Panasonic Corporation (Panasonic)(NYSE:PC)(TOKYO:6752) today
reported its consolidated financial results for the second quarter
and six months ended September 30, 2012, of the current fiscal year
ending March 31, 2013 (fiscal 2013).
Consolidated Second-quarter
Results
Consolidated group sales for the second quarter decreased by 12%
to 1,823.7 billion yen compared with 2,075.7 billion yen for the
second quarter of the year ended March 31, 2012 (fiscal 2012), due
mainly to sales decrease in digital products under severe global
competition as well as weak Japanese markets for flat-panel TVs and
global note PCs. Of the consolidated group total, domestic sales
amounted to 956.1 billion yen, down by 11% from 1,068.8 billion yen
a year ago. Overseas sales decreased by 14% to 867.6 billion yen
from 1,006.9 billion yen a year ago.
During the second quarter under review, despite signs of a
moderate recovery, the global economy continues to contract with
much deep remaining uncertainty due to the European financial
crisis and slowdown of the Asian economic expansion including
China. In the meantime, the Japanese market partly showed its
recovery with the growing reconstruction demand following the Great
East Japan Earthquake and the automobile sales growth thanks to the
eco-car subsidy. However, the electronics industry continued to be
difficult with downturn in digital products, especially flat-panel
TVs, and sales decline in electronic components.
Under such business circumstances, Panasonic has been working
towards filtering unprofitable models and enhancing BtoB businesses
with one of its basic guidelines, "Focus on Profitability."
Operating profit1 increased to 48.8 billion yen from 42.0
billion yen a year ago, due to fixed cost reductions and
streamlining material costs. In the meantime, pre-tax loss was
316.5 billion yen compared with a loss of 141.9 billion yen a year
ago, due mainly to business restructuring expenses including
impairment losses of goodwill and intangible assets. Net loss
attributable to Panasonic Corporation amounted to 698.0 billion yen
compared with a loss of 105.8 billion yen a year ago as a result of
the increase in valuation allowances to deferred tax assets.
1 For information about operating profit, see Note 2 of the
Notes to consolidated financial statements.
Consolidated Six-month
Results
Consolidated group sales for six months ended September 30, 2012
decreased by 9% to 3,638.2 billion yen, compared with 4,005.2
billion yen in the same period of fiscal 2012. Domestic sales
amounted to 1,878.2 billion yen, down by 8% from 2,036.4 billion
yen a year ago, while overseas sales decreased by 11% to 1,760.0
billion yen, down from 1,968.8 billion yen a year ago.
The company's operating profit for the first six months
increased to 87.4 billion yen, from 47.6 billion yen a year ago. On
the other hand, pre-tax loss totaled 278.7 billion yen, compared
with a loss of 159.3 billion yen a year ago. This was due mainly to
business restructuring expenses of 355.5 billion yen, including
impairment losses of goodwill and intangible assets in other
deductions in solar, consumer-use lithium-ion batteries and mobile
phone businesses. Taking into consideration significant sales
decreases in Japan and continuous severe business environment in
the third quarter onwards, in accordance with U.S. GAAP, the
company increased the valuation allowances to deferred tax assets
in Panasonic Corporation and Panasonic Mobile Communications Co.,
Ltd., and incurred provision for income taxes of 412.5 billion yen.
Accordingly, Net loss attributable to Panasonic Corporation
amounted to 685.2 billion yen compared with a loss of 136.2 billion
yen a year ago.
Consolidated Six-month Breakdown by
Segment
The company's six-month consolidated sales and profits by
segment with previous year comparisons are summarized as
follows:
AVC Networks
Sales decreased by 24% to 690.0 billion yen from 913.6 billion
yen a year ago. This result was due mainly to significant sales
decline in flat-panel TVs, BD recorders and digital cameras.
Segment profit significantly improved to 19.9 billion yen, compared
with a loss of 15.7 billion yen a year ago due mainly to fixed cost
reductions and restructuring effects.
Appliances
Sales increased by 2% to 814.0 billion yen, compared with 801.1
billion yen a year ago. Despite sales decrease in air conditioners,
this result was due mainly to sales increases in refrigerators and
washing machines. Segment profit was slightly lower than the
previous year, amounting to 51.0 billion yen, compared with 52.8
billion yen a year ago.
Systems & Communications
Sales decreased by 12% to 357.3 billion yen from 405.2 billion
yen a year ago due mainly to sales decreases in mobile phones and
system-related equipment such as compact multifunction printers and
private branch exchange (PBX) products. Segment loss amounted to
10.0 billion yen due mainly to sales decrease, compared with a loss
of 6.6 billion yen a year ago.
Eco Solutions
Overall sales remained stable at 740.3 billion yen compared with
742.6 billion yen a year ago. Despite sales increases in the
lighting and environmental system businesses, this result was due
mainly to sales decreases in the energy system business especially
home use fire prevention devices in Japan. Segment profit decreased
by 4% to 18.6 billion yen from 19.4 billion yen a year ago.
Automotive Systems
Sales significantly increased by 38% to 382.7 billion yen from
277.6 billion yen a year ago due mainly to strong sales in car AVC
equipment and car navigation systems compared with the fiscal 2012
results which were affected by the Great East Japan Earthquake.
Segment profit significantly improved to 8.7 billion yen from 0.7
billion yen a year ago due mainly to sales increase.
Industrial Devices
Sales decreased by 8% to 693.6 billion yen from 751.7 billion
yen a year ago. This result was due mainly to sales decreases in
optical pickups and semiconductors. Segment profit significantly
improved to 17.9 billion yen compared with a loss of 0.6 billion
yen a year ago due mainly to fixed cost reductions.
Energy
Sales decreased by 5% to 292.5 billion yen from 307.7 billion
yen a year ago. Despite sales increase in automotive-use batteries,
this result was due mainly to sales decreases in consumer-use
lithium-ion batteries, and solar photovoltaic systems in Europe.
Segment profit improved to 2.8 billion yen compared with a loss of
9.8 billion yen a year ago due mainly to fixed cost reductions and
streamlining material costs.
