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INVESTMENTS

Sony regularly evaluates its investment portfo-

lio to identify other-than-temporary impair-

ments of individual securities. Factors that are

considered by Sony in determining whether an

other-than-temporary decline in value has

occurred include: the length of time and ex-

tent to which the market value of the security

has been less than its original cost, the finan-

cial condition, operating results, business plans

and estimated future cash flows of the issuer

of the security, other specific factors affecting

the market value, deterioration of issuer’s

credit condition, sovereign risk, and whether

or not Sony is able to retain the investment for

a period of time sufficient to allow for the

anticipated recovery in market value.

In evaluating the factors for available-for-sale

securities with readily determinable fair values,

management presumes a decline in value to be

other-than-temporary if the fair value of the

security is 20 percent or more below its original

cost for an extended period of time (generally

a period of up to six to twelve months). The

presumption of an other-than-temporary im-

pairment in such cases may be overcome if

there is evidence to support that the decline is

temporary in nature due to the existence of

other factors which overcome the duration or

magnitude of the decline. On the other hand,

there may be cases where impairment losses

are recognized when the decline in the fair

value of the security is not more than 20 per-

cent or such decline has not existed for an ex-

tended period of time, as a result of considering

specific factors which may indicate the decline

in the fair value is other-than-temporary.

The assessment of whether a decline in the

value of an investment is other-than-temporary

is often judgmental in nature and involves

certain assumptions and estimates concerning

the expected operating results, business plans

and future cash flows of the issuer of the secu-

rity. Accordingly, it is possible that investments

in Sony’s portfolio that have had a decline in

value that Sony currently believes to be tem-

porary may be determined to be other-than-

temporary in the future based on Sony’s

evaluation of additional information such as

continued poor operating results, future broad

declines in value of worldwide equity markets

and the effect of world wide interest rate fluc-

tuations. As a result, unrealized losses re-

corded for investments may be recognized into

income in future periods.

The following table contains available for

sale and held to maturity securities, breaking

out the unrealized gains and losses by invest-

ment category.

The most significant portion of these unre-

CONDENSED BALANCE SHEETS SEPARATING OUT THE FINANCIAL SERVICES SEGMENT

As at March 31

All other Segments

Financial Services

excluding Financial Services

Consolidated

(Yen in millions)

2003

2004

2003

2004

2003

2004

Assets

Current assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

684,945

699,698

2,503,940

2,692,436

3,154,214

3,363,355

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . .

274,543

256,316

438,515

592,895

713,058

849,211

Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

236,621

270,676

4,899

4,072

241,520

274,748

Notes and accounts receivable, trade . . . . . . . . . . . . . . . . .

68,188

72,273

943,073

943,590

1,007,395

1,011,189

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

105,593

100,433

1,117,453

1,151,879

1,192,241

1,228,207

Film costs

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

–

287,778

256,740

287,778

256,740

Investments and advances

. . . . . . . . . . . . . . . . . . . . . . .

1,731,415

2,274,510

383,004

358,629

1,994,123

2,512,950

Investments in Financial Services, at cost

. . . . . . . . . . .

–

166,905

176,905

–

Property, plant and equipment

. . . . . . . . . . . . . . . . . . .

45,990

40,833

1,232,359

1,324,211

1,278,350

1,365,044

Other assets

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

434,769

459,998

1,251,810

1,251,901

1,656,080

1,592,573

Deferred insurance acquisition costs . . . . . . . . . . . . . . . . . .

327,869

349,194

–

327,869

349,194

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

106,900

110,804

1,251,810

1,251,901

1,328,211

1,243,379

2,897,119

3,475,039

5,825,796

6,060,822

8,370,545

9,090,662

Liabilities and stockholders’ equity

Current liabilities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

415,877

648,803

2,065,854

2,373,550

2,435,048

2,982,215

Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . .

72,753

86,748

126,687

409,766

158,745

475,017

Notes and accounts payable, trade . . . . . . . . . . . . . . . . . . .

5,417

7,847

693,589

773,221

697,385

778,773

Deposits from customers in the banking business . . . . . . . .

248,721

378,851

–

248,721

378,851

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

88,986

175,357

1,245,578

1,190,563

1,330,197

1,349,574

Long-term liabilities

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,168,476

2,450,969

1,600,484

1,482,378

3,632,580

3,707,587

Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

140,908

135,811

802,911

775,233

807,439

777,649

Accrued pension and severance costs . . . . . . . . . . . . . . . . .

8,737

10,183

487,437

358,199

496,174

368,382

Future insurance policy benefits and other . . . . . . . . . . . . .

1,914,410

2,178,626

–

1,914,410

2,178,626

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

104,421

126,349

310,136

348,946

414,557

382,930

Minority interest in consolidated subsidiaries

. . . . . . .

–

16,288

17,554

22,022

22,858

Stockholders’ equity

. . . . . . . . . . . . . . . . . . . . . . . . . . . .

312,766

375,267

2,143,170

2,187,340

2,280,895

2,378,002

2,897,119

3,475,039

5,825,796

6,060,822

8,370,545

9,090,662

Содержание MPK-THC O-ring

Страница 1: ......

