Panasonic

A Progressive Digital Media business
COMPANY PROFILE
Panasonic Corporation
REFERENCE CODE: 878809E2-58B3-43EE-8C0E-FE2C3D74C773

PUBLICATION DATE: 24 Feb 2017
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TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview ........................................................................................................3

Key Facts ......................................................................................................................... 3
Tickers ............................................................................................................................. 4
Business Description .....................................................................................................5
History ............................................................................................................................. 6
Key Employees .............................................................................................................30
Key Employee Biographies .........................................................................................32
Major Products & Services ..........................................................................................33
Revenue Analysis .........................................................................................................35
SWOT Analysis .............................................................................................................36
Top Competitors ...........................................................................................................42
Company View ..............................................................................................................43
Locations And Subsidaries .........................................................................................44
Financial Overview .......................................................................................................46
Panasonic Corporation Page 2

MarketLine
Company Overview
Company Overview
COMPANY OVERVIEW
Panasonic Corporation (Panasonic or 'the company') manufactures and markets audio and video
equipment, automotive and industrial systems, home appliances and components and devices. The
company operates in Asia Pacific, North and Latin America, Europe, the Middle East and Africa. It is
headquartered in Osaka, Japan.
The company reported revenues of (Yen) JPY7,553,717 million for the fiscal year ended March 2016
(FY2016), a decrease of 2.1% over FY2015. In FY2016, the companys operating margin was 4.9%,
compared to an operating margin of 4.2% in FY2015. In FY2016, the company recorded a net margin of
2.6%, compared to a net margin of 2.3% in FY2015.
The company reported revenues of JPY1,854,537.0 million for the third quarter ended December 2016,
an increase of 6.2% over the previous quarter.
Key Facts
KEY FACTS
Head Office Panasonic Corporation

1006 Oaza Kadoma
Kadoma-shi
Osaka
Kadoma-shi
Osaka
JPN
Phone 81 6 69081121
Fax
Web Address www.panasonic.net
Revenue / turnover (JPY Mn) 7,553,717.0
Revenue (USD Mn) 67,162.1
Financial Year End March
Employees 249,520
Tokyo Stock Exchange Ticker 6752

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Company Overview
Tickers
TICKERS
6752

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Company Overview
Business Description
BUSINESS DESCRIPTION
Panasonic is a manufacturer of electronic and electric products for a range of consumer, business and
industrial use. The company operates 475 consolidated companies and 94 associated companies under
the equity method. Panasonic operates across Asia and Oceania, China and North Asia, the Middle East
and Africa, Europe and the Commonwealth of Independent States (CIS), Latin America and North
America.
The company organizes its business operations under five segments: automotive and industrial systems,
appliances, eco solutions, AVC networks and other.
The automotive and industrial systems segment includes development, manufacture and sales of
automotive related products (car-use-multimedia-related equipment, electrical components), energy
products (lithium-ion batteries, storage batteries, and dry batteries), industrial devices (electronic
components, electronic materials, automation controls, semiconductors, LCD panels, optical devices) and
factory solutions (electronic-component-mounting machines, welding equipment, and electric motors).
The appliances segment is engaged in the development and manufacture of consumer electronics (flat
panel televisions (TVs), refrigerators, washing machines, personal-care products, microwave ovens,
home audio equipment, video equipment, vacuum cleaners, rice cookers), air-conditioners (room air-
conditioners, large-sized air-conditioners), cold chain (showcases), devices (compressors, fuel cells) and
bicycle related products.
The eco solutions segment is comprised of development, manufacture and sales of lighting fixtures,
lamps, wiring devices, solar photovoltaic systems, water-related products, interior furnishing materials,
ventilation and air-conditioning equipment, air purifiers, and nursing-care-related products.
The AVC networks segment consists of development and manufacture of products such as aircraft in-
flight entertainment systems, personal computers, projectors, digital cameras, mobile phones,
surveillance cameras, fixed phones and faxes, and social infrastructure systems equipment.
The other segment includes detached housing, rental apartment housing, land and buildings for sale,
home remodeling, imported materials and components, among others. The company offers these
products and services through PanaHome Corporation business division.

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Company Overview
History
HISTORY
New Products/Services
Year: 2017
Panasonic launched organic complementary metal-oxide-semiconductor (CMOS) image sensor with

electrically controllable near-infrared light sensitivity.
Corporate Changes/Expansions
Year: 2017
The company increased its local production in Asia in order to further expand its business in the rapidly-
growing room air conditioner market in the region.
Contracts/Agreements
Year: 2017
Panasonic Information Systems signed an exclusive agreement with VOGO, one of the leaders in mobile
technology products that enhance in-venue fan engagement, to distribute VOGO's sports presentation
system for personal devices in Japan.
Year: 2017
The company developed low-temperature curing secondary mounting underfill material that improves
mounting reliability of automotive parts.
Year: 2017
Panasonic India launched its new air conditioners and washing machines for the Indian market.
Year: 2017
The companys subsidiary, Panasonic Semiconductor Solutions entered into an agreement with United
Microelectronics Corporation for mass production process for next-generation 40nm ReRAM.

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Company Overview
Plans/Strategy
Year: 2017
Panasonic announced plans to establish Panasonic Eco Solutions Solar New York America, a division of
Panasonic Corporation of North America, to manufacture and sell solar cells for the North American
market in Buffalo, New York, in the US.
Year: 2017
The company agreed to acquire all shares of TeraDiode, a laser supplier of high brightness direct diode
lasers (DDL) for industrial use.
Year: 2016
Panasonic and Tesla entered into an agreement to begin the manufacturing of PV cells and modules at
the Buffalo, New York factory. Panasonic announced an agreement with the Berliner Philharmoniker
(BPH) to collaborate on the development of audio-visual technologies enhancing 4K/HDR video and Hi-
Resolution audio platforms.
Plans/Strategy
Year: 2016
The company announced plans to reorganize overseas and domestic shareholding structure. This move
enables Panasonic to establish the platform of investment and financing that supports its businesses in
order to respond to future acceleration of the growth strategy overseas and to strengthen management of
the investment and collection in overseas and domestic subsidiaries.
Plans/Strategy
Year: 2016
Panasonic announced plans to start the local production of refrigerators and strengthen its R&D functions
in India. Also, the company announced plans to expand its appliances business in the South Asian
country by accelerating the localization of R&D, production and sales activities to develop products that
match the local needs.
Acquisitions/Mergers/Takeovers

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Company Overview
Year: 2016
The company announced the merger to absorb wholly-owned subsidiaries, Panasonic Industrial Devices
Materials Koriyama and Panasonic Industrial Devices Materials Yokkaichi.
Year: 2016
Panasonic Marketing Middle East & Africa FZE (PMMAF) launched new professional camcorder (HC-
PV100) in Lahore, Pakistan.
Year: 2016
Panasonic developed a flexible lithium-ion battery with a thickness of only 0.55mm, or about 0.022
inches. The rechargeable battery is suitable for use in card-type and wearable devices.
Year: 2016
The company acquired OpenSynergy GmbH, a German software company. OpenSynergy is a high-tech
company specializing in embedded automotive software for cockpit solutions. Through this acquisition,
Panasonic intends to integrate cockpit system and advanced driving assistance systems with a strong
focus on autonomous driving in the future.
Year: 2016
Panasonic Factory Solutions Company of America, a Panasonic group company, opened the cloud9
Innovation Center.
Year: 2016
Panasonic consolidated its Panasonic Appliances Compressor (Dalian) Co. and Panasonic Appliances
Cold Chain (Dalian) Co. to form a new company, the Panasonic Appliances Refrigeration System (Dalian)
Co., which will be responsible for the development, manufacturing, sales, construction, maintenance, as
well as servicing.

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Company Overview
Year: 2016
Panasonic Europe acquired Alan Dick Communications, one of the leading UK technology integration
specialists providing end-to-end telecoms-based services to the transportation and mobile telecoms
sectors. The acquisition of Alan Dick Communications which includes ADComms' companies IPS, AIB,
and Rail Order, provides Panasonic with an opportunity to expand into the rapidly-growing rail market,
incorporating mainline rail, London underground and other light metro infrastructure in the UK.
Year: 2016
Panasonic Enterprise Solutions Company acquired audio-video installation business of audio technology
specialist Pro Media. This acquisition strengthens the companys capacity to act as a master integrator
and contractor for audio and video solutions in stadiums, arenas, and other live entertainment venues.
Year: 2016
The company developed two types of connectors for connecting in-vehicle LED lamp modules to control
boards.
Year: 2016
PanaHome Asia Pacific, a wholly-owned subsidiary of PanaHome Corporation, together with Gobel
International entered into an agreement to establish PT. PanaHome Gobel Indonesia, a new company
focused on rolling out housing technologies and solutions in the local market.
Year: 2016
Panasonic created a new European solutions company, Panasonic System Solutions Europe (PSSEU)
that develops market specific solutions such as Panasonic devices, software, connectivity and third party
products, delivered with world class design engineering and project management.
Year: 2016
The company developed PA-N Relay, which helps programmable logic controller manufacturers develop

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Company Overview
products that meet new safety standards. Panasonic signed a memorandum of understanding with
Siemens to jointly develop automation standards for the electronics industry. The partnership focuses on
key concepts such as line integration and automation.
Year: 2016
The company, in collaboration with a professor at Nara Women's University, developed a thermal
sensation estimation method using the infrared array sensor Grid-EYE. This method recognizes the
human sensations of hot and cold by calculating heat loss based on the difference between human
surface temperature and ambient temperature. Panasonic developed a light diffusion type polypropylene
(PP) resin molding compounds, called FULL BRIGHT PP, which can extend the operating life of LEDs.
Year: 2016
Panasonic launched two new touch pad models, Toughpad FZ- F1 and FZ-N1. These models are mainly
used in transportation and logistics, manufacturing, retail and healthcare industries. They can be applied
in inventory management, shipping and receiving, delivery routing and parcel tracking, retail store line
busting and bar code medication administration.
Year: 2016
Panasonic acquired all the shares of Hussmann Parent, a parent company of Hussmann Corporation, a
major industrial refrigerated, freezer display case manufacturer. This acquisition enables the company to
combine Hussmanns strengths in customer relationship, maintenance and services with its wide range of
products and services.
Year: 2016
The company introduced two new PV solar panels to HIT product line. These models can perform at high
temperatures without affecting quality or efficiency. Panasonic introduced an energy-as-service platform,
Green Tower energy management solution, which reduces wireless telecomm infrastructure operational
costs.
Incorporation/Establishment
Year: 2016