Other
Sales decreased significantly by 29% to 698.3 billion yen from
985.3 billion yen a year ago. The sales decline owing to the
SANYO-related business transfers implemented in fiscal 2012 led to
the overall sales decrease. Segment profit decreased by 36% to 9.4
billion yen from 14.7 billion yen a year ago due mainly to sales
decrease of Manufacturing Solutions Company.
Consolidated Financial
Condition
Net cash provided by operating activities for six months ended
September 30, 2012 amounted to 20.3 billion yen, an increase of 1.2
billion yen from a year ago. The amount level was almost in line
with a year ago, as the increase in valuation allowances to
deferred tax assets, and impairment losses of goodwill and
intangible assets do not have any impact on cash flow. Net cash
used in investing activities amounted to 79.9 billion yen, a
decrease of 50.2 billion yen from a year ago. This was due
primarily to a decrease in capital expenditures and an increase in
proceeds from disposals of investments and property, plant and
equipment. Net cash used in financing activities amounted to 46.4
billion yen, a decrease of 36.6 billion yen from a year ago, due
mainly to repayment for bonds maturity in fiscal 2012. Taking into
consideration exchange rate fluctuations, cash and cash equivalents
totaled 443.9 billion yen as of September 30, 2012, down 130.5
billion yen, compared with the end of the last fiscal year.
The company's consolidated total assets as of September 30, 2012
decreased by 1,001.3 billion yen to 5,599.8 billion yen from March
31, 2012. This was due mainly to decreases in other assets and
other current assets affected by the impairment losses of goodwill
and intangible assets, and the increase in valuation allowances to
deferred tax assets, as well as decreases in cash and cash
equivalents, and investments and advances. Panasonic Corporation
shareholders' equity decreased by 780.2 billion yen, compared with
March 31, 2012, to 1,149.6 billion yen. This was due mainly to
decrease in retained earnings according to net loss attributable to
Panasonic Corporation and deterioration in accumulated other
comprehensive income (loss) along with appreciation of the yen and
decline of the market value in investments. Adding Noncontrolling
interests to Panasonic Corporation shareholders' equity, total
equity decreased by 793.3 billion yen to 1,184.3 billion yen
compared with March 31, 2012.
Difference Between Result and Forecast
for Consolidated Six-month
Regarding the first six months result of fiscal 2013, sales were
3,638.2 billion yen compared with the forecast of 3,960.0 billion
yen, due mainly to sales decrease in digital consumer products.
Operating profit was 87.4 billion yen, a slight decrease from
the forecast of 90.0 billion yen, as fixed cost reductions and
streamlining material costs could not offset the sales
decrease.
In the meantime, Pre-tax loss was 278.7 billion yen, compared
with the forecast of an income of 60.0 billion yen, due mainly to
incurring business restructuring expenses including impairment
losses of goodwill and intangible assets in other deductions. The
company incurred business restructuring expenses of 355.5 billion
yen. This included 237.8 billion yen of impairment loss of goodwill
and 87.6 billion yen of impairment loss of intangible assets in
solar, consumer-use lithium-ion battery and mobile phone
businesses. With continuous price declines in solar, and
consumer-use lithium-ion batteries, the company revised the
strategies for sales and investment which had resulted in the
aforementioned impairments. Regarding the mobile phone business, a
decline in market share in Japan and the revision of the overseas
development strategy resulted in the aforementioned
impairments.
Net loss attributable to Panasonic Corporation was 685.2 billion
yen, a deterioration from the original forecast of an income of
15.0 billion yen, due mainly to an increase in valuation allowances
to deferred tax assets. The company increased the valuation
allowances to deferred tax assets in Panasonic Corporation (371.5
billion yen) and Panasonic Mobile Communications Co., Ltd. (41.0
billion yen) and incurred provision for income taxes of 412.5
billion yen in total in accordance with U.S. GAAP. Based on a
decline in profitability due mainly to significant sales decreases
in digital consumer products including flat-panel TVs in Japan and
continuous severe business environment in the third quarter
onwards, the company increased valuation allowances to deferred tax
assets of the aforementioned two companies after a careful
consideration over the realizability of deferred tax assets in
accordance with U.S. GAAP. An increase in valuation allowances to
deferred tax assets, as well as impairment losses of goodwill and
intangible assets, do not have any impact on cash flow.
Net loss attributable to Panasonic Corporation, per share was
296.39 yen, compared with the forecast of an income of 6.49
yen.
Forecast for Fiscal 2013
Regarding full year forecast for fiscal 2013, the company
revised its original sales forecast of 8,100.0 billion yen
significantly downward to 7,300.0 billion yen, due mainly to
worsening market conditions in digital consumer products and the
slowdown economy in emerging countries.
Operating profit is expected to be 140.0 billion yen, a decrease
from the previous forecast of 260.0 billion yen due mainly to sales
decrease.
Pre-tax loss is forecast to be 365.0 billion yen, a
deterioration from the original forecast of an income of 160.0
billion yen, 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 440.0 billion yen, compared with the
original forecast of 41.0 billion yen.
Net loss attributable to Panasonic Corporation is expected to be
765.0 billion yen, a deterioration from the previous forecast of an
income of 50.0 billion yen mainly as a result of the aforementioned
increase in valuation allowances to deferred tax assets.
Net income attributable to Panasonic Corporation, per share is
anticipated to be a loss of 330.93 yen, compared with the previous
forecast of an income of 21.63 yen.
Basic Policy for Providing Return to
Shareholders and Dividend forecast for fiscal 2013
Since its establishment, Panasonic has managed its businesses
under the concept that returning profits to shareholders is one of
its most important policies. From the perspective of return on the
capital investment made by shareholders, Panasonic, in principle,
distributes profits to shareholders based on its business
performance and is aiming for stable and continuous growth in
dividends, targeting a dividend payout ratio of between 30% and 40%
with respect to consolidated net income attributable to Panasonic
Corporation.
In fiscal 2013, the company previously announced on May 11,
2012, its forecast of a total dividend of 10.0 yen per common share
to shareholders (5.0 yen each for interim and year-end dividends),
considering the above policy and ensuring the stable return of
profits to shareholders. However, the company now forecasts a
significant net loss again following last fiscal year, while there
is an urgent need to improve its financial position. Under such
conditions, the Board of Directors of the company resolved today
not to distribute dividends for the interim (semi-annual) for
fiscal 2013. The year-end dividend for fiscal 2013 is also expected
not to be distributed. The company regrets the need to undertake
this revision. Though business conditions are expected to become
much more severe, every possible effort will be made to improve
both business and financial positions as soon as possible aiming
for the stable return of profits to shareholders.
