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About Panasonic

Fact Book

Consolidated Financial Statements

Consolidated Balance Sheets
(Years ended March 31)

Assets (Millions of yen)
  2003 2004 2005 2006 2007
Current assets:          
  Cash and cash equivalents 1,167,470 1,275,014 1,169,756 1,667,396 1,236,639
  Time deposits 395,559 170,047 144,781 11,001 225,458
  Short-term investments 1,196 2,684 11,978 56,753 93,179
  Trade receivables:          
    Notes 67,440 62,822 107,317 66,707 8,522
    Accounts 1,132,508 1,052,718 1,188,257 1,117,508 1,101,549
    Allowance for doubtful receivables -53,043 -47,873 -43,836 -37,400 -29,061
       Net trade receivables 1,146,905 1,067,667 1,251,738 1,146,815 1,141,010
  Inventories 783,262 777,540 893,425 915,262 949,399
  Other current assets 491,786 482,025 558,854 609,326 553,164
  Total current assets 3,986,178 3,774,977 4,030,532 4,406,553 4,198,849
Noncurrent receivables 299,239 280,398 246,201 - -
Investments and advances 1,020,137 1,237,427 1,146,505 1,100,035 1,206,082
Property, plant and equipment:          
    Land 264,148 251,419 393,635 374,989 371,154
    Buildings 1,280,448 1,253,350 1,665,243 1,667,764 1,633,747
    Machinery and equipment 2,840,184 2,705,251 3,087,155 3,142,607 3,126,397
    Construction in progress 64,792 46,037 84,139 71,037 105,487
    Less accumulated depreciation 3,150,677 3,046,555 3,572,092 3,624,058 3,594,492
    Net property, plant and equipment 1,298,895 1,209,502 1,658,080 1,632,339 1,642,293
Other assets 1,230,244 935,708 975,563 825,713 849,734
Total assets 7,834,693 7,438,012 8,056,881 7,964,640 7,896,958
Liabilities and Stockholders' Equity (Millions of yen)
  2003 2004 2005 2006 2007
Current liabilities:          
  Short-term borrowings, including
current portion of long-term debt		 333,686 290,208 385,474 339,845 223,190
  Trade payables:          
    Notes 34,218 40,604 37,099 66,316 51,602
    Accounts 693,066 744,130 828,920 914,963 883,375
    Total trade payables 727,284 784,734 866,019 981,279 934,977
  Accrued income taxes 33,499 44,179 47,916 51,128 61,524
  Accrued payroll 150,095 141,932 145,871 142,594 139,719
  Other accrued expenses 683,569 696,741 789,999 842,467 863,428
 

Deposits and advances from
customers

 100,469 83,798 92,089 90,600 83,676
  Employees' deposits 125,024 124,800 118,441 14,065 406
  Other current liabilities 417,206 403,394 383,082 423,090 434,947
  Total current liabilities 2,570,832 2,569,786 2,828,891 2,885,068 2,741,867
Noncurrent liabilities:          
  Long-term debt 588,202 460,639 477,143 264,070 226,780
  Retirement and severance
benefits		 1,375,143 801,199 597,163 414,266 280,958
  Other liabilities 11,939 26,697 113,491 112,024 179,458
  Total noncurrent liabilities 1,975,284 1,288,535 1,187,797 790,360 687,196
Minority interests 110,177 128,115 495,941 501,591 551,154
Stockholders' equity:          
  Common stock 258,738 258,740 258,740 258,740 258,740
  Capital surplus 1,219,686 1,230,476 1,230,701 1,234,289 1,220,967
  Legal reserve 80,700 83,175 87,838 87,526 88,588
  Retained earnings 2,432,052 2,442,504 2,461,071 2,575,890 2,737,024
  Accumulated other
comprehensive income (loss):		          
    Cumulative translation
adjustments		 -161,124 -282,287 -245,642 -162,331 -99,538
    Unrealized holding gains
(losses) of available-for-sale
securities		 -18,082 88,104 72,608 145,306 160,831
    Unrealized gains (losses) of
derivative instruments		 -1,090 6,676 6,403 1,326 862
    Minimum pension liability
adjustments		 -525,346 -211,995 -71,746 10,420 -
    Pension liability adjustments - - - - 44,942
        Total accumulated other
    comprehensive income (loss)		 -705,642 -399,502 -238,377 -26,119 107,097
  Treasury stock, at cost -107,134 -163,817 -255,721 -342,705 -495,675
  Total stockholders' equity 3,178,400 3,451,576 3,544,252 3,787,621 3,916,741
Total liabilities and stockholders'
equity		 7,834,693 7,438,012 8,056,881 7,964,640 7,896,958

Consolidated Statements of Operations
(Years ended March 31)

  (Millions of yen)
  2003 2004 2005 2006 2007
Net sales 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Cost of sales 5,323,605 5,313,065 6,176,046 6,155,297 6,394,418
  Gross profit 2,078,109 2,166,679 2,537,590 2,739,032 2,713,752
Selling, general and administrative
expenses		 1,951,538 1,971,187 2,229,096 2,324,759 2,254,211
  Operating profit 126,571 195,492 308,494 414,273 459,541
Other income (deductions) :          
  Interest and dividend income 26,773 25,039 24,873 34,783 38,150
  Gain from the transfer of the
substitutional portion of
Japanese Welfare Pension
Insurance		 - 72,228 31,509 - -
  Interest expense -32,805 -27,744 -22,827 -21,686 -20,906
  Other, net -51,623 -94,193 -95,136 -56,058 -37,641
  Income before income taxes 68,916 170,822 246,913 371,312 439,144
Provision for income taxes :          
  Current 51,704 77,375 96,529 96,341 119,465
  Deferred 19,572 21,160 56,805 70,748 72,398
  Total provision for income taxes 71,276 98,535 153,334 167,089 191,863
Minority interests 5,505 19,618 27,719 -987 31,131
Equity in earnings (losses) of
associated companies		 -11,588 -10,524 -7,379 -50,800 1,035
  Net income (loss) -19,453 42,145 58,481 154,410 217,185

  1. Other income (deductions) for fiscal 2003 includes restructuring charges of ¥12.5 billion associated with the implementation of early retirement programs and a ¥52.6 billion loss for write-down of investment securities.
  2. Other income (deductions) for fiscal 2004 includes restructuring charges of ¥54.1 billion associated with the implementation of early retirement programs and the closure and integration of locations, ¥11.7 billion for impairment losses, and a ¥52.5 billion loss for write-down of investment securities.
  3. Other income (deductions) for fiscal 2005 includes restructuring charges of ¥110.6 billion associated with the implementation of early retirement programs and the closure and integration of locations, and a ¥16.2 billion loss for write-down of investment securities.
  4. Other income (deductions) for fiscal 2006 includes restructuring charges of ¥37.0 billion associated with the implementation of early retirement programs and a ¥24.9 billion related to the kerosene fan heater recall.
  5. Other income (deductions) for fiscal 2007 includes ¥14.2 billion associated with the implementation of early retirement programs, a ¥27.3 billion gain from the sale of the investments regarding cable broadcasting business and ¥49.2 billion as impairment losses on long-lived assets.
  6. In order to be consistent with financial reporting practices generally accepted in Japan, operating profit is presented as net sales less cost of sales and selling, general and administrative expenses. Under U.S. generally accepted accounting principles, certain additional charges (such as impairment and restructuring charges) are included as part of operating profit in the consolidated statements of operations. See Notes 1,2,3,4 and 5 above.

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