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Toshiba warns it may not continue as ‘going concern‘

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December 18, 2019
Toshiba Corp. projected a $9.2 billion loss for its fiscal year and warned it may not be able to continue as a “going concern.”
The Japanese electronics giant released unaudited results Tuesday, reporting steep losses related to the bankruptcy filing of its U.S. nuclear unit Westinghouse Electric Co. last month. For the first nine months of the year, which ends in March, it lost $4.8 billion.
The maker of computer chips and household appliances said expenses related to nuclear power construction by Westinghouse will “significantly” impact its liquidity.
“There are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going concern,” the company said in its twice-delayed financial report.
Toshiba released the unaudited results, an unusual move, because it said its auditor couldn‘t reach a conclusion due to uncertainties related to the acquisition of U.S. nuclear construction company CB&I Stone and Webster.
One of Japan‘s most renowned electronics manufacturers, Toshiba has been roiled by soaring costs that followed the March 2011 nuclear disaster in Fukushima, which also hurt its public sentiment toward nuclear energy. It still must decommission the Fukushima Dai-ichi nuclear plant, which suffered repeat meltdowns after the 2011 tsunami in northeastern Japan.

December 24, 2019 Posted by | Japan | , | Leave a comment

Toshiba Nuclear Losses and Woes

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The logo of Toshiba Corp. is seen at the company’s facility in Kawasaki, Kanagawa Prefecture, on Monday

Toshiba’s woes weigh heavily on government’s ambition to sell Japan’s nuclear technology

OSAKA – Toshiba’s announcement that it will write down nearly ¥712.5 billion in losses involving its U.S. nuclear unit, Westinghouse, is seen as a major setback for the government’s strategy of selling Japanese nuclear power technology abroad.

Over the past four years, Prime Minister Shinzo Abe, the Ministry of Economy, Trade, and Industry, and nuclear power players, such as Toshiba/Westinghouse, General Electric-Hitachi and Mitsubishi Heavy Industries, have promoted Japanese nuclear reactor technology worldwide.

Attempts to increase exports came even as concern within Japan grew over nuclear safety following a triple meltdown at the Fukushima No. 1 plant in the wake of the March 11, 2011 earthquake and tsunami. The efforts also came as questions were being raised about the total cost of nuclear power compared with other energy sources.

Japanese firms have attempted, with little success, to sell their technologies in countries as diverse as France, Vietnam, India, Turkey, Hungary, Poland, Slovakia, the Czech Republic and the United Arab Emirates. In June 2016, Toshiba said its goal was to win orders for 45 or more nuclear reactors overseas by 2030.

But Tuesday’s announcement by Toshiba came a few weeks after the company announced it would not take any new construction orders for nuclear reactors, and that it would focus instead on maintenance and decommissioning operations.

That decision effectively ended a decade-long effort by Toshiba, which began when it acquired a majority stake in Westinghouse in 2006, to make nuclear reactors a viable export business.

It follows greater than projected construction costs for four Westinghouse AP1000 next-generation nuclear reactors in the U.S. that have run billions of dollars over budget and are three years behind schedule. Original plans called for their startup around 2019 but that could be delayed.

Yoshimitsu Kobayashi, chairman of the Japan Association of Corporate Executives, told reporters at a regular news conference on Tuesday that promoting nuclear reactor exports was a necessary strategy, but one that needed to be reviewed.

The nuclear power industry requires huge amounts of money for safety,” Kobayashi said.

Given such high costs, we have to think about whether just one company can succeed. We have to keep strong technology in Japan, but we need to rethink how to create a union of private firms” in the nuclear business, he said.

But with Toshiba’s problems and the growing use worldwide of other, cheaper energy sources, including some renewables, anti-nuclear groups see an opportunity for Japan to change its basic policy.

The Japanese government’s nuclear export policy was built on a combination of a poor understanding of the global energy market and self-delusion, said Shaun Burnie, a senior nuclear specialist at Greenpeace Germany who is currently based in Japan.

The sooner the government and industry realize there is no future for nuclear power either domestically or in exports, the sooner they can concentrate on the energy technology of the future — renewables.”

http://www.japantimes.co.jp/news/2017/02/15/national/toshibas-woes-weigh-heavily-governments-ambition-sell-japans-nuclear-technology/#.WKTKvBh7Sis

 

VOX POPULI: Toshiba’s plight shows nuclear business is now a treacherous bet

What appears to be a lump of melted nuclear fuel is discernible in a photo, released late last month, of the interior of the crippled No. 2 reactor at the Fukushima No. 1 nuclear power plant.

The high radiation level inside the reactor would be lethal to humans so a small robot was expected to start inspecting the interior on Feb. 16. (The robot started inspection around 7:50 a.m.)

The robot is marked with the name TOSHIBA.

While leading the nation in the dismantling of nuclear reactors, Toshiba Corp. has aggressively pursued nuclear power plant construction overseas through its U.S. affiliate.

But on Feb. 14, the company announced a projected loss of 712.5 billion yen ($6.3 billion) in its nuclear business. To survive, Toshiba will have to sell off its profitable businesses piecemeal. To be sure, the company is in for massive restructuring.

The 2011 nuclear accident at the Fukushima plant was one of the indirect causes of Toshiba’s losses. Around the world, tighter regulations have been applied to nuclear power plants because of safety concerns, and Toshiba’s four nuclear plant construction projects in the United States became far more costly than anticipated.

The company has only itself to blame for underestimating the consequences of the Fukushima disaster.

I dropped in at the Toshiba Science Museum in Kawasaki, Kanagawa Prefecture, the other day. Its impressive array of exhibits included Japan’s first electric refrigerator, washing machine and vacuum cleaner. There was even a portable personal computer, said to be the first of its kind in the world.

Once a prestigious corporation that boasted cutting-edge technology, I wonder how long Toshiba’s decline will continue.

Overseas, Siemens AG of Germany withdrew from the nuclear business after the Fukushima accident, and France’s Areva SA is said to be struggling.

Toshiba’s massive losses remind us anew that the end is drawing near on the era of lucrative nuclear businesses.

A long, tough road lies ahead for the decommissioning of Fukushima’s nuclear reactors. I feel for Toshiba workers who are engaged in this task while their company languishes.

It will soon be six years since the Fukushima disaster. The days of having to confront the gravity of that accident are far from over.

http://www.asahi.com/ajw/articles/AJ201702160039.html

 

 

February 17, 2017 Posted by | Japan | , , | Leave a comment