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Annual Report 2005
For the year ended March 31, 2005

Table of contents

  • Page 1
    Annual Report 2005 For the year ended March 31, 2005

  • Page 2
    ... slogan "Panasonic ideas for life." In the fiscal year ended March 31, 2005 (fiscal 2005), through collaboration with Matsushita Electric Works, Ltd. (MEW), Matsushita strategically utilized the management resources of both companies. Specifically, Matsushita provides customers with solutions for...

  • Page 3
    ... Highlights Matsushita Electric Industrial Co., Ltd. and Subsidiaries Years ended March 31, 2005 and 2004 Profile Millions of yen, except per share information Percentage of previous year Millions of U.S. dollars, except per share information 2005 2004 2005/2004 2005 Net sales ...Â¥8,713,636...

  • Page 4
    ..., 2005 (fiscal 2005), the first year of its new mid-term management plan Leap Ahead 21, Matsushita Electric Industrial Co., Ltd. implemented initiatives to achieve growth and strengthen new management structures. To achieve global excellence in 2010, or in other words, to become a leading company in...

  • Page 5
    ... make efforts in the area of management transparency to accomplish accountability for the benefit of our shareholders, investors, customers and all other stakeholders, and increase corporate value. Thank you for your continued support. May 2005 Yoichi Morishita Chairman Kunio Nakamura President...

  • Page 6
    ... business results. In plasma TVs, DVD recorders and other digital AV equipment, Matsushita maintained its high market share by meeting increased demand resulting from rapidly expanding global markets and surges in demand related to the Athens Olympics. In home appliances, our tilted-drum washer...

  • Page 7
    ... home appliances and industrial equipment, the two companies successfully eliminated overlaps in R&D, manufacturing and sales, thereby creating an optimum group structure that facilitates the effective use of management resources to achieve growth strategies. Regarding MEW's brand strategy, products...

  • Page 8
    ... sales network and building a framework for generating demand, and (3) developing IT, brand and personnel strategies tailored to the Chinese market. (2) Reinforcing Management Structures Further Manufacturing Innovations Since May 2001, Matsushita has utilized a cell-style production system, mainly...

  • Page 9
    ... growth of return to shareholders, while at the same time taking into consideration various factors including mid-term business performance, capital expenditure requirements and the Company's financial condition. As for share repurchases, the Company aims to achieve reductions in the total number of...

  • Page 10
    ...corporate value as a manufacturer, while shareholders should make decisions regarding large-scale purchases of the Company's shares. Matsushita thereby promotes transparency and seeks to maximize shareholder value. * ESV stands for Enhancement of Shareholder Value. Return to Shareholders (Dividends...

  • Page 11
    ... aggressive marketing strategies. In fiscal 2005, V-products contributed to improved business results, owing to simultaneous global product introductions, increased cooperation between finished products and key components and devices divisions, and the development of high value-added products. The...

  • Page 12
    ...By PEAKS processor know-how related to high picture sharing technological information System LSI that controls all processes, from signal reception to image playback quality accumulated over its 50in this way, the Company's year history in the TV business. development-related departments The Company...

  • Page 13
    ... with an Europe. â- China â- Asia-Pacific â- Other 10.0 annual capacity of 4.8 million In fiscal 2005, Matsushita 10 8.6 units in fiscal 2007. Boasting a achieved a 30% share of the 8 7.0 yield rate of over 90%, global plasma TV market. The Matsushita is a cost leader in Company plans to increase...

  • Page 14
    ...setting products and reducing costs. Furthermore, by establishing a global supply structure based on the cell-style production system, Matsushita is able to simultaneously launch high-quality products the world over. A lthough demand for DVD recorders is rapidly increasing in global markets, price...

  • Page 15
    ...the world with high-quality products. introduced a global networking system that links On the marketing side, Matsushita simultaneously conducts the Kadoma plant, the global sales promotion activities Shortened Product Development Time parent facility in Japan, that meet the unique characterDomestic...

  • Page 16
    ... seven lenses and an optical image stabilizer 14 Matsushita Electric Industrial Co., Ltd. 2005 introduced the world's first Digital Camera Market Share in Japan (unit sales) camcorder featuring this technol- 15% ogy. The product was an instant success, and the Company has 10% since developed...

  • Page 17
    ... technologies. Promotional activities included OIS technology demonstrations and intuitive dismantled product displays showing key components and devices. To meet customer needs for easy-to-use cameras that take high-quality pictures, in fiscal 2005 Matsushita launched products with enhanced optical...

