Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

May 10, 2023

FOR IMMEDIATE RELEASE
P anasonic Holdings Corporation
C orporate Finance & IR Department(Tel: +81-6-6908-1121)(Japan)Panasonic Holdings Corporation Reports Fiscal 2023 Annual Results
Osaka, Japan, May 10, 2023 -- Panasonic Holdings Corporation [TSE:6752](the "Company") today reported its consolidated and parent-alone financial results forthe year ended March 31, 2023 (fiscal 2023).
The Company also announced its consolidated financial forecast for the year ending
March 31, 2024 (fiscal 2024).

-1-

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Summary
1. Consolidated Financial Results

Yen (billions)Fiscal 2023
ended March 31, 2023

Net sales

Fiscal 2022
ended March 31, 2022

Percentage
2023/2022

8,378.9

7,388.8

113 %Domestic

3,279.3

3,189.5

103 %Overseas

5,099.6

4,199.3

121 %

288.6

357.5

Operating profit

3.4 %
316.4

Profit before income taxes

3.8 %
280.6

Net profit

3.3 %Net profit attributable toPanasonic Holdings Corporation

265.5

4.8 %
360.4
4.9 %
265.4
3.6 %

81 %
88 %
106 %

255.3
104 %

3.2 %

3.5 %

Basic

113.75 yen

109.41 yen

4.34 yen

Diluted113.72 yen

109.37 yen

4.35 yenstockholders
Earnings per share attributable toPanasonic Holdings Corporation
stockholders

Notes: 1. The Company’s consolidated financial statements are prepared in conformity with International Financial
Reporting Standards (IFRS).
2. Number of consolidated companies: 524 (including parent company)
Number of companies under the equity method: 67
3. One American depositary shares (ADS) represents one share of common share. Earnings per share attributableto Panasonic Holdings Corporation stockholders per ADS is the same amount as Earnings per share
attributable to Panasonic Holdings Corporation stockholders.
Yen (billions)2. Parent-Alone Financial Results
Fiscal 2023
ended March 31, 2023
Net sales or Operating revenue

Fiscal 2022
ended March 31, 2022

Percentage
2023/2022

247.5

2,756.09%

Domestic－

2,074.2－%

Export

－

681.8

－%

117.8

66.3

47.6 %

2.4 %Operating profit

Recurring profit

109.7

126.9

178 %

86 %

44.3 %

4.6 %

66.6

86.6

26.9 %

3.1 %Net income, basic
per common share

28.54 yen

37.10 yen

(8.56) yen

Net income, diluted
per common share

28.53 yen

37.08 yen

(8.55) yen

Net income

-2-

77 %

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Consolidated Financial Results
1. Fiscal 2023 ended March 31, 2023

