Toshiba has averted delisting

Toshiba reports long-delayed earnings, posts US$8.8b loss

Toshiba dodged a delisting from Japan's premier stock exchange as it posted long-delayed financial results yesterday, but it lost some $8.8bn in its last fiscal year over a sea of red ink at its USA nuclear unit Westinghouse Electric. However, the auditor issued an adverse opinion on Toshiba's internal controls.

Toshiba yesterday reported a ¥965.7 billion (US$8.8 billion) loss for the fiscal year through March, worse than the ¥460 billion loss racked up the previous fiscal year, and similar to what it had reported before.

"Toshiba has made one positive step forward to avoid the imminent risk of being delisted", said Makoto Sengoku, a market expert at Tokai Tokyo Research Center.

There were growing worries that Toshiba may not make this morning's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse. Even if Toshiba manages to agree on a deal in the next few weeks, the sale would still have to be reviewed by antitrust authorities around the world. This means the liabilities would have far exceeded the assets and which would have triggered the situation wherein the company would have got delisted from the Tokyo Stock Exchange.

The bourse is now reviewing Toshiba's governance to decide whether the firm can stay listed.

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In June, Toshiba picked the consortium of state-backed Innovation Network Corp of Japan, the state-owned Development Bank of Japan and USA fund Bain Capital as its preferred bidder for its chip business.

That has unnerved Toshiba's preferred bidder group, a consortium including Japanese government-backed funds, private equity firm Bain Capital LP and South Korean chip maker SK Hynix Inc.

Toshiba, still facing a potential delisting from the TSE, is trying to sell its lucrative chip unit to raise cash.

But talks have stalled, causing Toshiba to miss a self-imposed deadline around the end of June to seal a deal after SK Hynix started demanding voting rights instead of providing loans.

The embattled electronics firm posted a loss of $8.8bn (£6.7bn) for the last fiscal year.

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