Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

October 30, 2023

FOR IMMEDIATE RELEASE
Panasonic Holdings Corporation(Tel: +81-6-6908-1121)(Japan)Panasonic Holdings Reports its Consolidated Financial Results
for the Six Months ended September 30, 2023
Osaka, Japan, October 30, 2023 -- Panasonic Holdings Corporation ( [TSE:6752]
the "Company") today reported its consolidated financial results for the six months ended
September 30 2023, of the current fiscal year ending March 31, 2024 (fiscal 2024).
The Company also provided the information on the revision of its consolidated
financial forecast for fiscal 2024.

-1-

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Summary of Consolidated Financial Results for Six Months Ended September 30, 2023 [IFRS]October 30, 2023
Company Name: Panasonic Holdings Corporation

Listed Exchanges: Tokyo / Nagoya

Security Code:URL: https://holdings.panasonic/global

6752

Scheduled Date for Quarterly Report Filing: November 10, 2023
Scheduled Date for Dividend Payment: November 30, 2023

1. Consolidated Financial Results for Six Months (April 1, 2023 - September 30, 2023)(1) Consolidated Operating Results(% represents changes compared with the same period of the previous fiscal year)

Net sales

Profit before
income tax

Operating profit

Net profit attributableto PanasonicHoldings Corporation

Net profit

Six Months ended

Yen (million)%

Yen (million)%

Yen (million)%%

Yen (million)%

Sep. 30, 2023

4,119,424

1.4

192,83528.8

224,33134.6

297,965 156.9

288,379 168.7

743,334

20.3

Sep. 30, 2022

4,063,929

15.0

149,759 (25.6)

166,620 (19.0)

115,987 (28.0)

107,337 (29.9)

617,820 207.3

Basic earnings per share

Yen (million)%

Yen (million)

Total
comprehensive
incomeDiluted earnings per share

Yen

Yen

Six Months ended Sep. 30, 2023

123.55

123.51Six Months ended Sep. 30, 2022

45.99

45.97

(2) Consolidated Financial Positions
Total assets

Equity attributable toPanasonic Holdings
Corporation

Total equity

Ratio of equity attributable toPanasonic Holdings
Corporation to total assets

As of

Yen (million)

Yen (million)

Yen (million)%

Sep. 30, 2023

9,125,122

4,479,134

4,303,279

47.2

Mar. 31, 2023

8,059,527

3,789,958

3,618,402

44.9

2. Dividends
Annual dividendsstnd

End of 1 Quarterrd

End of 2 QuarterEnd of Fiscal YearEnd of 3 Quarter

Total

Yen

Yen

Yen

Yen

Yen

Fiscal 2023

-

15.00

-

15.00

30.00

Fiscal 2024

-

17.50
-

-

-

Fiscal 2024 (Forecast）-

Notes: Revision in the dividends forecast from latest financial announcement: None
On August 31, 2023, the Company announced dvidend forecast of interim dividend for fiscal 2024.
Forecast of year-end dividend for fiscal 2024 has not yet been determined.

3. Consolidated Financial Forecast for Fiscal 2024 (April 1, 2023 - March 31, 2024)(% represents changes compared with the same period of the previous fiscal year)
Net sales

Full YearNet profit attributable toPanasonic Holdings
Corporation

Profit before
Income taxes

Operating profit

Basic earnings per
share

Yen (million)%

Yen (million)%

Yen (million)%

Yen (million)%

Yen

8,400,000

0.3

400,000

38.6

455,000

43.8

460,000

73.3

197.07

Note: Revision in the consolidated financial forecast from latest financial announcement: Yes
Notes: 1. Fiscal 2024 refers to the fiscal year ending March 31, 2024.
2. The Company's consolidated financial statements are prepared in conformity with International Financial Reporting Standards (IFRS).
3. One American depositary shares (ADS) represents one share of common share. Earnings per share attributable to Panasonic Holdings
Corporation stockholders per ADS is same amount as Earnings per share attributable to Panasonic Holdings Corporation stockholders.