Страница 2: ...ven Sony since its founding Quest for Curiosity QRIO QRIO embodies Sony s dreams and most advanced technologies in recognition motion control communications IT and AI Through QRIO s continued growth and development Sony will pursue the infinite possibilities of curiosity The resulting technologies will be applied to a wide range of products and services beyond robots to enhance the joy of life Let...

Страница 3: ...1 ...

Страница 4: ... businesses with significant growth potential making substantial investments in such areas as next generation multi purpose processors and other key components and increasing the number of internally produced key components By producing these components internally we will be able to build in added value thereby differentiating them from the rest of the market We are planning to introduce more prod...

Страница 5: ...nces particularly in the Electronics Game Music and Pictures segments iv Sony s ability to implement successfully personnel reduction and other business reorganization activities in its Electronics Music and Pictures segments v Sony s ability to imple ment successfully its network strategy for its Electronics Music Pictures and Other segments and to develop and implement successful sales and distr...

Страница 6: ...ce of management resources Can you explain TR60 in more detail TR60 can be thought of as having two central pillars One is a structural reform to enhance our operational profitability The other is a growth strategy The first pillar is designed to enhance the profit structure of our businesses We are doing this by cutting fixed costs through the downsizing of our workforce and the consoli dation of...

Страница 7: ... 60 has set in motion sweeping reforms for the entire Sony Group The objective is to ensure that Sony remains as one of the world s leading consumer brands in the 21st century by developing attractive products content and services Initiate reforms to improve Sony s profitability Execute growth strategies by clearly defining Sony s business categories and focusing the allocation of strategic techno...

Страница 8: ...ss What are Sony s primary objectives for the fiscal year ending March 31 2005 I view the current fiscal year as a time for Sony to firmly execute the fundamental strategies that were formulated in the previous fiscal year In the Electronics and Game segments we will accelerate our convergence strategy and one of the goals is to introduce highly attrac tive products in both the home and mobile ele...

Страница 9: ...nd industrial realignment To assure Sony s continued growth as one of the leading consumer brands TR60 sets forth a second phase of struc tural reforms focusing primarily on our electron ics business These reforms are designed to create an efficient value added operating framework befitting a leading global company In concrete terms we intend to strengthen our operating structure through cuts in f...

Страница 10: ...tion of components and the con centration of procurement with specific suppliers Quality is the highest priority of any manufac turer During the fiscal year ended March 31 2004 we initiated an exhaustive and group wide review of quality related systems We will execute initiatives to enhance quality so that we can deliver high quality products to all customers Transforming Sony into a leading globa...

Страница 11: ...ufacturing activities 3 Streamlining administrative sales and marketing operations 4 Transforming design processes quality management and the procurement of production materials 5 Restructuring the procurement strategy for non production materials Building a powerful operating framework through structural reforms ...

Страница 12: ... material I also have a D 2 Digital Betacam Betacam SP Super Performance and IMX which I use to make copies of video clips in various formats At home my favorite Sony products are my PX40 projector and 50 inch plasma television They re perfect for showing my jazz festival HD video recordings to important guests and artists So hardly a day goes by without Sony Outstanding perfor mance and ease of u...

Страница 13: ...urpose of incorporation from Sony s Founding Prospectus continues to define Sony s DNA guiding the activities of Sony engineers who develop new technologies and products Today those tackling the challenge of devising new Sony products are motivated by a single thought to create unique products that inspire and bring joy to consumers The following pages take a close look at some of these products t...

Страница 14: ...ls for enhanced enjoyment Today s televisions often come with complicated remote controls with multiple buttons and thick owner s manuals that confuse many users After giving considerable thought to this problem Sony s Product Planning Managers came up with Wega Gate A push of the Wega Gate button on the television remote control brings up a control panel on the screen that enables the user to per...

Страница 15: ...s succeeded in minimizing picture degradation by allocating the optimum amount of data based on the amount of information con tained in each scene when a program is recorded onto the DVD This makes it possible to make high quality dubbing efficiently utilizing the capacity of DVDs It also allows dubbing onto both DVD RW and DVD RW R formats I want to copy something onto a DVD as quickly as possibl...

Страница 16: ...x Inserting a Memory Stick from a digital still camera allows you to view photos on a large screen television Or you can simply enjoy a PS2 game PSX is packed with possibilities The new PSX model released in July 2004 has up to 50 DVD menu making it easy to choose from your favorite titles when recording material onto a DVD making PSX an increasingly powerful means of enjoying a world of entertain...

Страница 17: ...an be used like a television then why can t it also be used at the user s discretion to watch television anywhere in the home To allow this the new VAIO has a tilting mechanism that can be used to angle the screen downward a first for a PC But there s much more a 360 degree swivel stand a wireless keyboard and mouse speakers that deliver high quality dynamic sound over a larger area minimal fan no...

Страница 18: ...ietary Real Imaging Processor and a thin high capacity InfoLITHIUM T type battery Incorporating these technologies into such a compact space in DSC T1 represented yet another plunge into uncharted territory for the project team This achievement enables users to immediately view and share photos with friends and family on the large 2 5 inch LCD monitor a capabil ity no conventional digital still ca...

