Analysisreportof

Panasonic

09會計2班第7組1/19IntroductionofthecompanyAnalysisofthecompany’sfinancialstatements

Conclusion2/19CompanyProfilePanasonicCorporationisaJapan-basedelectronicsmanufacturer

3/19Analysisoffinancialstatements

1)Stockholderanalysis

2)Corporategovernance

3)Riskandreturn

4)Measuringinvestmentreturns

5)Selectionandoptimizationofcapitalstructure

6)Mechanicsofmovingtotheoptimal

7)Dividendpolicyandanalysis4/19CorporateGovernanceStructureThefollowingtableliststhenumberofsharesownedbytheDirectorsandCorporateAuditorsoftheCompanyasofJune24,2023.KunioNakamuraChairmanoftheBoardofDirectors91,600MasayukiMatsushitaViceChairmanoftheBoardofDirectors7,924,100FumioOhtsuboPresidentandDirector66,600ToshihiroSakamotoExecutiveVicePresidentandDirector42,278TakahiroMoriExecutiveVicePresidentandDirector41,060YasuoKatsuraExecutiveVicePresidentandDirector31,716......Thetotalis18,039,787sharesconstituting0.87%ofallissuedandoutstandingsharesoftheCompany’scommonstock,excludingitsownstock.

5/19StockholderanalysisThe10largestshareholdersofrecordandtheirshareholdingsasofMarch31,2023areasfollows:TheMasterTrustBankofJapan,Ltd.(trustaccount)116,8925.64%JapanTrusteeServicesBank,Ltd.(trustaccount)108,1895.22Moxley&Co.78,6093.79NipponLifeInsuranceCompany67,0003.23SumitomoMitsuiBankingCorporation57,0242.75PanasonicEmployeeShareholdingAssociation43,4462.09SSBTOD05OmnibusAccount-TreatyClients39,7001.91SumitomoLifeInsuranceCo.37,4081.80StateStreetBankandTrustCo.33,1171.59MitsuiSumitomoInsuranceCo.,Ltd.30,1051.45

Panasonicisnot,directlyorindirectly,ownedorcontrolledbyothercorporations,bytheJapanesegovernmentoranyforeigngovernmentorbyanynaturalorlegalpersonorpersonsseverallyorjointly.6/19RiskandReturnEquityPriceRiskQuantitativeandQualitativeDisclosuresaboutMarketRiskForeignExchangeRiskCommodityPriceRisk

InterestRateRisk7/19MeasuringinvestmentreturnsTotalcapitalinvestmentamountedto404billionyen,385billionyenand494billionyenforfiscal2023,2023and2023,respectively.Intheseyears,theCompanyintendedtocurbcapitalinvestmentinanumberofbusinessareas,inlinewithanincreasedmanagementemphasisoncashflowsandcapitalefficiency.Panasonichaslong-termproject,andisrelativelylong-term,suchaslong-termmonopolywashingmachines,electricfansandotherhouseholdappliances.Theprojectsinthefuturewillnotlikelytolookliketheprojectsinthepast.8/19SelectionandoptimizationofcapitalstructureInDec.2023，Panasonic’sbalancesheetasfollows：9/19Notethatthevaluesofdebtandequityadduptothefirm’svalue（D+E=V）D/V=(2847050+2029485)/7822870*100%=62.23%

E/V=2946335/7822870*100%=37.66%.D/E=(2847050+2029485)/2946335*100%=165%Thatistosay，Panasonichistoricallyheldsomuchlong-termdebt,andhaslong-termdebtinbadcondition,financialriskisbigger10/19Acompany'sratioofshortandlong-termdebtshouldalsobeconsideredwhenexaminingitscapitalstructure.Capitalstructureismostoftenreferredtoasafirm'sdebt-to-equityratio,whichprovidesinsightintohowriskyacompanyisforpotentialinvestors.Determininganoptimalcapitalisachiefrequirementofanyfirm’scorporatefinancedepartment.11/19MechanicsofmovingtotheoptimalActualdebtratioisdifferentfromits

recommended

debtratio

Doitgraduallyovertime

Takenewprojectswithdebtorequity12/19Dividendpolicyandanalysis

Firstly,dividendpolicyisthecorporationonwhethertoextenddividend,extendtheissueofhowmuchandwhen.Categories202320232023NetCashProvidedbyOperatingActivities

116,647522,333469,9195NetCashProvidedbyInvestingActivities

469,477

323,659

202,945

NetCashProvidedbyFinancingActivities

148,71256,973

354,627

13/19StockinformationNumberofSharesIssuedNumberofShareholdersJapaneseStockExchangeListingsOverseasStockExchangeListing2,453,053,497shares(Including382,760,101sharesheldbyPanasonic).364,618personsTokyo,OsakaandNagoyaStockExchangesNewYorkStockExchange14/19DividendDividendspaidtoPanasonicCorporationshareholdersCashdividendspaidtononcontrollinginterestsrepurchasestock20704millionsofyen12583millionsofyen432millionsofyen15/19DecisionFromthelistingabove,wecanknowthattreasurystockattheendoftheyearremainsalevel.SoIthinkthecorporationcanchoosethewaythattheybuybackastatednumberofsharesatafixedprice.Wewillnotsuggestthattheyreturncashtothestockholdersforthecompany’sfuture.BecauseIthinktheyneedcashtoinvestinordertoearnmoremoney.16/19Summary

MarketvalueMarketvalue(￥millions)

1,896,210.00Alreadyissuedcapital

2,453.05current

2,385.92Financialdatapershare(￥JPY)income

-164.02sales

4,198.67Bookvalue 1,008.74cash