-2-Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Consolidated Financial Results
1. Fiscal 2024 2Q ended September 30, 2023

A. Operating Results
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023
Net sales

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

4,119.4

4,063.9

101%

Operating profit

192.8

149.8

129%

Profit before income taxes

224.3

166.6

135%

Net profit attributable toPanasonic Holdings
Corporation stockholders

288.4

107.3

269%

During the six months ended September 30, 2023 (fiscal 2024), the overall global
economy saw a moderate slowdown due to geopolitical risks such as the situation in
Ukraine as well as the ongoing monetary tightening implemented to counter inflation. In
Japan, a gradual improvement in the economy was supported by such factors as solid
demand for capital expenditure and the recovery of inbound tourism-related demand. As forthe outlook, economic downturn is expected to continue globally, while the overall Japanese
economy is expected to recover gradually, despite concern for the negative impact of rising
prices.
Under such management conditions, the Company aims to achieve the Key Goal
Indicators (KGIs) of "2.0 trillion yen of cumulative operating cash flow, ROE (Return on
Equity) of 10% or more, and 1.5 trillion yen of cumulative operating profit" set in its mediumterm strategy. In fiscal 2024, the second year of the medium- to long-term strategy thatstarted in fiscal 2023 when the Company transitioned to a new group organizational
structure comprised of a holding company and operating companies, the Company iscontinuing to thoroughly enhance its competitiveness. Furthermore, the Company decided
to set the automotive battery business as the priority investment area and will proceed withmanagement initiatives by taking into consideration the revision and replacement of ourbusiness portfolio toward shifting to a growth phase.
For the six months ended September 30, 2023, in April 2023, Panasonic Energy Co.,
Ltd. ("Panasonic Energy") signed a contract to supply automotive batteries for commercial
vehicles in North America with Hexagon Purus ASA, a world-leading manufacturer of zero
emission mobility and infrastructure solutions in Norway. In addition, Panasonic Energy hasentered into discussions with Mazda Motor Corporation (announced in June 2023) andseparately, SUBARU CORPORATION (announced in July 2023) on establishing a mediumto long-term partnership to supply batteries for EVs.

-3-

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

For the six months ended September 30, 2023, the Company’s consolidated sales
increased by 1% to 4,119.4 billion yen from a year ago. This is due to increased sales inAutomotive, Connect, and automotive batteries as well as the effect of currency translation,
despite largely decreased sales in Industry.
Operating profit increased by 29% to 192.8 billion yen and profit before income taxes
increased by 35% to 224.3 billion yen from a year ago. This is due mainly to the progress ofprice revisions and rationalization, the effect of exchange rates, as well as recording of tax
credit under the Inflation Reduction Act in the U.S. (the "US IRA Tax Credit"), despite
increased fixed costs mainly related to strategic investments and the impact of price hikes in
raw materials.
Net profit attributable to Panasonic Holdings Corporation stockholders considerablyincreased by 169% to 288.4 billion yen from a year ago. This is due to the above-mentioned
factors as well as a decrease in income tax with the liquidation of Panasonic Liquid Crystal
Display Co., Ltd. (through "Special Liquidation" defined in the Japanese Companies Act)and its debt waiver (for further details, please refer to Note 1 of "Notes to consolidated
financial statement").

B. Breakdown by Reportable Segment
Lifestyle
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023
Sales
Operating profit

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

1,683.0

1,713.5

98%

60.6

73.7

82%

Sales slightly decreased by 2% to 1,683.0 billion yen from a year ago. This is due tobroadly weakening demand for consumer electronics, mainly in China and other Asia
markets, and the situation of HVAC business affected by slowdown of demand growth in theEuropean market, as well as the deconsolidation of part of businesses in China, despite
increased sales of showcases in North America and electrical construction materials for theJapanese market. Operating profit decreased to 60.6 billion yen from a year ago. This isdue to increased fixed costs mainly related to increasing production and strategic expenses,
as well as recording of quality-related additional expenses, despite the progress ofrationalization and price revisions, and other factors.