Страница 19: ... many other types of vibrations and jolts that the video camera must be able to cope with During a testing phase that was nicknamed the Vibration Project by those involved Sony conducted repeated and rigorous testing on nearly 100 types of vibration and impact right up until the start of mass production Engineers also focused on achieving an image with the highest possible resolution by utilizing ...

Страница 20: ...xceeds that of a single processor The name Cell reflects Sony s belief that stand alone microprocessors will be con nected through a broadband network and will evolve to become a single global processor in the same way as organic cells combine to create a living organism Accordingly network enabled devices including consumer electron ics equipped with Cell will become a structural element of the b...

Страница 21: ... devices Among these components semiconductors are considered to be the most important key component based on the plans for our future product lineup In the near future semiconductors will become ever more miniaturized enabling a vast number of transistors to be incorporated onto one chip The development of this semiconductor technology will enable the realization of a diverse range of ideas and a...

Страница 22: ...oint venture will develop and manufacture seventh generation 1 870mm x 2 200mm glass sub strate amorphous silicon TFT LCD panels to be used in large screen televisions Full scale pro duction is scheduled to begin in the fiscal year ending March 31 2006 A rear projection television with an ultra high resolution LCD As LCD panels with increasingly high resolution become available even small devices ...

Страница 23: ... Disc Association BDA which solicits the participation of companies from a wide range of industries Sony Corporation Dell Inc Hitachi Ltd LG Electronics Inc Matsushita Electric Industrial Co Ltd Hewlett Packard Company Pioneer Corporation Royal Philips Electronics Samsung Electronics Co Ltd Sharp Corporation TDK Corporation Thomson Mitsubishi Electric Corporation As of March 18 2004 Key technologi...

Страница 24: ... ray Disc DVD and CD In addition to reducing the number of components re quired and decreasing its size Sony is striving to increase the optical pickup s reliability and productivity in order to rapidly commercialize this product As the key component for the Blu ray Disc system this new optical pickup is positioned to contribute to the expansion of this market Prototype of the newly developed thre...

Страница 25: ...portant part of my life Good instructors should listen to themselves I have used a recordable Walkman for more than 20 years I use it mostly to record myself explaining the principles of ikebana and giving demonstrations during class Later when I play back the recordings they allow me to identify things I can improve on even things like the tone of my voice As a teacher the ability to hear yoursel...

Страница 26: ...sets are properly protected and effec tively utilized Sony is acutely aware of the importance of utilizing intellectual property to reinforce its competitive edge and to this end frames an intellectual property portfolio suited to each business unit and determines policy for the use of each This approach entails the acquisition of intellectual property assets for Sony s exclu sive use as well as e...

Страница 27: ...ty and high speed transfer rates Long term research fields The shift from inorganic to organic materials Inorganic materials such as metals and silicon in addition to mechanical technologies have defined much of the technology of the past century But a new century has shifted the spotlight to carbon based and other organic materials as well as biomolecular emulation technologies Sony is targeting ...

Страница 28: ...r products content and services With the QUALIA Movement we express our sincere determination and great joy in introducing new qualia to the world In the electronics field we will realize the QUALIA Movement through our product creation marketing and service activities offering unique emotional value that touches people s hearts http www sony net QUALIA ...

Страница 29: ...27 ...

Страница 30: ...nd above the engineering manufacturing and customer service axis Logis tics have been seamlessly integrated and an even more advanced supply chain management SCM system is being assembled Close links between manufacturing and distribution mean products can reach customers even faster Also by execut ing logistics reforms in tandem with manufactur ing innovation Sony is cutting the procurement costs...

Страница 31: ...n Europe and the U S as well as supplied within the region itself To enhance responsiveness to customer needs in each region CFC functions are also being added to Asian manufacturing sites In Europe and the U S two of Sony s major markets the current single category mass production framework will be complemented by adding CFC functions thus enabling a faster response to market needs while strength...

Страница 32: ...components that give the Sony Group its solid competitive edge The official name of the facility is Sony Computer Entertainment Fab Following the integration of the semiconductor production businesses of the Sony Group the name will be changed to Sony Semiconductor Kyushu Corporation Nagasaki Technology Center on July 1 2004 The strategic base for next generation key components that give the Sony ...

Страница 33: ... further enhance and integrate its semiconductor manu facturing operations SCE s semiconductor production business will be merged with Sony Semiconductor Kyushu Corporation SCK in July 2004 meaning that SCK will now be responsible for all production operations In areas such as production personnel and technology the two units already have a history of extremely close cooperation Formal integration...

Страница 34: ... ordinary logic LSIs Manufacturing GS and other specialized chips in large quantities is one of the greatest strengths of Nagasaki Fab This skill has enabled the fab to raise productivity to one of the highest levels through its focus on improvements in production processes Central to raising productivity has been an unrivaled quality evaluation and analysis system permitting the detailed monitori...

Страница 35: ... Wafer processing capacity per month 200mm Fab 1 Approx 12 000 wafers Fab 2 Approx 9 000 wafers This does not include the processing capacity of the fab line on the lower level of Fab 2 which is used for producing next generation semiconductor chips Increasing the Sony Group s competitiveness Nagasaki Fab constructed in a short time frame and now established as one of the world s most advanced sem...

