Other	3,165.7	3,993.4	4,287.4	3,819.3	3,550.5
Total Current Liabilities	27,624.6	34,951.6	34,351.5	30,135.5	20,253.4
Long Term Debt & Corp. Bond	7,047.5	11,431.3	14,023.7	11,011.6	6,594.2
Total Long Term Debt	7,047.5	11,431.3	14,023.7	11,011.6	6,594.2
Minority Interests	427.7	-	-	-	-
Minority Int.	-	580.0	4,673.5	9,495.8	4,339.4
Reserve for accrued retirement benefit	6,608.7	6,876.8	5,947.9	4,663.9	4,094.0
Other Liabs.	2,226.5	2,860.5	4,515.4	4,256.1	1,363.1
Total Liabilities	43,935.0	56,700.2	63,512.0	59,563.0	36,644.1
Unrealized Gain or loss on derivatives	-48.6	-	-	-	-
Common Stock	2,750.0	3,140.6	3,121.9	2,769.0	2,619.6
Capital Surplus	11,804.7	13,564.7	13,274.4	12,944.3	12,329.3
Legal Reserve	1,023.1	1,147.2	1,136.6	998.6	938.8
Retained Erngs.	7,159.3	17,493.1	28,980.6	25,144.3	25,102.9
Treasury Stock	-2,625.5	-2,998.3	-8,092.9	-7,173.9	-6,786.4
Foreign Currency Translation Adjustment	-3,156.8	-	-	-	-
Trans. Adjust.	-	-5,852.6	-5,467.6	-3,774.1	-3,458.5
Unrealized Loss Gain Of Securities	-2.3	-	-	-	-
Deferred Profit On Securities	-3,469.3	-	-	-	-
Unrealized Gain-Available-for-Sale-Secs.	-	161.2	203.1	435.6	-106.9
Unrealized Gain-Derivative Instruments	-	-45.3	27.5	13.6	-49.5
Pension Liab.	-	-3,186.8	-2,307.6	-1,472.1	-2,402.9
Total Equity	13,434.5	23,423.9	30,875.9	29,885.4	28,186.5
Total Liabilities & Shareholders' Equity	57,369.5	80,124.1	94,387.9	89,448.4	64,830.6
S/O-Ordinary Shares	2,311.7	2,311.7	2,070.3	2,070.6	2,070.6
Total Common Shares Outstanding	2,311.7	2,311.7	2,070.3	2,070.6	2,070.6
T/S-Ordinary Shares	141.4	141.4	382.8	382.4	382.4
Deferred Revenue - Current	804.2	863.0	802.0	685.4	616.9
Accumulated Amortization of Software	2,935.0	-	-	-	-
Accumulated Amortization of Patent Right	1,126.2	-	-	-	-
Other Intangible Assets Others	387.7	-	-	-	-
Accumulated Amortization	-	4,831.8	4,509.7	3,165.1	2,607.7
Full-Time Employees	293,742	330,767	366,937	384,586	292,250
Total Number of Shareholders	522,392	502,329	-	-	-
Number of Common Shareholders	-	-	338,320	289,535	250,744
Loans Payable Maturing within a Year	3,025.8	2,617.3	-	-	-
Long Term Debt Maturing Within 1 Year	-	-	4,507.4	2,216.7	469.2
Lns Pble Maturing over a Yr within 2 Yrs	1,077.2	3,471.0	-	-	-
Long Term Debt Maturing Within 2 Year	-	-	2,674.2	3,944.7	383.9
Lns Pble Maturg over 2 Yrs within 3 Yrs	2,649.8	1,220.9	-	-	-
Long Term Debt Maturing Within 3 Year	-	-	3,443.9	799.7	2,303.6
Lns Pble Maturg over 3 Yrs within 4 Yrs	85.6	3,017.5	-	-	-
Long Term Debt Maturing Within 4 Year	-	-	1,215.6	3,035.3	110.5
Lns Pble Maturg over 4 Yrs within 5 Yrs	1,672.9	93.0	-	-	-
Long Term Debt Maturing Within 5 Year	-	-	3,008.3	1,058.1	2,264.5
Loans Payable Remaining	1,562.0	3,628.9	-	-	-
Thereafter	-	-	3,681.7	2,173.8	1,531.7
Total Long Term Debt, Supplemental	10,073.3	14,048.5	18,531.1	13,228.3	7,063.4
Capital Lease Maturing within a Year	149.9	219.5	-	-	-
CP Lease due within 1 yr.	-	-	418.6	455.4	408.1