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Company Overview
Panasonic along with Dalian Levear Electric established a new joint venture company to manufacture
automotive batteries in China. The company opened a new high-tech engineering and fabrication center
in Coppell, Texas, which supports fast-growing videoboard and digital signage business.
Plans/Strategy
Year: 2015
The company announced plans to absorb its wholly-owned subsidiary Panasonic Epco Energy Services.
Year: 2015
Panasonic opened a new plant in Suzhou, China through its subsidiary, Panasonic Ecology Systems. The
plant manufactures a new type of catalyst-coated diesel particulate filter. In the same month, Marubeni
Corporation (Marubeni), which is involved in the handling of products and provision of services in a broad
range of sectors, acquired a 30% stake of PDC, a subsidiary of the company. PDC is one of the leaders
in the digital signage market in Japan. Panasonic announced plans to split the company to integrate
Automotive Module Devices Business of its wholly-owned subsidiary, Panasonic Semiconductor
Solutions.
Year: 2015
The company and GS Yuasa International (GS Yuasa) signed a memorandum of understanding, under
which Panasonic agreed to transfer its Lead Acid Battery Business to GS Yuasa.
Year: 2015
Seven Dreamers Laboratories, Panasonic and Daiwa House Industry announced the start of a joint
development for the world's first laundry folding bot, laundroid. The company announced plans to
establish ventilation fan production base in Panasonic AVC Networks Company Baja California
(PAVCBC), a factory of Panasonic AVC Networks Company America (PAVCA), a division of Panasonic
Corporation of North America in Tijuana, Mexico. The base will produce ceiling mounted ventilation fans
for the North American market. Panasonic developed eneloop solar storage, a power storage system that
offers LED lighting for areas without mains electricity.
Year: 2015

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Company Overview
The company acquired a 51% share of Canada-based Quick Service Software (QSS), one of the leading
back office software (BOSW) providers in the North American quick service industry. Through this
acquisition, Panasonic will enhance its business-to-business operations by taking the advantage of
synergy between QSS' back office solutions and the company's products. Panasonic developed a blue-
violet semiconductor laser, which operates at output power of 4.5 watts. The company developed GaN
diodes, which operates at high current and at low voltages.
Year: 2015
Panasonic opened Wonder Life-BOX, a showcase that presents future lifestyles for 2020 and beyond at
the Panasonic Center Tokyo.
Year: 2015
The company launched the industry's smallest (as of June 1, 2015 based on Panasonic research) power
relays, HE-S Relay. Nippon Telegraph and Telephone Corporation (NTT) and Panasonic entered into an
agreement to achieve visual service innovations and evolution of user experience by 2020. NTT offers
advanced technology and innovative solutions in networking, communications, software, and cloud
computing.
Year: 2015
Panasonic entered into a partnership with DIVA Networks, a venture company in cloud services
development, for comprehensive global collaboration on cloud photo platforms. This agreement aims at
the integration of communications into digital cameras and creating products that will give users new
experiences in photography.
Year: 2015
The company and Panasonic Information Systems executed a share exchange agreement in order to
make Panasonic Information Systems a wholly-owned subsidiary of Panasonic. It also commenced
consultations concerning an assignment of business of Corporate Information Systems Company from
Panasonic to Panasonic Information Systems.
Year: 2015

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Company Overview
As part of its strategy to expand business opportunities in the education market in North America,
Panasonic acquired all shares of Video Insight, a developer of video management software. The
company developed a glass-molded aspheric lens measuring 75 millimeter in diameter. This new lens
can be used for interchangeable lenses for various cameras and projectors.
Plans/Strategy
Year: 2015
Panasonic announced plans to expand the production capacity of solar cells and modules for its solar
panels HIT at its two domestic plants. This expansion will help the company to add a combined
production capacity of 150 MW a year and will increase Panasonic's total solar module production
capacity of HIT to more than one gigawatt by March 2016.
Year: 2015
The company launched smallest semiconductor device, the PhotoMOS. This device consumes low
current and contributes to equipment downsizing. Panasonic launched smallest enhancement-mode
gallium nitride (GaN) power transistors (X-GaN) package.
Year: 2015
Panasonic, along with Sansha Electric MFG, developed a Silicon Carbide (SiC) power module, which
helps in the reduction of size of power switching systems such as industrial inverters and power supplies.
Year: 2015
Panasonic, Fujitsu, and DBJ completed the consolidation of the system LSI businesses of Fujitsu
Semiconductor and Panasonic.Also, Socionext, a new system LSI business, was established with a
capital contribution by DBJ.
Year: 2014
Panasonic developed the industry's thinnest battery connector corresponding to 6 ampere high current
capacity. This is useful in the connection of the battery to the electric circuit in smartphones, tablets, and
other wearable devices using embedded batteries.

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Company Overview
Year: 2014
Panasonic developed MEGTRON 7, a multi-layer circuit board material with very low transmission loss.
This product helps in improving signal processing performance of high-capacity and high-speed
transmission of high-end servers and routers.
Year: 2014
The company announced that it will launch its audio products under the Technics brand name again.
Panasonic's hi-fi audio systems were marketed around the world from 1965 to 2010 under the Technics
brand.
Year: 2014
Panasonic developed a stand-alone PV power package, for areas without electricity, the 'Power Supply
Container'; and a new wireless communication technology for machine-to-machine (M2M) sensor
networks.
Year: 2014
The company entered into an agreement with Minda Industries, to establish a joint venture company to
develop, manufacture and sell lead acid storage batteries in India. Through this joint venture company,
Panasonic can tap the growing lead acid storage batteries market in India. The company established a
new manufacturing company of lithium-ion batteries, Panasonic Energy Corporation (Panasonic Energy)
of North America in Sparks, Nevada, the US. Panasonic Energy will be built in the Tesla Gigafactory and
will produce and sell lithium-ion batteries.
Year: 2014
Panasonic announced an investment agreement with Ficosa International, one of the global tier 1
suppliers, to enter into a capital and business alliance. As part of the capital alliance, Panasonic will own
a 49% stake in Ficosa International through a combination of the subscription of newly issued shares, the
acquisition of treasury stock and the purchase of shares from Ficosa Inversion, the largest shareholder of
Ficosa International.

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Company Overview
Year: 2014
Innovation Network Corporation of Japan, Japan Display, Sony Corporation and Panasonic executed a
definitive agreement to establish JOLED, a new company which integrates the R&D functions of Sony
and the company for OLED display panels. According to the agreement, Innovation Network Corporation
of Japan and Japan Display will hold 75% and 15% of the voting rights in JOLED, respectively, and Sony
and Panasonic will hold 5% each.
Year: 2014
The company developed a microwave-controlled ultra-compact power converter. It is an all-integrated

power converter that allows in controlling power switches by microwave signals. Panasonic launched a
bamboo plant opal loudspeaker, which uses a diaphragm made with plant opals in bamboo leaves to
improve the quality of sound. The company developed a new type of lighting equipment, the Space
Player.
Year: 2014
Panasonic and Tesla Motors entered into a supply agreement for automotive-grade lithium-ion battery
cells. Panasonic's automotive grade lithium-ion battery cells will be used in Tesla's premium electric
sedan, Model S. Panasonic Environmental Systems & Engineering Co, a Panasonic group company,
developed a technology to recycle process chemicals such as solvents used in cleaning and other
processes in the electronic device production factories.
Year: 2014
Panasonic, Fujitsu and Development Bank of Japan (DBJ) signed a memorandum of understanding, in
which DBJ will make an investment and provide a line of credit for a new company which Fujitsu and
Panasonic will jointly establish. The new company will specialize in system LSI design and development.
Year: 2014
The company agreed with Mozilla to form a partnership to develop and promote the new Firefox
Operating System, an open platform based on HTML5 and other Web technologies, for next generation

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smart TVs. The new Firefox Operating System is expected to offer consumers increased personalized
and optimized access to Web and broadcasting content and services through the Internet.
Year: 2014
Panasonic entered into an agreement with Tesla Motors to construct a large-scale battery manufacturing
plant, the Gigafactory, in the US. According to the agreement, Tesla Motors will be engaged in the
preparation and management of the land, buildings and utilities, while Panasonic will manufacture and
supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other
manufacturing tools based on their mutual approval. Upon the completion, Panasonic will be able to
accelerate the expansion of the electric vehicle market.
Year: 2014
The company and KKR, a global investment firm, completed a share purchase agreement and a
shareholders' agreement, according to which Panasonic and KKR have become joint partners of
Panasonic Healthcare. This agreement will help the company to strengthen its Panasonic Healthcare's
business by leveraging the business resources of both the entities.
Year: 2014
The company decided to absorb Panasonic Appliances Motor Expert, a wholly-owned subsidiary of
Panasonic. The merger aims at strengthening the company's position in the field of motor business.
Year: 2014
Viessmann Group and Panasonic jointly developed a new fuel cell cogeneration system, the first polymer
electrolyte fuel cell (PEFC) fuel cell system available for single-homes in Europe. It will be sold by
Viessmann, starting in Germany. Panasonic established 'A Better Life, A Better World' as its new brand
slogan in 2013 to reflect its vision of expanding and pursuing a better life for each individual customer.
Stock Listings/IPO
Year: 2013
Panasonic announced its delisting from the New York Stock Exchange.

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Company Overview
Stake Sale
Year: 2013
Panasonic announced the transfer of shares in Panasonic Healthcare Co. to PHC Holdings, a company
affiliated with investment funds advised by Kohlberg Kravis & Roberts & Co.
Year: 2013
Panasonic announced the development of a new residential distribution panelboard called the 'Smart
Cosmo.' This newly developed distribution panelboard will play a central role in power distribution and
information management in the home and is capable of supporting various functions.
Year: 2013
Panasonic released a new power choke coil for automotive applications, featuring one of the lowest DC
resistances in the industry, and a compact size. The new power choke coil is suitable for power supply
circuits of Electronic Control Units (ECUs) for gasoline, HEV and EV vehicles. Panasonic set up a R&D
center in Singapore to reinforce overseas R&D on encapsulation materials mainly used for power
devices.
Year: 2013
Panasonic developed high precision, wide field of view millimeter-wave technologies that are able to
separately detect cars, pedestrians and bicycles in less than 0.1 seconds, on the condition that they are
separated by 20cm .These technologies can be utilized in detection sensors to avoid accidents occurring
at intersections, accelerating the adoption of advanced safety support systems.
Year: 2013
The company announced that it will begin mass production of microcomputers with mounted ReRAM, a
type on non-volatile memory. Panasonic and Gorenje Group entered into a long-term strategic alliance
that will leverage the combined strengths and capabilities of the two companies, contribute to the
profitability of both partners and improve their competitiveness in Europe, to the benefit of consumers.