Страница 36: ...fe like portraits With my Cineza I can project pictures from my digital still camera and video camera onto my canvas Cineza has a side shot feature that prevents distortion even when projecting at an angle Recreating an age old painting technique using modern digital technology is truly a gratifying experience My son the Airboard expert When I have friends over for a visit and my son Sora who is t...

Страница 37: ...era over my head tilting the monitor downward so that I can watch what I m shooting A quality image The name Sony is associated with quality Although Sony products are sometimes a little pricey the company s proven track record is a sure sign of its products reliability Sony s customer service is also very dependable and Sony parts are readily available anywhere so you can keep on using Sony produ...

Страница 38: ...ions and Grand Wega LCD projection televisions Description of Business The Electronics segment consists of the following categories Audio Video Televisions Information and Communications Semiconductors Components and Other Fiscal Year in Review Segment sales slipped 1 due to a significant decline in intersegment sales to the Game segment that resulted from the outsourcing of PlayStation 2 PS2 game...

Страница 39: ...nd for camera equipped models in Japan and Europe Sales to Outside Customers Billion Year ended March 31 Sales to Outside Customers Billion Year ended March 31 Sales to Outside Customers Billion Year ended March 31 Sales to Outside Customers Billion Year ended March 31 Principal Products PCs printers personal digital assistants PDAs broadcast and professional use audio video monitors and other pro...

Страница 40: ...ned 6 Sales at SMEI on a U S dollar basis were flat com pared with the previous period The appreciation of European currencies contributed to higher sales outside the U S although this effect was offset by lower sales in the U S Sales at SMEJ were flat amid challenging market conditions SMEI recorded operating income as it reaped the benefits from the worldwide restructuring measures implemented o...

Страница 41: ...from investments in the general account at Sony Life Description of Business The Other segment includes an Internet related business So net which is conducted by Sony Communication Network Corporation an in house information system services business an IC card business and other businesses Fiscal Year in Review Segment sales increased 8 owing to higher sales by in house information system services...

Страница 42: ...or its electronics business by refining the definition of home and mobile electronics Semiconductors and other key components which support the development of new products are vital both for differentiating Sony s products from those of its competitors and sustaining growth Through the continued evolution of these key components and their utilization in the develop ment of attractive new products ...

Страница 43: ...to position itself as the world s leading global media and content company Broadband will accelerate the convergence of electronics and entertainment Undoubtedly broadband will be at the forefront of the unfolding digital age The creation of seamless networks that allow the increas ing interconnectivity of digital consumer electronics will lead to a world of unparalleled consumer convenience satis...

Страница 44: ...entertainment such as movies music and games through IP net works and broadcasts Sony strongly believes that the television will evolve to become the main point of contact between consumers and entertainment content In order to be well positioned to offer full featured advanced televisions Sony has focused on developing such innovative technologies as Wega Engine and SXRD Silicon X tal Reflective ...

Страница 45: ...ly intended for large size flat panel televisions in April 2005 The glass substrate for these seventh genera tion panels measures 1 870mm x 2 200mm Each substrate is expected to produce six large panels for 46 inch televisions twice as many as the preceding generation These substrates along with other technologies will allow for a highly efficient produc tion process By establishing a stable suppl...

Страница 46: ...pocket size can spark explosive growth in a product category Sony is dedicated to devising new ideas for mobile electronics that can alter lifestyles through products that give customers new forms of excitement Tape recorders radios and radio cassette players are all examples of product categories that are generally viewed as mature Sony is retaining high market shares and profitability in these m...

Страница 47: ...e market the company bolstered its market position through the popularity of mega pixel camera phones SO505i iS for NTT DoCoMo Inc and A5404S for KDDI Corporation In addi tion Sony Ericsson s first 3G video phone Z1010 is transition from standard definition SD to HD cameras For digital still cameras the focus is on unique features with the unmistakable Sony touch such as low power consump tion lar...

Страница 48: ...oftware reaching a cumulative total of 949 million units With an extensive and appealing software lineup PS is known to a broad range of users around the world as the standard household gaming platform This year marks a full decade since PS was first introduced A long product cycle and worldwide availability have enabled PS to far surpass all preceding game platforms PlayStation 2 New ways to enjo...

Страница 49: ...in further ground as the standard game platform among a wide range of users PlayStation Portable PSP handheld video game system to be launched SCE is planning to roll out a handheld video game system called PlayStation Portable PSP in Japan in late 2004 PSP is scheduled to be shipped in the U S and Europe in spring 2005 PSP has a high grade TFT LCD screen and will allow users to enjoy game softwar...

Страница 50: ...g our valuable content libraries digitizing existing content to license to emerging mobile and broadband services and creating unique content for new and exciting channels and formats Sony is also fostering innovative digital content services such as the Connect online music store SoapCity for soap opera video on demand and Sony Music Mobile for ringtone and music In May 2004 Sony launched the Con...

Страница 51: ...her notable current and upcoming releases contributing to SMEI s momentum include titles by Prince George Michael Destiny s Child Good Charlotte Jennifer Lopez System of a Down and Shakira SMEI is continuing to focus its resources on developing U S and worldwide talent One of the primary efforts in this ongoing project is the newly established Sony Urban Music which is exclusively dedicated to nur...