Cap Lease Maturg over a Yr within 2 Yrs	122.9	177.4	-	-	-
CP Lease due within 2 yr.	-	-	279.1	323.4	316.0
Cap Lease Maturg over 2 Yr within 3 Yrs	100.1	128.7	-	-	-
CP Lease due within 3 yr.	-	-	163.0	290.2	227.4
Cap Lease Maturg over 3 Yr within 4 Yrs	88.9	103.5	-	-	-
CP Lease due within 4 yr.	-	-	133.6	130.9	98.6
Cap Lease Maturg over 4 Yr within 5 Yrs	81.6	96.2	-	-	-
CP Lease due within 5 yr.	-	-	115.2	106.4	34.9
Capital Lease Remaining	185.3	230.4	-	-	-
Thereafter	-	-	312.8	353.2	95.8
Interest Costs	-	-56.4	-	-	-
Interest Cost	-	-	-92.9	-110.0	-43.6
Total Capital Leases, Supplemental	728.8	899.2	1,329.4	1,549.3	1,137.3
Operating Lease Maturing within a Year	524.7	563.4	-	-	-
OP Lease due within 1 yr.	-	-	1,003.0	767.2	571.5
Oper Lease Maturg over a Yr within 2 Yrs	299.7	398.6	-	-	-
OP Lease due within 2 yr.	-	-	782.8	459.6	635.9
Oper Lease Maturg over 2 Yr within 3 Yrs	127.7	184.6	-	-	-
OP Lease due within 3 yr.	-	-	558.9	281.1	300.3
Oper Lease Maturg over 3 Yr within 4 Yrs	95.6	69.4	-	-	-
OP Lease due within 4 yr.	-	-	252.7	214.8	137.8
Oper Lease Maturg over 4 Yr within 5 Yrs	82.8	40.4	-	-	-
OP Lease due within 5 yr.	-	-	74.8	51.0	78.8
Operating Lease Remaining	341.6	173.0	-	-	-
Thereafter	-	-	181.6	45.2	46.8
Total Operating Leases, Supplemental	1,472.2	1,429.3	2,853.9	1,819.0	1,771.1
Retirement Benefit Expenses Expected Pen	24,041.6	26,820.9	-	-	-
Pension Obligation	-	-	25,760.7	22,413.3	18,446.3
Plan Assets at Fair Value	17,404.4	19,865.9	-	-	-
Fair Value of Plan Assets	-	-	19,735.2	17,657.9	14,312.5
Unfunded Retirement Benefit Obligation	-6,637.3	-	-	-	-
Funded Status	-	-6,954.9	-6,025.5	-4,755.5	-4,133.8
Total Funded Status	-6,637.3	-6,954.9	-6,025.5	-4,755.5	-4,133.8
Discount Rate	1.60%	2.20%	2.50%	2.60%	2.70%
Assumed Wage increase Rate (MAX)-Retirem	1.70%	1.80%	-	-	-
Compensation rate	-	-	1.80%	1.80%	1.70%
Other Assets, Net - Domestic	64.7	-	-	-	-
Other Current Liab., N- Domestic	-28.6	-	-	-	-
Unrecognized Actuarial G/L - Domestic	6,665.4	-	-	-	-
Unrecognized Prior Service Cost	-1,057.3	-	-	-	-
Unrecognized Prior Service Cost	-	-1,490.5	-2,086.9	-2,113.7	-2,252.9
Unrecognized Actuarial G/L - Domestic	-	7,142.6	-	-	-
Unrecognized Actuarial Gains & Losses	-	-	6,397.1	4,877.8	6,493.6
Accrued Retirement Benefits	-6,608.7	-	-	-	-
Accrued Pension Benefit	-	-5,652.1	-4,310.2	-2,764.0	-4,240.7
Other Assets, Net - Domestic	-	9.0	-	-	-
Other Assets	-	-	51.2	56.2	0.0
Other Current Liab., N- Domestic	-	-78.1	-	-	-
Other Current Liabilities	-	-	-77.6	-91.5	-39.7
Accrued Retirement Benefits	-	-6,876.8	-	-	-
Recognized Accrued Pension Beneits	-	-	-5,947.9	-4,663.9	-4,094.0
Net Assets Recognized on Balance Sheet	-964.4	-6,946.0	-5,974.3	-4,699.3	-4,133.8
Equity securities	-	-	40.00%	40.00%	35.00%
Debt securities	-	-	40.00%	40.00%	50.00%
General account by life insurer	-	-	-	-	11.00%
Others	-	-	-	-	4.00%
General account by life insurer&Other	-	-	20.00%	20.00%	-

