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Fact Book

- For the year ended March 31, 2007 -

Consolidated Sales Data 1
Profitability 3
Capital Investment, Depreciation and R&D Expenditures 5
Consolidated Assets, Liabilities and Stockholders' Equity 6
Consolidated Cash Flows 7
Efficiency 8
Common Share Data 9
Segment Information 11
Quarterly Financial Data 15
Consolidated Financial Statements 17
Common Stock Information 20
Breakdown of Share Holdings 22
Number of Consolidated Companies,
  Equity Method Applied Companies and Employees 		23
Product Categories and Main Products 24
Number of Patents 25

Matsushita Electric Industrial Co., Ltd.

Copyright (C) 2007 Matsushita Electric Industrial Co., Ltd. All Rights Reserved.

Consolidated Sales Data

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Sales by Product Category
AVC Networks:          
  Video and audio equipment 1,397,668 1,418,118 1,482,617 1,576,499 1,670,287
  Information and communications
equipment		 2,113,820 2,206,021 2,076,214 2,111,838 2,079,127
  Subtotal 3,511,488 3,624,139 3,558,831 3,688,337 3,749,414
Home Appliances 1,184,148 1,189,118 1,156,591 1,183,126 1,227,421
Components and Devices 1,193,832 1,142,395 1,112,454 1,086,591 1,126,885
MEW and PanaHome - - 1,558,968 1,570,812 1,698,045
JVC 827,967 802,650 717,781 699,010 638,626
Other 684,279 721,442 609,011 666,453 667,779
Total 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Sales by Product Category
  1. Matsushita Electric Works, Ltd. (MEW), PanaHome Corporation (PanaHome) and their respective subsidiaries became consolidated subsidiaries of the Company on April 1, 2004. Accordingly, a new category, MEW and PanaHome, has been added to the product categories from fiscal 2005.
  2. Under the collaboration with MEW, the Company reorganized business and sales channels in such areas as electrical construction materials, building equipment and home appliances. Accordingly, the year-on-year figures for the Home Appliances and MEW and PanaHome categories are based on the reclassified fiscal 2005 sales results for those product categories.
  3. See "Product Categories and Main Products" for information about major products in each category.

(Millions of yen)
  2003 2004 2005 2006 2007
Sales by Region
Domestic sales 3,453,836 3,477,492 4,580,555 4,611,440 4,616,520
Overseas sales:          
  North and South America 1,420,802 1,326,940 1,282,956 1,387,424 1,381,104
  Europe 999,637 1,080,143 1,122,493 1,113,556 1,217,931
  Asia, China and Others 1,527,439 1,595,169 1,727,632 1,781,909 1,892,615
     Overseas total 3,947,878 4,002,252 4,133,081 4,282,889 4,491,650
Total 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Sales by Region

Profitability

(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
Operating profit 126,571 195,492 308,494 414,273 459,541
Operating profit /Net sales 1.7% 2.6% 3.5% 4.7% 5.0%
Income before income taxes 68,916 170,822 246,913 371,312 439,144
Income before income taxes/Net sales 0.9% 2.3% 2.8% 4.2% 4.8%
Net income (loss) -19,453 42,145 58,481 154,410 217,185
Net income (loss)/Net sales -0.3% 0.6% 0.7% 1.7% 2.4%
Operating profit (loss) and Operating profit (loss)/Net sales
Income before income taxes and Income before income taxes/Net sales
Net income and Net income/Net sales
  1. Income before income taxes 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. Income before income taxes 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, a ¥52.5 billion loss for write-down of investment securities and a ¥72.2 billion gain from the transfer of the substitutional portion of Japanese Welfare Pension Insurance.
  3. Income before income taxes 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, a ¥16.2 billion loss for write-down of investment securities and a ¥31.5 billion gain from the transfer of the substitutional portion of Japanese Welfare Pension Insurance.
  4. Income before income taxes 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. Income before income taxes 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 losses and restructuring charges) are included as part of operating profit in the consolidated statements of operations. See Notes1, 2, 3, 4 and 5 above, and the Consolidated Statements of Operations.