Страница 52: ...MISTRY Mika Nakashima ORANGE RANGE and SOUL d OUT helped bolster SMEJ s record business SMEJ s network service business is continuing its growth prima rily through the strength of the Chaku Uta mobile phone master ringtone download service which is expected to be a major contributor to revenues moving forward SMEJ plays a pivotal role within the music industry by helping protect copyrights In an e...

Страница 53: ...acial and body motions of many actors in a particular scene This technology enables creation of computer based characters with remarkably realistic facial expressions and human motions Currently a number of projects are under devel opment at Imageworks many of which utilize the IMAGEMOTION process Imageworks will continue to invent cutting edge technologies and produce groundbreaking visual experi...

Страница 54: ... value added products and services that enhance customer convenience Accordingly we set up SFH as a strategic and creative financial holding company The aim is to raise the corporate value of financial services businesses by tran scending the boundaries of life insurance non life insurance and banking creating a unified platform for the diverse functions of savings investment borrowings and protec...

Страница 55: ...fe insurance in force during the fiscal year ended March 31 2004 to 26 242 6 billion Furthermore the cancellation and lapse rate remained low at 7 4 Sony Assurance Sony Assurance offers fair and meticulously structured individualized policies through its diversified risk auto mobile insurance and cancer insurance called SURE both of which are sold through the Internet and over the telephone For th...

Страница 56: ...n Japan including the Suica commuter pass of East Japan Railway Co Ltd JR East the ICOCA commuter pass of West Japan Railway Co Ltd JR West and local bus services FeliCa has also been adopted by public transpor tation systems in Hong Kong Singapore China and India In particular in Hong Kong which was the first location worldwide to adopt FeliCa tech nology cards based on FeliCa technology can be u...

Страница 57: ...rope DVD Handycam Canada Flat panel television Sony s Advertising Around the World To promote its products and brand Sony conducts advertising around the world in a style that matches the cultures and customs of individual countries and regions U S Digital still camera ...

Страница 58: ... of Directors and its three statutory committees are as follows Board of Directors 1 Determinates the fundamental manage ment policies for the Sony Group 2 Supervises the execution of the Sony Group s business operations 3 Determines the Directors organizing each committee 4 Appoints and dismisses Corporate Executive Officers Statutory Committees Nominating Committee Proposes the nomina tion and d...

Страница 59: ...on or the existence of an inadequate interface between the two sides For this reason allowing part of the internal control functions belonging to the business execution side led by the Group CEO to be an extension of the Board of Directors allows for the creation of a direct link between business execution and corporate oversight Within this corporate governance framework potential problems discov...

Страница 60: ...irman and Group CEO Representative Corporate Executive Officer Kunitake Ando President and Global Hub President Representative Corporate Executive Officer Officer in charge of Personal Solutions Business Group Howard Stringer Vice Chairman and COO in charge of Entertainment Business Group Sony Group Americas Representative Shizuo Takashino Executive Deputy President and COO in charge of IT Mobile ...

Страница 61: ...nd Stock Information 91 Segment Information 92 Consolidated Balance Sheets 96 Consolidated Statements of Income 98 Consolidated Statements of Cash Flows 100 Consolidated Statements of Changes in Stockholders Equity 102 The Notes to Consolidated Financial Statements and Report of Independent Accountants are in the Consolidated Financial Information CD ROM ...

Страница 62: ...Sony recorded restructuring charges of 168 1 billion yen an increase from the 106 3 billion yen recorded in the previous fiscal year The primary restructuring activities were in the Electronics Music and Pictures segments Of the total 168 1 billion yen Sony re corded 133 4 billion yen in personnel related costs This expense was incurred because 9 000 people mainly in Japan the U S and Western Euro...

Страница 63: ...e charges were recorded in selling general and adminis trative expense Employees were eliminated across various employee levels business func tions operating units and geographic regions during this phase of the worldwide restructur ing program PICTURES Restructuring charges in the Pictures segment for the fiscal year ended March 31 2004 were 4 6 billion yen compared to 0 5 billion yen in the prev...

Страница 64: ...f royalty expense reserves provided for in the previous fiscal year in the Electronics segment Loss on sale disposal or impairment of assets net decreased 4 4 billion yen or 11 1 percent compared with the previous fiscal year to 35 5 billion yen Losses were recorded on the sale disposal and impairment of CRT production equipment in the Electronics seg ment on the impairment of goodwill that re sul...

Страница 65: ...illion yen as a result of the decrease in income before income taxes Income taxes decreased 91 6 billion yen or 51 2 percent to 87 2 billion yen while deferred income tax expense decreased by 63 6 billion yen or 64 9 percent to 34 4 billion yen The effective tax rate for the fiscal year was 36 6 percent lower than the statutory rate in Japan due to a decrease in deferred tax liabilities on undistr...

Страница 66: ...nc SCU and SCU was classified in the Other segment In accor dance with this realignment results of the previous fiscal year have been reclassified to conform to the presentation for the fiscal year ended March 31 2004 0 50 100 150 0 5 10 15 0 7 5 0 3 8 02 03 04 Net income ROE Year ended March 31 Net income and ROE Billion 02 03 04 0 50 100 150 Basic Diluted Year ended March 31 Net income per share...