-4-Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Automotive
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

Sales

708.2

592.6

120%

Operating profit (loss)

15.3(12.5)－

Sales increased by 20% to 708.2 billion yen from a year ago. This is due largely to therecovery of automobile production. Operating profit increased to 15.3 billion yen from a year
ago. This is due to increased sales and efforts in price revisions to offset price hikes in parts& materials as well as efforts in cost reductions, despite increased fixed cost related toincreasing production and increased personnel expenses as well as the impact of pricehikes in parts & materials.
Connect
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

Sales

552.1

517.9

107%

Operating profit (loss)

16.2(10.4)－

Sales increased by 7% to 552.1 billion yen from a year ago. This is due mainly toincreased sales in Avionics, rugged mobile terminals, notebook PCs and Blue Yonder,
despite decreased sales in Process Automation. Operating profit increased to 16.2 billion
yen from a year ago. This is due to increased sales mainly in Avionics, improved profitability
in Mobile Solutions and other factors, despite decreased sales in Process Automation.

-5-

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Industry
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

Sales

510.4

596.0

86%

Operating profit

13.2

48.5

27%

Sales decreased by 14% to 510.4 billion yen from a year ago. This is due todeteriorating market conditions for ICT-use products, and products for the Chinese market
as well as the impact of changes in the sales channel resulting from the termination of thesemiconductor business, despite increased sales in some products including capacitors forgreen vehicles. Operating profit decreased to 13.2 billion yen from a year ago. This is due
largely to such factors as decreased sales with deteriorating market conditions, despite
efforts in price revisions and rationalization as well as the effect of depreciation of the yen.
EnergyYen (billions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

Sales

476.8

469.8

101%

Operating profit

52.5

28.7

183%

Overall sales increased by 1% to 476.8 billion yen from a year ago. This is due tofavorable sales and production in EV batteries, despite decreased sales in Industrial /Consumer. Operating profit increased to 52.5 billion yen from a year ago. This is due mainly
to increased sales of EV batteries in North America and recording of the US IRA Tax Credit,
despite decreased sales in Industrial / Consumer, decreased production of EV batteries inJapan and an increase in fixed costs.
Other (Other business activities which are not included in the reportable segments)
Yen (billions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023

Sales

592.8

579.9

102%

Operating profit

31.0

26.5

117%

Sales increased by 2% to 592.8 billion yen from a year ago. Operating profit increased
to 31.0 billion yen from a year ago.

-6-

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

C. Consolidated Financial Condition
Net cash provided by operating activities for the six months ended September 30,
2023, amounted to 391.8 billion yen, compared with an inflow of 209.3 billion yen a year
ago. This is due mainly to improvements in working capital. Net cash used in investing
activities amounted to 230.3 billion yen, compared with an outflow of 140.0 billion yen a
year ago. This is due mainly to an increase in capital investment. Accordingly, free cash
flows (net cash provided by operating activities and investment activities) increased by 92.2
billion yen from a year ago to an inflow of 161.5 billion yen.
Net cash provided by financing activities amounted to 103.1 billion yen, compared withan outflow of 508.0 billion yen a year ago. This is due mainly to the repayment of temporary
borrowings in fiscal 2023, which were taken in fiscal 2022, the prior year of the Company’stransition to a new organizational structure, and the issuance of domestic unsecured
straight bonds during the six months ended September 30, 2023.
Taking such factors as exchange rate fluctuations into consideration, cash and cash
equivalents totaled 1,165.0 billion yen as of September 30, 2023, which is an increase of
345.5 billion yen from March 31, 2023.
The Company’s consolidated total assets of September 30, 2023, were 9,125.1 billion
yen, an increase of 1,065.6 billion yen from March 31, 2023. This is due mainly to anincrease of cash and cash equivalents as well as the impact of fluctuations in exchange
rates on foreign currency denominated assets caused by depreciation of the yen.
The Company’s consolidated total liabilities increased by 376.4 billion yen to 4,646.0
billion yen from March 31, 2023. This is due mainly to an increase of long-term debt by theissuance of domestic unsecured straight bonds, and the impact of fluctuations in exchange
rates caused by depreciation of the yen.
Panasonic Holdings Corporation stockholders’ equity increased by 684.9 billion yen to
4,303.3 billion yen, compared with March 31, 2023. This is due mainly to recording of net
profit attributable to Panasonic Holdings Corporation stockholders as well as an increase ofother components of equity caused by depreciation of the yen. With noncontrolling interests
added to Panasonic Holdings Corporation stockholders’ equity, total equity was 4,479.1
billion yen.