Panasonic Corporation is one of the world's leading
manufacturers of electronic and electric products for consumer,
business and industrial use. Panasonic's shares are listed on the
Tokyo, Osaka, Nagoya and New York stock exchanges.
For more information, please visit the following web sites:
Panasonic home page URL:
http://panasonic.net/
Panasonic IR web site URL:
http://panasonic.net/ir/
Disclaimer Regarding Forward-Looking
Statements
This press release includes forward-looking statements (within
the meaning of Section 27A of the U.S. Securities Act of 1933 and
Section 21E of the U.S. Securities Exchange Act of 1934) about
Panasonic and its Group companies (the Panasonic Group). To the
extent that statements in this press release do not relate to
historical or current facts, they constitute forward-looking
statements. These forward-looking statements are based on the
current assumptions and beliefs of the Panasonic Group in light of
the information currently available to it, and involve known and
unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause the Panasonic Group's
actual results, performance, achievements or financial position to
be materially different from any future results, performance,
achievements or financial position expressed or implied by these
forward-looking statements. Panasonic undertakes no obligation to
publicly update any forward-looking statements after the date of
this press release. Investors are advised to consult any further
disclosures by Panasonic in its subsequent filings with the U.S.
Securities and Exchange Commission pursuant to the U.S. Securities
Exchange Act of 1934 and its other filings.
The risks, uncertainties and other factors referred to above
include, but are not limited to, economic conditions, particularly
consumer spending and corporate capital expenditures in the United
States, Europe, Japan, China and other Asian countries; volatility
in demand for electronic equipment and components from business and
industrial customers, as well as consumers in many product and
geographical markets; currency rate fluctuations, notably between
the yen, the U.S. dollar, the euro, the Chinese yuan, Asian
currencies and other currencies in which the Panasonic Group
operates businesses, or in which assets and liabilities of the
Panasonic Group are denominated; the possibility of the Panasonic
Group incurring additional costs of raising funds, because of
changes in the fund raising environment; the ability of the
Panasonic Group to respond to rapid technological changes and
changing consumer preferences with timely and cost-effective
introductions of new products in markets that are highly
competitive in terms of both price and technology; the possibility
of not achieving expected results on the alliances or mergers and
acquisitions including the business reorganization after the
acquisition of all shares of Panasonic Electric Works Co., Ltd. and
SANYO Electric Co., Ltd.; the ability of the Panasonic Group to
achieve its business objectives through joint ventures and other
collaborative agreements with other companies; the ability of the
Panasonic Group to maintain competitive strength in many product
and geographical areas; the possibility of incurring expenses
resulting from any defects in products or services of the Panasonic
Group; the possibility that the Panasonic Group may face
intellectual property infringement claims by third parties; current
and potential, direct and indirect restrictions imposed by other
countries over trade, manufacturing, labor and operations;
fluctuations in market prices of securities and other assets in
which the Panasonic Group has holdings or changes in valuation of
long-lived assets, including property, plant and equipment and
goodwill, deferred tax assets and uncertain tax positions; future
changes or revisions to accounting policies or accounting rules; as
well as natural disasters including earthquakes, prevalence of
infectious diseases throughout the world, disruption of supply
chain and other events that may negatively impact business
activities of the Panasonic Group. The factors listed above are not
all-inclusive and further information is contained in Panasonic's
latest annual reports, Form 20-F, and any other reports and
documents which are on file with the U.S. Securities and Exchange
Commission.
(Financial Tables and Additional Information
Attached)
Panasonic Corporation
Consolidated
Statements of Operations and
Consolidated
Statements of Comprehensive Income (Loss) *
(Three months ended September 30)
Consolidated
Statements of Operations
Yen
(millions)
Percentage
2012
2011
2012/2011
Net sales
¥
1,823,662
¥
2,075,650
88 % Cost of sales (1,359,018 ) (1,538,814 ) Selling, general and
administrative expenses (415,881 ) (494,813 ) Interest income 2,343
3,310 Dividends received 310 999 Interest expense (6,456 ) (6,827 )
Expenses associated with the implementation of early retirement
programs * (14,091 ) (19,738 ) Other income (deductions), net *
(347,365 ) (161,677 ) Income (loss) before income
taxes (316,496 ) (141,910 ) -- Provision for income taxes (383,968
) 18,808 Equity in earnings of associated companies 1,915
2,569 Net income (loss) (698,549 ) (120,533 )
-- Less net income (loss) attributable to noncontrolling interests
(570 ) (14,733 ) Net income (loss) attributable to
Panasonic Corporation
¥
(697,979
)
¥
(105,800
)
-- Net income (loss) attributable to Panasonic Corporation, basic
per common share (301.93) yen (45.75) yen per ADS (301.93) yen
(45.75) yen Net income (loss) attributable to Panasonic
Corporation, diluted per common share * -- -- per ADS * -- --
Depreciation (tangible assets)
¥
69,779
¥
75,394
Capital investment **
¥
86,312
¥
85,581
R&D expenditures
¥
125,983
¥
134,670
Number of employees (September 30) 321,896 360,700
Consolidated
Statements of Comprehensive Income (Loss)
Yen
(millions)
Percentage
2012
2011
2012/2011
Net income (loss)
¥