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Company Overview
Year: 2013
Panasonic announced the start of full-scale production at its solar module manufacturing factory in
Malaysia. The factory produces the company's HIT solar modules, with an annual production capacity of
300 MW. Panasonic developed the industry's first nickel-cadmium battery capable of charging and
discharging at temperatures as low as -40C (-40F). The new Panasonic Cadnica GT Series batteries
are designed to operate at a wide range of temperatures, from extreme cold temperatures of -40C to
temperatures as high as 60C (140F). Panasonic also developed a highly effective water purification
system using a newly developed photocatalyst. This system is capable of effective detoxification of
polluted water by harmful heavy metals, such as arsenic, chromium, and persistent organic matter at a
reaction rate of up to 100 times that of conventional methods.
Year: 2013
The company aims to increase the penetration of Home Energy Management Systems (HEMS) in the
market for a Smart Grid society.
Year: 2013
The alliance covers joint R&D, and sharing of selected manufacturing platforms for selected product
categories (washing machines, refrigerators and built-in ovens); and the sales network and marketing
know-how for distribution throughout Europe.
Year: 2013
The company entered into an agreement with Minebea Co. to transfer all of its shares in their joint
venture of Minebea Motor Manufacturing Corporation to Minebea and dissolve their alliance. Minebea
Motor Manufacturing Corporation is engaged in the development, manufacturing and sale of small motors
for electronic devices and information equipment. Panasonic signed a memorandum of understanding
with Fujitsu to consolidate the design and development functions of the system LSI business of
Panasonic and Fujitsu Semiconductor, a wholly-owned subsidiary of Fujitsu. Under the terms of the
agreement, both the companies would establish a new company under the fabless business model,
enabling LSI design and development functions.
Year: 2013
The company and Panasonic Information Systems executed a share exchange agreement in order to
make Panasonic Information Systems a wholly-owned subsidiary of Panasonic. It also commenced

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Company Overview
consultations concerning an assignment of business of Corporate Information Systems Company from

Panasonic to Panasonic Information Systems.
Year: 2013
The company entered into an agreement with Atos K.K., a subsidiary of Atos SE (Societas Europaea), to
jointly develop technology-based solutions for the Tokyo 2020 Olympic and Paralympic Games.
Year: 2013
Panasonic and Tesla Motors reached an agreement, under which Panasonic will expand its supply of
automotive-grade lithium-ion battery cells to Tesla. With this agreement, the two companies update and
expand their 2011 arrangement to supply nearly 2 billion cells over the course of four years.
Year: 2013
The company concluded a share transfer agreement to sell Panasonic Logistics to Nippon Express.
Panasonic and its subsidiary, SANYO Electric Co., entered into plea agreements with the US Department
of Justice, agreeing to pay fines to resolve claims that they violated the US antitrust laws. These
agreements relate to the sale of certain automotive components, and cylindrical lithium ion battery cells
used in notebook computer battery packs. Sony and Panasonic signed a basic agreement with the
objective of jointly developing a next-generation standard for professional-use optical discs.
Commercial Operation
Year: 2013
The company announced that it will end the production of plasma display panels and stop business
operations at the Amagasaki P3 factory, Amagasaki P5 factory and Amagasaki P4 factory.
Year: 2013
To strengthen the competitiveness of its semiconductor business, the company announced structural
reforms to the semiconductor business of Automotive & Industrial Systems Company. These reforms
include the transfer of the 8-inch and 12-inch semiconductor wafer manufacturing process to a new
company, closure of the Okayama factory, and optimization of the number of employees in the
semiconductor business. The company announced that it will form a new company through incorporation-

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Company Overview
type company split and transfer its existing light source business to the newly formed company. After the
completion of the split, the newly formed company will conduct an absorption-type merger with Panasonic
Lighting Kagawa Co (a wholly-owned subsidiary of Panasonic). The company split will enable the
company to deal with the changes in the lighting source business such as the growing demand for
energy-saving LED lighting lamps.
Stake Sale
Year: 2012
Panasonic announced the transfer of all the shares of SANYO DI Solutions Co., the digital camera and
digital movie camera business of its subsidiary SANYO Electric, to AP26, which has a capital subscription
from a fund with services provided by Advantage Partners. The company signed an agreement to absorb
Panasonic Eco Solutions Power Tools, a wholly-owned subsidiary.
Plans/Strategy
Year: 2012
Panasonic announced plans to expand its LED lighting business in Europe with the launch of a 40W
equivalent LED lamp Clear Type.
Year: 2012
Panasonic announced a new series of portable USB Mobile Power Supplies as auxiliary power sources
for mobile devices, such as smartphones and tablet personal computers (PCs) for the Japanese market.
Year: 2012
The company began licensing its newly developed low power consumption high-speed broadband
powerline communication technology HD-PLC Eco. The new HD-PLC Eco technology realizes about 90%
reduction of power consumption in comparison with existing HD-PLC adapters.
Year: 2012
The company announced the merger of Panasonic System Solutions Japan Co., Panasonic System
Solutions Infrastructure Co., and Panasonic System Solutions Infrastructure Co.
Research and Development

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Company Overview
Year: 2011
Panasonic established the Panasonic Research and Development Center India (PRDCI) in Gurgaon,
Haryana.
Plans/Strategy
Year: 2011
Panasonic announced plans to establish a company in Malaysia that will serve as its new solar
manufacturing base. The company would invest JPY45,000 million (approximately $526.5 million) in the
facility, which would have an annual production capacity of 300MW. Panasonic developed a new
technology for fitting hearing aids. The company started clinical evaluation of this method in cooperation
with the University of Fukui.
Plans/Strategy
Year: 2011
Panasonic announced plans to expand its smartphone business to the European market.
Year: 2011
Panasonic developed thermoelectric tubes for compact geothermal electricity generation and waste heat
recovery. This will help in capturing unused or wasted heat from hot springs and factory. Panasonic also
launched VIERA Connect Developers, a public web portal, to invite IPTV application developers to write
applications for its VIERA Connect cloud-based TV service. SANYO Electric, a subsidiary of Panasonic,
signed a memorandum of understanding to transfer its consumer and commercial use washing machine
businesses, consumer use refrigerator business and its white goods sales divisions of four countries in
Southeast Asia to Haier Group.
Year: 2011
Panasonic developed technologies for new MOS image sensors by improving the sensitivity of the
company's Maicovicon MOS image sensor and suppressing uneven color and brightness.
Year: 2011

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Panasonic delivered its in-car Display-Audio system compatible with the new MirrorLink smartphone-to-
car connectivity standard for the Toyota iQ city car sold by Toyota Motor Europe. The company
announced that it will supply lithium-ion batteries for Toyota Motor Corporation's Prius Plug-in Hybrid.
Year: 2011
Panasonic launched a new line of environmentally-friendly appliances made with recycled resources. The
new recycled source series of products includes a refrigerator, a rice cooker, a washer/dryer, and a
vacuum cleaner, which incorporate recycled resin and vacuum insulation made from recycled glass.
Year: 2011
Tokyo Gas and Panasonic jointly developed a new model of their 'Ene-Farm' home fuel cell. The new
product, manufactured by Panasonic, would be sold by Tokyo Gas. Semiconductor Company of
Panasonic developed a four-channel LED driver LSI that can drive multiple LEDs connected in series for
edge-type LED backlight LCD TVs.
Year: 2011
Seven Dreamers Laboratories, Panasonic and Daiwa House Industry announced the start of a joint
development for the world's first laundry folding bot, laundroid. The company announced plans to
establish ventilation fan production base in Panasonic AVC Networks Company Baja California
(PAVCBC), a factory of Panasonic AVC Networks Company America (PAVCA), a division of Panasonic
Corporation of North America in Tijuana, Mexico. The base will produce ceiling mounted ventilation fans
for the North American market.
Year: 2011
Panasonic and the UNESCO World Heritage Centre entered into a strategic partnership agreement to
promote sustainable development through World Heritage conservation and environmental education.
Year: 2011
Innovation Network Corporation of Japan and Panasonic signed an agreement for the transfer of the
Mobara plant of Panasonic Liquid Crystal Display, a subsidiary of Panasonic, to Japan Display.

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Year: 2011
Panasonic, Hangzhou DADI Environmental Protection Engineering Co., DOWA Holdings Co., and
Sumitomo Corporation entered into an agreement to form a jointly-held company in China, Panasonic
DADI DOWA Summit Recycling Hangzhou Company. The company will engage in the recycling of home
appliances and electronics.
Year: 2011
Panasonic also announced that it will supply its electric drive system for Suzuki Motor Corporation's e-
Let's electric scooter.Panasonic, Samsung Electronics, SanDisk Corporation, Sony Corporation and
Toshiba Corporation signed an agreement to collaborate on a new content protection technology for flash
memory cards such as SD Cards and other storage devices.
Year: 2011
Panasonic agreed with the government of the Republic of Singapore to collaborate on the development
and field-testing of total energy solutions at Punggol Eco-Town. Panasonic, Samsung Electronics, Sony
Corporation and X6D collaborated on the development of a new technology standard for consumer 3D
active glasses, under the name 'Full HD 3D Glasses Initiative.' Panasonic signed an agreement to absorb
Panasonic Electric Works Co., a wholly-owned consolidated subsidiary of Panasonic. The company also
decided to absorb Panasonic Electronic Devices Co., and Panasonic Electronic Devices Japan Co.
Panasonic developed a LUMIX twin-lens 3D digital camera, which enables users to take 3D photos and
3D HD videos.
Year: 2011
Panasonic and British Gas entered into an agreement pursuant to which, British Gas would offer
Panasonic Group's HIT Solar photovoltaic (PV) panels to its customers.
Year: 2011
Panasonic announced the sale of its vehicle-oriented nickel-metal hydride battery business to Hunan
Corun New Energy.

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Company Overview
Year: 2010
Panasonic invested $30 million in Tesla Motors. The investment was made through the purchase of
common stock in a private placement at a price of $21.15 per share. The investment builds upon a multi-
year collaboration of the two companies to accelerate the market expansion of the electric vehicle.
Year: 2010
Panasonic announced a technology tie-up with RealD. The companies would work together to evaluate
next generation technologies that would enable higher quality user experience in 3D viewing.
Stake Sale
Year: 2009
Panasonic sold its stake in Toshiba Matsushita Display Technology (a joint venture with Toshiba that
develops, manufactures and sells LCDs and organic light-emitting diode (OLED)) to Toshiba.
Year: 2009
Panasonic developed an 85-inch Full HD Plasma Display and an ultrahigh accurate three-dimensional
profilometer for high precision components.
Year: 2008
The company commercialized the stacked coin-type electric double layer capacitor with long life features,
which is guaranteed for a long life of 2000 hours at 85C, and is the first such capacitor in the industry.
The company developed GaN integrated circuits (ICs) for the receiver in future millimeter-wave
communication systems. The developed amplifier IC achieved the gain of 22dB at 26GHz, the world
highest value in GaN-based ICs at such high frequencies.
Year: 2008
Matsushita Electric changed its name to Panasonic and all its brands were consolidated under Panasonic

MarketLine
Company Overview
name. The company announced plans to abandon the National brand name once it unified with
Panasonic.
Year: 2008
Panasonic and SANYO Electric entered into a Capital and Business Alliance Agreement. As per the
agreement, Panasonic and SANYO formed a close alliance in business with the prospect of
organizational restructurings of both companies.
Year: 2007
Panasonic developed a Gallium Nitride (GaN) power transistor with the ultra-high breakdown voltage over
10000V. This breakdown voltage is supposed to be five times higher than previously reported highest
values in GaN power transistors. The new GaN transistor is applicable to high-voltage and low-loss power
switching devices.
Year: 2007
Matsushita introduced seven new VIERA 1080p full high-definition TVs, including six plasma TVs with
screen size ranging from 42 inches diagonal to 65 inches and one LCD TV with 37 inches diagonal
screen.
Year: 2007
The company established Panasonic Vietnam, the holding company of Panasonic Group companies in
Vietnam, and Panasonic Semiconductor (Suzhou), its semiconductor manufacturing subsidiary in
Jiangsu, China.
Year: 2007
The company's US subsidiary, Panasonic Corporation of North America, established a Panasonic

Hollywood Blu-ray Testing Center (PHBTC) within the facilities of Panasonic Hollywood Laboratory and
started testing services.

