Toshiba averts delisting for now, but future still hangs in balance

Toshiba Corp is seen on a printed circuit board in this

Toshiba's earnings report for the nine months to December 2016 had come with a disclaimer from PwC Aarata after the firm twice postponed its release, since February this year, raising speculation that Toshiba could fail to submit annual results without auditor approval and get delisted.

Toshiba is in desperate need of covering its losses from its US nuclear business.

Since taking over as Toshiba's auditor in June past year, PricewaterhouseCoopers Aarata (PwC) has yet to endorse the firm's financial results which have suffered numerous delays.

Toshiba is still mired in legal wrangling with joint venture partner Western Digital of the USA, which is opposing Toshiba's attempt to sell its computer memory chip business to gain the cash it needs to survive.

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.

That would normally trigger a delisting from the Tokyo Stock Exchange.

"We believe our financial results have been normalized", Tsunakawa said at a press conference in Tokyo on Thursday.

He reiterated that the company was working hard to revive itself and regain value for shareholders. PwC said some Westinghouse-related losses booked in the business year through March 2017 should have been recorded in the previous year.


While agreeing generally with the financial results of Toshiba, the sign off from PwC did come with a caveat.

He acknowledged major obstacles remained, but stressed he was determined to go through with a sale.

Tsunakawa said he stood behind the decision, although he acknowledged more due diligence might have been needed and the company meant to strengthen its risk management.

Toshiba's investigation turned up no evidence of past wrongdoing.

The company said it had a net loss of 965.7 billion yen (US$8.8 billion) for the fiscal year ended March 31 but said it would swing back to profitability in the current fiscal year.

It had earlier warned such losses might balloon to almost ¥1 trillion, and had given similar figures for the earnings.

Toshiba also booked an operating profit of 96.7 billion yen for the April-to-June period, thanks to its robust chip business, compared with an operating profit of 16.3 billion yen in the same quarter past year.

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