-7-

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

2. Consolidated Financial Forecast for fiscal 2024

For the consolidated financial forecast for fiscal 2024, the Company revises downward
the forecast for net sales and operating profit, announced on July 31, 2023, due mainly tochanges in business environment.
The downward revision of net sales is due mainly to the impact of accounting treatment
for the US IRA Tax Credit in Energy*, as well as the deteriorating market conditions in
Lifestyle and Industry, despite the upward forecast for sales in Automotive with the gradual
recovery of automobile production, and in Connect with favorable sales of Avionics.
The downward revision of operating profit is due to the downward forecast for mainly inLifestyle and Industry, despite the improvement by the effect of exchange rates.
The forecast for income before income taxes and net profit attributable to PanasonicHoldings Corporation stockholders remain unchanged. This is due to the improvement infinance income / expenses.
*The Company assumes to effectively use the US IRA tax credit with customers toward strengthening
and expanding its North America business, taking the aim of US IRA into consideration. While themethod of effective use is undetermined, the Company records half of the amount equivalent to thetotal of tax credit as deduction of sales by applying the revenue recognition standard.

The revised forecast for fiscal 2024 (April 1, 2023 - March 31, 2024)
Yen (billions)
Basic earnings

Net profit

Net sales

OperatingprofitIncomebeforeincometaxes

attributable toPanasonic
Holdings
Corporation
stockholders

per share
attributableto PanasonicHoldings
Corporation
stockholders(Reference)
Adjusted
operatingprofitPrevious forecast (A)8,500.0

430.0

455.0

460.0

197.08 yen

430.0

Revised forecast (B)8,400.0

400.0

455.0

460.0

197.07 yen

400.0

Difference (B-A)-100.0

-30.0

-

-

‐30.0

Difference (%)

-1.2%

-7.0%

-

-

-7.0%

8,378.9

288.6

316.4

265.5

(Reference)
Financial results for113.75 yen

314.1

fiscal 2023

Note:

Adjusted operating profit is calculated by subtracting cost of sales and selling, general and administrative expenses
from net sales.

-8-Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023
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 historical or
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
and unknown 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; occurrence and continuation of supply disruption or soaring prices of raw materials or transportation; thepossibility 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 othertransactions that are denominated in these foreign currencies; the possibility of the Panasonic Group incurring additionalcosts of raising funds, because of changes in the fund raising environment including interest rate fluctuations; thepossibility of the Panasonic Group not being able to respond 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 ofboth price and technology; the possibility of not achieving expected results or incurring unexpected losses in connection
with the alliances or mergers and acquisitions; the possibility of not being able to achieve its business objectives throughjoint 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 not achieving expected benefits inconnection with the transition to a new organizational system in which Panasonic is a holding company; the possibility of
the Panasonic Group not being able to maintain competitive strength in many product and geographical areas; thepossibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility
that the Panasonic Group may face intellectual property infringement by third parties or intellectual property infringement
claims by third parties; the possibility that change or tightening of current and potential, direct and indirect restrictions
imposed in Japan or other countries over trade, manufacturing, labor and operations may adversely affect business
operations of Panasonic Group and its supply chain; failures in proper tackling of regulations and policies introduced orstrengthened with respect to environmental issues including climate change or responsible procurement activities(human rights, labor, health and safety, global environmental conservation, information security, corporate ethics, etc.) in
the supply chain; restrictions, costs or legal liability relating to introduction or tightening of laws and regulations;fluctuations in market prices of securities and other financial assets in which the Panasonic Group has holdings orchanges 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 froma leakage of customers’ or confidential information from systems of Panasonic Group or its supply chain, service
suspension or vulnerability of network-connected products due to unauthorized system access and cyberattacks etc.; thepossibility not being able to acquire the necessary human resources to promote management strategies and prevent theoutflow of existing employees; the possibility that the spread of infections including the novel coronavirus infections may
adversely affect business activities of the Panasonic Group; volatility in demand for electronic equipment andcomponents from business and industrial customers, as well as consumers in many product and geographical markets
occurrence of events that may negatively impact business activities of the Panasonic Group, including large-scale natural
disasters, prevalence of infectious diseases throughout the world and terrorism or wars. The factors listed above are notall-inclusive and further information is contained in the most recent English translated version of Panasonic HD’ssecurities reports under the FIEA and any other documents which are disclosed on its website.

