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

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UPDATE1: Toshiba to withdraw from nuclear plant construction, chairman to quit

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01/28/2017 | 11:23am CET

Toshiba Corp. will take no new orders related to the construction of nuclear power stations, with the company's chairman expected to resign over the massive write-down that has doomed the company's U.S. nuclear business, sources said Saturday.

The company's decision to cease taking orders effectively marks its withdrawal from the plant construction business.

Toshiba said Friday it will review nuclear operations and spin off its chip business to raise funds by selling a stake in the new chip company, covering the expected write-down in the nuclear business which could reach 700 billion yen ($6.08 billion).

After Toshiba ceases taking new orders, it will focus on maintenance and decommissioning operations. The company will continue work on four nuclear plants under construction in the United States that are expected to be completed by 2020.

The Japanese industrial conglomerate may announce company chairman Shigenori Shiga's resignation as soon as Feb. 14, when it reports its April-December financial results.

Shiga once served as president of Westinghouse Electric Co., the U.S. nuclear unit that it bought in 2006. The U.S. nuclear business could face a multibillion-dollar impairment loss with plant project delays leading to cost overruns.

Westinghouse Chairman Danny Roderick is also expected to step down while Toshiba President Satoshi Tsunakawa is likely to stay on, they said.

Shiga, Roderick and Tsunakawa took their current posts last June as Toshiba reshuffled its management following an accounting scandal that surfaced in 2015.

The post of Toshiba chairman is expected to remain vacant after Shiga's resignation.

Shiga was the vice president in charge of the power systems business when Westinghouse acquired CB&I Stone & Webster.

Westinghouse acquired CB&I Stone & Webster, a U.S. nuclear plant construction firm at the heart of the massive write-down problem, in late 2015. But Toshiba was unable to implement sufficient oversight of the unit's operations due to deficient knowledge of the construction business, one of the sources said.

==Kyodo

© Kyodo News International, Inc., source Newswire

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Financials ( JPY)
Sales 2017 5 492 830 M
EBIT 2017 -
Net income 2017 -355 603 M
Debt 2017 640 074 M
Yield 2017 0,14%
P/E ratio 2017 -
P/E ratio 2018 6,34
EV / Sales 2017 0,28x
EV / Sales 2018 0,23x
Capitalization 878 455 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 265  JPY
Spread / Average Target 28%
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Satoshi Tsunakawa Executive President & Director
Masayoshi Hirata Chief Financial Officer & Director
Naoto Nishida Senior Managing Executive Officer
Yasuo Naruke Director & Representative Executive Vice President
Kouichi Ikeda Independent Outside Director
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