(698,549
)
¥
(120,533
)
-- Other comprehensive income (loss), net of tax Translation
adjustments (16,405 ) (77,110 ) Unrealized holding gains (losses)
of available-for-sale securities (4,591 ) (32,850 ) Unrealized
gains (losses) of derivative instruments (421 ) 198 Pension
liability adjustments 894 3,971
(20,523 ) (105,791 ) Comprehensive income (loss) (719,072 )
(226,324 ) -- Less comprehensive income (loss) attributable to
noncontrolling interests (1,500 ) (19,594 )
Comprehensive income (loss) attributable to Panasonic Corporation
¥
(717,572
)
¥
(206,730
)
-- (Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial
statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated
Statements of Operations and
Consolidated
Statements of Comprehensive Income (Loss) *
(Six months ended September 30)
Consolidated
Statements of Operations
Yen
(millions)
Percentage
2012
2011
2012/2011
Net sales
¥
3,638,160
¥
4,005,198
91 % Cost of sales (2,710,013 ) (2,994,321 ) Selling, general and
administrative expenses (840,781 ) (963,278 ) Interest income 5,146
6,736 Dividends received 2,538 3,814 Interest expense (12,082 )
(14,172 ) Expenses associated with the implementation of early
retirement programs * (14,483 ) (23,309 ) Other income
(deductions), net * (347,156 ) (180,011 ) Income
(loss) before income taxes (278,671 ) (159,343 ) -- Provision for
income taxes (411,421 ) 1,355 Equity in earnings of associated
companies 2,618 4,831 Net income (loss)
(687,474 ) (153,157 ) -- Less net income (loss) attributable to
noncontrolling interests (2,304 ) (17,006 ) Net
income (loss) attributable to Panasonic Corporation
¥
(685,170
)
¥
(136,151
)
-- Net income (loss) attributable to Panasonic Corporation, basic
per common share (296.39) yen (58.88) yen per ADS (296.39) yen
(58.88) yen Net income (loss) attributable to Panasonic
Corporation, diluted per common share * -- -- per ADS * -- --
Depreciation (tangible assets)
¥
137,616
¥
150,265
Capital investment **
¥
156,898
¥
149,521
R&D expenditures
¥
248,473
¥
266,851
Number of employees (September 30) 321,896 360,700
Consolidated
Statements of Comprehensive Income (Loss)
Yen
(millions)
Percentage
2012
2011
2012/2011
Net income (loss)
¥
(687,474
)
¥
(153,157
)
-- Other comprehensive income (loss), net of tax Translation
adjustments (67,152 ) (105,437 ) Unrealized holding gains (losses)
of available-for-sale securities (30,834 ) (34,736 ) Unrealized
gains (losses) of derivative instruments 4,764 1,657 Pension
liability adjustments 5,351 6,756
(87,871 ) (131,760 ) Comprehensive income (loss)
(775,345 ) (284,917 ) -- Less comprehensive income (loss)
attributable to noncontrolling interests (6,811 )
(23,272 ) Comprehensive income (loss) attributable to Panasonic
Corporation
¥
(768,534
)
¥
(261,645
)
-- (Parentheses indicate expenses, deductions or losses.)
* See Notes to consolidated financial
statements.
** These figures are calculated on an accrual basis.
Panasonic Corporation
Consolidated
Balance Sheets **
September 30, 2012 With comparative figures for March 31,
2012
Yen
(millions)
Assets
Sept. 30,
2012
March 31,
2012
Current assets: Cash and cash equivalents
¥
443,899
¥
574,411
Time deposits 27,469 36,575 Short-term investments 461 483 Trade
receivables: Notes 81,340 73,044 Accounts 909,674 963,202 Allowance
for doubtful receivables (24,221 ) (26,604 ) Inventories 851,730
801,991 Other current assets 309,185 454,663
Total current assets 2,599,537
2,877,765 Investments and advances 349,053 451,879 Property,
plant and equipment, net of accumulated depreciation 1,728,015
1,762,558 Other assets 923,146 1,508,853
Total assets
¥
5,599,751
¥
6,601,055
Liabilities and
Equity
Current liabilities: Short-term debt, including current portion of
long-term debt
¥
653,519
¥
633,847
Trade payables: Notes 55,183 53,243 Accounts 758,907 797,770 Other
current liabilities 1,278,366 1,394,644
Total current liabilities 2,745,975 2,879,504
Noncurrent liabilities: Long-term debt 908,135 941,768 Other
long-term liabilities 761,385 802,217
Total noncurrent liabilities 1,669,520
1,743,985 Total liabilities 4,415,495
4,623,489 Panasonic Corporation shareholders' equity: Common
stock 258,740 258,740 Capital surplus 1,117,480 1,117,530 Legal
reserve 95,544 94,512 Retained earnings 743,407 1,441,177
Accumulated other comprehensive income (loss) * (818,519 ) (735,155
) Treasury stock, at cost (247,021 ) (247,018 ) Total
Panasonic Corporation shareholders' equity 1,149,631
1,929,786 Noncontrolling interests 34,625
47,780 Total equity 1,184,256
1,977,566 Total liabilities and equity
¥
5,599,751
¥
6,601,055
* Accumulated other comprehensive income (loss)
breakdown:
Yen
(millions)
Sept. 30,
2012
March 31,
2012
Cumulative translation adjustments
¥
(544,799
)
¥
(482,168
)
Unrealized holding gains (losses) of available-for-sale securities
(17,513 ) 13,283 Unrealized gains (losses) of derivative
instruments 1,036 (3,728 ) Pension liability adjustments (257,243 )
(262,542 )
** See Notes to consolidated
financial statements.
Panasonic Corporation
Consolidated
Information by Segment *
(Six months ended September 30)
By
Segment:
Yen
(billions)
Percentage
[Sales]
2012
2011
2012/2011
AVC Networks
¥
690.0
¥
913.6
76 % Appliances 814.0 801.1 102 % Systems & Communications
357.3 405.2 88 % Eco Solutions 740.3 742.6 100 % Automotive Systems
382.7 277.6 138 % Industrial Devices 693.6 751.7 92 % Energy 292.5
307.7 95 % Other 698.3 985.3 71 %
Subtotal 4,668.7 5,184.8 90 % Eliminations (1,030.5 )
(1,179.6 ) -- Consolidated total
¥
3,638.2
¥
4,005.2
91 %
[Segment Profit (Loss)]* AVC Networks
¥
19.9
¥
(15.7
)
-- Appliances 51.0 52.8 97 % Systems & Communications (10.0 )
(6.6 ) -- Eco Solutions 18.6 19.4 96 % Automotive Systems 8.7 0.7
1211 % Industrial Devices 17.9 (0.6 ) -- Energy 2.8 (9.8 ) -- Other
9.4 14.7 64 % Subtotal 118.3 54.9 215 %
Corporate and eliminations (30.9 ) (7.3 ) --
Consolidated total
¥
87.4
¥
47.6
184 %
* See Notes to consolidated financial
statements.
