Japan is the United States Hang miserable: the old home appliance giant Toshiba is facing insolvency

Through the sale of its assets, would have hoped that the single-quarter profitability of Toshiba, but because the US nuclear power plant business once again in trouble. Which makes this already huge loss of Japan’s century-old shop even worse, even in danger of insolvency.

Over the past few trading days, Toshiba’s share price fell more than 40% of the cumulative. This once because of household appliances and world-renowned consumer electronics giant, in recent years has shifted the focus of nuclear power and chip field. But fleeting unfavorable, in 2011, Fukushima nuclear accident in the event of a blow, the Toshiba nuclear power once again into the quagmire.

Toshiba, Sony, Sharp and Hitachi, these people familiar with the Japanese consumer electronics giant, is experiencing a collective decline in profits, loss or even sold the crisis.

In the quagmire of US nuclear engineering: Toshiba may be insolvent

December 29, Toshiba shares fell again 16%, with the previous two days of the crash, Toshiba shares fell 40% of the cumulative three days. S & P and Moody’s have lowered the Toshiba rating. Previously, Toshiba said it would consider last year’s acquisition of Westinghouse’s US nuclear power business put out 100 billion yen (about 850 million US dollars) in one-time losses. Japan’s NHK reported that the loss may even reach 500 billion yen (about 4.2 billion US dollars).

Reported that the end of September this year, Toshiba’s total equity less than 400 billion yen, which means that once the huge losses all recorded, Toshiba will fall into insolvency predicament.

In December 2015, Toshiba acquired the nuclear engineering business of Chicago Bridge & Iron for $ 229 million through its US nuclear subsidiary, Westinghouse Electric. Toshiba’s acquisition could be said to have been bogged down by the Americans because, after the deal was completed, Cibié worked on the working capital calculation method for the transaction (calculating two deferred US and project liquidity and liabilities) Charged Westinghouse Electric; because this part of the cost has been huge inflation.

Toshiba said in a statement that its Westinghouse Electric found that the cost of completing a US project would be much higher than previously expected, which would result in asset values ​​well below the previously established level, resulting in goodwill in the purchase price Exceeding the projected level of $ 87 million in December 2015.

In 2006, Toshiba to 5.4 billion US dollars from the British high-priced nuclear fuel company acquired a well-known nuclear power plant manufacturer – the United States Westinghouse Electric. Compared to 1999 when the British nuclear fuel company to buy Westinghouse of 1.2 billion US dollars, the price more than 3 times higher.

The acquisition of Westinghouse did not give Toshiba surprises, but have a huge trouble. 2011 Fukushima nuclear power plant in Japan leaked, as the Fukushima nuclear power plant reactor manufacturers Toshiba, was a heavy blow.

Disadvantages: Toshiba faces huge claims

Toshiba is Japan’s largest semiconductor manufacturer, the second largest integrated motor manufacturer; founded in 1875, has been 140 years of history. Since the establishment of the Toshiba business has changed many times in recent years, its business focus from the previous home appliances and heavy-duty motor to nuclear energy and chip business.

But the financial data show that Toshiba’s transformation is not successful. Since 2011, profits continue to decline, by 2014, has been at a loss. 2015 fiscal year (as of the end of March this year), the loss is as high as 460.01 billion yen. The following picture shows the bread of financial financial statements according to Toshiba’s total revenue and net profit drawn:

The disaster is not alone, Toshiba also face huge claims for fraud. As a result of profit in 2008 earnings in the earnings report, in October this year, mainly to foreign institutions, 45 investors to the Tokyo District Court to file a lawsuit, requiring Toshiba to make financial compensation for fraud. With the Japanese trust and other investors before the lawsuit, Toshiba faced a total of 27.3 billion yen claims.

March of this year, Toshiba has been due to financial difficulties has its own medical equipment business and home appliances business were sold to Canon and the United States, the intention to reverse the decline. Through the sale of assets, Toshiba had expected to be able to achieve quarterly losses. But the US nuclear power business brought huge losses, so that Toshiba into a deeper financial crisis.

The population crisis hit the Japanese consumer electronics giant collective hit

In fact, not just Toshiba, people familiar with several Japanese consumer electronics giant is facing a collective dilemma. Some companies are even packaged for sale.

Sharp: fiscal year 2015 (as of the end of March 2016) total revenue of 2,461.589 billion yen, down 11.65 percent, a loss of 255.972 billion yen. The end of March this year, Hon Hai and Sharp issued a joint statement, Hon Hai and its three subsidiaries will be 288.8 billion yen total purchase 66% stake in Sharp; included in the additional subscription of Sharp’s 1136.4 million shares issued special shares, the transaction Total 388.8 billion yen.

Sony: 2016 fiscal year mid-year report (as of the end of September this year), net profit of 26.080 billion yen, down 77.58 percent year on year. In early November this year, Ophelia has issued a notice that its proposed acquisition of Sony Electronics Co., Ltd. 100% stake in South China, to pay the price of 234 million US dollars.

Hitachi: 2014 and 2015 fiscal year net profit fell by about 18% and 20%, is considering the sale of its power tools sector Hitachi machine.

One of the big reasons behind the collective dilemma faced by Japanese consumer electronics giants in recent years is the decay of innovation due to population aging. According to the Japanese Ministry of the Interior estimates that as of December 2016, Japan’s birth this year is about 98.1 million, lower than last year. According to World Bank data, Japan’s total population in 2015 was 126.9585 million, down 0.14%, which is the Japanese population for the fifth consecutive year in decline.

Consumer electronics is facing fierce competition, relying heavily on innovation-driven. The reduction of the total population and the aging of the market have not only shrunk the domestic market, the company operating costs, but also to start-up companies to survive the space is compressed. Private consumption continued to decline as the Japanese government continued to quantify monetary stimulus. Japan’s private consumption in 2015 even back to the level of 10 years ago.

Despite the competition in the global market, but the Japanese consumer electronics giants are faced with the plight of the transition is not worthy of the Chinese counterparts, “bouncing,” the overall level of China’s consumer electronics is actually far from the Japanese-funded enterprises in the peak period in the global market Influence. And the same even more serious aging pressure, has also been placed in front of China.

Its Xing Bo Yan, the death also suddenly Yan.

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