-9-Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Condensed Quarterly Consolidated Statements of Financial Position
Yen (millions)
September 30, 2023
Current assets:

March 31, 2023

Difference

4,299,885

3,802,885

497,000

Cash and cash equivalents

1,164,996

819,499

345,497

Trade receivables and contract assets

1,331,411

1,322,593

8,818

Other financial assets
Inventories
Other current assets
Non-current assets:

201,117

169,665

31,452

1,355,401

1,288,751

66,650246,960

202,377

44,583

4,825,237

4,256,642

568,595

Investments accounted for using
the equity method

402,561

401,219

1,342

Other financial assets

220,642

242,672(22,030)

1,321,800

1,172,376

149,424

256,432

238,833

17,5992,623,802

2,201,542

422,260

Total assets

9,125,122

8,059,527

1,065,595

Current liabilities:

Property, plant and equipment
Right-of-use assets
Other non-current assets

3,023,016

2,873,420

149,596

Short-term debt, including current
portion of long-term debt

239,846

159,23180,615

Lease liabilities

59,761

59,895(134)

Trade payables

1,207,679

1,156,909

50,770452,754

506,062(53,308)

Other financial liabilities

165,882

146,213

19,669Other current liabilities

897,094

845,110

51,984Non-current liabilities:

1,622,972

1,396,149

226,823

Long-term debt

1,184,255

1,050,116

134,139

Lease liabilities

205,995

187,865

18,130

Other non-current liabilities

232,722

158,168

74,554

Total liabilities

4,645,988

4,269,569

376,419

Panasonic Holdings Corporation stockholders’ equity:

Other payables and accrued expenses

4,303,279

3,618,402

684,877

Common stock

259,445259,274

171

Capital surplus

511,294

515,760(4,466)2,859,891

2,588,800

271,091

Other components of equity

881,852

463,764

418,088

Treasury stock(209,203)(209,196)(7)

Non-controlling interests

175,855

171,556

4,299

Total equity

4,479,134

3,789,958

689,176

Total liabilities and equity

9,125,122

8,059,527

1,065,595

Retained earnings

Note: Other components of equity breakdown

Yen (millions)
September 30, 2023

Remeasurements of defined benefit plans*
Financial assets measured at fair value
through other comprehensive income
Exchange differences on translation offoreign operations
Net changes in fair value of cash flow hedges

March 31, 2023

Difference

－

－

－

36,58837,428(840)

853,893431,992

421,901(8,629)(5,656)(2,973)* Remeasurements of defined benefit plans is directly transferred to Retained earnings from Other components of equity.

- 10 -

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Condensed Quarterly Consolidated Statements of Profit or Loss andCondensed Quarterly Consolidated Statements of Comprehensive Income
Condensed Quarterly Consolidated Statements of Profit or Loss
Yen (millions)Fiscal 2023
Six Months ended
September 30, 2022

Fiscal 2024
Six Months ended
September 30, 2023%

Percentage
FY2024/2023%%

Net sales

4,119,424

100.0

4,063,929

100.0

Cost of sales(2,924,475)(71.0)(2,975,474)(73.2)

1,194,949

29.0

1,088,455

26.8(1,002,694)(24.3)(942,582)(23.2)

Share of profit (loss) of investments accounted
for using the equity method

2,642

0.1

(2,285)(0.1)