Panasonic Corporation
Consolidated
Statements of Cash Flows *
(Six months ended September 30)
Yen
(millions)
2012
2011
Cash flows from
operating activities:
Net income (loss)
¥
(687,474
)
¥
(153,157
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization 170,063 191,418
Net (gain) loss on sale of investments (7,707 ) 1,159 Cash effects
of changes in, excluding acquisition: Trade receivables 14,452
(31,750 ) Inventories (74,760 ) (66,583 ) Trade payables 862 (936 )
Retirement and severance benefits (3,821 ) (7,880 ) Other
608,702 86,878 Net cash provided by operating
activities 20,317 19,149
Cash flows from
investing activities:
Proceeds from disposition of investments and advances 57,586 21,809
Increase in investments and advances (1,899 ) (3,242 ) Capital
expenditures (175,553 ) (191,476 ) Proceeds from disposals of
property, plant and equipment 46,625 33,639 (Increase) decrease in
time deposits 7,599 14,251 Other (14,236 ) (5,031 )
Net cash used in investing activities (79,878 )
(130,050 )
Cash flows from
financing activities:
Increase (decrease) in short-term debt 17,654 15,006 Increase
(decrease) in long-term debt (44,112 ) (75,129 ) Dividends paid to
Panasonic Corporation shareholders (11,559 ) (10,351 ) Dividends
paid to noncontrolling interests (7,918 ) (7,589 ) (Increase)
decrease in treasury stock (12 ) (9 ) Purchase of noncontrolling
interests and Other (499 ) (5,013 ) Net cash used in
financing activities (46,446 ) (83,085 )
Effect of exchange rate changes on cash and cash equivalents
(24,505 ) (40,245 ) Net increase (decrease) in cash and cash
equivalents (130,512 ) (234,231 ) Cash and cash equivalents at
beginning of period 574,411 974,826
Cash and cash equivalents at end of period
¥
443,899
¥
740,595
* See Notes to consolidated financial
statements.
Notes to consolidated financial
statements:
1. The company's consolidated financial statements are
prepared in conformity with U.S. generally accepted accounting
principles (U.S. GAAP). 2. In order to be consistent with
generally accepted financial reporting practices in Japan,
operating profit, a non-GAAP measure, is presented as net sales
less cost of sales and selling, general and administrative
expenses. The company believes that this is useful to investors in
comparing the company's financial results with those of other
Japanese companies. Please refer to the accompanying consolidated
statement of operations and Note 3 for the U.S. GAAP
reconciliation. 3. In accordance with U.S. GAAP, expenses
associated with the implementation of early retirement programs at
certain domestic and overseas companies and the impairment loss on
goodwill and fixed assets are included as part of operating profit
in the statement of operations. 4. In June 2011, FASB issued
Accounting Standards Update (ASU) 2011-05, "Presentation of
Comprehensive Income." Accordingly, the company adopted ASU 2011-05
from fiscal 2013 and presents the consolidated statement of
comprehensive income (loss) following the consolidated statement of
operations. 5. In other income (deductions), the company
incurred expenses associated with the implementation of early
retirement programs of certain domestic and overseas companies.
6. The impairment losses of goodwill and intangible assets
are included in Other income (deductions), net. 7. The
impairment losses of goodwill and intangible assets, and an
increase in the valuation allowances to deferred tax assets are
included in Other of cash flows from operating activities.
8. Diluted net income (loss) per share attributable to Panasonic
Corporation common shareholders has been omitted because the
company did not have potential common shares that were outstanding
for the period. 9. Regarding consolidated segment profit
(loss), expenses for basic research and administrative expenses at
the corporate headquarters level are treated as unallocatable
expenses for each segment, and are included in Corporate and
eliminations. 10. Panasonic Electronic Devices Co., Ltd. and
Panasonic Electronic Devices Japan Co., Ltd., were absorbed by the
company on April 1, 2012. 11. Effective from the beginning
of fiscal 2013, investments and depreciation expenses in molding
dies are included in "Capital investment" and "Depreciation
(tangible assets)," respectively. Accordingly, the amounts of
"Depreciation (tangible assets)" and "Capital investment" of
supplementary information on consolidated statements of operations
for fiscal 2012 are changed. The related amounts of the
consolidated statements of cash flows and consolidated balance
sheets for fiscal 2012 are also changed. 12. Based on the
board of directors meeting held on September 28, 2012, the company
resolved to issue unsecured straight bonds up to 150.0 billion yen
in order to enhance the stability of financial position with
long-term stabilization of debt. The company plans to issue the
bonds through public offering in Japan for the purpose of
redemption of commercial paper and bonds. 13. The board of
directors of the company, held on September 28, 2012, resolved to
set a credit line in order to secure the measures for stability of
funds. Accordingly the company signed agreements with several banks
as of October 1, 2012. Total amount of unsecured line of credit on
this agreement is 600.0 billion yen. 14. The company's
segments are classified according to a business domain-based
management system, which focuses on global consolidated management
by each business domain company, in order to ensure consistency of
its internal management structure and disclosure. The
company restructured its Group organization on January 1, 2012,
resulting in the number of reportable segments from six to eight.
