the Shares in the japanese elektronikkgiganten Toshiba fell with the whole 20,43 per cent on Wednesday, and broke thereby the maximum tapsgrensen of 20 percent per day.
It happens after a aksjefall at close to 12 per cent the day before.
the Reason for the sharp fall, the company confirmed reports from earlier in the week that it must write down the value of the kjernekraftvirksomheten in the united STATES, according to the Financial Times.
Estimates of the loss have varied, from just over nok 7.4 billion, according to a report from the newspaper Nikkei on Monday, to the entire 36,6 billion according to a report from the japanese broadcaster NHK on Tuesday.
the Company itself has said that the loss is of several billion dollars, without specifying further, according to the Financial Times. Analysts are in doubt about what to believe until the company has found out exactly how big the problem is.
– All the bad news is not out, say the analysts at Nomura Securities, according to Financial Times.
Toshiba-the boss goes off after milliardskandale
Struggling with the reputation
It all happens while Toshiba is trying to improve its reputation after a big bokføringsskandale in the last year, that led to a number of directors and members of the board resigned.
An independent variety stated that the 141-year-old company had overstated the operating profit by around 10 billion between 2008 and 2014.
Toshiba is exposed to two major industries which both require a lot of capital, and where there may be large fluctuations, namely, the datachip-the industry where it competes against gigantselskaper as Samsung, and within the industry.
recent years, The nuclear force has been challenged by weak demand for electricity after the financial crisis in 2008, access to good cheap gas in markets such as Europe and the united STATES, and concerns about safety after the Fukushima accident in Japan in 2011.
Split about the acquisition
The direct background for Toshiba’s nuclear bangs is an acquisition of just over two billion in October of last year. Toshiba subsidiary Westinghouse Electric Company bought a company that builds nuclear power plant, CB&Stone & Webster.
Since the company has been arguing with the seller, Chicago Bridge & Iron which is based in the Netherlands, about the real value of the company’s assets.
In addition, the company has struggled with delays and cost overruns at two nuclear power plants that it builds for Southern Co. in the state of Georgia in the united STATES.
Unexpected inefficiency
According to the Financial Times believes Toshiba is that the cost to complete these projects will be far higher than previously estimated.
Investigation shows large-scale regnskapsjuks of Toshiba-leaders
Mamoru Hatazawa, director for nuclear energy in Toshiba, says Toshiba and Westinghouse have discovered unexpected inefficiencies in the workforce in the acquired company, together with other factors that also drive up costs, according to the Wall Street Journal.
the Purchase of the CB&Stone & Webster included a number of projects and assets, including contracts on the records of the nuclear power plant of the type AP1000 in the united STATES and China. The company also took over 11 manufacturing facilities in the united STATES and Asia.
Several nuclear power plants in the united STATES have also been built in a new way, by allowing the reactors to be built in large modules are transported to the power plant and assembled there. It has been challenging to get the modules delivered at the right time, according to the Wall Street Journal.
Previous atom-bang
This is not the first smellen Toshiba takes the field of nuclear energy: the Company has already written down the value of the Westinghouse with around 19 billion.
Westinghouse is the largest manufacturer of nuclear fuel in the world, and has supplied technology to about half of the nuclear power plants which are in operation in the world today, according to the company itself.
Among the other jobs the company with upgrades at the Forsmark-power plants in Sweden and has a number of deliveries to Olkiluoto power plant in Finland, which is under construction.
Expected profit
Toshiba has previously estimated that it will go with a profit of 1.2 billion dollars in the current year, the first surplus in three years.
But the writings may make it necessary to make new efforts, to bring in more capital, writes several media outlets, including the Financial Times.
Total Toshiba shares fell from 443,10 yen to 311,60 yen since the second christmas day, which is equivalent to a decrease of 30 per cent.
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