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4-Traders Homepage  >  Equities  >  Tokyo  >  Toshiba Corp    6502   JP3592200004

TOSHIBA CORP (6502)
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Toshiba : Disclosure of Progress in Respect Completion of the Sale of Shares of a Toshiba Consolidated Subsidiary to Westinghouse Electric Company

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11/24/2017 | 12:25pm CET

TOKYO, Japan, Nov. 24 -- Toshiba issued the following news release:

Toshiba Corporation (TOKYO: 6502) hereby announces that the sale of its 70 percent shareholding in Mangiarotti S.p.A (Mangiarotti) to Westinghouse Electric UK Holdings Limited (WECUK) was approved by the US Bankruptcy Court of New York on November 16 (in the US) and completed on November 23 (in Italy).

On October 31 2017, in "Notice on Agreement with Westinghouse Electric Company Regarding Transfer of Shares of Toshiba's Consolidated Subsidiary," Toshiba announced that it had reached agreement on the sale with WECUK and Westinghouse Electric Company. Mangiarotti was deconsolidated from Toshiba Group after this transaction.

As part of the transfer to WECUK, Toshiba wrote off 110 million euros (approx. 128 million US dollar) owed to it by Mangiarotti in the form of an outstanding loan and interest on the loan, which amount represented all of the Mangiarotti debt that Toshiba held.

Also on October 31, Toshiba agreed to proceed with a transaction whereby Toshiba Energy Systems & Solutions Corporation will acquire the 52 percent of the Nuclear Fuel Industries, Ltd. (NFI) shares owned by WECUK. This transaction is still being executed.

This document was posted showing the date: Nov. 24, 2017.

Targeted News Service, source News Service

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Financials ( JPY)
Sales 2018 5 041 B
EBIT 2018 470 000 B
Net income 2018 1 159 B
Debt 2018 351 B
Yield 2018 0,14%
P/E ratio 2018 1,55
P/E ratio 2019 12,91
EV / Sales 2018 0,32x
EV / Sales 2019 0,38x
Capitalization 1 284 B
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 350  JPY
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Satoshi Tsunakawa Executive President, CEO & Director
Naoto Nishida Senior Managing Executive Officer
Yasuo Naruke Director & Representative Senior Executive VP
Kouichi Ikeda Independent Outside Director
Ryoji Sato Independent Director
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