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Panasonic reports six months financial results.


If you can read the complex language of financial reports than download that Panasonic pdf file. It contains the results of the last size months and a forecast for 2013 (see screenshot on top). In very short, the situation ins’t good. TV business is going worse than ever, restructuring expenses are 11 times(!) more expensive than predicted and when it comes to digital cameras that’s what Panasonic writes:

AVC Networks
Sales decreased by 24% to 690.0 billion yen from 913.6 billion yen a year ago. This result was due mainly to significant sales decline in flat-panel TVs, BD recorders and digital cameras. Segment profit significantly improved to 19.9 billion yen, compared with a loss of 15.7 billion yen a year ago due mainly to fixed cost reductions and restructuring effects.

Of course Panasonic already announced a long list of actions and some of them are described in the document. I am less worried about the relative small Digital Camera business. That’s not their main core business.  Panasonic has to fix the TV business first. On the good side of their report you can notice that Panasonic is doing profit on very future oriented business like green terminology and house electronic stuff.

More info at Bloomberg.

  • Gummyrabbit

    Time to get out of the plasma TV business and concentrate on LCD/LED. Plasma might give a better picture but they’re heavy and waste power.

  • Miroslav

    There’s no stopping flat panel TV sales decrease. Why should I buy one every couple of years? 100″, 3D, 4K, 120Hz refresh, network, apps, whatever they put in, the bottom line is that 32-42″ Full HD is enough for most and they won’t buy another as long as that one works OK. TV is not a mobile phone. The switch from CRT TVs came and gone, the manufacturers earned big money through it, some even fixed prices, there’s no reason to pity them.

    Small sensored digital cameras will go the way of film cameras and CRT TVs, they should have the exit strategy ready by now.

  • Bronica

    MFT: Panny has the technology – but the don’t use it. In every thread with discuss the – boring – IBIS-Issue. They should watch, what consumers want.

    And: they should sell more creative. The OM-D is a good camera. But it’s introduction was even greater – a strategy, we saw on 43rumors.

    The OM-D has also a human face: We know nearly everybody who worked at the development of this camera. Cool guys! With – our man – Mr. Terada on top.

    And Panny? Remember the Press conference for the release of the G5: We saw a Picture of a Podium with uncool guys presenting the G5 – some with suits, others without. Lot’s of trash on te podium with paper-nametags on top.

    Sony tried to copy the Olympus strategy. I think, they did it right.

    • Incessant Troll

      pardon by observation but your post sounds like some good old olympus marketing propoganda

      until olympus realizes that in-body flashes are necessary and includes a $1 lens hood for their $900 lenses, i will never buy one of their products regardless of how many fanboy/employee posts i read. a billion dollar accounting scandal is not the work of “cool” guys

      • Anonymous

        Pardon my observation but you sound like a troll.

        Because of some justified critical comments? no.

        Because of calling someone you disagree with a ‘fanboy’ or Olympus employee? yes.

        Because of trying to draw in unrelated things just to paint something black? yes.

        • Bronica

          Thanks! I’m not a Oly-fanboy, I use lot’s off Panny stuff.

          Panny has problems. There are lot’s of reasons. Some I have mentioned – it’s also a question if marketing.

          The OM-D is the first camera, which was also promoted from the guys, who developed it. And it’s still ongoing. Join them on facebook. It’ s amazing.

          Also Mr. Terada did a good Job. Who is the Mr. Terada of the GH3?

          • QBNY

            You need a “Mr Terada” to sell you in a camera? What’s next, you need him to set your ISO and SS too? -Shoot for you??

            I don’t need anyone to represent a camera for me. The camera should be strong enough to speak for itself.

            Unbelievable, coming from photographers(?), we NEED “Cool Guys” to sell us Cameras/lenses?? -PATHETIC.

            I guess Mr Terada has built-in IBIS And a Sony Sensor…

            • Anonymous

              Sadly enough, marketing is pretty important, and has very little to do with actual merits of a product.

              There is decades of evidence of that in the consumer electronics market, and it applies to cameras as much as to any other product.

              Olympus for years thought that you could sell cameras just by making decent cameras, their attempt just proves the point, it doesn’t work like that.

              You may hate that, I do with a passion, but that doesn’t change anything about how the market works.

          • misery loves company

            Jesus who cares about engineers After the huge scandal there are to many known Olympus names , the same guy you are praising was responsible for all the crap pens.

        • QBNY

          By blurting out OMD every chance he could get?
          With “Our man Mr Terada on top”
          By calling Panasonic products “Stuff”

          Spoken like a True Olympus Fanboy.