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Company Overview
Year: 2006
The company launched Blu-ray Disc entertainment title for Blu-ray Disc read-only media (BD-ROM)
authoring service for movie studios at Panasonic Hollywood Laboratory in Universal City, California.
Panasonic Mobile Communications, a subsidiary of Matsushita, and NEC established a new company,
Esteemo. Panasonic Automotive Systems Company (PAS), a division company of Matsushita,
established Panasonic Automotive Systems Asia Pacific in Thailand.
Year: 2006
The company developed a prototype of a 103-inch plasma display panel (PDP) with 1080p (progressive)
HDTV resolution. The company developed an interchangeable-lens digital SLR camera, the LUMIX DMC-
L1. Also, the company acquired the assets and intellectual property rights and technology of Tropian, a
California based company that developed the polar modulation techniques for use in wireless transmitter
applications.
Year: 2006
Matsushita, NEC, NEC Electronics, Panasonic Mobile Communications and Texas Instruments signed an
agreement to establish a new joint venture company, Adcore-Tech, at the Yokosuka Research Park in
Yokosuka, Japan.
Year: 2004
The company introduced the 1GB SD Memory Card, first in the Japanese market, followed by distribution
throughout the world.
Divestiture
Year: 2004
ADM announced its plans to build a state-of-the-art cocoa processing facility in Kumasi, Ghana and also
opened its first wholly owned US biodiesel production facility in Velva, North Dakota.
Year: 2004

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Company Overview
Amagasaki plant of Matsushita Plasma Display Panel (MPDP) (Hyogo Prefecture, Japan) started
operations.
Divestiture
Year: 2001
Matsushita liquidated its mobile phone company in the UK and absorbed a number of its wholly owned
subsidiaries. Matsushita divided and transferred its liquid-crystal display (LCD) business and all other
related businesses to Toshiba Matsushita Display Technology, the company's joint venture with Toshiba.
The company restructured its business to eliminate duplication of businesses and clarify business
domains as strategic business units. Each business unit was made an independent profit center.
Stake Sale
Year: 1999
The company bought a 9% stake in Symbian, a consortium created by several companies including
Psion, Nokia and Motorola.
Business / Operations Closure
Year: 1998
The company closed its North American semiconductor operations due to poor performance and acquired
a stake in Mobile Broadcasting to introduce digital TVs.
Year: 1995
The company marketed its first consumer digital video camera.
Year: 1990
The company acquired MCA, a diversified international entertainment conglomerate engaged in the
production and distribution of theatrical, TV and home video products.
Year: 1988
Matsushita Electric Trading merged with Matsushita Electric Industrial.

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Company Overview
Year: 1985
Matsushita established Panasonic Finance in the US.
Year: 1976
Two years later, the company established Microelectronics Technology, a research and development
(R&D) company, in the US.
Year: 1974
The company acquired Motorola TV Division and established Quasar Company.
Year: 1972
The company established Matsushita Electric Singapore.
Stock Listings/IPO
Year: 1971
Matsushita Electric was listed on the New York Stock Exchange.
Year: 1964
The company's first video cassette recorder was marketed and eventually its subsidiary, JVC, developed
the vertical helical scan (VHS) format.
Year: 1962
The company established National Panasonic, a sales company in Europe.

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Company Overview
Year: 1961
The company established National Thai.
Year: 1959
The company established Matsushita Electric Corporation of America.
Year: 1952
The company entered into a technical cooperation agreement with Dutch manufacturer Philips and
produced its first black and white TV and moved into the consumer goods market.
Year: 1939
The company established Matsushita Dry Battery's Shanghai factory to produce dry batteries for
communications.
Year: 1935
Matsushita Electric Industrial was incorporated.
Research and Development
Year: 1932
The company set up an export trading department to carry out research and market development.
Incorporation/Establishment
Year: 1918
The history of Panasonic dates back when Konosuke Matsushita established Matsushita Electric
Industrial (Matsushita) as Matsushita Electric Housewares Manufacturing Works. The company launched
its first product electric attachment plug.

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Company Overview
Key Employees
KEY EMPLOYEES
Name Job Title Board

Shusaku Nagae Chairman Non Executive Board
Masayuki Oku Director Non Executive Board
Yoshinobu Tsutsui Director Non Executive Board
Hiroko Ota Director Non Executive Board
Kazuhiko Toyama Director Non Executive Board
Toshiyuki Takagi Executive Officer Senior Management
Masahiro Ido Executive Officer Senior Management
Satoshi Takeyasu Executive Officer Senior Management
Junichiro Kitagawa Executive Officer Senior Management
Shinji Sakamoto Executive Officer Senior Management
Yuki Kusumi Executive Officer Senior Management
Yoshiyuki Iwai Executive Officer Senior Management
Makoto Ishii Executive Officer Senior Management
Toru Nishida Executive Officer Senior Management
Kazuhiro Murata Executive Officer Senior Management
Hiroyuki Aota Executive Officer Senior Management
Masaki Arizono Executive Officer Senior Management
Masashi Yamada Executive Officer Senior Management
Michiko Ogawa Executive Officer Senior Management
Hirotoshi Uehara Executive Officer Senior Management
Eiichi Katayama Executive Officer Senior Management
Mitsuki Wada Executive Officer Senior Management
Tatsuo Katakura Executive Officer Senior Management
Kenji Tamura Executive Officer Senior Management
Thomas Gebhardt Executive Officer Senior Management
Akira Kono Executive Officer Senior Management
Masashi Nagayasu Executive Officer Senior Management
Manish Sharma Executive Officer Senior Management
Kazunori Takami Executive Vice President Executive Board
Takashi Toyama Managing Director Executive Board
Jun Ishii Managing Director Executive Board
Laurent Abadie Managing Executive Officer Senior Management
Joseph Taylor Managing Executive Officer Senior Management
Hidetoshi Osawa Managing Executive Officer Senior Management
Yukio Nakashima Managing Executive Officer Senior Management

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Company Overview
Masahisa Shibata Managing Executive Officer Senior Management

Makoto Kitano Managing Executive Officer Senior Management
Daizo Ito Managing Executive Officer Senior Management
Kazuhiro Tsuga President Executive Board
Hideaki Kawai Senior Managing Director Executive Board
Yoshiyuki Miyabe Senior Managing Director Executive Board
Yoshio Ito Senior Managing Director Executive Board
Tamio Yoshioka Senior Managing Director Executive Board
Yasuji Enokido Senior Managing Director Executive Board
Mototsugu Sato Senior Managing Director Executive Board
Tetsuro Homma Senior Managing Director Executive Board
Masayuki Matsushita Vice Chairman of the Board Non Executive Board

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Company Overview
Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Kazuhiro Tsuga
Board:Executive Board
Job Title:President
Since:2012
Mr. Tsuga has been the President at Panasonic since 2012. Prior to this position, he served as the
President of AVC Networks Company from 2011, and served concurrently as a Senior Managing Director
and a member of the Board. From 2008 to 2011, Mr. Tsuga served as the President of Panasonic's
Automotive Systems Company while serving as Managing Executive Officer at the company. Previously,
he served in various positions of increasing management responsibility within the company, particularly in
technology management. From 2001 to 2004, Mr. Tsuga directed the Advanced Appliances Development
Center for audiovisual technologies at the company. He joined the company in 1979.

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Company Overview
Major Products & Services
MAJOR PRODUCTS & SERVICES

Panasonic manufactures and markets audio and video equipment, automotive and industrial systems,
home appliances and components and devices. The company's key products include the following:
Products:
Eco solutions:
Lighting fixtures
Electric lamps (including LED lighting)
Solar PV systems
Wiring devices
Interior furnishing materials
Water-related products
Ventilation and air-conditioning equipment
Air purifiers
Nursing-care-related products
Appliances:
Flat panel TVs

Air conditioners
Refrigerators
Washing machines
Personal-care products
Microwave ovens
Home audio equipment
Video equipment
Compressors
Showcases
Large-sized air conditioners
Vacuum cleaners
Rice cookers
Bicycle related products
Fuel cells
AVC networks:
Aircraft in-flight entertainment systems

PCs
Cameras
Projectors
Mobile phones
Surveillance cameras

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Company Overview
Fixed-phones and faxes

Social infrastructure systems equipment
Automotive and industrial systems:
Car-use-multimedia-related equipment
Electrical components
Lithium-ion batteries
Storage batteries
Dry batteries
Electronic components
Electronic materials
Automation controls
Semiconductors
LCD panels
Optical devices
Electronic-components-mounting machines
Welding equipment
Electric motors
Other:
Detached housing
Rental apartment housing
Land and buildings for sale
Home remodeling
Imported materials and components
Brands:
Panasonic

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Company Overview
Revenue Analysis
REVENUE ANALYSIS
Overview
Panasonic recorded revenues of JPY7,553,717 million ($62,695.9 million) in FY2016, a decrease of 2.1%
compared to FY2015. For FY2016, Japan, the company's largest geographic market, accounted for
47.7% of the total revenues.
The company generates revenues through five business segments: automotive and industrial systems
(33.5% of the total revenues in FY2016), appliances (26.7%), eco solutions (18%), AVC networks
(13.7%) and other (8%).
Revenues by segment
In FY2016, the automotive and industrial systems segment recorded revenues of JPY2,540,754 million
($21,088.3 million), a decrease of 3.2% compared to FY2015.
The appliances segment recorded revenues of JPY2,026,816 million ($16,822.6 million) in FY2016, a
decrease of 4.6% compared to FY2015.
The eco solutions segment recorded revenues of JPY1,366,863 million ($11,345 million) in FY2016, a
decrease of 2.4% compared to FY2015.
The AVC networks segment recorded revenues of JPY1,040,160 million ($8,633.3 million) in FY2016, an
increase of 1.5% over FY2015.
The other segment recorded revenues of JPY610,023 million ($5,063.2 million) in FY2016, a decrease of
2.8% compared to FY2015.
Revenues by geography
Japan, Panasonic's largest geographical market, accounted for 47.7% of the total revenues in FY2016.
Revenues from Japan reached JPY3,601,794 million ($29,894.9 million) in FY2016, a decrease of 2.4%
compared to FY2015.
North and South America accounted for 16.4% of the total revenues in FY2016. Revenues from North
and South America reached JPY1,241,379 million ($10,303.4 million) in FY2016, an increase of 1.9%
over FY2015.
Europe accounted for 9.3% of the total revenues in FY2016. Revenues from Europe reached JPY701,931
million ($5,826 million) in FY2016, a decrease of 3.8% compared to FY2015.
Asia and other regions accounted for 26.6% of the total revenues in FY2016. Revenues from Asia and
other regions reached JPY2,008,613 million ($16,671.5 million) in FY2016, a decrease of 3.2% compared
to FY2015.