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	KPMG AZSA LLC	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	-9,342.7	-10,336.0	998.9	-1,836.3	-3,771.3
Depreciation	4,090.2	4,282.0	4,285.9	3,209.2	3,630.5
In&Decrease In Corporation Tax Payable	58.1	-	-	-	-
Sale of Marketable Sec.	-351.0	-73.7	-132.1	-55.3	-134.5
Doubtful Receivables	80.0	154.0	51.3	116.9	104.9
Deferred Taxes	3,834.4	-752.8	164.5	900.4	-243.6
Valuation of Inv't Secs.	48.4	210.7	321.4	74.7	915.7
Impairment Loss	4,685.1	7,132.1	404.8	893.1	3,119.6
Minority Interest	-	-	-	-	-247.6
Trade Receivables	1,543.8	306.8	972.5	-1,290.8	2,479.2
Inventories	778.9	482.7	-637.9	1,082.1	209.1
Current Assets other	616.7	216.9	-2.1	259.9	301.3
Trade Payable	-823.0	-1,314.4	-149.7	900.8	-1,982.2
Accrued Inc. Tax	-	-94.6	152.2	72.2	-332.0
Accrued Expenses & Other Cu. Liabilities	-1,411.3	-115.1	-284.4	1,105.5	-1,569.0
Reserve for Retirement Benefit Account	-106.2	-372.0	-448.1	-93.1	-1,066.8
Customer Deposit	39.1	-184.2	7.1	-79.3	-210.9
Other	342.3	-9.6	-228.8	360.1	-41.5
Decrease due to newly consol. subs.	-	-	-	-	0.0
Cash from Operating Activities	4,082.8	-467.2	5,475.4	5,620.0	1,160.8
Sale ST Investment	-	-	0.0	69.3	0.0
Purch. ST Investment	-	-	0.0	-68.5	0.0
Sale/collected of Investment	2,355.1	1,324.0	1,017.9	659.6	2,200.6
Increased investment and loans	-49.9	-88.0	-103.5	-95.3	-345.8
Capital Expenditures	-3,858.8	-5,780.9	-4,912.1	-4,041.8	-5,190.7
Sale of PPE	1,766.4	675.4	1,781.5	1,268.1	402.8
Time Deposits	443.5	392.0	221.8	1,068.1	-1,355.9
Purch.newly consolid.subsid.	-	-	0.0	-1,880.8	0.0
Other	-458.5	-359.9	-374.0	-461.1	-383.2
Cash from Investing Activities	197.7	-3,837.4	-2,368.3	-3,482.4	-4,672.1
Decrease in ST Loans Payable After 3M	-7,845.4	-	-	-	-
ST Loans Payable, Net After 3 M	5,228.6	-	-	-	-
Short-term Loans Payable, Net Within 3 M	-303.3	-	-	-	-
ST Borrowings	-	4,586.2	-397.2	-36.2	-343.1
Deposit/Advances	-	-	-	-	-0.9
Proc. LT Debt	7.8	10.5	5,894.7	572.1	4,403.8
LT Debt Paid	-2,727.7	-4,686.5	-2,356.2	-589.4	-828.6
Dividends Paid	-139.3	-277.5	-241.6	-278.5	-829.6
Dividends to MI.	-127.1	-147.4	-146.8	-157.3	-207.0
Repurc. Common Stock	-0.4	-5.5	-5.0	-0.8	-720.7
Treasury Stock Sale	0.1	0.9	0.2	0.2	6.0
Purchase of Minority Interests	-11.3	-134.7	-6,884.1	-119.4	0.0
Issuance of subsidiaries' stock	-	-	-	-	0.0
Other	-0.3	-18.2	-2.3	-3.9	-
Cash from Financing Activities	-5,918.5	-672.4	-4,138.4	-613.0	1,480.0
Foreign Exchange Effects	696.3	-94.1	-545.1	-60.9	-366.5
Net Change in Cash	-941.6	-5,071.0	-1,576.4	1,463.8	-2,397.9
Net Cash - Beginning Balance	6,923.1	12,345.6	12,952.4	10,478.3	12,089.6
Net Cash - Ending Balance	5,981.4	7,274.6	11,376.0	11,942.1	9,691.7
Cash Interest Paid	-	362.7	330.3	283.0	195.3
Cash Taxes Paid	-	971.1	885.4	553.5	947.4