  • Page 18
    ... the relative maturity of the technologies employed in home appliances, creating distinctive products is challenging, and recent years have seen very few "hit" products in the market. In washing machines, manufacturers have sought to increase added value by improving performance and capacity, while...

  • Page 19
    ... now an important market for the Company's products as well. Previously, sales in China were centered mainly on highvolume products that were manufactured in China for both local markets and export. From fiscal 2005, however, Matsushita also expanded sales of high-value-added home appliances in the...

  • Page 20
    ... by stronger Group structure, the establishing R&D structures two companies are seeking to related to energy conservation provide solutions for comfortin the home, as well as research able living that will generate related to market analysis and additional sales of around ¥100 product concepts for...

  • Page 21
    ... Area Security Solutions Integrated IP Network Platform Building and area security management systems generally consist of AV/information systems for video security and video/information transmission, and equipment systems related to emergency response, lighting, air conditioning and electric power...

  • Page 22
    ...Panasonic Automotive Systems Company • Panasonic System Solutions Company • Matsushita Kotobuki Electronics Industries, Ltd. Main Products Plasma, LCD and CRT TVs, DVD players/ recorders, VCRs, camcorders, digital cameras, compact disc (CD), Mini Disc (MD) and SD players, other personal and home...

  • Page 23
    ... Main Products VCRs, camcorders, CRT, LCD, plasma and rear projection TVs, CD/MD/DVD audio systems and other audio equipment, car AV, DVD players/ recorders, CD radio cassette recorders, video security & imaging systems, professional audio equipment, professional video equipment, professional video...

  • Page 24
    ... technologies in digital AV equipment to provide innovative products in the digital networking era. AVC Business Energy-saving VIERA digital high-definition plasma TV, with built in PEAKS* system for high picture quality * The name PEAKS is used only in the Japanese market User-friendly DIGA DVD...

  • Page 25
    ... other companies to strengthen its product lineup and further expand its business activities to secure sustainable growth. Fixed-line Communications High-speed, wide-angle network camera with 42x zoom and IPv6-compatibility for enhanced security Video intercom with wireless color monitor handset...

  • Page 26
    ... These models increased market share, providing improved AV functions and outstanding picture quality through high-resolution wide-screen displays. Major automotive manufactures around the world also increased orders for car audio, car navigation systems and electrical devices. With the expansion of...

  • Page 27
    ... AV/information systems for video security and access control with equipment systems related to emergency response, lighting, air conditioning and electric power. HOME APPLIANCES By combining advanced technologies and utilizing synergies in product design, Matsushita provides value-added products...

  • Page 28
    ...2005, the Easy to install, compact and energy-efficient, Eco Cuteâ„¢ water heating systems utilize natural refrigerant (CO2) heat pumps Company, together with Tokyo Gas Co., Ltd., developed the world's first commercially viable fuel cell co-generation system for the home. Matsushita is also working...

  • Page 29
    ... to enjoy favorable domestic sales of a new product that simultaneously supplies and ventilates air. In North America, sales of ventilation systems were boosted by robust demand for low-noise, energy-saving models. The Company also recorded strong domestic sales of air purifiers. For fiscal 2006...

  • Page 30
    ... 2005 Camera modules for cellular phones, featuring a new MOS image sensor (enlarged view of a new 3-megapixel image sensor) In semiconductors, Matsushita is concentrating resources into four main areas of system LSIs: optical disc-related products, digital TVs, mobile communications and networks...

  • Page 31
    ... automotive electronics, information communications and digital AV equipment. Specifically, the Company will utilize its black-box technologies to develop new and innovative products, such as digital TV tuners that enable exceptional picture quality, high-fidelity speakers for flat-panel TVs, weight...

  • Page 32
    ..., PanaHome focused product strategies on the "Eco-Life Home" concept, which emphasizes safety, security, health, comfort and high energy efficiency. In fiscal 2005, PanaHome expanded its main businesses, especially detached housing, asset and property management and home remodeling based on...

  • Page 33
    ...: high-definition displays, digital high-density storage, network AV systems, software & media, and components & devices. JVC's business results in fiscal 2005 slipped below the levels of the previous year, due mainly to setbacks in its consumer products sales, deteriorating market conditions in...