Other income (expenses), net(2,062)

(0.1)

6,171

0.2

192,835

4.7

149,759

3.7

Finance income

43,1391.0

27,015

0.7

Finance expenses(11,643)(0.3)(10,154)(0.3)

224,331

5.4

166,620

4.1

Income taxes

73,634

1.8(50,633)(1.2)

Net profit

297,965

7.2

115,9872.9

257

288,379

7.0

107,337

2.6

269

9,586

0.2

8,650

0.3

111

Gross profit
Selling, general and administrative expenses

Operating profit

Profit before income taxes

101

110

129

135

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

Notes:

1. Depreciation (tangible)

100,493

million yen

98,052

million yen

2. Capital investment

214,225

million yen

107,622

million yen

3. R&D expenditures

235,651

million yen

226,624

million yen

4. Number of employees

232,527- 11 -

238,831

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023
Condensed Quarterly Consolidated Statements of Comprehensive Income
Yen (millions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

Percentage
FY2024/2023%

Net Profit

297,965

115,987257

Remeasurements of defined benefit plans(1,370)12,264

Financial assets measured at fair value throughother comprehensive income

19,681(4,421)

18,311

7,843

Exchange differences on translation of foreign
operations

428,712505,683

Net changes in fair value of cash flow hedges(1,654)(11,693)427,058

493,990445,369

501,833

743,334

617,820120

725,576

601,641

121

17,75816,179110

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
Comprehensive income
Comprehensive income attributable to :Panasonic Holdings Corporation
stockholders
Non-controlling interests- 12 -

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

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

Total equity(209,196) 3,618,402

171,556

3,789,958

Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity259,274

515,760

2,588,800

463,764－－

288,379－－

288,379

9,586

297,965－－－(1,019)－(1,019)(351)(1,370)－－－17,903－

17,903

1,778

19,681－－－

421,901－

421,901

6,811

428,712－－－(1,588)－(1,588)(66)(1,654)－－

288,379

437,197－

725,576

17,758743,334－－

17,724(17,724)

－

－

－

－

Cash dividends－－(35,012)－－(35,012)(10,248)(45,260)

Changes in treasury stock

－

(0)

－

－

(27)

(27)

－

(27)

Share-based payment transactions

171

(44)

－

－

20

147

－

147

－

(4,422)－(1,385)－(5,807)(3,211)(9,018)259,445

511,2942,859,891

881,852(209,203) 4,303,279

175,855

4,479,134

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

Fiscal 2024
Six Months ended September 30, 2023
Balances as of April 1, 2023

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 changes in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earnings

Transactions with non-controllinginterests and other
Balances as of September 30, 2023

Yen (millions)
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－－

107,337－－

107,337

8,650

115,987－－－

12,196－

12,19668

12,264－－－(3,932)－(3,932)(489)(4,421)－－－

497,758－

497,758

7,925

505,683－－－(11,718)－(11,718)

25(11,693)－－

107,337

494,304－

601,641

16,179617,820－－

13,539(13,539)

－

－

－

－

Cash dividends－－(35,008)－－(35,008)(9,225)(44,233)

Changes in treasury stock

－

(0)

－

－

(35)

(35)

－

(35)

Share-based payment transactions

106

(4)

－

－

3

105

－

105

－

(1,591)－132－(1,459)(1,079)(2,538)259,274

523,959

2,469,891

699,007(209,302) 3,742,829

188,084

3,930,913

Fiscal 2023
Six Months ended September 30, 2022
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 changes in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earnings

Transactions with non-controllinginterests and other
Balances as of September 30, 2022

Note: Effective fiscal 2023, IAS 29 "Financial Reporting in Hyperinflationary Economies" applies to financial statements of subsidiaries whosefunctional currency is theTurkish lira. Accordingly, the beginning balance has been adjusted.