Capital Investment, Depreciation and R&D Expenditures

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Capital investment :          
  Purchases of property, plant and equipment shown as capital expenditures in the consolidated statements of cash flows 246,603 275,544 352,203 356,751 411,309
  Effect of timing difference between acquisition dates and payment dates 4,867 -4,253 22,050 -10,932 7,025
  251,470 271,291 374,253 345,819 418,334
Depreciation 283,434 253,762 287,400 275,213 280,177
R&D expenditures 551,019 579,230 615,524 564,781 578,087
R&D expenditures/Net sales 7.4% 7.7% 7.1% 6.3% 6.3%
Capital investment
Depreciation
R&D expenditures and R&D expenditures/Net sales
  1. The Company defines capital investment as purchases of property, plant and equipment on an accrual basis which reflects the effects of timing differences between acquisition dates and payment dates. The Company has included the information concerning capital investment because its management uses this indicator to manage its capital expenditures and it believes that such indicator is useful to investors to present accrual basis capital investments in addition to the cash basis information in the consolidated statements of cash flows. The above table shows a reconciliation of capital investment to purchases of property, plant and equipment shown as capital expenditures in the consolidated statements of cash flows.
  2. Depreciation does not include amortization of intangibles.

Consolidated Assets, Liabilities and Stockholders' Equity

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Total assets 7,834,693 7,438,012 8,056,881 7,964,640 7,896,958
Stockholders' equity 3,178,400 3,451,576 3,544,252 3,787,621 3,916,741
Equity ratio 40.6% 46.4% 44.0% 47.6% 49.6%
Current assets 3,986,178 3,774,977 4,030,532 4,406,553 4,198,849
Current liabilities 2,570,832 2,569,786 2,828,891 2,885,068 2,741,867
Borrowings 921,888 750,847 862,617 603,915 449,970
Interest coverage ratio 4.67 7.95 14.60 20.71 23.81
Total assets, Stockholders' equity and Equity ratio
Borrowings
Interest coverage ratio

Interest coverage ratio is calculated as the aggregate of operating profit, interest and dividend income divided by interest expense.

Consolidated Cash Flows

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Net cash provided by operating activities 688,910 473,226 464,562 575,418 532,557
Net cash provided by (used in) investing activities -11,177 -85,445 -178,296 407,091 -567,808
ree cash flow 677,733 387,781 286,266 982,509 -35,251
Net cash used in financing activities -433,447 -256,795 -405,578 -524,568 -427,703
et increase (decrease)
in cash and cash equivalents		 234,338 107,544 -105,258 497,640 -430,757
Consolidated Cash Flows
  1. The Company defines free cash flow as the sum of net cash provided by operating activities and net cash provided by (used in) investing activities.The Company has included the information concerning free cash flow because its management uses this indicator, and it believes that such indicator is useful to investors, to assess its cash availability after financing of its capital projects.
  2. The Company changed the presentation of "deposits and advances from customers" from net cash used in financing activities to net cash provided by operating activities in the consolidated statements of cash flows for fiscal 2006. In addition, the Company revised the corresponding prior year presentation.
  3. Regarding free cash flows, for the reasons mentioned in Note 2 above, results for previous years have been revised. For the description of free cash flow, see Note 1 above.

Efficiency

Efficiency(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Net income (loss) -19,453 42,145 58,481 154,410 217,185
Total assets 7,834,693 7,438,012 8,056,881 7,964,640 7,896,958
Stockholders' equity 3,178,400 3,451,576 3,544,252 3,787,621 3,916,741
Return On Assets (ROA) -0.2% 0.6% 0.8% 1.9% 2.7%
Return On Equity (ROE) -0.6% 1.3% 1.7% 4.2% 5.6%
Sales per employee 26 26 28 27 27

(Number of people)
  2003 2004 2005 2006 2007
Total employees
(at year-end)		 288,324 290,493 334,752 334,402 328,645
Domestic employees
(at year-end)		 121,451 119,528 150,642 144,871 145,418
Overseas employees
(at year-end)		 166,873 170,965 184,110 189,531 183,227
Return on assets (ROA)
Return on equity (ROE)
Sales per employee
  1. ROA and ROE are calculated by using the average of total assets and stockholders' equity, respectively, at the beginning and the end of each fiscal year.
  2. Sales per employee is calculated as net sales divided by the average number of employees.

