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31
October
2012

Panasonic expects net loss of JPY 765.0 billion

Regarding full year forecast for fiscal 2013, the company revised its original sales forecast of JPY 8,100.0 billion (EUR 78 billion) significantly downward to JPY 7,300.0 billion (EUR 71 billion), due mainly to worsening market conditions in digital consumer products and the slowdown economy in emerging countries.
Operating profit is expected to be JPY 140.0 billion (EUR 1.36 billion), a decrease from the previous forecast of JPY 260.0 billion (EUR 2.52 billion) due mainly to sales decrease.

Pre-tax loss is forecast to be JPY 365.0 billion (EUR 3.54 billion), a deterioration from the original forecast of an income of JPY 160.0 billion (EUR 1.55 billion), owing primarily to business restructuring expenses in other deductions incurred in six months ended September 30, 2012.

Anticipated additional business restructuring expenses in third quarter onward are also expected to contribute to the downward revision of full year forecasts. Total restructuring expenses for fiscal 2013 are expected to be JPY 440.0 billion (EUR 4.27 billion), compared with the original forecast of JPY 41.0 billion (EUR 398 million).

Net loss attributable to Panasonic Corporation is expected to be JPY 765.0 billion (EUR 7.43 billion), a deterioration from the previous forecast of an income of JPY 50.0 billion (EUR 485 million) mainly as a result of the aforementioned increase in valuation allowances to deferred tax assets.
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