Accordingly, segment information for the six months ended September
30, 2011 has been reclassified to conform to the presentation for
the six months ended September 30, 2012. Other segment
consists of Healthcare Company, Manufacturing Solutions Company,
PanaHome Corporation and others. 15. Number of consolidated
companies: 561 (including parent company) 16. Number of
associated companies under the equity method: 101
Supplemental Consolidated Financial
Data for Fiscal 2013Second Quarter and Six Months ended September
30, 2012
1. Segment
Information
yen (billions) Fiscal 2013 Second Quarter Fiscal 2013 Six Months
ended September 30, 2012 Sales 13/12
SegmentProfit
% of sales 13/12 Sales 13/12
SegmentProfit
% of sales 13/12 AVC Networks 330 .3 71 % 12
.5 3 .8% - 690 .0 76 % 19 .9 2
.9% - Appliances 382 .6 100 % 13 .6 3
.6% 76 % 814 .0 102 % 51 .0 6 .3% 97 %
Systems & Communications 192 .8 86 % -1 .7 -0 .9%
- 357 .3 88 % -10 .0 -2 .8% -
Eco Solutions 385 .1 100 % 14 .7 3 .8%
111 % 740 .3 100 % 18 .6 2 .5% 96 % Automotive
Systems 192 .0 116 % 4 .5 2 .3% 102 % 382 .7
138 % 8 .7 2 .3% 1211 % Industrial Devices 355
.4 92 % 10 .6 3 .0% 523 % 693 .6 92 %
17 .9 2 .6% - Energy 149 .9 92 % 2 .7
1 .8% - 292 .5 95 % 2 .8 0 .9%
- Other 354 .8 71 % 5 .3 1 .5%
49 % 698 .3 71 % 9 .4 1 .3% 64 % Total 2,342
.9 88 % 62 .2 2 .7% 165 % 4,668 .7 90 %
118 .3 2 .5% 215 % Corporate and eliminations -519 .2
- -13 .4 - - -1,030 .5
- -30 .9 - - Consolidated
total 1,823 .7 88 % 48 .8 2 .7%
116 % 3,638 .2 91 % 87 .4 2 .4%
184 %
2. Domain
Companies' Information
(Business domain company basis)
yen (billions) Fiscal 2013 Second Quarter Fiscal 2013 Six Months
ended September 30, 2012 Sales 13/12
DomainCompanyProfit
% of sales 13/12 Sales 13/12
DomainCompanyProfit
% of sales 13/12 Healthcare Company 33 .0 94 %
2 .1 6 .4% 98 % 65 .3 98 % 3 .9 6 .0%
130 % Manufacturing Solutions Company 37 .5 81
% 5 .0 13 .3% 64 % 82 .1 88 %
11 .3 13 .8% 78 % Note: Healthcare Company and
Manufacturing Solutions Company are included in Other segment.
3. Sales by
Region
yen (billions) Fiscal 2013 Second Quarter
Fiscal 2013 Six Months endedSeptember 30,
2012
13/12
Local currencybasis 13/12
13/12
Local currencybasis 13/12
Domestic 956 .1 89 % - 1,878 .2
92 % - Overseas 867 .6 86 % 88 % 1,760
.0 89 % 93 % North and South America 242 .6 99
% 100 % 486 .6 101 % 103 % Europe 152 .2
81 % 89 % 320 .4 83 % 93 % Asia 210 .9
81 % 83 % 438 .4 85 % 89 % China
261 .9 83 % 82 % 514 .6 88 % 88 %
Total 1,823 .7 88 % 89 % 3,638
.2 91 % 92 %
4. Sales by
Products
yen (billions) Fiscal 2013 Second Quarter
Fiscal 2013 Six Months endedSeptember 30,
2012
13/12 *
13/12 *
LCD TVs 95 .9 84 % 188 .2 87 % Plasma TVs 34 .8
43 % 77 .2 48 % Digital cameras 26 .3 63 % 60
.9 71 % BD recorders / players 10 .5 37 % 23 .5
38 % Air conditioners 63 .7 84 % 166 .2 93 %
Washing machines and clothes dryers 39 .4 112 % 75 .3
114 % Refrigerators 43 .1 114 % 82 .8 117 %
Electronic components and materials 163 .8 95 % 329 .9
99 % Semiconductors 37 .9 93 % 75 .5
92 %
*
The company restructured its Group
organization on January 1, 2012. Accordingly, the company
reclassified the figures of fiscal 2012 included in the prior
segments of PEW and PanaHome, and SANYO.
5. Capital
Investment by Segments*
yen (billions) Fiscal 2013 Second
Quarter
Fiscal 2013 Six Months endedSeptember 30,
2012
13-12 13-12 AVC
Networks 13 .9 -5 .7 22 .1 -7 .9 Appliances 11 .9
-0 .8 23 .3 +1 .2 Systems & Communications 2 .5
-0 .8 4 .3 -2 .0 Eco Solutions 7 .4 -1 .1 15
.2 -1 .3 Automotive Systems 2 .6 +0 .9 4 .5 +1
.3 Industrial Devices 22 .4 +3 .9 41 .1 +5 .7 Energy
19 .8 +6 .6 36 .3 +15 .4 Other 5 .8 -2 .3 10
.1 -5 .0 Total 86 .3 +0 .7 156 .9
+7 .4
* These figures are calculated on an
accrual basis.
Note:
Effective from the beginning of fiscal
2013, investments in molding dies are included in "Capital
investment."Accordingly, the amounts of "Capital Investment" for
fiscal 2012 are changed.