  • Page 34
    ... part of the Leap Ahead 21 plan, the Company recorded R&D expenditures of ¥615.5 billion in fiscal 2005, equivalent to 7.1% of net sales. These investments were used to strengthen R&D in core technologies, such as next-generation system LSIs, networkable electronic home appliances and fuel cell co...

  • Page 35
    ... resources within product field 5x x increase in total development efficiency Shared Unique to Digital TVs Unique to DVD Recorders Unique to Home Servers Unique to Car AV Equipment Prototype board for personal AV equipment incorporating the Integrated Platform System LSI that uses the Integrated...

  • Page 36
    Directors, Corporate Auditors and Executive Officers (As of June 29, 2005) Directors Chairman of the Board Vice Chairman of the Board President Yoichi Morishita Executive Vice Presidents Masayuki Matsushita Kunio Nakamura Kazuo Toda Senior Managing Directors Takami Sano Susumu Koike Managing ...

  • Page 37
    ... Planning & Development Center, General Manager of Digital Broadcasting Business Promotion Office Yoshinobu Sato Director of Corporate Sales Strategy Division for National/Panasonic Retailers, President of Matsushita Life Electronics Corporation Tetsuya Kawakami In charge of Finance and Accounting...

  • Page 38
    ...-to-day activities of management, including the Board of Directors. Corporate Auditors participate in shareholder meetings and Board of Directors meetings, and have legal authority to receive reports from Directors, employees and accounting auditors. Full-time Senior Auditors also attend important...

  • Page 39
    ... shareholder value, on April 28, 2005, the Board of Directors approved plans to proactively provide returns to shareholders and adopted a policy toward large-scale purchases of Matsushita Electric Industrial Co., Ltd. shares. For fiscal 2006, the Company plans to increase total dividends per share...

  • Page 40
    ... at factories and through the "3Rs" (Reduce, Home-use fuel cell co-generation system Reuse, Recycle) initiatives. Social Contribution Activities Kid Witness News (KWN) is an innovative educational program created to help students in elementary and junior high schools develop valuable communication...

  • Page 41
    ... Balance Sheets Consolidated Statements of Operations Consolidated Statements of Stockholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Registered Public Accounting Firm Matsushita Electric Industrial Co., Ltd. 2005 39

  • Page 42
    ... per share reflect those paid during each fiscal year. 3. U.S. dollar amounts are translated from yen at the rate of ¥107=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2005. 4. In order to be consistent with financial reporting practices generally accepted in Japan...

  • Page 43
    ... billion ($13,856 million) compared with ¥1,418.1 billion in the previous fiscal year. Products under the "3D" value chain, consisting of digital TV (DTV), DVD and SD-related businesses, continued to perform strongly, with particular sales increases in plasma TVs and digital cameras. In advance of...

  • Page 44
    Company also introduced the industry's first 65-inch high-definition plasma display. Amid intensifying competition in the DVD recorder market, Matsushita strengthened its product lineup in the DIGA DVD recorder series with models that have expanded network connectivity and dual tuners for the ...

  • Page 45
    ... fiscal year. Sales of key components in digital products recorded solid sales gains, but sales of batteries and electric motors decreased, resulting in overall lower sales in this category. In general electronic components, sales gains were led by tuners for digital TVs, speakers for flat-panel TVs...

  • Page 46
    ... ($11,990 million). Sales of plasma TVs and camcorders showed significant year-on-year growth, but sales of audio equipment and information and communications equipment decreased, resulting in sales declines in AVC Networks, and an overall decrease in sales for this region. Sales in Europe climbed...

  • Page 47
    ...Group and innovating R&D management of development processes at business domain companies. These actions significantly reduced lead time for product development. Seeking to launch competitive products in the market in a shorter period of time, the Company pursued a common platform structure strategy...

  • Page 48
    ... fiscal 2005 totaled ¥374.3 billion ($3,498 million), a 38% increase from the previous fiscal year's total of ¥271.3 billion, due partly to the consolidation of MEW and PanaHome. Matsushita curbed capital investment in a number of business areas, in line with increasing management emphasis on...

  • Page 49
    ...the effects of timing differences between acquisition dates and payment dates. The Company has included the information concerning capital investment because its management uses this indicator to manage its capital expenditures and it believes that such indicator is useful to shareholders to present...