          This site has discussed me with the Pro-Olympus/Panasonic Hate so much, I will never buy a Olympus product. Just looking at the Olympus logo in B&H turns me off and I avoid that side of the booth with disgust.

          • Anonymous

            So you hate Panasonic and Olympus and won’t buy their products, and on top of that you find this website and the discussions here disgusting.

            That just begs the question, are you a masochist that you keep coming here?

            • laprs

              @ anonomous “That just begs the question,”
              Can you read ? he very specifically said Olympus product I know being an Oly fanboy it is hard to understand but there are other brands

              • Anonymous

                It is quite amusing to read some rant from someone about ‘Panasonic hate’ when himself being full of hate and anger against some other brand. If reading things here gets him such anger, he either stays because he likes it (which makes him a masochist) or he stays away.

                Look among the users of any camera brand and you’ll find ‘fanboys’. Yes, Panasonic has its fair share as well, and if you don’t let yourself be blinded by brand loyalty, they are pretty hard to miss.

                Regardless, there are many more Panasonic, Olympus, Nikon, Canon, Sony, Fuji, Samsong and whatever users who don’t indulge in such behavior, and it is a pretty silly presumption to regard all those as fanboys. They might actually have some reasons for their choices, which could be interesting to know about even if you’d make a different choice.

                For a manufacturer such reasons for choices are actually pretty important to know about, even if they then decide to not address those reasons, at least they can make an informed decision about it.

                So, posting in a thread about the financial results of Panasonic and saying what would make you consider their products isn’t exactly the same as fanboyism.

                So, maybe the real issue here is that there is a small group of people who is absurdly sensitive to any form of criticism on their favorite brand, regardless of that brand.

                • Bronica

                  +1 agree.

                  But it’s important to watch the words we use. They can be easyly misunderstod.

                  Your right: we are MFT users – we are not in a competition which each other like Olympus, Panny and other companies.

                  My reason to discuss is quite simple: I use MFT. I’m very satisfied. And I want, that the system still grows in the future. For me, every brand is welcome. Quality and price are counting.

                  Now I see the problems of both companies – Panny and Olympus – and I share my mind. As one voice of many. And I think Oly did it a little bit better in the last months, so that’s the reason I’m complaining about Panny. They can do it also better.

                • hoos

                  I use Olympus, Panasonic and Nikon gear and take part in a number of forums, I would have to agree that there are a very hard-core group of Olympus, let’s call them fans, who can very effectively destroy a forum. Certainly other brands have their respective extreme fans though in my observation none quite as bitter as the Olympus fans. As a simple experiment look at any online forum where various camera brands take part such as the rather wild west DPreview .In the Olympus dominated forums there are a multitude of chip on the shoulder comparison posts , comparing their beloved Olympus { whatever} to other makers , I have seen mad posts claiming that their E-M5 is as good as the D800 { I own and enjoy both for their different strengths} which other than weight is absolutely untrue and given the price difference alone this should come as no surprise.

                  • Anonymous

                    There surely are annoying hardcore Olympus fans. Bitter? No doubt. Just like there is a number of fanatics that in about every discussion has to claim that a fourthirds camera is just a compact camera with interchangeable lens.

                    Doesn’t justify the bitterness, but neither does the behavior of a few diehard and unreasonable ‘fans’ justify calling everyone a ‘fanboy’ who happens to like or even point out some advantages of an Olympus camera.

                    If you can understand cause and effect in the later case, it should really not be that difficult to see cause and effect in the first case also.

                    Keep in mind this isn’t new, its something that goes back to the early days of the fourthirds system.

            • scalia

              darn, Panasonic fanboys sure are nasty.

              oh, i’m an oly fanboy btw, still have my OM-4 and XA, and they’re still work. But my LX2 and 14mm + 20mm still working too. did i say, i’m an oly fanboy?

          • Bronica

            Just a moment QBNY: I invested about 2.500 Euro in Panny (only MFT). Their Products have a great quality. Dont call my an Oly fanboy.

            Actually my Olympus HLD-6 grip has an defect – grrr. And I lost the eye cup of the OM-D. And one of my Pens is also defect, lots of dust in the MZuiko 14-150…

            We discuss here, what Panny could change, to have more success. It’s the system that counts!

            And in my view Panny is a little bit old fashioned in marketing issues.

      • MAFAv8r

        Think of it this way. It’s a $970 lens with a free lens cap. Then decide if you will buy it. Then you might say, it’s not that expensive anyway. However I do agree with you, that it should be free, it just I won’t allow my pride from missing out on a nice lens.