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Company Overview
SWOT Analysis
SWOT ANALYSIS
Panasonic manufactures and markets audio and video equipment, information and communications
equipment, home appliances and components and devices. The company is one of the largest electronic
product manufacturers in the world. The company has consistently innovated technologies and products
through its strong R&D function. However, intense competition could affect its business performance.
Strength Weakness
Technological innovations and product development Unfunded employee pension benefits

capabilities
Broad product portfolio
Strong market position garnered on strong brand
image
Opportunity Threat
Strategic agreements and acquisitions Increase in counterfeit products

Favorable trends in the global consumer electronics Intense competition
market Rapid technological changes
Growing global solar PV market
Strength
Technological innovations and product development capabilities
Panasonic is one of the largest electronic product manufacturers in the world. The company has
consistently innovated technologies and products through its strong R&D function. Panasonic consists of
various business domain companies, each of which has its distinct R&D, production, and sales functions.
The company incurred JPY449,828 million ($3,733.5 million) in R&D expenditure in FY2016, which
equated to 6% of total sales.
The R&D activities have helped the company to extend its technological leadership globally. For instance,
in 2015, the company launched smallest semiconductor device, the PhotoMOS. The device consumes
low current and contributes to equipment downsizing. Further in the same year, Panasonic launched
smallest enhancement-mode GaN power transistors (X-GaN) package. Also in 2015, Panasonic launched
smallest power relays, HE-S Relay, and developed a blue-violet semiconductor laser, which operates at
output power of 4.5 watts. In the same year, the company developed GaN diodes, which operates at high
current and at low voltages. Panasonic developed eneloop solar storage, a power storage system that
offers LED lighting for areas without mains electricity in 2015.
The company introduced two new PV solar panels to HIT product line in 2016. These models can perform
at high temperatures without affecting quality or efficiency. In the same year, Panasonic launched two

MarketLine
Company Overview
new touch pad models, Toughpad FZ- F1 and N1, which are the lightest fully rugged models. These
models are mainly used in transportation and logistics, manufacturing, retail and healthcare industries.
They can be applied in inventory management, shipping and receiving, delivery routing and parcel
tracking, retail store line busting and bar code medication administration. Further in 2016, the company
developed FULL BRIGHT PP resin molding compounds, which can extend the operating life of LEDs. The
company also developed a flexible lithium-ion battery with a thickness of only 0.55mm, or about 0.022
inches. The rechargeable battery is suitable for use in card-type and wearable devices. During the year,
PMMAF launched new professional camcorder (HC-PV100) in Lahore, Pakistan. Furthermore, in 2017,
Panasonic India launched its new air conditioners and washing machines for the Indian market. The
company also developed low-temperature curing secondary mounting underfill material that improves
mounting reliability of automotive parts. Panasonic launched organic CMOS image sensor with electrically
controllable near-infrared light sensitivity.
Thus, large-scale R&D spending and significant technological innovations allow the company to cater to
changing preferences with ease, which, in turn, enhances its competitive advantage and increases its
profitability.
Broad product portfolio
Panasonic offers a wide range of products. Its business segments include automotive and industrial
systems, appliances, eco solutions, AVC networks, and other. Panasonic's automotive and industrial
systems segment offers products such as car-use-multimedia-related equipment, electrical components,
lithium-ion batteries, storage batteries, lithium-ion batteries, electronic components-mounting machines,
and welding equipment, among others. The appliances segment is engaged in the development and
manufacture of home appliances, personal care products and health enhancing products. It also offers
commercial-use heating/refrigeration/air conditioning equipment. The eco solutions segment offers
lighting fixtures, electric lamps, wiring devices, interior furnishing materials, water-related products,
ventilation and air-conditioning equipment and air purifiers, among others. The AVC networks segment
offers products such as aircraft in-light entertainment systems, PCs, digital cameras, and social
infrastructure systems equipment, among others. The other segment includes detached housing, rental
apartment housing, land and buildings for sale, home remodeling, imported materials and components,
among others.
The company's presence in various product segments allows it to offset weak performance in one or two
product segments. The company's automotive and industrial systems segment accounted for 33.5% of
the total revenues in FY2016, followed by appliances (26.7%), eco solutions (18%), AVC networks
(13.7%) and the balance (8%) revenues were generated from its other segment. Thus, extensive and
broad product offerings enable Panasonic to consolidate its market position through wider customer
reach. Additionally, it allows the company to address multiple customer segments, apart from insulating it
from any significant fall in demand for any specific product or segment.
Strong market position garnered on strong brand image
Panasonic is one of the leaders in the development of electronic technologies and solutions for customers
in the consumer electronics, housing, automotive, enterprise solutions and device industries. The
company operates 475 consolidated companies and 94 associated companies under the equity method.

MarketLine
Company Overview
The company has the leading market position in most of its business segments. The company not only
has strong market position but also has a strong brand image. Panasonic was ranked among the top 100
best global brands in 2016 by an industry source specializing in brand services and activities. The
company was also ranked among Japan's best global brands in 2016 by the same source. Thus, a strong
market position coupled with brand recognition imparts significant competitive edge to the company in
terms of scale and recognition, which, in turn, augurs well for the company's business.
Weakness
Unfunded employee pension benefits
Panasonic has significant unfunded pension obligations. The company and certain subsidiaries have
contributory, funded benefit pension plans covering substantially all employees who meet eligibility
requirements. Benefits under the plans are primarily based on the combination of years of services and
compensation. In FY2016, Panasonic's pension obligations totaled JPY2,396,814 million ($19,893.6
million) as compared to the planned assets of JPY1,936,803 million ($16,075.5 million), resulting into an
unfunded status of JYP460,011 million ($3,818.1 million). Significant unfunded pension benefit obligation
may force the company to make additional cash contributions toward bridging the gap between pension
obligations, which, in turn, reduces cash available for growth initiatives.
Opportunity
Strategic agreements and acquisitions
Panasonic has signed a number of agreements and also made few acquisitions in the recent past, which
would help it to grow and take advantage of future opportunities. For instance, in 2015, Panasonic
entered into a partnership with DIVA Networks, a venture company in cloud services development, for
comprehensive global collaboration on cloud photo platforms. This agreement aims at the integration of
communications into digital cameras and creating products that will give users new experiences in
photography. In the same year, as part of its strategy to expand business opportunities in the education
market in North America, Panasonic acquired all shares of Video Insight, one of the leading developers of
video management software. Also in 2015, NTT and Panasonic entered into an agreement to achieve
visual service innovations and evolution of user experience by 2020. NTT offers advanced technology
and innovative solutions in networking, communications, software, and cloud computing. The company
also acquired a 51% share of Canada-based QSS, one of the leading BOSW providers in the North
American quick service industry. Through this acquisition, Panasonic will enhance its business-to-
business operations by taking the advantage of synergy between QSS' back office solutions and the
company's products.
In 2016, Panasonic acquired all the shares of Hussmann Parent. As part of its growth strategy, Panasonic
expects to generate sales of JPY2,500 billion ($20.8 billion) in business-to-business solutions by 2018, of
which JPY300 billion ($2.5 billion) will be derived from food distribution business. The acquisition of
Hussmann Parent will help the company to drive its growth strategy. Panasonic along with Dalian Levear
Electric established a new joint venture company, Panasonic Automotive Energy Dalian Co., to

MarketLine
Company Overview
manufacture automotive batteries in China. The new joint venture company is expected to start
production in 2017. During the year, the company entered into a memorandum of understanding with
Siemens to jointly develop automation standards for the electronics industry with focus on key concepts
such as line integration and automation, Through this collaboration, both the partners aim to develop
standardized line integration concepts not only for individual production lines but also as overarching
integration concepts for all process steps at the factory level, and as enterprise-wide automation
standards for globally distributed production networks. In the same year, Panasonic Enterprise Solutions
Company acquired audio-video installation business of audio technology specialist Pro Media. This
acquisition strengthens the companys capacity to act as a master integrator and contractor for audio and
video solutions in stadiums, arenas, and other live entertainment venues. Panasonic Europe acquired
Alan Dick Communications, one of the leading UK technology integration specialists providing end-to-end
telecoms-based services to the transportation and mobile telecoms sectors. The acquisition of Alan Dick
Communications which includes ADComms' companies IPS, AIB, and Rail Order, provides Panasonic
with an opportunity to expand into the rapidly-growing rail market, incorporating mainline rail, London
underground and other light metro infrastructure in the UK. The company also acquired OpenSynergy
GmbH, a German software company. Through this acquisition, Panasonic intends to realize a next-
generation integrated cockpit system, as well as integrate cockpit system and advanced driving
assistance systems with a strong focus on autonomous driving in the future. In 2017, Panasonic
Information Systems signed an exclusive agreement with VOGO, one of the leaders in mobile technology
products that enhance in-venue fan engagement, to distribute VOGO's sports presentation system for
personal devices in Japan.
These strategic agreements and acquisitions will provide the company with a strong platform for growth
across various markets and also help in its long term growth.
Favorable trends in the global consumer electronics market
The demand for consumer electronics is expected to increase in the next few years, especially in the
emerging markets. According to the industry estimates, the global consumer electronics market is
expected to grow at a compound annual growth rate (CAGR) of more than 2.5% during 201520, driven
primarily by increasing household income levels, availability of innovative technological products and
rising awareness. Also, the US and China are expected to dominate the consumer electronics market
with a combined market share of over 30%. Panasonic is one of the leading players in the global
consumer electronics market. Therefore, the company can increase its sales from this category amidst
the increasing demand.
Growing global solar PV market
The global solar PV market has been registering strong growth in the recent times. According to industry
sources, the global solar installations reached nearly 75 gigawatts in 2016 and is expected to reach 105
gigawatts in 2021. Furthermore, China, the US and Japan were the largest markets for solar PV in 2016,
while the largest contributors in terms of absolute growth are China, the US, Japan and India.
Panasonic began full-scale production at its solar module manufacturing factory in Malaysia in 2013. The
factory produces the company's HIT solar modules, with an annual production capacity of 300 MW. With
the integrated manufacture of wafers to solar cells and modules, the Malaysian factory enables

MarketLine
Company Overview
Panasonic to strengthen cost competitiveness through reduced transportation costs and the use of local
materials. At the same time, as a strategic base for production of solar modules for the global market, the
factory also allows the company to cope flexibly with changing demand around the world. In FY2015,
sales for HIT PV battery modules were increased in Japan due to higher efficiency and performance. In
2016, Panasonic introduced two new PV solar panels to HIT product line. These models can perform at
high temperatures without affecting quality or efficiency. Furthermore, in 2016, the company announced
that its PV module achieved the worlds highest energy conservation efficiency of 23.8% at research
level. It was achieved with the development of Panasonics proprietary heterojunction technology for high-
efficiency solar cells and modules.
With these developments in place, the company can take the advantage of increasing demand for solar
PV market.
Threat
Increase in counterfeit products
The electronics manufacturing industry is struggling to compete with black market, parallel import and
smuggled goods. Panasonic faces a strong threat from these goods as the company manufactures
consumer electronics. The spread of counterfeit goods has become global in recent years and the range
of goods subject to infringement has increased significantly. According to the Intellectual Property Rights
(IPR) Seizure Statistics by Customs and Border Protection (CBP) Office of International Trade, the
number of IPR seizures in the US reached 31,560 in 2016, an increase of about 9% compared to 2015.
China remained the primary source country for counterfeit goods, accounting for 45% of all IPR seizures
by the manufacturer's suggested retail price (MSRP). Furthermore, according to the European
Commission, the number of detention cases registered by customs reached over 80,000 in 2015. Low
quality counterfeits reduce consumer confidence in branded products. Panasonic's product sales could be
affected due to the widespread counterfeits.
Intense competition
The company operates in a highly competitive environment. It faces intense competition from a number of
national and international companies and numerous local and regional companies. Several of these
competitors, such as Sony, LG and Samsung, are large, well-established companies. Competition in the
global market is based on a number of factors including performance, innovation, product features,
quality, cost, selling price, distribution, and financial incentives, such as cooperative advertising,
marketing funds, volume rebates, and terms. If the company is not able to maintain the product quality
and consumer loyalty, intense competition could reduce the sales volume of the company, thereby
hampering its market position. Furthermore, the entry of sizable new players would further intensify the
competition in the electronics market and drive prices down. This could put pressure on the company's
profitability.
Rapid technological changes
Panasonic is mainly engaged in the manufacture of audio and video equipment, information and