A. Operating Results
Yen (billions)Fiscal 2023
Net sales

Fiscal 2022

Percentage
2023/2022

8,378.9

7,388.8

113%

Operating profit

288.6

357.5

81%

Profit before income taxes

316.4

360.4

88%

Net profit attributable toPanasonic Holdings
Corporation stockholders

265.5

255.3

104%

During the year ended March 31, 2023 (fiscal 2023), the global economy saw a
slowdown due to such downside factors as the situation in Ukraine, Shanghai lockdown,
continuing high prices of raw materials, shortages in parts & materials, and worldwide
inflation along with an increase in interest rates. In Japan, rapid fluctuations in exchange
rates also became one of the downside factors for the economy.
Under such management conditions, the Company transitioned to a new grouporganizational structure comprised of a holding company and operating companies on April
1, 2022. The Company continues to thoroughly implement autonomous management ineach operating company and enhance its competitiveness in the first year of the new
medium- to long-term strategy that started in fiscal 2023.
As for the enhancement of competitiveness, the Company is continuing to establish afoundation for data-driven management through PX (Panasonic Transformation). The
Company is also continuing to strengthen its operational capability in the entire supply
chain, mainly at the major sites of each operating company through frontline innovation.
In the three growth areas toward achieving Panasonic GREEN IMPACT, the group’s
long-term vision for the environment, the Company announced the decision to commence
preparations for a potential stock listing of the supply chain management business operated
by Panasonic Connect Co., Ltd. in May 2022. It was decided that based on the businesscharacteristics and market environment, a stock exchange listing of its business would be
the optimal way to accelerate growth globally by utilizing the capital markets. In July 2022,with regard to plans for a US-based EV battery manufacturing facility, Panasonic EnergyCo., Ltd. was approved for participation in the "Attracting Powerful Economic Expansion"
incentive program of the State of Kansas, and in October 2022, the Board of Directors of
the Company made the decision to construct this manufacturing facility in the U.S.
Furthermore, in September 2022, Panasonic Corporation announced the investment in its
Czech Plant to strengthen the production of air to water hot water heat pump system-3-Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023("A2W") which have been experiencing growing demand in Europe. In February 2023,
Panasonic Corporation completed the acquisition of the commercial air-conditioning
business from Systemair AB, Sweden’s leading global manufacturer in the ventilation andcommercial air-conditioning business.
The Company’s consolidated group sales for fiscal 2023 increased by 13% to 8,378.9
billion yen from a year ago. This is due to increased sales of such products as A2W,
automotive systems & components reflecting the recovery of automobile production, and EV
batteries as well as to the new consolidation of Blue Yonder Holding, Inc. ("Blue Yonder")and the effect of currency translation, despite the impact on production & sales caused byshortages in semiconductors.
Operating profit decreased by 19% to 288.6 billion yen from a year ago. This is due
mainly to the impact of price hikes in raw materials and increased fixed costs, despite
increased sales and efforts such as price revisions. In addition, the impact of one-off gain in
the previous year was a factor of the decrease. Profit before income taxes decreased by
12% to 316.4 billion yen and net profit attributable to Panasonic Holdings Corporation
stockholders increased by 4% to 265.5 billion yen from a year ago.

.

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Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

B. Breakdown by Reportable Segment
Lifestyle
Yen (billions)Fiscal 2023
Sales
Operating profit

Fiscal 2022

Percentage
2023/2022

3,483.3

3,165.6

110%

103.1

108.2

95%

Sales increased by 10% to 3,483.3 billion yen from a year ago. This is due to favorable
sales of such products as A2W in Europe, showcases in North America and electricalconstruction materials for overseas markets as well as the effect of currency translation,
despite decreased sales of consumer electronics in Japan. Operating profit decreased to103.1 billion yen from a year ago. This is due mainly to the fact that the effect of such efforts
as price revisions were unable to fully counter the impact of decreased sales of consumer
electronics in Japan as well as the impact of recall-related expenses at Heating &Ventilation A/C Company ("HAVC"). These negative factors were dominantly influential,
despite the positive effect of increased sales in such priority businesses as HVAC in
Europe, electrical construction materials for Japan and overseas, and showcases in North
America.
Automotive
Yen (billions)Fiscal 2023
Sales
Operating profit

Fiscal 2022

Percentage
2023/2022

1,297.5

1,062.8

122%

16.2

1.4

－

Sales increased by 22% to 1,297.5 billion yen from a year ago. This is due to therecovery of automobile production as well as the effect of currency translation. Operating
profit increased to 16.2 billion yen from a year ago. This is due mainly to increased sales aswell as such efforts as price revisions and cost reductions, despite price hikes in parts &materials including semiconductor, increased fixed costs related to increased production
and the effect of exchange rates.
Connect
Yen (billions)Fiscal 2023
Sales
Operating profit

Fiscal 2022

Percentage
2023/2022

1,125.7

922.7

122%

20.9

52.8

40%

-5-

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Sales increased by 22% to 1,125.7 billion yen from a year ago. This is due to increased
sales in Avionics and rugged mobile terminals for overseas as well as the consolidation ofBlue Yonder, despite decreased sales in mounting machine resulting from slowdown ininvestment related to PCs and smartphone. Operating profit decreased from a year ago to
20.9 billion yen. This is due to the impact of one-off gain in the previous year, despite
increased sales mainly in Avionics.
Industry
Yen (billions)Fiscal 2023
Sales
Operating profit

Fiscal 2022

Percentage
2023/2022

1,149.9

1,128.1

102%

66.8

83.2

80%

Sales increased by 2% to 1,149.9 billion yen from a year ago. This is due to the effectof currency translation, despite downturn in ICT terminal market, automobile market except
green vehicle, as well as factory automation market in China. In addition, the impact ofchanges in the sales channel resulting from the termination of the company's
semiconductor business was a factor of decrease. Operating profit decreased to 66.8 billion
yen from a year ago. This is due to decreased sales caused by rapid deteriorating market
condition, despite effort to offset price hikes in raw materials with price revisions &rationalization, as well as the effect of exchange rates.
EnergyYen (billions)Fiscal 2023

