Toshiba’s accounting violations have caused the three presidents to resign and become “special casesâ€. Why did management go to the extreme “current profit supremacyâ€? The nature of the problem has yet to be revealed in the future. Now, in addition to the big change in management, Toshiba has to consider splitting the business in order to accelerate the pace of structural reform.
In 2015, Toshiba, which celebrated its 140th anniversary, experienced an unprecedented crisis.
I will not fully listen to the report, the key is "motivation." On July 21, a third party committee investigating Toshiba’s accounting problems (president: Ueda Ueda, former Tokyo High Prosecutor) released a full report, and an executive at the Tokyo Stock Exchange showed this attitude. . Because of the motives for violating financial treatment, it is of great significance to determine whether Toshiba stocks will continue to be listed in the future.
Toshiba, which celebrated its 140th anniversary in 2015, is facing an unprecedented crisis. Financial violations of more than 150 billion yen were exposed and developed into "exceptions" for the resignation of three presidents. However, the resignation of the three presidents did not allow Toshiba to survive the crisis. Why did Toshiba embark on the path of extreme “current profit supremacy� The nature of the problem remains to be revealed in the future.
From April 3rd, the issue of financial violations was released. By May 15th, the third-party committee was established. In about one month, Toshiba directly and voluntarily went to Tokyo Securities in accordance with financial management policies such as the implementation standards of infrastructure projects. The Exchange ("Taiwan") reported the situation and submitted dozens of pages of information.
After the third party committee issued the report, Dongzheng intends to re-investigate itself in the future. Unlike the fact that third-party committees focus on the facts of individual projects, Dongzhen is concerned with revealing the motivation of Toshiba management to continue to manipulate profits for at least seven years starting in fiscal 2008.
Although the Dongzheng does not have the power of search and compulsory investigation by the judiciary, it requires all listed companies to abide by the “Listing Rules for Valuable Securities†consisting of more than 1,600 articles. It stipulates that companies should respond quickly during the East China Stock Exchange. Its purpose is to urge enterprises to disclose information reasonably and protect investors.
In the future, the focus of attention may be on "whether management is leading the manipulation of profits because it cares about stock prices."
Can we maintain market order?
In an interview with Nikkei Technology in August 2014, President Tanaka said that “Toshiba Group is an uncompromising 'multiple discount†(Conglomerate Discount), the total market value of the group’s stocks is lower than the sum of the business values. )". Expressed a sense of crisis in the market to underestimate the value of Toshiba.
Toshiba's pre-tax profit and loss and capital adequacy ratio. The "illusion" of good performance has been exposed. Note: The FY2014 data is a plan announced in January 2015. Toshiba has now withdrawn its expectations. The revised amount for FY2014 is limited to the third quarter. Part of it is speculated by Nikkei Business Weekly. The red line for each fiscal year is the "strength" after the correction of profits.
Toshiba’s consolidated sales were 6 trillion 50.25 billion yen (FY13), less than 70% of Hitachi’s. The consolidated net profit (FY13) representing the final profit was only about one-fifth of Hitachi's before the revision. In terms of total stock market value, even in the most recent March 2015, Toshiba did not reach 2.3 trillion yen, about half of Hitachi. Compared with the scale of the company, the profitability is weak, and the evaluation in the stock market is naturally poor.
More dwarfed is the "stock" of capital. The capital adequacy ratio indicating financial health is 19.7% (FY13). Although Toshiba implemented a capital increase of 300 billion yen in 2009 after the Lehman crisis, the capital adequacy ratio still remains at around 20%. The capital adequacy ratio of representative global companies such as Toyota, Komatsu and Toray has exceeded 30%. Therefore, there has been a point of view that Toshiba needs to strengthen capital.
According to the Dongzheng, it may be that a certain sense of crisis similar to that of Toshiba’s management has caused it to manipulate the profits of the company and prepare to conduct investigations cautiously. It is expected that Toshiba will revise its fiscal year performance forecast at the end of August and determine the performance of the fiscal year 2014 (as of March 2015), and designate it as a “special attention to market stocks†with problems in the internal management system.
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