MarketLine
Company Overview
communications equipment, home appliances and other devices. The market for these products is highly
competitive as the functionality of these products is subject to constant technological changes. Panasonic
is one the largest TV makers in the world. The company is experiencing lower-than-expected sales of
TVs. Owing to decline in demand, the company exited the plasma TV market in 2013. Furthermore,
according to industry sources, in early 2015, Panasonic ceased the production of TVs in China. In 2016,
the company announced plans to close its unprofitable television screen manufacturing business.
The camera industry is characterized by rapid technological changes, evolving industry standards,
changing market conditions and frequent new product and service introductions and enhancements.
Technical advancement for digital cameras is very fast as products are becoming more sophisticated. In
order to compete effectively, the company has to continually introduce new products that achieve market
acceptance. The introduction of products using new technologies or the adoption of new industry
standards can make existing products, or products under development, obsolete or unmarketable. Unless
the company adapts to the latest emerging technology in the market and introduces new products and
services, its business may be adversely affected. The company has to continuously invest in product
development irrespective of fluctuations in its earnings.
Companies like Panasonic have to also compete with the manufacturers of camera phones. Nokia and
other mobile manufacturers have partnered with lens makers like Carl Zeiss to improve the quality of
photographs and phones. The appeal of camera phones has also increased as social networking sites
like Facebook and Twitter enable users to upload and share a photo as soon as it is taken. Thus, rapid
technological changes could hamper Panasonic's growth. Regular investment is important to develop new
products and technologies in order to keep up with competitors.

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Company Overview
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Panasonic Corporation
AB Electrolux
Canon Inc.
Harman International Industries, Incorporated
Koninklijke Philips N.V.
LG Electronics, Inc.
Samsung Electronics Co., Ltd.
Sony Corporation

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Company Overview
Company View
COMPANY VIEW
A joint statement by Shusaku Nagae, the Chairman of the Board at Panasonic, and Kazuhiro Tsuga, the
President at Panasonic, is given below. The statement has been taken from the company's Annual
Report for FY2016.
Panasonic achieved the management goals outlined in its Cross-Value Innovation 2015 (CV2015) mid-
term management plan one year in advance in fiscal 2015. Undertaking a variety of measure in fiscal
2016, the company shifted its focus toward generating profit by expanding sales in fiscal 2016 in order to
achieve sustainable growth. As a result, we have successfully bolstered our profit structure and secured
an increase in earnings. Despite these positive developments, we are unable to adequately address the
changes in business environment. Impacted by a various factors, including the strong yen, Panasonic
recorded a downturn in sales in the fiscal year under review.
While our unwavering commitment to growth when we set the fiscal 2019 sales target 10 trillion yen
remains intact, we decided to review our approach toward growth after taking into consideration the
aforementioned circumstances. Reflecting once again on the original principle that profit shows how much
we contribute to customers, we have renewed our commitment to realizing profit growth over the medium
term in order to continue contributing to customers.
With this is mind, we have positioned fiscal 2017 as a year during which we will lay the foundation for
future growth and invest in growing business areas in an effort to achieve our profit goals for fiscal 2019.
In addition to strengthening upfront investments in businesses that can be expected to experience high
rates of growth, we will continue to undertake strategic investments totaling 1 trillion yen. Moving forward,
we will continue to promote Cross-Value Innovation in order to create new value by combining the
strengths of both the company and its business partners.
As the focus shifts increasingly toward publicly listed company following the introduction of Japans
Corporate Governance Code, the requests and expectations of stakeholders can be expected to become
more sophisticated and diverse in nature. Against this backdrop, we will strengthen our structure and
systems in order to better address environmental, social and governance (ESG) concerns while
enhancing our corporate value. So please stay tuned to Panasonic.

MarketLine
Company Overview
Locations And Subsidaries
LOCATIONS AND SUBSIDARIES
Head Office
1006 Oaza Kadoma
Kadoma-shi
Osaka
Kadoma-shi
Osaka
JPN
Phone:81 6 69081121
www.panasonic.net
Other Locations and Subsidiaries
Panasonic (Malaysia) SDN BHD Panasonic Asia Pacific Pte. Ltd.

Level 8, Wisma Panasonic 2 Jalan Kilang Road
Lot 10, Jalan 13/2 Panasonic Building Singapore
Petaling Jaya SGP
Selangor Phone:65 6222 7222
Petaling Jaya Fax:65 6299 1212
Selangor www.panasonic.com/sg/home
MYS
www.panasonic.com.my
Panasonic Australia Pty Ltd. Panasonic Canada Inc.
1 Innovation Road 5770 Ambler Drive
Sydney Mississauga
New South Wales Ontario
Sydney Mississauga
New South Wales Ontario
AUS CAN
www.panasonic.com/au panasonic.ca
Panasonic India Pvt. Ltd Panasonic Manufacturing Philippines Corporation
SPIC Building Ortigas Avenue Extension
Chennai Taytay
Tamil Nadu Rizal 1920
Chennai PHL
Tamil Nadu Phone:63 2 635 2260
IND Fax:63 2 284 2301
Phone:91 44 22301952 www.panasonic.com.ph
Fax:91 44 22301951
Panasonic Marketing Middle East & Africa FZE. Panasonic New Zealand Ltd.

MarketLine
Company Overview
Jebel Ali Freezone Extension 18 Sir Woolf Fisher Drive, Highbrook

Dubai East Tamaki
Dubai Auckland
Dubai East Tamaki
Dubai Auckland
ARE NZL
Panasonic System Communications Company of North Panasonic UK
America Panasonic House
5th Floor (Engineering) Willoughby Road
6th Floor, Two Riverfront Plaza Bracknell
Newark Berkshire RG12 8FP
New Jersey GBR
Newark Phone:44 344 8443899
New Jersey www.panasonic.com/uk
USA
www.panasonic.com/business-solutions/contact-
psc.asp

MarketLine
Company Overview
Financial Overview
FINANCIAL OVERVIEW
Summarized Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters Currency 2012 2013 2014 2015 2016

Income Statements
Total Revenue JPY 7,846,216.00 7,303,045.00 7,736,541.00 7,715,037.00 7,553,717.00
Gross Profit JPY 1,981,701.00 1,883,157.00 2,097,672.00 2,187,824.00 2,213,718.00
Operating Income JPY -519,436.00 -227,785.00 193,282.00 325,880.00 367,020.00
Net Income JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Diluted Normalized EPS JPY -175.64 -216.98 79.45 93.40 102.99
Balance Sheet
Total Current Assets JPY 2,906,040.00 2,494,083.00 2,653,992.00 3,412,740.00 3,054,359.00
Total Assets JPY 6,601,055.00 5,397,812.00 5,212,994.00 5,956,947.00 5,596,982.00
Total Current Liabilities JPY 2,879,504.00 2,599,159.00 2,437,859.00 2,732,800.00 2,380,900.00
Total Liabilities JPY 4,671,269.00 4,133,780.00 3,664,842.00 4,133,654.00 3,891,926.00
Total Equity JPY 1,929,786.00 1,264,032.00 1,548,152.00 1,823,293.00 1,705,056.00
Total Common Shares JPY 2,311.70 2,311.66 2,311.56 2,311.26 2,321.00
Outstanding
Cash Flow
Cash from Operating JPY -36,891.00 338,750.00 581,950.00 491,463.00 398,680.00
Activities
Cash from Investing JPY -303,002.00 16,406.00 12,128.00 -138,008.00 -274,274.00
Activities
Cash from Financing JPY -53,094.00 -491,058.00 -532,315.00 257,615.00 -308,031.00
Activities
Net Change in Cash JPY -400,415.00 -78,128.00 96,184.00 687,941.00 -266,144.00
Detailed Statement
*Note: Eliminations not included, all figures in Million except per share data.
Parameters Currency 2012 2013 2014 2015 2016

Income Statements
Revenue JPY 7,846,216.00 7,303,045.00 7,736,541.00 7,715,037.00 7,553,717.00
Total Revenue JPY 7,846,216.00 7,303,045.00 7,736,541.00 7,715,037.00 7,553,717.00
Cost of Revenue, Total JPY 5,864,515.00 5,419,888.00 5,638,869.00 5,527,213.00 5,339,999.00
Gross Profit JPY 1,981,701.00 1,883,157.00 2,097,672.00 2,187,824.00 2,213,718.00
Selling/ General/ Admin. JPY 1,158,624.00 942,416.00 1,034,949.00 1,106,512.00 1,113,148.00

MarketLine
Company Overview
Expenses, Total
Research & Development JPY 520,217.00 502,223.00 478,817.00 457,250.00 449,828.00
Depreciation/ Amortization JPY 259,135.00 277,582.00 278,792.00 242,149.00 235,033.00
Unusual Expense JPY 563,161.00 388,721.00 111,832.00 56,033.00 48,689.00
(Income)
Total Operating Expense JPY 8,365,652.00 7,530,830.00 7,543,259.00 7,389,157.00 7,186,697.00
Operating Income JPY -519,436.00 -227,785.00 193,282.00 325,880.00 367,020.00
Other, Net JPY -284,521.00 -158,012.00 22,230.00 -142,299.00 -153,476.00
Net Income Before Taxes JPY -812,844.00 -398,386.00 206,225.00 182,456.00 217,048.00
Provision for Income JPY 9,767.00 384,673.00 89,665.00 -1,981.00 14,537.00
Taxes
Net Income After Taxes JPY -822,611.00 -783,059.00 116,560.00 184,437.00 202,511.00
Minority Interest JPY 43,972.00 20,918.00 -1,203.00 -16,881.00 -21,810.00
Equity In Affiliates JPY 6,467.00 7,891.00 5,085.00 11,929.00 12,555.00
Net Income Before Extra. JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Items
Net Income JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Income Available to Com JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Excl ExtraOrd
Income Available to Com JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Incl ExtraOrd
Dilution Adjustment JPY 0.00 0.00 0.00 0.00 0.00
Diluted Net Income JPY -772,172.00 -754,250.00 120,442.00 179,485.00 193,256.00
Diluted Weighted Average JPY 2,312.17 2,311.68 2,311.62 2,311.61 2,317.51
Shares
Diluted EPS Excluding JPY -333.96 -326.28 52.10 77.64 83.39
ExtraOrd Items
Diluted Normalized EPS JPY -175.64 -216.98 79.45 93.40 102.99
DPS - Common Stock JPY 10.00 0.00 13.00 18.00 25.00
Primary Issue
Balance Sheet
Cash & Equivalents JPY 610,986.00 497,957.00 592,467.00 1,298,878.00 1,014,410.00
Short Term Investments JPY 483.00 0.00 0.00 0.00 0.00
Cash and Short Term JPY 611,469.00 497,957.00 592,467.00 1,298,878.00 1,014,410.00
Investments
Accounts Receivable - JPY 936,598.00 882,575.00 933,975.00 913,039.00 764,837.00
Trade, Net
Total Receivables, Net JPY 1,009,642.00 939,327.00 1,007,433.00 992,094.00 823,552.00
Total Inventory JPY 830,266.00 786,845.00 750,681.00 762,670.00 756,448.00
Other Current Assets, JPY 454,663.00 269,954.00 303,411.00 359,098.00 459,949.00
Total