Common Share Data

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Net income (loss) -19,453 42,145 58,481 154,410 217,185
Diluted net income (loss) -19,453 42,872 58,481 154,410 217,185
Stockholders' equity 3,178,400 3,451,576 3,544,252 3,787,621 3,916,741
Net cash provided by operating activities 688,910 473,226 464,562 575,418 532,557
Net cash provided by (used in) investing activities -11,177 -85,445 -178,296 407,091 -567,808
Free cash flow 677,733 387,781 286,266 982,509 -35,251
Number of common shares issued (Thousand shares) 2,447,923 2,453,053 2,453,053 2,453,053 2,453,053
Treasury stock (Thousand shares) 88,606 134,646 194,696 243,522 306,769
Number of dilutive shares (Thousand shares) 60,336 - - - -
Average number of shares outstanding (Thousand shares) 2,234,969 2,321,835 2,294,608 2,222,376 2,182,791
Average number of diluted shares outstanding (Thousand shares) 2,234,969 2,381,296 2,294,608 2,222,388 2,182,805
Net income (loss) per share, diluted (Yen) -8.70 18.00 25.49 69.48 99.50
Stockholders' equity per share (Yen) 1,347.17 1,488.77 1,569.39 1,714.22 1,824.89
Cash flow per share, diluted (Yen) 303.24 162.84 124.76 442.10 -16.15
Net income per share, diluted
Stockholders' equity per share
Cash flow per share, diluted
  1. The Company defines free cash flow as the sum of net cash provided by operating activities and net cash provided by (used in) investing activities.The Company has included the information concerning free cash flow because its management uses this indicator, and it believes that such indicator is useful to investors, to assess its cash availability after financing of its capital projects.
  2. The Company changed the presentation of "deposits and advances from customers" from net cash used in financing activities to net cash provided by operating activities in the consolidated statements of cash flows for the year ended March 31, 2006 (fiscal 2006). In addition, the Company revised the corresponding prior year presentation.
  3. Regarding free cash flows, for the reasons mentioned in Note 2 above, results for previous years have been revised. For the description of free cash flow, see Note 1 above.
  4. Net income (loss) per share, diluted is calculated by dividing diluted net income (loss) by the average number of diluted shares outstanding. Net loss per share for fiscal 2003 is not adjusted for antidilutive shares, as the Company incurred net loss for this year.
  5. Stockholders' equity per share is calculated by dividing stockholders' equity at year-end by the number of common shares issued, after deducting treasury stock, at year-end.
  6. From fiscal 2005, cash flow per share, diluted is calculated by dividing free cash flow by the average number of diluted shares outstanding. Prior year figures have been restated to reflect this measure. For the description of free cash flow, see Note 1 above.

Segment Information

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Sales by Business Segment
AVC Networks 3,668,195 3,840,268 3,858,781 3,986,088 4,047,171
Home Appliances 1,197,481 1,223,190 1,229,768 1,241,202 1,303,414
Components and Devices 1,709,732 1,659,672 1,469,007 1,368,258 1,377,757
MEW and PanaHome - - 1,686,257 1,747,207 1,858,713
JVC 851,509 818,999 730,209 703,116 646,579
Other 819,055 948,728 1,027,123 1,315,292 1,483,976
Subtotal 8,245,972 8,490,857 10,001,145 10,361,163 10,717,610
Eliminations -844,258 -1,011,113 -1,287,509 -1,466,834 -1,609,440
Total 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Sales by Business Segment

* Charts are prepared excluding adjustments for eliminations.

  1. Matsushita Electric Works, Ltd. (MEW), PanaHome Corporation (PanaHome) and their respective subsidiaries became consolidated subsidiaries of the Company on April 1, 2004. Accordingly, a new segment, "MEW and PanaHome," has been added to the Company's business segment classifications from fiscal 2005.
  2. Under the collaboration with MEW, the Company reorganized business and sales channels in such areas as electrical construction materials, building equipment and home appliances. Accordingly, the year-on-year figures for the Home Appliances and MEW and PanaHome segments are based on the reclassified fiscal 2005 sales results for those business segments.