Страница 67: ...s in the fiscal year ended March 31 2004 Regarding home use video cameras worldwide shipments of combined analog and digital devices increased by approximately 850 000 units to approximately 6 6 million units but overall sales increased only slightly as sales in Japan and the U S decreased due to increased price competition DVD video player sales decreased due to pricing pressure although unit shi...

Страница 68: ...ges especially severance related expenses as mentioned above Regarding profit performance by product excluding restructuring charges compared with the previous fiscal year operating income was recorded in PCs com pared with an operating loss in the previous fiscal year and a significant increase in operat ing income of CCDs was recorded Losses from Aiwa products decreased while the operating incom...

Страница 69: ...limination of redundancy Operating income also benefited from lower restructuring charges as compared to the prior year The total cost of restructuring for the fiscal year ended March 31 2004 was 95 million U S dollars or 10 7 billion yen a decrease of 95 million U S dollars from the prior year refer to Restructuring above for details A third crease in unit sales of PlayStation 2 hardware a strate...

Страница 70: ... and Mr Deeds Sales for the fiscal year release slate decreased 359 million U S dollars as compared to the previous fiscal year Operating income for the segment decreased significantly due to the absence of profits con tributed by the record breaking performance of Spider Man in the previous fiscal year and to a lesser extent the aggregate disappointing performance of several films from the fiscal...

Страница 71: ... which is used in Sony s consolidated financial statements However because the Financial Services segment is dif ferent in nature from Sony s other segments Sony believes that a comparative presentation may be useful in understanding and analyzing Sony s consolidated financial statements Transactions between the Financial Services segment and all other segments excluding Financial Services are eli...

Страница 72: ...res segment Sony translates into yen the U S dollar consolidated results of SPE a U S based operation that has worldwide subsidiaries Therefore analysis and discussion of certain portions of the oper ating results of SMEI and SPE are specified as being on a U S dollar basis Results on a local currency basis and results on a U S dollar basis are not on the same basis as Sony s consolidated financia...

Страница 73: ...3 8 billion yen compared with the previous fiscal year end to 1 011 2 billion yen Inventories on March 31 2004 increased by 40 8 billion yen or 6 5 percent to 666 5 billion yen compared with the previous fiscal year end The inventory to cost of sales turnover ratio based on the average of inventories at the end of each fiscal year and previous fiscal year de creased from 1 57 months at the end of ...

Страница 74: ...004 in all segments excluding the Financial Services segment increased 283 1 billion yen or 223 4 percent to 409 8 billion yen compared with the previous fiscal year end This increase was mainly due to the shift from long term liabili ties to current liabilities of 287 8 billion yen as of March 31 2004 in outstanding convertible bonds due for redemption on March 31 2005 and an increase of 57 3 bil...

Страница 75: ...r 4 3 percent to 2 378 0 billion yen compared with the previous fiscal year end Retained earnings increased 65 3 billion yen compared with the previous fiscal year end and the amount of deductions recorded in accumulated other comprehensive income decreased 22 0 billion yen Accumu lated other comprehensive income improved because although foreign currency translation adjustments deduction from Acc...

Страница 76: ... of worldwide equity markets and the effect of world wide interest rate fluc tuations As a result unrealized losses re corded for investments may be recognized into income in future periods The following table contains available for sale and held to maturity securities breaking out the unrealized gains and losses by invest ment category The most significant portion of these unre CONDENSED BALANCE ...

Страница 77: ...rs as these companies failed to successfully develop and market such technology the operating perfor mance of the companies was more unfavor able than previously expected and the decline in fair value of these companies was judged as other than temporary None of these impair ment losses was individually material to Sony except for the devaluation of securities ex plained in Other Income and Expens...

Страница 78: ...estment risks into account in order to disperse associated risks and structur ing its asset portfolio to ensure steady returns from investments In addition Sony Bank is careful to match the duration of its asset portfolio with the duration of liabilities result ing from customer deposits in order to ensure that significant discrepancies do not occur Government bonds and corporate bonds constitute ...

Страница 79: ...t of up to 900 million U S dollars Through this program Sony can securitize and sell a percentage of undivided interest in that pool of receivables to several multi seller commercial paper conduits owned and operated by a bank These securitization transactions are accounted for as a sale in accordance with Statement of Financial Accounting Standards FAS No 140 Accounting for Transfers and Servicin...

Страница 80: ...ge rate changes the total outstanding balance of cash and cash equiva lents at the end of the fiscal year increased 136 2 billion yen or 19 1 percent to 849 2 billion yen compared with the end of the pre vious fiscal year The total outstanding balance of cash and cash equivalents of all segments excluding the Financial Services segment in creased 154 4 billion yen or 35 2 percent to 592 9 billion ...

Страница 81: ...s SGTS maintains a Euro MTN program while SCC maintains a Rule 144A U S MTN program The total amount of these MTN programs as of March 31 2004 was 845 2 billion yen and the total outstand ing balance was approximately 60 5 billion yen SCC maintains another Euro MTN pro gram apart from these MTN programs shown above but Sony does not intend to utilize this program for future financing requirements ...