MarketLine
Company Overview
Total Current Assets JPY 2,906,040.00 2,494,083.00 2,653,992.00 3,412,740.00 3,054,359.00

Property/ Plant/ JPY 4,393,443.00 4,737,131.00 4,510,000.00 4,522,194.00 4,382,550.00
Equipment, Total - Gross
Accumulated JPY -2,659,160.00 -3,061,703.00 -3,084,551.00 -3,147,363.00 -3,081,375.00
Depreciation, Total
Property/ Plant/ JPY 1,734,283.00 1,675,428.00 1,425,449.00 1,374,831.00 1,301,175.00
Equipment, Total - Net
Goodwill, Net JPY 757,417.00 512,146.00 461,191.00 457,103.00 461,992.00
Intangibles, Net JPY 345,751.00 223,013.00 213,878.00 172,898.00 155,700.00
Long Term Investments JPY 136,735.00 138,652.00 156,506.00 175,824.00 198,525.00
Note Receivable - Long JPY 315,144.00 138,326.00 115,298.00 137,845.00 145,974.00
Term
Other Long Term Assets, JPY 405,685.00 216,164.00 186,680.00 225,706.00 279,257.00
Total
Total Assets JPY 6,601,055.00 5,397,812.00 5,212,994.00 5,956,947.00 5,596,982.00
Accounts Payable JPY 851,013.00 791,786.00 937,015.00 983,305.00 942,244.00
Accrued Expenses JPY 749,495.00 713,314.00 799,959.00 887,585.00 835,479.00
Notes Payable/ Short JPY 0.00 195,609.00 43,157.00 10,887.00 0.00
Term Debt
Current Port. of LT Debt/ JPY 633,847.00 284,695.00 41,581.00 249,644.00 21,728.00
Capital Leases
Other Current liabilities, JPY 645,149.00 613,755.00 616,147.00 601,379.00 581,449.00
Total
Total Current Liabilities JPY 2,879,504.00 2,599,159.00 2,437,859.00 2,732,800.00 2,380,900.00
Long Term Debt JPY 941,768.00 663,091.00 557,374.00 712,385.00 680,291.00
Capital Lease Obligations JPY 0.00 0.00 0.00 0.00 23,900.00
Total Long Term Debt JPY 941,768.00 663,091.00 557,374.00 712,385.00 704,191.00
Total Debt JPY 1,575,615.00 1,143,395.00 642,112.00 972,916.00 725,919.00
Deferred Income Tax JPY 0.00 90,183.00 89,393.00 50,927.00 42,214.00
Minority Interest JPY 47,780.00 40,241.00 38,286.00 169,259.00 149,258.00
Other Liabilities, Total JPY 802,217.00 741,106.00 541,930.00 468,283.00 615,363.00
Total Liabilities JPY 4,671,269.00 4,133,780.00 3,664,842.00 4,133,654.00 3,891,926.00
Common Stock, Total JPY 258,740.00 258,740.00 258,740.00 258,740.00 258,740.00
Additional Paid-In Capital JPY 1,117,530.00 1,110,686.00 1,109,501.00 984,111.00 979,895.00
Retained Earnings JPY 1,535,689.00 769,863.00 878,742.00 1,021,241.00 1,165,282.00
(Accumulated Deficit)
Treasury Stock - Common JPY -247,018.00 -247,028.00 -247,132.00 -247,548.00 -230,533.00
Unrealized Gain (Loss) JPY 9,555.00 -4,791.00 5,790.00 17,420.00 21,851.00
Other Equity, Total JPY -744,710.00 -623,438.00 -457,489.00 -210,671.00 -490,179.00
Total Equity JPY 1,929,786.00 1,264,032.00 1,548,152.00 1,823,293.00 1,705,056.00
Total Liabilities & JPY 6,601,055.00 5,397,812.00 5,212,994.00 5,956,947.00 5,596,982.00

MarketLine
Company Overview
Shareholders' Equity
Total Common Shares JPY 2,311.70 2,311.66 2,311.56 2,311.26 2,321.00
Outstanding
Cash Flow
Net Income/ Starting Line JPY -816,144.00 -775,168.00 121,645.00 196,366.00 215,066.00
Depreciation/ Depletion JPY 338,112.00 339,367.00 331,083.00 286,528.00 274,761.00
Non-Cash Items JPY 497,324.00 679,584.00 -166,191.00 -48,895.00 -87,323.00
Changes in Working JPY -56,183.00 94,967.00 295,413.00 57,464.00 -3,824.00
Capital
Cash from Operating JPY -36,891.00 338,750.00 581,950.00 491,463.00 398,680.00
Activities
Capital Expenditures JPY -456,468.00 -320,168.00 -201,735.00 -224,162.00 -241,836.00
Other Investing Cash Flow JPY 153,466.00 336,574.00 213,863.00 86,154.00 -32,438.00
Items, Total
Cash from Investing JPY -303,002.00 16,406.00 12,128.00 -138,008.00 -274,274.00
Activities
Financing Cash Flow JPY -23,723.00 -11,514.00 -18,494.00 -30,969.00 -13,421.00
Items
Total Cash Dividends Paid JPY -21,912.00 -11,559.00 -11,558.00 -36,985.00 -46,322.00
Issuance (Retirement) of JPY -363.00 -27.00 -109.00 -417.00 -107.00
Stock, Net
Issuance (Retirement) of JPY -7,096.00 -467,958.00 -502,154.00 325,986.00 -248,181.00
Debt, Net
Cash from Financing JPY -53,094.00 -491,058.00 -532,315.00 257,615.00 -308,031.00
Activities
Foreign Exchange Effects JPY -7,428.00 57,774.00 34,421.00 76,871.00 -82,519.00
Net Change in Cash JPY -400,415.00 -78,128.00 96,184.00 687,941.00 -266,144.00
Cash Interest Paid JPY 28,636.00 25,244.00 0.00 0.00 16,880.00
Cash Taxes Paid JPY 76,679.00 61,715.00 0.00 0.00 112,706.00
Summarized Interim Statement
Income Statements Currency Mar-2016 (3 Jun-2016 (3 Sep-2016 (3 Dec-2016 (3

Months) Months) Months) Months)
Net Income JPY 33,036.00 21,741.00 98,161.00 55,483.00
Gross Profit JPY 573,787.00 501,579.00 502,055.00 537,193.00
Diluted Normalized EPS JPY 23.13 9.41 42.28 24.63
Operating Income JPY 63,682.00 66,763.00 77,692.00 93,577.00
Total Revenue JPY 1,882,403.00 1,748,513.00 1,746,978.00 1,854,537.00
Balance Sheet Currency Mar-2016 Jun-2016 Sep-2016 Dec-2016

MarketLine
Company Overview
Total Current Assets JPY 3,054,359.00 2,766,473.00 3,090,212.00 3,407,664.00

Total Current Liabilities JPY 2,380,900.00 2,369,693.00 2,255,305.00 2,418,644.00
Total Equity JPY 1,705,056.00 1,528,010.00 1,592,631.00 1,835,236.00
Total Assets JPY 5,596,982.00 5,399,889.00 5,731,952.00 6,145,007.00
Total Liabilities JPY 3,891,926.00 3,871,879.00 4,139,321.00 4,309,771.00
Total Common Shares JPY 2,321.00 2,320.99 2,320.98 2,320.97
Outstanding
Cash Flow Currency Mar-2016 (12 Jun-2016 (3 Sep-2016 (6 Dec-2016 (9
Net Change in Cash JPY -266,144.00 -326,216.00 7,748.00 132,036.00
Cash from Financing Activities JPY -308,031.00 -80,793.00 331,544.00 300,660.00
Cash from Operating Activities JPY 398,680.00 26,164.00 29,389.00 111,707.00
Cash from Investing Activities JPY -274,274.00 -192,246.00 -256,433.00 -310,241.00
Detailed Interim Statement
Income Statements Currency Mar-2016 (3 Jun-2016 (3 Sep-2016 (3 Dec-2016 (3

Net Income JPY 33,036.00 21,741.00 98,161.00 55,483.00
Provision for Income Taxes JPY -73,166.00 36,839.00 -6,722.00 22,614.00
Income Available to Com Excl JPY 33,036.00 21,741.00 98,161.00 55,483.00
ExtraOrd
Net Income Before Extra. JPY 33,036.00 21,741.00 98,161.00 55,483.00
Items
Gross Profit JPY 573,787.00 501,579.00 502,055.00 537,193.00
Diluted Normalized EPS JPY 23.13 9.41 42.28 24.63
Diluted Net Income JPY 33,036.00 21,741.00 98,161.00 55,483.00
Operating Income JPY 63,682.00 66,763.00 77,692.00 93,577.00
Selling/ General/ Admin. JPY 478,332.00 434,647.00 424,360.00 441,263.00
Expenses, Total
Unusual Expense (Income) JPY 31,773.00 169.00 3.00 2,353.00
DPS - Common Stock Primary JPY 15.00 0.00 10.00 0.00
Issue
Net Income Before Taxes JPY -37,448.00 58,835.00 94,350.00 78,654.00
Cost of Revenue, Total JPY 1,308,616.00 1,246,934.00 1,244,923.00 1,317,344.00
Total Operating Expense JPY 1,818,721.00 1,681,750.00 1,669,286.00 1,760,960.00
Income Available to Com Incl JPY 33,036.00 21,741.00 98,161.00 55,483.00
ExtraOrd
Equity In Affiliates JPY 1,035.00 3,130.00 2,274.00 3,480.00
Minority Interest JPY -3,717.00 -3,385.00 -5,185.00 -4,037.00

MarketLine
Company Overview
Total Revenue JPY 1,882,403.00 1,748,513.00 1,746,978.00 1,854,537.00