Fiscal 2022

Percentage
2023/2022

Sales

971.8

772.8

126%

Operating profit

33.2

66.8

50%

Sales increased by 26% to 971.8 billion yen from a year ago. This is due to favorable
sales of EV batteries mainly in North America with growing demand for EVs globally as wellas the effect of currency translation. Operating profit decreased to 33.2 billion yen from ayear ago. This is due to decreased sales for industrial and consumer use, price hikes in raw
materials as well as increased fixed costs including R&D expenses for future growth,
despite the effect of exchange rates.

-6-

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Other (Other business activities which are not included in the reportable segments)
Yen (billions)Fiscal 2023
Sales
Operating profit

Fiscal 2022

Percentage
2023/2022

1,199.4

1,159.7

103%

56.7

37.7

151%

Sales increased by 3% to 1,199.4 billion yen from a year ago due mainly to steadysales in Housing. Operating profit increased to 56.7 billion yen from a year ago.
C. Consolidated Financial Condition
Net cash provided by operating activities for fiscal 2023, amounted to 520.7 billion yen,
compared with an inflow of 252.6 billion yen a year ago. This is due mainly to improvements
in inventories and trade receivables, as well as decreased payment of income taxes. Net
cash used in investing activities amounted to 344.0 billion yen, compared with an outflow of
796.1 billion yen a year ago. This is due mainly to investment related to the consolidation ofBlue Yonder in the previous year, despite an increase in capital investment and a decreasein sales of assets. Accordingly, free cash flows (net cash provided by operating activities
and investment activities) increased by 720.2 billion yen from a year ago to an inflow of
176.7 billion yen.
Net cash used in financing activities amounted to 607.0 billion yen, compared with an
inflow of 58.9 billion yen a year ago. This is due mainly to temporary borrowings which werestarted at the end of fiscal 2022, prior to the Company’s transition to a new organizational
structure, and repaid in the following year of fiscal 2023.
Taking factors such as exchange rate fluctuations into consideration, cash and cash
equivalents totaled 819.5 billion yen as of March 31, 2023, which is a decrease of 386.4
billion yen from March 31, 2022.
The Company’s consolidated total assets of March 31, 2023 were 8,059.5 billion yen,
an increase of 35.9 billion yen from March 31, 2022. This is due mainly to an increase ininventories and the impact of fluctuations in exchange rates caused by depreciation of theyen, despite a decrease in cash and cash equivalent related to the repayment of temporary
borrowings in fiscal 2023, which was borrowed at the end of fiscal 2022,
The Company’s consolidated total liabilities decreased by 406.8 billion yen to 4,269.6
billion yen from March 31, 2022. This is due mainly to the repayment of temporary
borrowings.
Panasonic Holdings Corporation stockholders’ equity increased by 453.4 billion yen to
3,618.4 billion yen, compared with March 31, 2022. This is due mainly to recording of net
profit attributable to Panasonic Holdings Corporation stockholders as well as othercomprehensive income. With noncontrolling interests added to Panasonic Holdings
Corporation stockholders’ equity, total equity was 3,790.0 billion yen.

-7-

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

2. Forecast for fiscal 2024

For the consolidated financial forecast for fiscal 2024 as of May 10, 2023, net sales is
expected to increase due mainly to growth in A2W with continuing strong demand inEurope, recovery of automobile production as well as growing sales of EV batteries in the
U.S. Operating profit, income before income taxes and net profit attributable to PanasonicHoldings Corporation stockholders are expected to increase due mainly to increased sales,
the effect of measures such as price revisions and rationalization, and assumed profit
recognition of amount equivalent to US Inflation Reduction Act tax credit, while an increaseof strategic investment and others are factored in.

Net sales:

8,500.0 billion yen(101% vs fiscal 2023)

Operating profit:

430.0 billion yen(149% vs fiscal 2023)

Profit before income taxes:

455.0 billion yen(144% vs fiscal 2023)

Net profit attributable toPanasonic Holdings
Corporation stockholders:

350.0 billion yen(132% vs fiscal 2023)(Reference)
Adjusted operating profit

430.0 billion yen(137% vs fiscal 2023)

Note: Adjusted operating profit is calculated by subtracting cost of sales and selling, general andadministrative expenses from sales.