Страница 82: ...ese companies abide by the regulations imposed by regulatory authorities and establish and operate under company guidelines that comply with these regulations Their purpose in doing so is to main tain sufficient cash and cash equivalents and secure sufficient means to pay their obligations Sony Life currently obtains ratings from four rating agencies A by S P A by AM Best Corporation and AA by R I...

Страница 83: ...e fiscal year ended March 31 2004 the first year of Transformation 60 Sony recorded 168 1 billion yen in consolidated restructuring charges 514 5 billion yen in consolidated research and development costs and 175 billion yen in semiconductor capital expenditures total of Electronics and Game segments In addition to this cost cutting and investment for growth each of Sony s business segments grappl...

Страница 84: ...its harvest stage However production shipment units of PlayStation 2 hardware are expected to decrease in the fiscal year ending March 31 2005 In order to ensure future growth in the Game segment Sony is investing as described above in the research and development of cutting edge microprocessors and other LSIs that will be used in the next generation com puter entertainment system Furthermore Sony...

Страница 85: ...egment will be recorded in the Electronics segment due to the integration of the semi conductor businesses in the Electronics and Game segments GAME Although software production shipments are expected to remain unchanged year on year production shipments of PS one and PlayStation 2 hardware are expected to de crease compared with the previous year re sulting in a decrease in sales for the segment ...

Страница 86: ...Sony in determining whether an other than temporary decline in value has occurred include the length of time and extent to which the market value of the security has been less than its original cost the financial condition operating results business plans and estimated future cash flows of the issuer of the security other specific factors affecting the market value deterioration of credit conditio...

Страница 87: ... unit is allocated to all of the assets and liabilities of that unit including any unrecognized intangible assets as if the reporting unit had been ac quired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit Other intangible assets are tested for impairment by comparing the fair value of the intangible asset with its carryi...

Страница 88: ...er the fair value of the plans assets In accordance with U S GAAP this liability was established by a charge to stockholders equity resulting in no impact to the accompanying consolidated statements of income The following table illustrates the sensitivity to a change in the discount rate and the ex pected return on pension plan assets while holding all other assumptions constant for Japanese pens...

Страница 89: ...actresses the expected number of theaters at which the film will be released anticipated performance in the home entertainment television and other ancillary markets and agreements for future sales Management updates such estimates based on the actual results to date of each film For example a film that has resulted in lower than expected theat rical revenues in its initial weeks of release would ...

Страница 90: ...onal information regard ing Sony s securities investments MULTIPLE ELEMENT REVENUE ARRANGEMENTS In November 2002 the FASB issued EITF Issue No 00 21 Accounting for Revenue Arrange ments with Multiple Deliverables EITF Issue No 00 21 provides guidance on when and how to account for arrangements that involve the delivery or performance of multiple products services and or rights to use assets Sony a...

Страница 91: ...2 918 462 919 706 923 650 Subsidiary tracking stock Net loss Basic 15 87 41 98 41 80 0 40 Cash dividends Number of weighted average shares for basic per share data thousands of shares 3 072 3 072 3 072 Depreciation and amortization 306 505 348 268 354 135 351 925 366 269 3 522 Capital expenditures additions to property plant and equipment 435 887 465 209 326 734 261 241 378 264 3 637 Research and ...

Страница 92: ...3 Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an activity including Certain Costs Incurred in a Restructuring Sony adopted FAS No 146 on January 1 2003 The adoption of this statement did not have a material effect on Sony s results of operations and financial position 7 On April 1 2001 Sony adopted FAS No 133 Accounting for Derivative Instruments and Hed...

Страница 93: ...usly recognized interest in the VIE shall be recognized as a cumulative effect of accounting changes As a result of adopting the original FIN No 46 Sony recognized a one time charge with no tax effect of 2 117 million 20 million as a cumulative effect of accounting change in the consolidated statement of income and Sony s assets and liabilities increased by 95 255 million 916 million and 97 950 mi...

Страница 94: ...omers 480 190 509 398 565 752 5 440 Intersegment 28 932 27 878 27 792 267 Total 509 122 537 276 593 544 5 707 Other Customers 161 730 168 970 174 680 1 680 Intersegment 99 733 137 323 155 712 1 497 Total 261 463 306 293 330 392 3 177 Elimination 718 114 665 693 421 418 4 052 Consolidated total 7 578 258 7 473 633 7 496 391 72 081 U S dollar amounts have been translated from yen for convenience onl...

Страница 95: ...the product categories in this business segment In addition commenc ing with the year ended March 30 2004 Sony has partly realigned its product category configuration in the Electronics segment The primary changes are LCD televisions and Computer displays transferred from Information and Communication to Televisions and Set top boxes transferred from Televisions to Video Accordingly results of the...

Страница 96: ...350 814 347 687 362 152 3 482 Corporate 3 321 4 238 4 117 40 Consolidated total 354 135 351 925 366 269 3 522 Capital expenditures for segment assets Electronics 220 032 170 323 242 696 2 334 Game 47 822 40 986 100 360 965 Music 20 882 20 284 12 935 124 Pictures 11 501 7 138 6 013 58 Financial Services 16 023 3 655 4 618 44 Other 5 861 16 993 10 124 97 Total 322 121 259 379 376 746 3 622 Corporate...