6. Foreign
Currency Exchange Rates/Transaction
Fiscal 20122nd quarter
Six Months endedSeptember 30, 2012
Fiscal 2012Full Year
Fiscal 20132nd quarter
Six Months endedSeptember 30, 2013
U.S. Dollars ¥81 ¥81 ¥80 ¥80 ¥79 Euro
¥115 ¥114 ¥111 ¥104 ¥103
Fiscal 20122nd quarter
Six Months endedSeptember 30, 2012
Fiscal 2012Full Year
Fiscal 20132nd quarter
Six Months endedSeptember 30, 2013
U.S. Dollars ¥78 ¥80 ¥79 ¥79 ¥80 Euro
¥110 ¥114 ¥109 ¥98 ¥101
Fiscal 20122nd quarter
Six Months endedSeptember 30, 2012
Fiscal 2012Full Year
Fiscal 20132nd quarter
Six Months endedSeptember 30, 2013
U.S. Dollars US$0.9 billion US$1.8 billion US$3.0
billion US$0.6 billion US$1.2 billion Euro €0.4
billion €0.8 billion €1.7 billion €0.5 billion
€0.9 billion
7. Number of
Employees
(persons) End of Sept. 2011 End of March 2012 End of June
2012 End of Sept. 2012 Domestic 143,321 133,605 132,815 131,143
Overseas 217,379 197,162 194,697 190,753 Total 360,700
330,767 327,512 321,896
8. Fiscal 2013
Annual Forecasts
(1) Segment
Information
yen (billions) Fiscal 2013 Forecast (as of May 11, 2012) Fiscal
2013 Forecast (as of October 31, 2012) Sales 13/12
SegmentProfit
% of sales 13/12 Sales 13/12
SegmentProfit
% of sales 13/12 AVC Networks 1,730 .0 101 %
60 .0 3 .5% - 1,410 .0 82 % 22 .0
1 .6% - Appliances 1,630 .0 106 % 100
.0 6 .1% 123 % 1,540 .0 100 % 82 .0 5
.3% 101 % Systems & Communications 900 .0 107 %
24 .0 2 .7% 138 % 790 .0 94 % 9 .0 1
.1% 52 % Eco Solutions 1,600 .0 105 % 60 .0 3
.8% 102 % 1,560 .0 102 % 55 .0 3 .5% 93
% Automotive Systems 720 .0 110 % 18 .0 2 .5%
364 % 740 .0 113 % 13 .0 1 .8% 263 %
Industrial Devices 1,420 .0 101 % 40 .0 2 .8%
- 1,350 .0 96 % 23 .0 1 .7% -
Energy 660 .0 107 % 3 .0 0 .5% - 580 .0
94 % 0 .0 0 .0% - Other 1,660 .0
88 % 24 .0 1 .4% 102 % 1,420 .0 75 % 10 .0
0 .7% 42 % Total 10,320 .0 101 % 329 .0
3 .2% 407 % 9,390 .0 92 % 214 .0 2 .3%
265 % Corporate and eliminations -2,220 .0 - -69 .0
- - -2,090 .0 - -74 .0
- - Consolidated total 8,100 .0
103 % 260 .0 3 .2% 595 % 7,300
.0 93 % 140 .0 1 .9% 320 %
(2) Domain
Companies' Information
(Business domain company basis)
yen (billions) Fiscal 2013 Forecast (as of May 11, 2012) Fiscal
2013 Forecast (as of October 31, 2012) Sales 13/12
DomainCompanyProfit
% of sales 13/12 Sales 13/12
DomainCompanyProfit
% of sales 13/12 Healthcare Company 139 .8 105
% 9 .1 6 .5% 103 % 135 .6 102 % 8 .3 6
.1% 92 % Manufacturing Solutions Company 186 .0
116 % 29 .0 15 .6% 116 % 143 .8
90 % 14 .8 10 .3% 59 % Note: Healthcare
Company and Manufacturing Solutions Company are included in Other
segment.
(3) Sales by
Region
yen (billions)
Fiscal 2013 Forecast(as of May 11,
2012)
Fiscal 2013 Forecast(as of Oct. 31,
2012)
13/12
Local currencybasis 13/12
13/12
Local currencybasis 13/12
Domestic 4,250 .0 102 % - 3,900 .0
94 % - Overseas 3,850 .0 105 %
107 % 3,400 .0 92 % 95 % North and South America 970
.0 100 % 103 % 930 .0 96 % 98 % Europe
730 .0 98 % 102 % 600 .0 81 % 88 % Asia
1,000 .0 107 % 111 % 900 .0 97 % 100 %
China 1,150 .0 110 % 111 % 970 .0 93 %
93 % Total 8,100 .0 103 % 105 %
7,300 .0 93 % 94 %
(4) Capital
Investment, Depreciation, R&D Expenditures
Capital Investment
by Segments*
yen (billions)
Fiscal 2013 Forecast(as of July 31,
2012)
Fiscal 2013 Forecast(as of October 31,
2012)
13-12 13-12 AVC
Networks 69 .0 +8 .6 66 .0 +5 .6 Appliances 55 .0
+3 .6 54 .0 +2 .6 Systems & Communications 11 .0
-2 .3 9 .0 -4 .3 Eco Solutions 27 .0 -6 .1 27
.0 -6 .1 Automotive Systems 10 .0 +1 .1 10 .0
+1 .1 Industrial Devices 72 .0 -6 .1 67 .0 -11 .1
Energy 86 .0 +32 .2 80 .0 +26 .2 Other 30 .0
-4 .7 27 .0 -7 .7 Consolidated total 360 .0
+26 .3 340 .0 +6 .3 * These figures are calculated on
an accrual basis.
Depreciation
(tangible assets)
yen (billions)
R&D
Expenditures
yen (billions)
Fiscal 2013 Forecast(as of July 31,
2012)
Fiscal 2013 Forecast(as of October 31,
2012)
Fiscal 2013 Forecast(as of May 11,
2012)
Fiscal 2013 Forecast(as of October 31,
2012)
13-12 13-12
13-12 13-12 300 .0 +4 .2
295 .0 -0 .8 510 .0 -10 .2 490 .0 -30
.2
(5) Foreign
Currency Exchange Rates/Transaction
Rates Used for Consolidation Foreign Currency
Transaction
Fiscal 2013Forecast(as of May 11,2012)
Fiscal 2013Forecast(as of October31,
2012)
Fiscal 2013Forecast(as of May 11,2012)
Fiscal 2013Forecast(as of October31,
2012)
U.S. Dollars ¥78 ¥79 US$2.5 billion US$2.5
billion Euro ¥103 ¥99 €2.0 billion
€2.0 billion
Disclaimer Regarding
Forward-Looking Statements This document includes
forward-looking statements (within the meaning of Section 27A of
the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934) about Panasonic and its Group
companies (the Panasonic Group). To the extent that statements in
this document do not relate to historical or current facts, they
constitute forward-looking statements. These forward-looking
statements are based on the current assumptions and beliefs of the
Panasonic Group in light of the information currently available to
it, and involve known and unknown risks, uncertainties and other
factors. Such risks, uncertainties and other factors may cause the
Panasonic Group's actual results, performance, achievements or
financial position to be materially different from any future
results, performance, achievements or financial position expressed
or implied by these forward-looking statements. Panasonic
undertakes no obligation to publicly update any forward-looking
statements after the date of this document. Investors are advised
to consult any further disclosures by Panasonic in its subsequent
filings with the U.S. Securities and Exchange Commission pursuant
to the U.S. Securities Exchange Act of 1934 and its other filings.