    • …if only in forum worlds…

      Panasonic reportedly worked in tight cooperation with videographers in the design of the GH3. Philip Bloom to name one. Its good for one, but not for the other based solely on IBIS? I am not so sure about that…

      Speaking IBIS, outside of forum & blog world, I firmly believe that Olympus has large sales figures regardless of having it or not. Really, good for them, and all the best if IBIS really is that desirable.
      Fact is, still today the majority of dslr owners only have one kit lens. Where I work, I see it all the time, tourists with flash on by default…

      As for Mr Terada showing up. I did not remember him until you mentioned it. EM5 caught my imaginary nonetheless or regardless. Then again, I could not tell of any Nikon or Canon rock star engineer and yet there is no denial of their success…

      • dref

        have you lunatic Olympus fanboys actually looked at the state of the imaging department they are in a poor position and have been losing money for years. as for the great hope of the o-md that ship has sailed even in Japan looking at the BCN rankings it is in 63rd spot on the list 20 places lower than th D800 which was released at the same time and costs double the price. it is amusing to watch you all talk up the success of mFT while both companies involved have imaging departments that are drowning

        • Anonymous

          I suppose it is too difficult for you to skip the name-calling and actually make your argument?

          • led rut

            The guy ( I assume he’s a guy lol ) is not far wrong we see numerous posts here which are in essence Olympus propaganda put in a way that brings fanboy to most people’s minds. The joke of mFT seems to be that for all its claimed success the companies involved are both losing money in their respective camera divisions. Have you looked at the BCN list the only mFT gear selling well is the low end discounted models. I think that mFT is largely a low end system with the majority of sales being P&S replacements where the owners will never buy anything beyond the kit zoom.

            • Anonymous

              I didn’t say he has an argument or not, but name-calling isn’t the way to make any point, it is a way to look like a moron.

              • JoetT

                So , calling folk morons, is not insulting ?

      • ozymandias

        The EM5 is a nice camera. I am a panny user and have been since the GH1 but I can admit it is tempting. That said, the IBIS system it boasts is virtually and literally useless in a video market dominated by prime lenses with no electric contacts or OIS, so comparing it to a GH3 is not really applicable in any case, and berating the GH3 (you weren’t, you’re on point, but other people will) for it’s lack of IBIS is loony. In the GH cams’ niche, you don’t stabilize sensors; you stabilize everything by investing $$$$($) in dollies, tripods, rigs and stabilization systems, and a lot of people buying the GH3 already have.

        • Anonymous

          With version 1.5 of the E-M5 firmware, IBIS is also usable with lenses that don’t have electronic contacts, also for video.

          You just have to set the focal-length in the IS config.

          That said, with the typical rigs used for serious video recording, IS is usually not very useful to begin with.

        • Bronica

          IBIS works with every lens. And it’s possible to whatch this videoas on a big screen without getting nervous…

          I fully agree with Atlasman on this Post:

          And yes, the GH3 is a super camera. More “professionell” than the EM-5. Looks great. It’s big yes – but I use the OM-D alos mostly with the grip (when it’s not defect). So: that wouldn’ be an issue.

          And for video: it’s shurely one of the best cams you can get.

          But how many people do semi-pro filming? I film only my kids. And I’am not a dolly-rigs-user. And I know nobody in my real live who does it.

  • Es

    This just shows how insignificant cameras are to Panasonic. They made almost 3 times more money selling air conditioners!

    Its difficult to put a human face on a company like this.

    I don’t agree about the TV stuff – while the outlook is bleak in the western world, billions of people still want their first 40″ TV and their purchasing power is going up every year.

    • Bronica

      IBIS: I agree, for the average user it might be not a question. But for advanced users – the guys who invest in a system. And user like us suggest others, which camera to buy.

      OLY- and Mr. Terada: I think, the EM-5 was their last chance to survive as an camera-producer. So they spent lot’s of thougts for their strategy. Remember the picture-pieces of the OM-D, or the event in Amsterdam.

      Canikon: Yes, they don’t need such a face. They have market power and strong brands.

      Panny: Your right with Philip Bloom. That was good. But for me as an average image shooter the Oly-guys like Robin Wong or Pekka Potka are closer to my interests.

      The question I can not answer: How big is the video-orientated group of MFT-users compared to the still photographers? When it’s much smaller this would be one answer für the Panny market results.

  • Natus

    that´s because next to nobody is buying m43 lenses.

    im working for a retailer and i guess 80% of all m43 customers only own a kit lens.

  • smileblog

    It’s so tough time for Panasonic now.

    Some of japanese company’s problems are that they didn’t restructure the company at the first place in the past.
    and they decided expanding instead of restructuring, even they felt and knew it’s getting worse.

    I hope it’s not too late and they’ll make it so soon and give us good toys.

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