Toshiba's survival in doubt amid Westinghouse troubles

Toshiba's survival in doubt amid Westinghouse troubles

Toshiba's survival in doubt amid Westinghouse troubles

Toshiba, one of the biggest names in consumer electronics, has warned it is facing annual losses of more than £7bn and the future of the company is in doubt as a result of financial turmoil at its nuclear power plant construction business.

The company added that "there are material events and conditions that raise the substantial doubt about the company's ability to continue as a going concern".

The Japanese company had previously missed two deadlines for giving results as it grapples with billions of dollars in losses at its Westinghouse Electric nuclear power business.

Toshiba's auditors, PricewaterhouseCoopers (PwC) Aarata LLC, said forming an opinion about the correctness of Toshiba's financial results for its third fiscal 2016 quarter, was impossible.

"If Toshiba were restating past year's earnings, that would be one thing, but Aarata doesn't have the authority to reject EY's audit of past years", a senior FSA official said.

Japanese regulators must now decide whether Toshiba's report is enough even without the auditors' signoff.

Toshiba said its recent financial losses have reduced its assets, resulting in downgrades by credit rating agencies and a breach in the terms of some loans.

If Japanese regulators don't accept Toshiba's earnings report, Toshiba could be delisted from the Tokyo Stock Exchange.

The projected loss ballooned because of losses related to Westinghouse's bankruptcy filing last month, the company said.

Westinghouse's plight stems from a $6.1bn (£4.9bn) writedown because costs have overrun on the two plants CB&I is building in Georgia and SC, the first new U.S. nuclear power stations for decades.

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Toshiba reported unaudited earnings of a $4.8 billion loss from April-December and projected a $9.2 billion loss for the fiscal year that ended in March.

The net loss compares to previous estimates of 499 billion yen and 479.44 billion yen posted at the same time a year earlier.

Its auditor, PricewaterhouseCoopers Aarata, said it could not reach a conclusion in its review of the figures because of uncertainties related to the acquisition of U.S. nuclear construction company CB&I Stone and Webster.

To try fix its balance sheet, Toshiba is now selling a majority stake in its prized computer chip business.

Toshiba declined to comment on its chips business and Foxconn, formally known as Hon Hai Precision Industry (2317.TW), was not immediately available to comment.

The semiconductor business, which makes flash-memory chips for smartphones and computer servers, has drawn a bid of up to Yen3 trillion from Taiwan's Foxconn Technology Group, people familiar with the bid said earlier this week.

Toshiba Corp. President Satoshi Tsunakawa speaks during a press conference at the company's headquarters in Tokyo, Tuesday, April 11, 2017.

Toshiba says it will have no influence over who buys its majority stake in Westinghouse.

The company last month submitted a report detailing plans to improve internal controls.

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