  • Page 50
    ... March 31, 2005 and 2004 Millions of yen Thousands of U.S. dollars (Note 2) Assets Current assets: 2005 2004 2005 Cash and cash equivalents (Note 10) ...¥ 1,169,756 ¥ 1,275,014 Time deposits (Note 10)...144,781 170,047 Short-term investments (Notes 6 and 19)...11,978 2,684 Trade receivables...

  • Page 51
    ... dollars (Note 2) Liabilities and Stockholders' Equity Current liabilities: 2005 2004 2005 Short-term borrowings, including current portion of long-term debt (Notes 7, 10 and 19) ...¥ 0,385,474 ¥0,290,208 Trade payables (Note 5): Notes ...37,099 40,604 Accounts ...828,920 744,130 Total trade...

  • Page 52
    Consolidated Statements of Operations Matsushita Electric Industrial Co., Ltd. and Subsidiaries Years ended March 31, 2005, 2004 and 2003 Millions of yen Thousands of U.S. dollars (Note 2) 2005 Revenues, costs and expenses: 2004 2003 2005 Net sales (Note 5) ...¥ 8,713,636 ¥ 7,479,744 ¥ 7,...

  • Page 53
    ... provided for conversion of bonds ...Stock issued under exchange offering (Note 3) ...Sale of treasury stock ...Capital transactions by consolidated and associated companies ...Balance at end of year ...Legal reserve (Note 13): Balance at beginning of year ...Transfer from (to) retained earnings...

  • Page 54
    ... Statements of Cash Flows Matsushita Electric Industrial Co., Ltd. and Subsidiaries Years ended March 31, 2005, 2004 and 2003 Millions of yen Thousands of U.S. dollars (Note 2) 2005 Cash flows from operating activities (Note 17): 2004 2003 2005 Net income (loss) ...Â¥ 0,058,481 Adjustments to...

  • Page 55
    ..., and housing business. Most of the Company's products are marketed under "Panasonic" and several other trade names, including "National," "Technics," "Quasar," "Victor," "JVC" and "PanaHome." Sales in fiscal 2005 were categorized as follows: AVC Networks-41%, Home Appliances-14%, Components...

  • Page 56
    ... and Advances (See Notes 5, 6 and 14) A subsidiary of the Company leases machinery and equipment. Leases of such assets are principally accounted for as direct financing leases and included in "Trade receivables-Accounts" and "Noncurrent receivables" in the accompanying consolidated balance sheets...

  • Page 57
    ... capital structures. Under SFAS No. 128, basic net income (loss) per share is computed based on the weighted-average number of common shares outstanding during each period, and diluted net income per share assumes the dilution that could occur if securities or other contracts to issue common stock...

  • Page 58
    ... on the Company's net income (loss) for the three years ended March 31, 2005 would not be material. (s) Use of Estimates In December 2004, FASB issued SFAS No. 123 (revised 2004), "Share-Based Payment" (SFAS No. 123R), which addresses accounting for transactions in which an entity exchanges its...

  • Page 59
    ...of the acquisition, the Company is expected to provide a comprehensive range of home electric and household equipment and systems in Japan. It also expects to reduce costs through economies of scale and sharing of research and development resources and marketing channels. The aggregate purchase cost...

  • Page 60
    ... research and development represents the estimated value of in-process research and development projects that had not yet reached technical feasibility. The related technology had no alternative use and required substantial additional development by the Company. In-process research and development...

  • Page 61
    ... pro forma information shows the results of the Company's consolidated operations for the year ended March 31, 2003 as though the transactions had been completed at the beginning of fiscal 2003. Unaudited Millions of yen 2003 Net loss ...) ¥(18,995) Yen 2003 Net loss per share: Basic...¥00...

  • Page 62
    ... information in respect of associated companies in aggregate at March 31, 2005 and 2004 and for the three years ended March 31, 2005 is shown below. The most significant of these associated companies are Toshiba Matsushita Display Technology Co., Ltd. (TMD) and Matsushita Toshiba Picture Display...

  • Page 63
    .... Investments in associated companies include equity securities which have quoted market values at March 31, 2005 and 2004 compared with related carrying amounts as follows: Millions of yen Thousands of U.S. dollars 2005 2004 2005 Carrying amount...¥ 3,168 ¥ 229,169 Market value ...4,133 261...

  • Page 64
    ..., Millions of yen Fair value Gross unrealized holding gains Gross unrealized holding losses and gross unrealized holding losses of available-for-sale securities included in short-term investments and investments and advances at March 31, 2005 and 2004 are as follows: 2005 Thousands of U.S. dollars...