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	18,510.9	0.55%	88,019.8	-6.92%	-0.52%	-4.24%
Research & Development1 (?)	-	-	6,053.0	-3.46%	1.74%	-1.96%
Operating Income1 (?)	651.4	69.64%	-2,745.4	-	-	-
Income Available to Common Excl Extraord Items1 (?)	1,094.0	741.84%	-9,090.6	-	-	-
Basic EPS Excl Extraord Items1 (?)	0.47	741.86%	-3.93	-	-	-
Capital Expenditures2 (?)	521.8	-40.21%	3,858.8	-29.86%	-5.19%	-5.23%
Cash from Operating Activities2 (?)	1,039.0	90.46%	4,082.8	-	-13.44%	-1.89%
Free Cash Flow (?)	518.9	-	197.5	-	-49.78%	-
Total Assets3 (?)	55,418.9	-15.36%	57,369.5	-18.23%	-13.56%	-6.23%
Total Liabilities3 (?)	41,069.2	-11.63%	43,935.0	-11.51%	-9.44%	2.23%
Total Long Term Debt3 (?)	6,133.2	-34.57%	7,047.5	-29.59%	-13.62%	23.34%
Employees3 (?)	-	-	293742	-11.19%	-8.59%	-0.80%
Total Common Shares Outstanding3 (?)	2,311.6	0.00%	2,311.7	0.00%	3.74%	1.93%
1-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	98.239969	Â	94.088557	Â	Â	Â