(Millions of yen)
  2003 2004 2005 2006 2007
Segment Profit (loss)
AVC Networks 82,828 129,102 127,366 190,885 219,654
Home Appliances 45,240 52,759 74,794 77,135 83,510
Components and Devices 31,213 50,099 57,761 81,111 99,884
MEW and PanaHome - - 66,761 72,694 78,889
JVC 21,863 24,675 9,887 -5,782 -5,659
Other 13,042 14,701 38,352 62,225 60,500
Subtotal 194,186 271,336 374,921 478,268 536,778
Corporate and eliminations -67,615 -75,844 -66,427 -63,995 -77,237
Total 126,571 195,492 308,494 414,273 459,541
Segment Profit

* Charts are prepared excluding adjustments for corporate and eliminations.

  1. Matsushita Electric Works, Ltd. (MEW), PanaHome Corporation (PanaHome) and their respective subsidiaries became consolidated subsidiaries of the Company on April 1, 2004. Accordingly, a new segment, "MEW and PanaHome," has been added to the Company's business segment classifications from fiscal 2005.
  2. Under the collaboration with MEW, the Company reorganized business and sales channels in such areas as electrical construction materials, building equipment and home appliances. Accordingly, the year-on-year figures for the Home Appliances and MEW and PanaHome segments are based on the reclassified fiscal 2005 sales results for those business segments.

(Millions of yen)
  2003 2004 2005 2006 2007
Sales by Geographical Location of Companies
Japan 5,140,394 5,511,035 6,620,052 6,890,339 6,971,002
North and South America 1,390,399 1,297,183 1,271,617 1,366,537 1,357,285
Europe 939,250 1,027,335 1,072,564 1,087,667 1,209,996
Asia, China and Others 1,837,412 2,176,410 2,444,998 2,716,361 2,874,671
Subtotal 9,307,455 10,011,963 11,409,231 12,060,904 12,412,954
Eliminations -1,905,741 -2,532,219 -2,695,595 -3,166,575 -3,304,784
Total 7,401,714 7,479,744 8,713,636 8,894,329 9,108,170
Sales by Geographical Location of Companies
  • * Charts are prepared excluding adjustments for eliminations.

(Millions of yen)
  2003 2004 2005 2006 2007
Profit by Geographical Location of Companies
Japan 88,152 131,796 262,063 374,129 409,395
North and South America 22,449 23,258 20,834 16,773 22,500
Europe 21,741 16,325 7,393 4,511 13,903
Asia, China and Others 71,016 89,706 75,324 81,337 89,460
Subtotal 203,358 261,085 365,614 476,750 535,258
Corporate and eliminations -76,787 -65,593 -57,120 -62,477 -75,717
Total 126,571 195,492 308,494 414,273 459,541
Profit by Geographical Location of Companies
  • * Charts are prepared excluding adjustments for corporate and eliminations.

Quarterly Financial Data

(Years ended March 31)

(Millions of yen)
  2003 2004 2005 2006 2007
Quarterly Sales
1st quarter 1,793,387 1,763,600 2,102,027 2,048,161 2,136,934
2nd quarter 1,827,582 1,876,088 2,216,510 2,211,052 2,252,560
1st half 3,620,969 3,639,688 4,318,537 4,259,213 4,389,494
3rd quarter 1,935,015 2,031,319 2,296,525 2,398,420 2,436,828
4th quarter 1,845,730 1,808,737 2,098,574 2,236,696 2,281,848
2nd half 3,780,745 3,840,056 4,395,099 4,635,116 4,718,676
Total 7,401,714 ,479,744 8,713,636 8,894,329 9,108,170
Quarterly Sales
(Millions of yen)
  2003 2004 2005 2006 2007
Quarterly Net Income (loss)
1st quarter 3,467 2,698 32,818 33,443 35,830
2nd quarter 14,132 20,448 23,361 30,964 79,293
1st half 17,599 23,146 56,179 64,407 115,123
3rd quarter 22,359 24,246 35,570 49,269 78,673
4th quarter -59,411 -5,247 -33,268 40,734 23,389
2nd half -37,052 18,999 2,302 90,003 102,062
Total -19,453 42,145 58,481 154,410 217,185
Quarterly Net Income

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.

