Toshiba's New Zealand branch remains stable in uncertain landscape

Toshiba (Australia) Pty Limited New Zealand Branch has released its financial statements for the year ended 31 March 2014, and they indicate the company has remained stable for the past few years.

Sales revenue for the year grew almost imperceptibly to $70,336,798 in 2014 from $70,007,512 in 2013.

Cost of sales of goods and services totalled $54,023,510. In comparison, the 2013 figure for goods and services sales totalled $53,989,065.

Gross profit was at $16,313,288 in 2014, which again was a small change from the year prior where gross profit totalled $16,088,447.

Total income for the year ended 31 March 2014 came in at $2,465,711. In 2013, the New Zealand branch of Toshiba had a total comprehensive income of $1,216,402.

Total assets for last year was $13,334,840, which was is a decrease from 2013 when total assets equalled $18,627,976.

Liabilities, on the other hand, totalled $7,086,749 in 2014, which was almost double the liabilities figure from 2013 at $4,467,413.

Toshiba's net assets were less than half the value of the previous year. In 2014 this figure was $6,248,091 and in 2013 it was $14,160,563.

Toshiba (Australia) Pty Limited's directors Mark Whittard, Kiyofumi Kakudo and Fumio Otani, released a report with the financials.

They said during the year ended 31 March 2014 there were no significant changes in the nature of the company's activities.

The principal activities of the company were the importation and distribution of Toshiba information technology, communication and medical equipment, they said.

However, the fact that Toshiba 'discontinued operations in relation to the closure of a loss making operation' was dubbed a 'significant change in the state of affairs' for the financial year.

"The decision was made during the year to cease all operations and this operation was not sold for any consideration," the report says.