Key Ratios
	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Profitability
Gross Margin (?)	25.79%	25.26%	26.50%	28.00%	27.02%
Operating Margin (?)	-3.12%	-6.62%	3.11%	2.57%	0.94%
Pretax Margin (?)	-5.46%	-10.36%	2.06%	-0.40%	-4.93%
Net Profit Margin (?)	-10.33%	-9.84%	0.85%	-1.39%	-4.88%
Financial Strength
Current Ratio (?)	0.96	1.01	1.23	1.35	1.60
Long Term Debt/Equity (?)	0.52	0.49	0.45	0.37	0.23
Total Debt/Equity (?)	0.95	0.84	0.65	0.50	0.28
Management Effectiveness
Return on Assets (?)	-13.05%	-11.41%	0.94%	-2.32%	-6.07%
Return on Equity (?)	-47.23%	-34.40%	2.77%	-3.71%	-11.61%
Efficiency
Receivables Turnover (?)	7.49	7.59	7.75	7.61	8.39
Inventory Turnover (?)	6.70	6.79	7.06	6.34	6.93
Asset Turnover (?)	1.22	1.09	1.07	1.01	1.12

Market Valuation USD (mil)
Enterprise Value2 (?)	29,572.3	.	Price/Sales (TTM) (?)	0.30
Enterprise Value/Revenue (TTM) (?)	0.40	.	Price/Book (MRQ) (?)	1.47
Enterprise Value/EBITDA (TTM) (?)	5.57	.	Market Cap1 (?)	22,298.1
1-ExchangeRate: JPY to USD on 30-Aug-2013	98.350366
2-ExchangeRate: JPY to USD on 30-Jun-2013	98.239969

Ratio Comparisons

Traded: Over The Counter: PCRFY	Financials in: USD (actual units)
Industry: Audio & Video Equipment	As of 30-Aug-2013
Sector: Consumer Cyclical

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	-	42.45	24.19	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	29.28	72.26	29.06	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	29.28	18.57	9.37	10.71
Beta (?)	1.00	1.64	1.71	1.00
Price/Revenue (TTM) (?)	0.30	2.47	1.29	2.57
Price/Book (MRQ) (?)	1.45	2.94	3.76	3.67
Price to Tangible Book (MRQ) (?)	3.20	3.13	6.82	5.21
Price to Cash Flow Per Share (TTM) (?)	-	20.14	15.89	14.22
Price to Free Cash Flow Per Share (TTM) (?)	23.68	21.32	22.86	26.26
Dividends
Dividend Yield (?)	0.70%	4.17%	1.69%	2.26%
Dividend Per Share - 5 Yr Avg (?)	0.12	0.38	1.64	1.99
Dividend 5 Yr Growth (?)	-	-98.81%	-29.80%	0.08%
Payout Ratio (TTM) (?)	-	0.00%	13.41%	25.98%
Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	0.55%	12.41%	17.88%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	-5.41%	0.81%	15.15%	17.69%
Revenue 5 Yr Growth (?)	-4.24%	3.71%	1.89%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	741.85%	52.90%	-0.73%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	9.56%	44.76%	48.61%	32.55%
EPS 5 Yr Growth (?)	-	-20.95%	0.58%	9.86%
Capital Spending 5 Yr Growth (?)	-5.23%	-4.50%	-1.26%	-2.04%
Financial Strength
Quick Ratio (MRQ) (?)	0.66	2.41	1.36	1.24
Current Ratio (MRQ) (?)	0.98	3.17	2.26	1.79
LT Debt/Equity (MRQ) (?)	0.43	0.20	0.52	0.64
Total Debt/Equity (MRQ) (?)	0.81	0.23	0.65	0.73
Interest Coverage (TTM) (?)	12.80	-3.89	7.89	13.80
Profitability Ratios (%)
Gross Margin (TTM) (?)	26.09%	37.99%	26.74%	45.21%
Gross Margin - 5 Yr Avg (?)	26.50%	39.44%	29.20%	44.91%
EBITD Margin (TTM) (?)	7.13%	10.08%	8.96%	24.43%
EBITD Margin - 5 Yr Avg (?)	6.99%	8.82%	9.28%	22.84%
Operating Margin (TTM) (?)	-2.76%	6.57%	6.73%	20.63%
Operating Margin - 5 Yr Avg (?)	-0.55%	4.55%	5.31%	18.28%
Pretax Margin (TTM) (?)	-4.29%	6.62%	6.58%	17.95%
Pretax Margin - 5 Yr Avg (?)	-3.70%	5.03%	5.03%	17.10%
Net Profit Margin (TTM) (?)	-9.36%	3.84%	4.89%	13.65%
Net Profit Margin - 5 Yr Avg (?)	-5.43%	3.03%	3.66%	12.10%
Effective Tax Rate (TTM) (?)	-	25.29%	24.56%	28.45%
Effective Tax rate - 5 Yr Avg (?)	-	24.51%	31.05%	29.92%
Management Effectiveness (%)
Return on Assets (TTM) (?)	-11.53%	3.71%	5.40%	8.54%
Return on Assets - 5 Yr Avg (?)	-5.96%	1.53%	5.11%	8.40%
Return on Investment (TTM) (?)	-21.52%	3.66%	5.61%	7.90%
Return on Investment - 5 Yr Avg (?)	-10.37%	1.74%	4.46%	8.27%
Return on Equity (TTM) (?)	-40.23%	7.21%	13.72%	19.72%
Return on Equity - 5 Yr Avg (?)	-15.39%	3.34%	15.21%	20.06%
Efficiency
Revenue/Employee (TTM) (?)	253,654.70	476,649.29	495,155.30	927,613.77
Net Income/Employee (TTM) (?)	-23,754.51	23,806.38	35,593.51	116,121.92
Receivables Turnover (TTM) (?)	8.36	7.26	7.92	13.25
Inventory Turnover (TTM) (?)	6.45	6.24	12.48	14.53
Asset Turnover (TTM) (?)	1.23	1.21	1.11	0.93