Common Stock Information

(Years ended March 31)

(Yen)
  2003 2004 2005 2006 2007
Common stock price (High) 1,787 1,660 1,694 2,650 2,870
Common stock price (Low) 1,011 860 1,372 1,485 ,080
Trading volume
(Thousand shares)		 1,567,651 1,959,789 1,373,151 1,648,901 1,586,460
Cash dividends per share 10.00 12.50 15.25 17.50 25.00
Net income (loss) per share, basic -8.70 18.15 25.49 69.48 99.50
Payout ratio - 68.9% 59.8% 25.2% 25.1%
Common stock price range
Trading volume
  1. Common stock price range and trading volume of the Company are those at the Tokyo Stock Exchange.
  2. Cash dividends per share reflect those paid during each fiscal year.
  3. Payout ratio is calculated by dividing cash dividends per share by net income per share, basic.

(Yen)
  2003 2004 2005 2006 2007
Common stock price
(at year-end)		 1,013 1,608 1,580 2,615 2,375
Net cash provided by operating activities
(Millions of yen)		 688,910 473,226 464,562 575,418 532,557
Net cash provided by (used in) investing
activities (Millions of yen)		 -11,177 -85,445 -178,296 407,091 -567,808
Free cash flow (Millions of yen) 677,733 387,781 286,266 982,509 -35,251
Net income (loss) per share, diluted -8.70 18.00 25.49 69.48 99.50
Stockholders' equity per share 1,347.17 1,488.77 1,569.39 1,714.22 1,824.89
Cash flow per share, diluted 303.24 162.84 124.76 442.10 -16.15
Price Earning Ratio (PER) - 89.33 61.99 37.64 23.87
Price Book value Ratio (PBR) 0.75 1.08 1.01 1.53 1.30
Price Cash Flow Ratio (PCFR) 3.34 9.87 12.66 5.91 –

  1. The Company defines free cash flow as the sum of net cash provided by operating activities and net cash provided by (used in) investing activities.The Company has included the information concerning free cash flow because its management uses this indicator, and it believes that such indicator is useful to investors, to assess its cash availability after financing of its capital projects.
  2. The Company changed the presentation of “deposits and advances from customers“ from net cash used in financing activities to net cash provided by operating activities in the consolidated statements of cash flows for the year ended March 31, 2006 (fiscal 2006). In addition, the Company revised the corresponding prior year presentation.
  3. Regarding free cash flows, for the reasons mentioned in Note 2 above, results for previous years have been revised. For the description of free cash flow, see Note 1 above.
  4. Net income (loss) per share, diluted is calculated by dividing diluted net income (loss) by the average number of diluted shares outstanding. Net loss per share for fiscal 2003 is not adjusted for antidilutive shares, as the Company incurred net loss for this year.
  5. Stockholders' equity per share is calculated by dividing stockholders' equity at year-end by the number of common shares issued, after deducting treasury stock, at year-end.
  6. From fiscal 2005, cash flow per share, diluted is calculated by dividing free cash flow by the average number of diluted shares outstanding. Prior year figures have been restated to reflect this measure. For the description of free cash flow, see Note 1 above.
  7. PER is calculated as year-end stock price divided by diluted net income per share. PER for fiscal 2003 is omitted, as the Company recorded net loss for this year.
  8. PCFR is calculated as year-end stock price divided by diluted cash flow per share. Prior year figures have been restated to reflect this measure by restatement of cash flow per share, diluted. For the description of free cash flow, see Note 1 above.
    PCFR for fiscal 2007 is omitted, as free cash flow for this year was a minus.

Breakdown of Share Holdings

(As of March 31)

  2003 2004 2005 2006 2007
Number of common shares issued
(Thousands)		 2,447,923 2,453,053 2,453,053 2,453,053 2,453,053
Percentage owned by overseas
investors		 23.8% 25.1% 26.5% 29.3% 28.5%

Breakdown of Issued Shares Holdings as of March 31, 2007

Breakdown by type of shareholder Financial institutions Securities companies Overseas investors Other corporations Individuals and others Treasury stock Total
Number of shares held (Thousands) 770,833 35,817 699,150 154,922 485,562 306,769 2,453,053
Breakdown 31.4% 1.5% 28.5% 6.3% 19.8% 12.5% 100.0%
Breakdown by shareholder holding size 1,000 units
or more		 500 units
or more		 100 units
or more		 50 units
or more		 10 units
or more		 5 units
or more		 One unit
or more		 Less than
one unit		 Total
Number of shares held (Thousands) 1,863,081 61,625 76,097 21,537 89,959 82,533 234,672 23,549 2,453,053
Breakdown 75.9% 2.5% 3.1% 0.9% 3.7% 3.4% 9.6% 0.9% 100.0%
Number of common shares issued and Percentage owned by overseas investors
Breakdown of Issued Shares by Type of Shareholders