- 13 -

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Condensed Quarterly Consolidated Statements of Cash Flows
Yen (millions)Fiscal 2024
Six Months ended
September 30, 2023

Fiscal 2023
Six Months ended
September 30, 2022

297,965

115,987

Depreciation and amortization

195,331

188,530(Increase) decrease in trade receivables and contract assets

68,591

18,820(Increase) decrease in inventories(5,290)(226,782)

Increase (decrease) in trade payables

26,099110,316(190,942)

2,412

391,754

209,283(234,276)(117,298)

5,066

10,382(7,430)(13,257)

accounted for using the equity method and otherfinancial assets

48,176

15,768

Other(41,782)(35,628)(230,246)(140,033)

Increase (decrease) in short-term debt

(420)

(306,751)

Increase (decrease) in long-term debt

153,411(144,362)

Dividends paid to Panasonic Holdings Corporation stockholders(35,012)(35,008)

Dividends paid to non-controlling interests(10,248)(9,225)

(27)

(35)

(4,640)(12,596)

Net cash provided by (used in) financing activities

103,064(507,977)

Effect of exchange rate changes on cash and cash equivalents,and other

80,92580,046

Net increase (decrease) in cash and cash equivalents

345,497(358,681)

Cash and cash equivalents at beginning of period

819,499

1,205,873

Cash and cash equivalents at the end of the period

1,164,996

847,192

Cash flows from operating activities
Net profit
Adjustments to reconcile net profit to
net cash provided by operating activities

Other
Net cash provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investments accounted for using
the equity method and other financial assets
Proceeds from sale and redemption of investments

Net cash used in investing activities
Cash flows from financing activities(Increase) decrease in treasury stock
Other- 14 -

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Notes to consolidated financial statements:
1.

The Board of Directors of the Company resolved on July 31, 2023, to liquidate Panasonic Liquid
Crystal Display Co., Ltd. ("PLD"), a consolidated subsidiary of the Company, and to file a petition forcommencement of special liquidation as well as to waive debts that PLD owes to Panasonic Equity

Management Japan G.K. which is also a consolidated subsidiary of the Company.
Accordingly, taking into consideration the recoverability of deferred tax assets in Company's
consolidated financial results, it becomes highly likely that the temporary difference associated with
the investment in PLD is expected to reverse in the foreseeable future. Therefore, the Company
recognizes 121.3 billion yen of a decrease in income taxes (e.g., recognition of deferred tax assets
and other factors).
2.

Effective April 1, 2023, the Company applied IFRS 17 "Insurance Contracts" and the revised IAS 12"Income Taxes" applied to the consolidated financial statements.
The impact of the adoption of IFRS 17 and IAS 12 on the consolidated financial statements of theCompany is not material.
3.

The Company issued a total of 260.0 billion yen of domestic unsecured straight bonds on September
14, 2023.

4.

Significant subsequent events: None

5.

Assumption for going concern: None

6.

Number of consolidated subsidiaries (as of September 30, 2023): 520
Number of companies under the equity method (as of September 30, 2023): 67- 15 -

Consolidated Financial Resultsfor Fiscal 2024 2Q, ended September 30, 2023

Information by Segment
Yen (billions)Fiscal 2023
Six Months ended
September 30, 2022

Fiscal 2024
Six Months ended
September 30, 2023
Sales

24/23

Operatingprofit

%

% of
Sales

24/23

%

%

Sales

Operatingprofit(loss)

% of
Sales
%

Reportable Segments:
Lifestyle

1,683.0

98

60.6

3.6

82

1,713.5

73.7

4.3

Automotive

708.2

120

15.3

2.2

－

592.6

(12.5)(2.1)

Connect

552.1

107

16.2

2.9

－

517.9

(10.4)(2.0)

Industry

510.4

86

13.2

2.6

27

596.0

48.5

8.1

Energy

476.8

101

52.5

11.0

183

469.8

28.7

6.1

Subtotal

3,930.5

101

157.8

4.0

123

3,889.8

128.0

3.3

Other

592.8

102

31.0

5.2

117

579.9

26.5

4.6

Eliminations and adjustments(403.9)

－

4.0

－

－

(405.8)

(4.7)

－

Total

4,119.4

101

192.8

4.7

129

4,063.9

149.8

3.7

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.

- 16 -