  • Page 65
    ... time that individual securities have been in a continuous unrealized loss position, at March 31, 2005 and 2004, are as follows: 2005 Millions of yen Less than 12 months Fair value Unrealized losses 12 months or more Fair value Unrealized losses Fair value Total Unrealized losses Equity securities...

  • Page 66
    ...692 million ($99,925 thousand). 7. Leases The Company has capital and operating leases for certain machinery and equipment. At March 31, 2005 and 2004, the gross book value of machinery and equipment under capital leases was ¥47,765 million ($446,402 thousand) and ¥19,726 million, and the related...

  • Page 67
    ... accounted for as direct financing leases. Subsequent to March 31, 2005, the Company sold the majority shares of this subsidiary to a third party, and began to account for its remaining investment using the equity method (see Note 22). Investments in non-cancelable financing leases at March 31, 2005...

  • Page 68
    ... related to "AVC Networks," "Home Appliances," "Components and Devices" and the remaining segments, respectively. Due to the sale of certain assets and liabilities that consisted of a portion of the entertainment media disc manufacturing business at Panasonic Disc Services Corporation, the Company...

  • Page 69
    ... loss of ¥3,559 million ($33,262 thousand) during fiscal 2005 related to goodwill of a cable-broadcasting subsidiary. As the growth rate of the cable-broadcasting business is lower than the Company's expectation, the carrying amount of the cable-broadcasting unit was greater than the fair value...

  • Page 70
    ...-term debt after March 31, 2005 are as follows: Year ending March 31 Millions of yen 2006...Â¥ 255,764 2007...208,813 2008...70,211 2009...67,973 2010...7,566 As is customary in Japan, short-term and long-term bank loans are made under general agreements which provide that security and guarantees...

  • Page 71
    ...Accounting for the Transfer to the Japanese Government of the Substitutional Portion of Employee Pension Fund Liabilities," the Company recognized a gain of ¥72,228 million under the caption of "Gain from the transfer of the substitutional portion of Japanese Welfare Pension Insurance" for the year...

  • Page 72
    ..., and the cash balance pension plans, and the fair value of the plan assets at March 31, 2005 and 2004 are as follows: Millions of yen Thousands of U.S. dollars 2005 2004 2005 Change in benefit obligations: Benefit obligations at beginning of year ...Â¥ 1,900,657 Service cost ...71,081 Interest...

  • Page 73
    ... of the Company's pension plans at March 31, 2005 and 2004 are as follows: 2005 2004 Asset category: Equity securities ...44% Debt securities ...37% Life insurance company general accounts ...9% Other ...10% Total ...100% Each plan of the Company has a different investment policy, which is...

  • Page 74
    ...loss) before income taxes and income taxes for the three years ended March 31, 2005 are summarized as follows: Millions of yen Domestic Foreign Total For the year ended March 31, 2005...of U.S. dollars ¥0,068,916 51,704 19,572 ¥0,071,276 Total Foreign For the year ended March 31, 2005 Income ...

  • Page 75
    ... jurisdiction, which, in aggregate, resulted in a combined statutory tax rate in Japan of approximately 40.5% for the year ended March 31, 2005. The Company and its subsidiaries in Japan were subject to a National tax of 30%, an Inhabitant tax of approximately 20.5%, and a deductible Enterprise...

  • Page 76
    ... in total valuation allowance for the years ended March 31, 2005, 2004 and 2003 was an increase of ¥65,127 million ($608,664 thousand), ¥4,817 million and ¥15,259 million, respectively. At March 31, 2005, the Company and certain of its subsidiaries had, for income tax purposes, net operating loss...

  • Page 77
    ... account. The Company issued 2,468 shares and 1,234 shares in connection with the conversion of bonds for the years ended March 31, 2004 and 2003, respectively. The Company sold 888,683 shares of its treasury stock for the year ended March 31, 2005. The difference between sales price and book value...

  • Page 78
    ... the three years ended March 31, 2005 are as follows: Pre-tax amount Millions of yen Tax expense Net-of-tax amount For the year ended March 31, 2005 - Translation adjustments ...¥(036,645 ¥ Unrealized holding gains of available-for-sale securities: Unrealized holding gains (losses) arising during...

  • Page 79
    ... numerators and denominators of the basic and diluted net income (loss) per share computation for the three years ended March 31, 2005 is as follows: Millions of yen Thousands of U.S. dollars 2005 2004 2003 2005 Net income (loss) available to common stockholders ...Effect of assumed conversions...