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	0.96	1.01	1.23	1.35	1.60
Quick/Acid Test Ratio (?)	0.55	0.56	0.74	0.85	0.96
Working Capital1 (?)	-1,116.8	322.1	7,755.8	10,597.0	12,091.4
Long Term Debt/Equity (?)	0.52	0.49	0.45	0.37	0.23
Total Debt/Equity (?)	0.95	0.84	0.65	0.50	0.28
Long Term Debt/Total Capital (?)	0.27	0.26	0.28	0.25	0.18
Total Debt/Total Capital (?)	0.49	0.46	0.39	0.33	0.22
Payout Ratio (?)	0.00%	-2.99%	27.97%	-20.01%	-16.46%
Effective Tax Rate (?)	-	-	57.61%	-	-
Total Capital1 (?)	26,141.7	43,195.1	50,849.3	44,735.5	36,122.8
Efficiency
Asset Turnover (?)	1.22	1.09	1.07	1.01	1.12
Inventory Turnover (?)	6.70	6.79	7.06	6.34	6.93
Days In Inventory (?)	54.45	53.73	51.70	57.57	52.66
Receivables Turnover (?)	7.49	7.59	7.75	7.61	8.39
Days Receivables Outstanding (?)	48.70	48.12	47.12	47.98	43.48
Revenue/Employee2 (?)	264,242	287,931	285,833	206,424	269,024
Operating Income/Employee2 (?)	-8,242	-19,062	8,897	5,300	2,525
EBITDA/Employee2 (?)	4,037	-3,775	23,694	14,885	16,510
Profitability
Gross Margin (?)	25.79%	25.26%	26.50%	28.00%	27.02%
Operating Margin (?)	-3.12%	-6.62%	3.11%	2.57%	0.94%
EBITDA Margin (?)	1.53%	-1.31%	8.29%	7.21%	6.14%
EBIT Margin (?)	-3.12%	-6.62%	3.11%	2.57%	0.94%
Pretax Margin (?)	-5.46%	-10.36%	2.06%	-0.40%	-4.93%
Net Profit Margin (?)	-10.33%	-9.84%	0.85%	-1.39%	-4.88%
R&D Expense/Revenue (?)	6.88%	6.63%	6.07%	6.43%	6.67%
COGS/Revenue (?)	74.21%	74.74%	73.50%	72.00%	72.98%
SG&A Expense/Revenue (?)	12.90%	14.77%	13.65%	15.61%	15.22%
Management Effectiveness
Return on Assets (?)	-13.05%	-11.41%	0.94%	-2.32%	-6.07%
Return on Equity (?)	-47.23%	-34.40%	2.77%	-3.71%	-11.61%
Valuation
Free Cash Flow/Share2 (?)	0.09	-2.59	0.28	0.76	-1.98
Operating Cash Flow/Share 2 (?)	1.56	-0.19	2.73	2.70	0.57
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362	82.88	93.44	98.77
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362	82.88	93.44	98.77

