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12 August 2017, 12:08 | Cedric Leonard
Toshiba reports long-delayed earnings, posts US$8.8b loss
However, the auditor, PricewaterhouseCoopers Aarata, issued a qualified opinion on Toshiba's statements Thursday, saying they were "mostly appropriate". Toshiba said it disagreed.
The auditor's sign-off reduces the immediate threat of Toshiba being delisted from the Tokyo Stock Exchange.
The auditor, PricewaterhouseCoopers Aarata, however, issued an "adverse opinion" on Toshiba's internal controls as the 142-year-old Japanese company overlooked huge losses linked to the now-defunct US nuclear power unit Westinghouse Electric.
Toshiba has met a deadline to report its long-awaited earnings results, reducing the risk that the firm will be delisted from the Tokyo Stock Exchange.
There had been growing worries that cash-strapped Toshiba may not make yesterday's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse.
Following PwC's sign-off, the Tokyo Stock Exchange is now reviewing Toshiba's governance to decide whether the firm can stay listed.
"For the TSE it all depends on whether Toshiba's (governance) system is improving or not ..."
In June, the company picked a consortium of state-backed Innovation Network Corp. of Japan, the state-owned Development Bank of Japan, U.S. investment fund Bain Capital and South Korean chipmaker SK Hynix Inc.as the preferred bidder for Toshiba Memory.
PwC also noted that losses at Toshiba's now bankrupt USA nuclear arm Westinghouse Electric were not booked in a timely manner. There was news published in one of the newspapers named Asahi newspaper about the auditors having an adverse opinion about the financial health of the company which would have got it delisted.
For Toshiba, which was downgraded to the second section of the Tokyo bourse this month, a loss of its status as a listed company would further thwart its ability to increase money, particularly for the investment-intensive chip business that it is trying to sell.
The legal dispute between Toshiba and Western Digital is scheduled to be examined by an worldwide court of arbitration between September and October with the process likely to take a year or more. If the losses were booked as per PwC's opinion, Toshiba would have recorded negative net worth - liabilities exceeding assets - for two consecutive years.
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