3. Basic Policy on Appropriation of Retained Earnings

Since its foundation, the Company has managed its business, recognizing that
returning profits to shareholders is one of its most important policies. From the perspectiveof return on the capital investment made by shareholders, the Company, in principle,
distributes profits to shareholders based on its business performance and strives for stable
and continuous dividend payments. We target a dividend payout ratio of approximately 30%
with respect to consolidated Net profit attributable to Panasonic Holdings Corporation
stockholders. Regarding the repurchase of treasury stock, the Company fundamentally
repurchases its own shares where appropriate, while comprehensively taking into
consideration strategic investments and its financial condition to increase shareholder value
per share and return on capital.
For fiscal 2023, net profit attributable to Panasonic Holdings Corporation stockholders
increased. Reflecting these operating results, in view of this basic policy as well as its
current financial position, the Company expects to pay an annual dividend of 30 yen per
share for fiscal 2023, which includes the interim dividend of 15 yen per share paid on
November 30, 2022 and a year-end dividend of 15 yen per share, payable on June 2, 2023.
In fiscal 2023, the Company did not repurchase its treasury stock except for acquiring
shares of less than one trading unit and other minor transactions.

-8-Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Basic Policy of Adopting of Financial Reporting Standards

The Company has voluntarily adopted International Financial Reporting Standards(IFRS). The Company is striving to increase its corporate value by adapting unified groupaccounting rules for improvement of management quality and enhancement of corporate
governance.
Disclaimer Regarding Forward-looking Statements
This press release includes forward-looking statements about Panasonic Holdings Corporation (Panasonic HD) and
its Group companies (the Panasonic Group). To the extent that statements in this press release do not relate to historicalor current facts, they constitute forward-looking statements. These forward-looking statements are based on the current
assumptions and beliefs of the Panasonic Group in light of the information currently available to it, and involve known andunknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the PanasonicGroup's actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements.
Panasonic HD undertakes no obligation to publicly update any forward-looking statements after the date of this press
release. Investors are advised to consult any further disclosures by Panasonic HD in its subsequent filings under the
Financial Instrument and Exchange Act of Japan (the FIEA) and other publicly disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions,particularly consumer spending and corporate capital expenditures in the Americas, Europe, Japan, China and other Asian
countries; volatility in demand for electronic equipment and components from business and industrial customers, as wellas consumers in many product and geographical markets; the possibility that the spread of the novel coronavirus
infections may adversely affect business activities of the Panasonic Group; the possibility that excessive currency rate
fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely affect costs
and prices of Panasonic Group’s products and services and certain other transactions that are denominated in these
foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in
the fund raising environment including interest rate fluctuations; the possibility of the Panasonic Group not being able torespond to rapid technological changes and changing consumer preferences with timely and cost-effective introductions of
new products in markets that are highly competitive in terms of both price and technology; the possibility of not achieving
expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions; occurrence
and continuation of supply disruption or soaring prices of raw materials or transportation; the possibility of not being able toachieve its business objectives through joint ventures and other collaborative agreements with other companies, including
due to the pressure of price reduction exceeding that which can be achieved by its effort and decrease in demand for
products from business partners which Panasonic Group highly depends on in BtoB business areas; the possibility of notachieving expected benefits in connection with the transition to a new organizational system in which Panasonic is aholding company; the possibility of the Panasonic Group not being able to maintain competitive strength in many productand geographical areas; the possibility of incurring expenses resulting from any defects in products or services of thePanasonic Group; the possibility that the Panasonic Group may face intellectual property infringement claims by third
parties; current and potential, direct and indirect restrictions imposed in Japan or other countries over trade,manufacturing, labor and operations; failures in proper tackling of environmental issues or taking initiatives in responsible
procurement activities in the supply chain; restrictions, costs or legal liability relating to laws and regulations or failures ininternal controls; fluctuations in market prices of securities and other financial assets in which the Panasonic Group hasholdings or changes in valuation of non-financial assets, including property, plant and equipment, goodwill and deferred
tax assets; future changes or revisions to accounting policies or accounting rules; the possibility of incurring expenses
resulting from a leakage of customers’ or confidential information from Panasonic Group systems due to unauthorizedaccess or a detection of vulnerability of network-connected products of the Panasonic Group; as well as natural disasters
including earthquakes, prevalence of infectious diseases throughout the world and other events that may negatively impact
business activities of the Panasonic Group. The factors listed above are not all-inclusive and further information iscontained in the most recent English translated version of Panasonic HD’s securities reports under the FIEA and any otherdocuments which are disclosed on its website.