  • Page 80
    ... sharp price declines in digital products. The restructuring activities mainly consisted of the implementation of early retirement programs covering both video and audio equipment business and information and communications equipment business in Japan and Europe, shutting down of the manufacturing...

  • Page 81
    ... Networks AVC Networks segment restructured mainly to address price declines in digital products. The restructuring activities mainly consisted of the implementation of early retirement programs mainly in Japan for both video and audio equipment business and information and communications equipment...

  • Page 82
    ... other income for the year ended March 31, 2003 is a gain of ¥10,805 million from the sale of Panasonic Disc Services Corporation. Foreign exchange gains and losses included in other deductions for the years ended March 31, 2005, 2004 and 2003 is a loss of ¥ 7,542 million ($70,486 thousand), ¥ 13...

  • Page 83
    ... based on quoted market prices or the present value of future cash flows using appropriate current discount rates. Long-term debt The fair value of long-term debt is estimated based on quoted market prices or the present value of future cash flows using appropriate current discount rates. Derivative...

  • Page 84
    ...or issued for purposes other than trading, at March 31, 2005 and 2004 are as follows: Millions of yen Thousands of U.S. dollars 2005 Carrying amount Fair value Carrying amount 2004 Fair value Carrying amount 2005 Fair value Non-derivatives: Assets: Short-term investments ...¥(011,978 ¥(011,978...

  • Page 85
    ... guarantees the performance of products delivered and services rendered for a certain period or term. The change in accrued warranty costs for the years ended March 31, 2005 and 2004 are summarized as follows: Thousands of U.S. dollars Millions of yen 2005 2004 2005 Balance at beginning of year...

  • Page 86
    ... correspond to categories of activity classified primarily by markets, products and brand names. "AVC Networks" includes video and audio equipment, and information and communications equipment. "Home Appliances" includes home appliances and housing equipment and systems. "Components and Devices...

  • Page 87
    ... of U.S. dollars 2005 2004 2003 2005 Segment profit: AVC Networks ...¥ 0,127,366 ¥0,129,102 Home Appliances...77,632 52,759 Components and Devices...57,761 50,099 MEW and PanaHome...63,923 - JVC...9,887 24,675 Other...38,352 14,701 Corporate and eliminations ...(66,427) (75,844) Total segment...

  • Page 88
    ...mainly represent patents and software. Sales attributed to countries based upon the customer's location and long-lived assets are as follows: Millions of yen Thousands of U.S. dollars 2005 2004 2003 2005 Sales: Japan ...Â¥ 4,580,555 North and South America ...1,282,956 Europe ...1,122,493 Asia...

  • Page 89
    ... No. 131, the Company discloses this information as supplemental information in light of the disclosure requirements of the Japanese Securities and Exchange Law, which a Japanese public company is subject to: Millions of yen Thousands of U.S. dollars 2005 2004 2003 2005 Sales: Japan: Customers...

  • Page 90
    ... aim of maximizing shareholder value, on April 28, 2005, the Board of Directors approved plans to proactively provide returns to shareholders and adopted a policy toward large-scale purchases of the Company's shares. For fiscal 2006, the Company plans to increase total dividends per share to ¥20.00...

  • Page 91
    Report of Independent Registered Public Accounting Firm The Board of Directors Matsushita Electric Industrial Co., Ltd. We have audited the accompanying consolidated balance sheets (expressed in yen) of Matsushita Electric Industrial Co., Ltd. and subsidiaries as of March 31, 2005 and 2004 and the ...

  • Page 92
    ... 1, 2005) Divisional Companies of Matsushita Electric Industrial Co., Ltd. Investor Information Corporate Headquarters Investor Relations Office Panasonic AVC Networks Company Panasonic Automotive Systems Company Panasonic System Solutions Company Matsushita Home Appliances Company Healthcare...

  • Page 93
    ...Information," by Matsushita's independent registered public accounting firm. Major Shareholders (As of March 31, 2005) Name Share ownership (in thousands of shares) Percentage of total issued shares (%) Breakdown of Issued Shares by Type of Shareholders (As of March 31, 2005) Treasury Stock Japan...

  • Page 94
    http://panasonic.co.jp/global/ Matsushita Electric Industrial Co., Ltd. This entire report is printed with soy ink on paper which is 50% recycled. Printed in Japan