Current Market Multiples
Market Cap/Earnings (TTM) (?)	-3.33
Market Cap/Equity (MRQ) (?)	1.56
Market Cap/Revenue (TTM) (?)	0.30
Market Cap/EBIT (TTM) (?)	11.76
Market Cap/EBITDA (TTM) (?)	4.21
Enterprise Value/Earnings (TTM) (?)	-4.41
Enterprise Value/Equity (MRQ) (?)	2.06
Enterprise Value/Revenue (TTM) (?)	0.40
Enterprise Value/EBIT (TTM) (?)	15.57
Enterprise Value/EBITDA (TTM) (?)	5.57

Stock Report

Stock Snapshot

Traded: Over The Counter: PCRFY

As of 30-Aug-2013    US Dollars

Recent Price	$9.00	EPS	$-2.21
52 Week High	$9.50	Price/Sales	0.30
52 Week Low	$4.61	Dividend Rate	$0.06
Avg. Volume (mil)	0.16	Price/Book	1.62
Market Value (mil)	$22,300.49	Beta	1.00

	Price % Change	Rel S&P 500%
4 Week	-2.70%	1.87%
13 Week	17.04%	16.88%
52 Week	31.20%	12.44%
Year to Date	48.27%	29.49%

2 Year Weekly End Price & Volume

Stock History

Market Cap History
	30-Jun-13	% Chg	31-Mar-13	% Chg	31-Dec-12	% Chg	30-Sep-12	% Chg	30-Jun-12	% Chg
Total Common Shares Outstanding	2,312	0.0	2,312	0.0	2,312	0.0	2,312	0.0	2,312	0.0
Market Cap	18,701.2	10.4	16,944.5	20.8	14,031.9	-7.6	15,187.8	-18.9	18,724.7	-12.4

Yearly Price History
	2013	% Chg	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg
High Price	9.50	0.4	9.46	-35.0	14.56	-15.3	17.19	3.6	16.60	-31.9
Low Price	5.88	27.5	4.61	-43.3	8.13	-33.0	12.14	14.5	10.60	-2.8
Year End Price	9.00	48.3	6.07	-27.7	8.39	-40.5	14.10	-1.7	14.35	15.4

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
30-Aug-13	9.20	9.40	8.20	9.00	3,778,709
31-Jul-13	8.10	9.06	7.95	9.01	3,930,547
28-Jun-13	7.54	8.10	7.14	8.09	2,602,774
31-May-13	7.17	9.50	7.05	7.69	5,807,356
30-Apr-13	6.79	7.35	6.35	7.18	20,691,332
28-Mar-13	7.19	7.58	6.97	7.33	18,057,668
28-Feb-13	6.76	8.13	6.76	7.21	14,649,397
31-Jan-13	6.16	6.79	5.88	6.61	8,889,047
31-Dec-12	4.95	6.09	4.91	6.07	9,134,906
30-Nov-12	5.17	5.27	4.61	4.96	24,772,851
31-Oct-12	6.61	6.67	5.46	5.53	6,179,108
28-Sep-12	6.81	7.36	6.53	6.57	7,714,401
31-Aug-12	7.41	7.44	6.72	6.83	5,113,853

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

NLM

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.