-9-Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Consolidated Statements of Financial Position
Yen (millions)
March 31, 2022

March 31, 2023
Current assets:
Cash and cash equivalents
Trade receivables and contract assets
Other financial assets
Inventories
Other current assets
Non-current assets:
Investments accounted for using
the equity method
Other financial assets
Property, plant and equipment
Right-of-use assets

Difference

3,802,885

4,031,197(228,312)

819,499

1,205,873(386,374)

1,322,593

1,324,618(2,025)

169,665

210,633(40,968)

1,288,751

1,132,664

156,087

202,377

157,40944,9684,256,642

3,992,386

264,256

401,219

403,201(1,982)

242,672

213,024

29,648

1,172,376

1,115,346

57,030238,833

257,706(18,873)

2,201,542

2,003,109

198,433

Total assets

8,059,527

8,023,583

35,944Current liabilities:

2,873,420

3,065,464(192,044)

159,231432,897(273,666)

Lease liabilities

59,89560,515(620)

Trade payables

1,156,909

1,163,578(6,669)Other non-current assets

Short-term debt, including current

portion of long-term debt

Other payables and accrued expenses

506,062

500,601

5,461

Other financial liabilities

146,213160,534(14,321)845,110747,339

97,771

Non-current liabilities:

Other current liabilities

1,396,149

1,610,948(214,799)

Long-term debt

1,050,116

1,197,706(147,590)

Lease liabilities

187,865

206,166(18,301)

Other non-current liabilities

158,168

207,076(48,908)

Total liabilities

4,269,569

4,676,412(406,843)

Panasonic Holdings Corporation stockholders’ equity:

3,618,402

3,164,962

453,440259,274

259,168

106

Common stock
Capital surplus

515,760

525,554(9,794)

2,588,800

2,387,283

201,517

Other components of equity

463,764

202,227

261,537

Treasury stock(209,196)(209,270)74

Non-controlling interests

171,556

182,209(10,653)

Total equity

3,789,958

3,347,171

442,787

Total liabilities and equity

8,059,527

8,023,583

35,944Retained earnings

Notes: 1. Common stock increased resulting from issuance of new shares as restricted stock compensation.
2. Other components of equity breakdown:
Yen (millions)
March 31, 2022

March 31, 2023
Remeasurements of defined benefit plans*
Financial assets measured at fair value

through other comprehensive income
Exchange differences on translation offoreign operations
Net change in fair value of cash flow hedges

Difference

－

－

－

37,42830,6596,769

431,992

171,240

260,752(5,656)328(5,984)* Remeasurements of defined benefit plans is directly transferred to Retained earnings from Other components of equity.

- 10 -

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Consolidated Statements of Profit or Loss andConsolidated Statements of Comprehensive Income
Consolidated Statements of Profit or Loss
Yen (millions)Fiscal 2023
ended March 31, 2023

Fiscal 2022
ended March 31, 2022

Percentage
2023/2022%%%

Net sales

8,378,942

100.0

7,388,791

100.0

Cost of sales(6,117,494)(73.0)(5,306,580)(71.8)

2,261,448

27.0

2,082,211

28.2(1,947,371)(23.3)(1,724,511)(23.4)

1,432

0.0(12,637)(0.2)(26,939)(0.3)

12,463

0.2

288,570

3.4

357,526

4.8

Finance income

48,9720.7

22,1280.3

Finance expenses(21,133)(0.3)(19,259)(0.2)

316,4093.8

360,395

4.9

Income taxes(35,853)(0.5)(94,957)(1.3)

Net profit

280,556

3.3

265,4383.6

106265,502

3.2

255,334

3.5

104

15,0540.1

10,1040.1

149

Gross profit
Selling, general andadministrative expenses
Share of profit (loss) of investments accounted
for using the equity method
Other income (expenses), net
Operating profit

Profit before income taxes

113

109

81

88

Net profit attributable to:Panasonic Holdings Corporation
stockholders
Non-controlling interests

Notes:

1. Depreciation

196,626

million yen

180,877

million yen

2. Capital investment

309,072

million yen

237,134

million yen

3. R&D expenditures

469,785

million yen

419,807

million yen

4. Number of employees

233,391- 11 -

240,198

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023
Consolidated Statements of Comprehensive Income
Yen (millions)Fiscal 2023
ended March 31, 2023

