OREANDA-NEWS. Toshiba Corporation (TOKYO: 6502) today announced its consolidated results for the first quarter ( April-June) of fiscal year ( FY ) 2015, ending March 31, 20 16. All comparisons in the following are based on the same period a year earlier, unless otherwise stated.

While the US and UK witnessed accelerating growth, the Eurozone dipped slightly and the growth rate in Chin a declined to 7.0% . The impact of these factors resulted in slower growth in Southeast Asian economy .

J apan ’ s gross national product (GDP) registered negative growth for the first time in three quarters , reflecting restrictive factors including a decrease in consumer spendin g due to declin e in real income and a n export sl um p . Although c orpora te earnings as a whole reached the highest level , the domestic economy did not show signs of accelerat ion because of sluggish performance by the small - and medium - sized businesses that depend on domestic demand, and the accelerating move to shift business operations overseas .

I n these circumstances, Toshiba Group ’ s net sales decreased by 64.1 billion yen to 1, 349.9 2 billion yen (US \\$11,064.6 million). Although the Healthcare Systems & Services segment recorded higher sales , the Lifestyle Products & Services segment saw significantly lower sales due to a shift in focus to redefined sales te rritories . T he Group recorded an operating loss of - 11 .0 billion yen ( - US\\$ 89.8 million) , a decline of 58.7 billion yen. While t he Electronic Devices & Components segment saw lower operating income, the business remained solid, but the Energy & Infrastructure, Community Solutions, and Lifestyle Products & Services segments reported deteriorated operating income.

I ncome ( L oss) before income taxes and noncontro lling interests decreased by 47.5 billion yen to -17.3 billion yen ( - US \\$141.7 million). N et income (loss) attributable to shareholders of the Company de creased by 29.0 billion yen to -12.3 billion yen (- US \\$100.6 million).

E nergy & Infrastructure: Same Level of Sales and Deteriorated Operating Income (Loss) The Energy & Infrastructure segment saw level overall sales . While the Transmission & Distribution Systems business and Landis+Gyr AG recorded higher sales , the Solar Photovoltaic Systems business saw lower sales.

T he segment as a whole saw deteriorated operating income (loss) . Although Landis+Gyr AG recorded higher operating income, the Thermal & Hydro Power Systems, Solar Photovoltaic Systems and Railroad Systems businesses all saw lower operating income and the Nuclear Power Systems business saw deteriorated operating income.

Financial Position and Cash Flows for the First Quarter of FY 2015 Total assets increased by 106.6 billion yen from the end of June 2014 to 6,343.0 billion yen (U S\\$51,991.9 million). S hareholders’ equity, or equity attributable to the shareholders of the Company, was 1,099.2 billion yen (U S\\$9,010.1 million), an increase of 82.8 billion yen fr om the end of June 2014. T otal interest - bearing debt decreased by 28.8 b illion yen from the end of June 2014 to 1,427.2 billion yen (US\\$11,698.0 million) . A s a result of the foregoing, the shareholders’ equity ratio at the end of June 2015 was 17.3 %, a 1.0- point increase from the end of June 2014 , an d the debt - to - equity ratio was 130 %, a 13-point improvement from the end of June 2014. F ree cash flow decreased by 21.8 billion yen to -82.9 billion yen (US\\$- 679.6 million).