Number of Consolidated Companies, Equity Method Applied Companies and Employees

(As of March 31)

(Number of companies)
  2003 2004 2005 2006 2007
Number of consolidated
companies		 384 372 628 638 653
  Domestic 127 112 285 274 282
  Overseas 257 260 343 364 371
 
(Number of companies)
  2003 2004 2005 2006 2007
Number of equity method
applied companies		 48 59 66 67 71
 
(Number of people)
  2003 2004 2005 2006 2007
Number of employees 288,324 290,493 334,752 334,402 328,645
  Domestic 121,451 119,528 150,642 144,871 145,418
  Overseas 166,873 170,965 184,110 189,531 183,227
Number of consolidated companies
Number of equity method applied companies
Number of employees

Product Categories and Main Products

(As of March 31, 2007)

AVC
Networks		 Video and Audio Equipment
Plasma, LCD and CRT TVs, DVD recorders/players, VCRs, camcorders, digital cameras, compact disc (CD), Mini Disc (MD) and Secure Digital (SD) players, other personal and home audio equipment, SD Memory Cards and other recordable media, optical pickup and other electro-optic devices, etc.
  Information and Communications Equipment
  PCs, optical disc drives, copiers, printers, telephones, mobile phones, facsimile equipment, broadcast- and business-use AV equipment, communications network-related equipment, traffic-related systems, car AVC equipment, etc.
Home Appliances Refrigerators, room air conditioners, washing machines, clothes dryers, vacuum cleaners, electric irons, microwave ovens, rice cookers, other cooking appliances, dish washer/dryers, electric fans, air purifiers, electric heating equipment, electric hot water supply equipment, sanitary equipment, healthcare equipment, electric lamps, ventilation and air-conditioning equipment, car air conditioners, compressors, vending machines, medical equipment, etc.
Components and Devices emiconductors, general components (capacitors, modules, circuit boards, power supply and inductive products, circuit components, electromechanical components, speakers, etc.), electric motors, batteries, etc.
MEW and
PanaHome		 ighting fixtures, wiring devices, distribution panelboards, personal-care products, health enhancing products, water-related products, modular kitchen systems, interior furnishing materials, exterior finishing materials, electronic and plastic materials, automation controls, detached housing, rental apartment housing, medical and nursing care facilities, home remodeling, residential real estate, etc.
JVC LLCD, rear projection and CRT TVs, VCRs, camcorders, DVD recorders/players, CD/DVD/MD audio systems and other audio equipment, car AV equipment, business-use AV systems, motors and other components for precision equipment, recordable media, AV software for DVD, CD and video tapes, AV furniture, etc.
Other Electronic-components-mounting machines, industrial robots, welding equipment, bicycles, imported materials and components, etc.

Number of Patents

(Years ended March 31)

(Number of patents)
  2003 2004 2005 2006 2007
Domestic 48,020 48,061 47,166 46,040 44,137
Overseas 32,932 38,358 43,660 48,444 52,835
Domestic
Overseas
  • Patents are those held by Matsushita Electric Industrial Co., Ltd. and its major subsidiaries, excluding Matsushita Electric Works, Ltd., PanaHome Corporation and Victor Company of Japan, Ltd.

For further information, please contact

Corporate Headquarters Investor Relations Office

Matsushita Electric Industrial Co., Ltd.
Investor Relations Office
1006, Oaza Kadoma, Kadoma-shi,
Osaka 571-8501, Japan
Phone: +81-6-6908-1121
http://ir-site.panasonic.com/
Tokyo Investor Relations Office

Matsushita Electric Industrial Co., Ltd.
Tokyo Investor Relations Office
1-2, 1-chome, Shiba-Koen, Minato-ku,
Tokyo 105-8581, Japan
Phone: +81-3-3437-1121
U.S. Investor Relations Office

Panasonic Finance (America), Inc.
1 Rockefeller Plaza, Suite 1001,
New York, NY 10020-2002, U.S.A.
Phone: +1-212-698-1365
European Investor Relations Office

Panasonic Finance (Europe) plc
10 Finsbury Square, London, EC2A 1AD, U.K.
Phone: +44-20-7562-4400

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