Fiscal 2022
ended March 31, 2022

Percentage
2023/2022%

Net Profit

280,556

265,438

106

Remeasurements of defined benefit plans

7,468

31,942Financial assets measured at fair value throughother comprehensive income

8,078

4,266

15,54636,208Exchange differences on translation of foreign
operations

248,057

365,989

Net change in fair value of cash flow hedges(7,482)(8,043)

240,575

357,946

256,121394,154

536,677

659,592

81

Panasonic Holdings Corporation
stockholders

518,784

630,52782

Non-controlling interests

17,89329,06562

Other comprehensive income
Items that will not be reclassified to profit or loss:

Subtotal
Items that may be reclassified to profit or loss:

Subtotal
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to :- 12 -

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Consolidated Statements of Changes in Equity
Yen (millions)
Panasonic
Holdings
Corporation
stockholders’equityNoncontrollinginterests

Total equity(209,270) 3,164,962

182,2093,347,171

12,623－

12,623(209,270) 3,177,585

182,2093,359,794

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity259,168

525,554

2,387,283

202,227－－(3,260)15,883

259,168

525,554

2,384,023

218,110－－

265,502－－265,502

15,054

280,556

－

－

－

7,503

－

7,503

(35)

7,468

－

－

－

8,560

－

8,560

(482)

8,078

－

－

－

244,869－

244,869

3,188

248,057－－－(7,650)－(7,650)168(7,482)－－

265,502253,282－

518,784

17,893536,677

－

－

9,294

(9,294)

－

－

－

－

Cash dividends－－(70,019)－－(70,019)(23,546)(93,565)

Changes in treasury stock

－

(0)

－

－

(50)

(50)

－

(50)

Share-based payment transactions

106

(21)

－

－

124

209

－

209

－

(9,773)

－

1,666

－

(8,107)(5,000)(13,107)259,274

515,760

2,588,800

463,764(209,196) 3,618,402

171,556

3,789,958

Fiscal 2023
ended March 31, 2023
Balances as of April 1, 2022
Effect of hyperinflation
Restated balances as of April 1, 2022

Treasurystock－

Comprehensive income:Net profit
Remeasurements of defined
benefit plans
Financial assets measured at fair value

through other comprehensive income
Exchange differences on translation offoreign operations
Net change in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earning

Transactions with non-controllinginterests and other
Balances as of March 31, 2023

* Effective fiscal 2023, IAS 29 "Financial Reporting in Hyperinflationary Economies" applies to financial statements of subsidiaries whose functional
currency is the Turkish lira. Accordingly, the beginning balance has been adjusted.
Yen (millions)
Panasonic
Holdings
Corporation
stockholders’equityNoncontrollinginterests

Total equity

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity

Treasurystock

258,981529,157

2,154,023(138,370)(209,757) 2,594,034

174,468

2,768,502－－

255,334－－

255,334

10,104

265,438－－－

31,875－31,87567

31,942

－

－

－

217

－

217

4,049

4,266

－

－

－

351,100－

351,100

14,889365,989－－－(7,999)－(7,999)(44)(8,043)－－

255,334

375,193－

630,527

29,065659,592－－

36,265(36,265)

－

－

－

－

Cash dividends－－(58,339)－－(58,339)(20,332)(78,671)

Changes in treasury stock

－

(0)

－

－

(43)

(43)

－

(43)

Share-based payment transactions

187

(361)

－

－

530

356

－

356

－

(3,242)

－

1,669

－

(1,573)(992)(2,565)259,168

525,554

2,387,283

202,227(209,270) 3,164,962

182,2093,347,171

Fiscal 2022
ended March 31, 2022
Balances as of April 1, 2021
Comprehensive income:Net profit
Remeasurements of defined
benefit plans
Financial assets measured at fair value

through other comprehensive income
Exchange differences on translation offoreign operations
Net change in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earning

Transactions with non-controllinginterests and other
Balances as of March 31, 2022

- 13 -

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Consolidated Statements of Cash Flows
Yen (millions)Fiscal 2023
ended March 31, 2023

Fiscal 2022
ended March 31, 2022

280,556

265,438

Depreciation and amortization

382,289

339,148(Increase) decrease in trade receivables and contract assets

25,797(53,848)(120,617)(225,928)