Diluted EPS Excluding JPY 14.23 9.37 42.28 23.91
ExtraOrd Items
Diluted Weighted Average JPY 2,320.92 2,321.37 2,321.75 2,320.97
Shares
Other, Net JPY -100,421.00 -9,838.00 16,967.00 -15,338.00
Revenue JPY 1,882,403.00 1,748,513.00 1,746,978.00 1,854,537.00
Net Income After Taxes JPY 35,718.00 21,996.00 101,072.00 56,040.00
Balance Sheet Currency Mar-2016 Jun-2016 Sep-2016 Dec-2016
Accounts Payable JPY 942,244.00 895,270.00 900,615.00 980,885.00
Cash and Short Term JPY 1,014,410.00 688,048.00 1,022,012.00 1,146,300.00
Investments
Cash & Equivalents JPY 1,014,410.00 688,048.00 1,022,012.00 1,146,300.00
Accrued Expenses JPY 835,479.00 795,238.00 754,142.00 804,738.00
Additional Paid-In Capital JPY 979,895.00 979,891.00 980,289.00 980,822.00
Treasury Stock - Common JPY -230,533.00 -230,539.00 -230,547.00 -230,564.00
Current Port. of LT Debt/ JPY 21,728.00 22,789.00 24,531.00 24,782.00
Capital Leases
Total Debt JPY 725,919.00 725,503.00 1,125,102.00 1,124,818.00
Intangibles, Net JPY 155,700.00 234,969.00 229,487.00 242,228.00
Minority Interest JPY 149,258.00 135,355.00 135,226.00 146,568.00
Notes Payable/ Short Term JPY 0.00 0.00 0.00 0.00
Debt
Total Long Term Debt JPY 704,191.00 702,714.00 1,100,571.00 1,100,036.00
Total Liabilities & JPY 5,596,982.00 5,399,889.00 5,731,952.00 6,145,007.00
Shareholders' Equity
Other Long Term Assets, JPY 279,257.00 267,709.00 287,095.00 280,781.00
Total
Total Current Assets JPY 3,054,359.00 2,766,473.00 3,090,212.00 3,407,664.00
Total Current Liabilities JPY 2,380,900.00 2,369,693.00 2,255,305.00 2,418,644.00
Retained Earnings JPY 1,165,282.00 1,152,207.00 1,250,367.00 1,282,640.00
(Accumulated Deficit)
Total Equity JPY 1,705,056.00 1,528,010.00 1,592,631.00 1,835,236.00
Other Current liabilities, Total JPY 581,449.00 656,396.00 576,017.00 608,239.00
Accounts Receivable - Trade, JPY 764,837.00 772,155.00 772,848.00 869,716.00
Net
Accumulated Depreciation, JPY -3,081,375.00 -3,001,255.00 -3,010,710.00 -3,126,013.00
Total
Property/ Plant/ Equipment, JPY 1,301,175.00 1,258,034.00 1,257,648.00 1,310,282.00
Total - Net
Total Assets JPY 5,596,982.00 5,399,889.00 5,731,952.00 6,145,007.00

MarketLine
Company Overview
Total Liabilities JPY 3,891,926.00 3,871,879.00 4,139,321.00 4,309,771.00

Unrealized Gain (Loss) JPY 21,851.00 18,043.00 16,665.00 21,944.00
Other Current Assets, Total JPY 459,949.00 472,767.00 443,956.00 482,935.00
Other Equity, Total JPY -490,179.00 -650,332.00 -682,883.00 -478,346.00
Goodwill, Net JPY 461,992.00 542,578.00 544,461.00 559,862.00
Property/ Plant/ Equipment, JPY 4,382,550.00 4,259,289.00 4,268,358.00 4,436,295.00
Total - Gross
Long Term Debt JPY 704,191.00 702,714.00 1,100,571.00 1,100,036.00
Total Common Shares JPY 2,321.00 2,320.99 2,320.98 2,320.97
Outstanding
Other Liabilities, Total JPY 657,577.00 664,117.00 648,219.00 644,523.00
Total Inventory JPY 756,448.00 771,646.00 786,943.00 833,275.00
Note Receivable - Long Term JPY 344,499.00 330,126.00 323,049.00 344,190.00
Total Receivables, Net JPY 823,552.00 834,012.00 837,301.00 945,154.00
Common Stock, Total JPY 258,740.00 258,740.00 258,740.00 258,740.00
Cash Flow Currency Mar-2016 (12 Jun-2016 (3 Sep-2016 (6 Dec-2016 (9
Issuance (Retirement) of Debt, JPY -248,181.00 -39,629.00 360,386.00 357,360.00
Net
Financing Cash Flow Items JPY -13,421.00 -6,342.00 5,989.00 1,357.00
Net Change in Cash JPY -266,144.00 -326,216.00 7,748.00 132,036.00
Non-Cash Items JPY -87,323.00 -12,907.00 -38,202.00 -37,837.00
Total Cash Dividends Paid JPY -46,322.00 -34,815.00 -34,815.00 -58,025.00
Cash from Financing Activities JPY -308,031.00 -80,793.00 331,544.00 300,660.00
Cash from Operating Activities JPY 398,680.00 26,164.00 29,389.00 111,707.00
Net Income/ Starting Line JPY 215,066.00 25,126.00 128,472.00 187,992.00
Depreciation/ Depletion JPY 274,761.00 64,937.00 129,343.00 194,385.00
Foreign Exchange Effects JPY -82,519.00 -79,341.00 -96,752.00 29,910.00
Capital Expenditures JPY -241,836.00 -62,913.00 -135,960.00 -201,494.00
Issuance (Retirement) of JPY -107.00 -7.00 -16.00 -32.00
Stock, Net
Cash from Investing Activities JPY -274,274.00 -192,246.00 -256,433.00 -310,241.00
Other Investing Cash Flow JPY -32,438.00 -129,333.00 -120,473.00 -108,747.00
Items, Total
Changes in Working Capital JPY -3,824.00 -50,992.00 -190,224.00 -232,833.00
Capital Market Ratios
Key Ratios March 31,2017

P/E (Price/Earnings) Ratio 15.24

MarketLine
Company Overview
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, 6.80

Depreciation and Amortization)
Enterprise Value/Sales 0.41
Enterprise Value/Operating Profit 8.38
Enterprise Value/Total Assets 0.55
Dividend Yield 0.02
Market Cap 2,949,947.24
Enterprise Value 3,075,033.24
Note: The above ratios are based on

the share price as of March 31,2017,
they are absolute numbers
Annual Ratios
Key Ratios Unit 2012 2013 2014 2015 2016

Currency
Growth Ratios
Sales Growth % -9.74 -6.92 5.94 -0.28 -2.09
Operating Income Growth % -291.98 0.00 0.00 68.60 12.62
EBITDA Growth % -219.58 0.00 0.00 -12.46 6.47
Net Income Growth % -1,143.24 0.00 0.00 49.02 7.67
EPS Growth % -509.86 0.00 0.00 17.56 10.27
Working Capital Growth % -95.87 -495.98 -305.69 214.59 -0.95
Equity Ratios
EPS (Earnings per Share) USD -333.96 -326.28 52.10 77.64 83.39
Dividend per Share USD 10.00 0.00 13.00 18.00 25.00
Dividend Cover Absolute -33.40 0.00 4.01 4.31 3.34
Book Value per Share USD 834.79 546.81 669.74 788.87 734.62
Cash Value per Share USD 264.30 215.41 256.31 561.98 437.06
Profitability Ratios
Gross Margin % 25.26 25.79 27.11 28.36 29.31
Operating Margin % -6.62 -3.12 2.50 4.22 4.86
Net Profit Margin % -9.84 -10.33 1.56 2.33 2.56
Profit Markup % 33.79 34.75 37.20 39.58 41.46

MarketLine
Company Overview
PBT Margin (Profit Before Tax) % -10.36 -5.46 2.67 2.36 2.87
Return on Equity % -40.01 -59.67 7.78 9.84 11.33
Return on Capital Employed % -13.96 -8.14 6.96 10.11 11.41
Return on Assets % -11.70 -13.97 2.31 3.01 3.45
Return on Fixed Assets % -14.06 -7.84 7.55 12.81 14.43
Return on Working Capital % -1,957.48 0.00 89.43 47.93 54.50
Cost Ratios
Operating Costs (% of Sales) % 106.62 103.12 97.50 95.78 95.14
Administration Costs (% of Sales) % 14.77 12.90 13.38 14.34 14.74
Liquidity Ratios
Current Ratio Absolute 1.01 0.96 1.09 1.25 1.28
Quick Ratio Absolute 0.72 0.66 0.78 0.97 0.97
Cash Ratio Absolute 0.21 0.19 0.24 0.48 0.43
Leverage Ratios
Debt to Equity Ratio Absolute 0.82 0.90 0.41 0.53 0.43
Net Debt to Equity Absolute 0.50 0.51 0.03 -0.18 -0.17
Debt to Capital Ratio Absolute 0.42 0.41 0.23 0.30 0.23
Efficiency Ratios
Asset Turnover Absolute 1.19 1.35 1.48 1.30 1.35
Fixed Asset Turnover Absolute 4.52 4.36 5.43 5.61 5.81
Inventory Turnover Absolute 7.06 6.89 7.51 7.25 7.06
Current Asset Turnover Absolute 2.70 2.93 2.92 2.26 2.47
Capital Employed Turnover Absolute 4.07 5.78 5.00 4.23 4.43
Working Capital Turnover Absolute 295.68 0.00 35.80 11.35 11.22
Revenue per Employee USD 0.00 0.00 0.00 0.00 30,272,992.14
Net Income per Employee USD 0.00 0.00 0.00 0.00 774,511.06
Capex to Sales % 5.82 4.38 2.61 2.91 3.20
R&D to Sales % 6.63 6.88 6.19 5.93 5.96
Interim Ratios
Key Ratios Currency March June September December Ratio Type

01,2016 01,2016 01,2016 01,2016
EPS (Earnings per JPY 14.23 9.37 42.28 23.91 Equity Ratios
Share)
Dividend per Share JPY 15.00 0.00 10.00 0.00 Equity Ratios
Book Value per Share JPY 734.62 658.34 686.19 790.72 Equity Ratios
Current Ratio Absolute 1.28 1.17 1.37 1.41 Liquidity Ratios

MarketLine
A Progressive Digital Media business
John Carpenter House, John Carpenter Street, London, United Kingdom, EC4Y 0AN
T: +44 (0) 203 377 3042 | F: +44 (0) 870 134 4371 | E: reachus@marketline.com | W: www.marketline.com

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REFERENCE CODE: 878809E2-58B3-43EE-8C0E-FE2C3D74C773

Company Overview ........................................................................................................3

Panasonic Corporation Page 2

Head Office Panasonic Corporation

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Panasonic launched organic complementary metal-oxide-semiconductor (CMOS) image sensor with

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The company developed a microwave-controlled ultra-compact power converter. It is an all-integrated

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consultations concerning an assignment of business of Corporate Information Systems Company from

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Research and Development

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The company's US subsidiary, Panasonic Corporation of North America, established a Panasonic

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Business / Operations Closure

The company marketed its first consumer digital video camera.

Matsushita Electric Trading merged with Matsushita Electric Industrial.

Panasonic Corporation Page 27

Matsushita established Panasonic Finance in the US.

The company acquired Motorola TV Division and established Quasar Company.

The company established Matsushita Electric Singapore.

Matsushita Electric was listed on the New York Stock Exchange.

The company established National Panasonic, a sales company in Europe.

Panasonic Corporation Page 28

The company established National Thai.

The company established Matsushita Electric Corporation of America.

Matsushita Electric Industrial was incorporated.

Research and Development

Panasonic Corporation Page 29

Name Job Title Board

Panasonic Corporation Page 30

Masahisa Shibata Managing Executive Officer Senior Management

Panasonic Corporation Page 31

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Panasonic Corporation Page 32

Major Products & Services

MAJOR PRODUCTS & SERVICES

Flat panel TVs

Aircraft in-flight entertainment systems

Panasonic Corporation Page 33

Fixed-phones and faxes

Automotive and industrial systems:

Panasonic Corporation Page 34