The risks, uncertainties and other factors referred to above
include, but are not limited to, economic conditions, particularly
consumer spending and corporate capital expenditures in the United
States, Europe, Japan, China, and other Asian countries; volatility
in demand for electronic equipment and components from business and
industrial customers, as well as consumers in many product and
geographical markets; currency rate fluctuations, notably between
the yen, the U.S. dollar, the euro, the Chinese yuan, Asian
currencies and other currencies in which the Panasonic Group
operates businesses, or in which assets and liabilities of the
Panasonic Group are denominated; the possibility of the Panasonic
Group incurring additional costs of raising funds, because of
changes in the fund raising environment; the ability of the
Panasonic Group to respond to rapid technological changes and
changing consumer preferences with timely and cost-effective
introductions of new products in markets that are highly
competitive in terms of both price and technology; the possibility
of not achieving expected results on the alliances or mergers and
acquisitions including the business reorganization after the
acquisition of all shares of Panasonic Electric Works Co., Ltd. and
SANYO Electric Co., Ltd.; the ability of the Panasonic Group to
achieve its business objectives through joint ventures and other
collaborative agreements with other companies; the ability of the
Panasonic Group to maintain competitive strength in many product
and geographical areas; the possibility of incurring expenses
resulting from any defects in products or services of the Panasonic
Group; the possibility that the Panasonic Group may face
intellectual property infringement claims by third parties; current
and potential, direct and indirect restrictions imposed by other
countries over trade, manufacturing, labor and operations;
fluctuations in market prices of securities and other assets in
which the Panasonic Group has holdings or changes in valuation of
long-lived assets, including property, plant and equipment and
goodwill, deferred tax assets and uncertain tax positions; future
changes or revisions to accounting policies or accounting rules; as
well as natural disasters including earthquakes, prevalence of
infectious diseases throughout the world, disruption of supply
chain and other events that may negatively impact business
activities of the Panasonic Group.
The factors listed above are not
all-inclusive and further information is contained in Panasonic's
latest annual reports, Form 20-F, and any other reports and
documents which are on file with the U.S. Securities and Exchange
Commission.
Reference
Segment
information for fiscal 2013
Sales
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sept.)
AVC Networks 359 .7 330 .3 Appliances 431 .4 382 .6 Systems &
Communications 164 .5 192 .8 Eco Solutions 355 .2 385 .1 Automotive
Systems 190 .7 192 .0 Industrial Devices 338 .2 355 .4 Energy 142
.6 149 .9 Other 343 .5 354 .8 Total 2,325 .8 2,342 .9 Eliminations
-511 .3 -519 .2 Consolidated total 1,814 .5 1,823 .7
Segment
profit
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sept.)
AVC Networks 7 .4 12 .5 Appliances 37 .4 13 .6 Systems &
Communications -8 .3 -1 .7 Eco Solutions 3 .9 14 .7 Automotive
Systems 4 .2 4 .5 Industrial Devices 7 .3 10 .6 Energy 0 .1 2 .7
Other 4 .1 5 .3 Total 56 .1 62 .2 Corporate and eliminations -17 .5
-13 .4 Consolidated total 38 .6 48 .8
Reference
Segment
information for fiscal 2012
Sales
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sep.)
3rd quarter
(Oct.-Dec.)
4th quarter
(Jan.-Mar.)
Fiscal 2012
(Apr.-Mar.)
AVC Networks 449 .9 463 .7 488 .5 311 .4 1,713 .5 Appliances 417 .7
383 .4 386 .3 346 .8 1,534 .2 Systems & Communications 181 .6
223 .6 194 .7 240 .9 840 .8 Eco Solutions 356 .5 386 .1 394 .0 389
.2 1,525 .8 Automotive Systems 111 .7 165 .9 169 .2 206 .4 653 .2
Industrial Devices 364 .0 387 .7 333 .8 319 .1 1,404 .6 Energy 145
.1 162 .6 154 .1 153 .1 614 .9 Other 484 .5 500 .8 418 .2 477 .4
1,880 .9 Total 2,511 .0 2,673 .8 2,538 .8 2,444 .3 10,167 .9
Eliminations -581 .5 -598 .1 -578 .6 -563 .5 -2,321 .7 Consolidated
total 1,929 .5 2,075 .7 1,960 .2 1,880
.8 7,846 .2
Segment
profit
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sep.)
3rd quarter
(Oct.-Dec.)
4th quarter
(Jan.-Mar.)
Fiscal 2012
(Apr.-Mar.)
AVC Networks -3 .8 -11 .9 -24 .8 -27 .3 -67 .8 Appliances 34 .9 17
.9 23 .6 5 .1 81 .5 Systems & Communications -9 .9 3 .3 4 .3 19
.6 17 .3 Eco Solutions 6 .1 13 .3 19 .1 20 .4 58 .9 Automotive
Systems -3 .7 4 .4 2 .5 1 .7 4 .9 Industrial Devices -2 .7 2 .1 -13
.1 -2 .9 -16 .6 Energy -7 .5 -2 .3 -6 .9 -4 .2 -20 .9 Other 3 .9 10
.8 1 .0 7 .9 23 .6 Total 17 .3 37 .6 5 .7 20 .3 80 .9 Corporate and
eliminations -11 .7 4 .4 -13 .8 -16 .1 -37 .2 Consolidated total
5 .6 42 .0 -8 .1 4 .2 43 .7
Reference
Domain companies'
information for fiscal 2013
Sales
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sept.)
Healthcare Company 32 .3 33 .0 Manufacturing Solutions Company
44 .6 37 .5
Domain company
profit
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sept.)
Healthcare Company 1 .8 2 .1 Manufacturing Solutions Company
6 .3 5 .0
Domain companies'
information for fiscal 2012
Sales
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sep.)
3rd quarter
(Oct.-Dec.)
4th quarter
(Jan.-Mar.)
Fiscal 2012
(Apr.-Mar.)
Healthcare Company 31 .5 35 .0 32 .2 34 .9 133 .6 Manufacturing
Solutions Company 47 .2 46 .6 32 .5 33
.5 159 .8
Domain company
profit
yen(billions) 1st quarter
(Apr.-June)
2nd quarter
(July -Sep.)
3rd quarter
(Oct.-Dec.)
4th quarter
(Jan.-Mar.)
Fiscal 2012
(Apr.-Mar.)
Healthcare Company 0 .9 2 .1 2 .1 3 .7 8 .8 Manufacturing Solutions
Company 6 .7 7 .8 3 .1 7 .5 25
.1 Note: Healthcare Company and Manufacturing Solutions
Company are included in Other segment.
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