5,390

76,811(52,673)(148,991)

520,742

252,630(289,353)(233,967)

Proceeds from sale of property, plant and equipment

29,29862,776

Purchase of investments accounted for using
the equity method and other financial assets(37,982)(37,239)

Proceeds from sale and redemption of investments
accounted for using the equity method and otherfinancial assets

36,36931,143

Other(82,365)(618,862)(344,033)(796,149)

Increase (decrease) in short-term debt

(315,328)

101,539

Increase (decrease) in long-term debt

(183,640)

48,779Dividends paid to Panasonic Holdings Corporation stockholders(70,019)(58,339)

Dividends paid to non-controlling interests(23,546)(20,332)

(50)

(43)

(14,430)(12,694)(607,013)

58,91043,93097,258Net increase (decrease) in cash and cash equivalents(386,374)(387,351)

Cash and cash equivalents at beginning of period

1,205,873

1,593,224

Cash and cash equivalents at the end of the period

819,499

1,205,873

Cash flows from operating activities
Net profit
Adjustments to reconcile net profit to
net cash provided by operating activities(Increase) decrease in inventories
Increase (decrease) in trade payables
Other
Net cash provided by operating activities

Cash flows from investing activities
Purchase of property, plant and equipment

Net cash provided by (used in) investing activities

Cash flows from financing activities(Increase) decrease in treasury stock
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents,and other- 14 -

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Notes to consolidated financial statements:
1.

Per share data (Years ended March 31)
Fiscal 2023
Net profit attributable toPanasonic Holdings Corporation
stockholders (millions of yen)
Average common shares outstanding(number of shares)
Earnings per share attributable toPanasonic Holdings Corporation
stockholders:2.

Fiscal 2022

265,502

255,334

2,333,947,462

2,333,538,585

Basic

113.75 yen

109.41 yen

Diluted113.72 yen

109.37 yen

On April 1, 2022, the Company became a holding company through absorption-type company split
and each of its businesses was succeeded to nine succeeding companies of its consolidated
subsidiaries.

3.

Significant subsequent events: None

4.

Assumption for going concern: None5.

Number of consolidated subsidiaries as of March 31, 2023: 523
Number of entities accounted for using the equity method as of March 31, 2023: 67- 15 -

Consolidated Financial Resultsfor Fiscal 2023, ended March 31, 2023

Information by Segment
Yen (billions)Fiscal 2022
ended March 31, 2022

Fiscal 2023
ended March 31, 2023
Sales

23/22

Operating
Profit

%

% of
Sales

23/22

%

%

Sales

Operating
Profit

% of
Sales
%

Reportable Segments:
Lifestyle

3,483.3

110

103.1

3.0

95

3,165.6

108.2

3.4

Automotive

1,297.5

122

16.2

1.3

－

1,062.8

1.4

0.1

Connect

1,125.7

122

20.9

1.9

40

922.7

52.8

5.7

Industry

1,149.9

102

66.8

5.8

80

1,128.1

83.2

7.4

Energy

971.8

126

33.2

3.4

50

772.8

66.8

8.6

Subtotal

8,028.2

114

240.2

3.0

77

7,052.0

312.4

4.4

Other

1,199.4

103

56.7

4.7

151

1,159.7

37.7

3.3

Eliminations and adjustments(848.7)

－

(8.3)

－

－

(822.9)

7.4

－

Total

8,378.9

113

288.6

3.4

81

7,388.8

357.5

4.8

Notes: 1. The Panasonic Group divides its reportable segments into the following five segments, "Lifestyle," "Automotive,""Connect," "Industry" and "Energy.""Other" includes operating segments which are not included in the above-mentioned reportable segments andother business activities, such as Entertainment & Communication, Housing and sales of raw materials.
2. The figures in "Eliminations and adjustments" include eliminations of intersegment transactions, adjustments ofprofits and losses which are not attributable to any segments, and consolidation adjustments. In addition,
management accounting adjustments to sales prices, which had been included in "Eliminations andadjustments," are included in each segment from fiscal 2023 (fiscal 2022 results have also been reclassified toconform to the presentation for fiscal 2023).
3. As a result of the Company’s reorganization on April 1, 2022, the figures in "Information by Segment" for fiscal
2022 are reclassified in conformity with the business segmentation for fiscal 2023.

- 16 -