Страница 97: ...en for convenience only at the rate of 104 U S 1 the approximate Tokyo foreign exchange market rate as of March 31 2004 Sales and Operating Revenue by Geographic Information Dollars in Yen in millions millions Year ended Year ended March 31 March 31 2002 2003 2004 2004 Japan 2 248 115 2 093 880 2 220 747 21 353 29 7 28 0 29 6 U S A 2 461 523 2 403 946 2 121 110 20 395 32 5 32 2 28 3 Europe 1 609 1...

Страница 98: ...m costs Note 5 287 778 256 740 2 469 Investments and advances Affiliated companies Note 6 111 510 86 253 829 Securities investments and other Notes 7 10 and 11 1 882 613 2 426 697 23 334 1 994 123 2 512 950 24 163 Property plant and equipment Notes 8 and 11 Land 188 365 189 785 1 825 Buildings 872 228 930 983 8 952 Machinery and equipment 2 054 219 2 053 085 19 741 Construction in progress 60 383 ...

Страница 99: ...iaries 22 022 22 858 220 Stockholders equity Note 15 Subsidiary tracking stock no par value Authorized 100 000 000 shares outstanding 3 072 000 shares 3 917 3 917 38 Common stock no par value 2003 Authorized 3 500 000 000 shares outstanding 922 385 176 shares 472 361 2004 Authorized 3 500 000 000 shares outstanding 926 418 280 shares 476 350 4 580 Additional paid in capital 984 196 992 817 9 546 R...

Страница 100: ...equity investees Note 19 503 4 870 47 Other 44 894 36 232 34 587 333 96 328 157 528 122 290 1 176 Other expenses Interest 36 436 27 314 27 849 268 Loss on devaluation of securities investments 18 458 23 198 16 481 159 Foreign exchange loss net 31 736 Other 51 554 44 835 32 795 315 138 184 95 347 77 125 742 Income before income taxes 92 775 247 621 144 067 1 385 Income taxes Note 20 Current 114 930...

Страница 101: ...Diluted 6 49 2 12 0 02 Net income Basic 16 72 125 74 95 97 0 92 Diluted 16 67 118 21 90 88 0 87 Cash dividends 25 00 25 00 25 00 0 24 Subsidiary tracking stock Note 15 Net income loss Basic 15 87 41 98 41 80 0 40 Cash dividends The accompanying notes are an integral part of these statements U S dollar amounts have been translated from yen for convenience only at the rate of 104 U S 1 the approxima...

Страница 102: ...umulative effect of accounting changes Note 2 5 978 2 117 20 Changes in assets and liabilities Increase decrease in notes and accounts receivable trade 111 301 174 679 63 010 606 Increase decrease in inventories 290 872 36 039 78 656 756 Increase in film costs 236 072 317 953 299 843 2 883 Increase decrease in notes and accounts payable trade 172 626 58 384 93 950 903 Increase decrease in accrued ...

Страница 103: ...rm debt 228 999 12 323 267 864 2 575 Payments of long term debt 171 739 238 144 32 042 308 Decrease in short term borrowings 78 104 7 970 57 708 555 Increase in deposits from customers in the banking business Note 12 106 472 142 023 129 874 1 249 Proceeds from issuance of subsidiary tracking stock Note 15 9 529 Dividends paid 22 951 22 871 23 106 222 Other 12 834 21 505 28 401 273 Net cash provide...

Страница 104: ...2 Total comprehensive income 68 284 Stock issue costs net of tax 166 166 Dividends declared 22 992 22 992 Purchase of treasury stock 468 468 Reissuance of treasury stock 22 373 395 Balance at March 31 2002 3 917 472 189 968 223 1 209 262 275 593 7 588 2 370 410 Conversion of convertible bonds 172 172 344 Stock issued under exchange offering Note 15 15 791 15 791 Comprehensive income Net income 115...

Страница 105: ...for gains or losses included in net income 5 679 5 679 Unrealized losses on derivative instruments Unrealized holding gains or losses arising during the period 7 537 7 537 Less Reclassification adjustment for gains or losses included in net income 3 344 3 344 Minimum pension liability adjustment 93 415 93 415 Foreign currency translation adjustments Translation adjustments arising during the perio...

Страница 106: ... instruments Unrealized holding gains or losses arising during the period 72 72 Less Reclassification adjustment for gains or losses included in net income 32 32 Minimum pension liability adjustment 898 898 Foreign currency translation adjustments Translation adjustments arising during the period 1 242 1 242 Less Reclassification adjustment for losses included in net income 12 12 Total comprehensi...

Страница 107: ...ly closing prices for each day of every month at the Tokyo Stock Exchange 3 Stock prices have been adjusted to reflect the two for one stock split completed on May 19 2000 4 On June 20 2001 Sony issued 3 072 000 shares of Subsidiary Tracking Stock Trading Volume million shares Stock Price and Nikkei Stock Average Year ended March 31 2002 2003 2004 38 7 35 8 39 4 28 2 27 0 20 7 27 4 30 5 34 0 5 2 5...

Страница 108: ...arrants Stock Acquisition Rights SARs Date of issue Total number of Exercise Outstanding Percentage of Name Exercise period SARs to be issued price balance SARs exercised The first series of Common Stock December 9 2002 Acquisition Rights December 8 2012 12 004 5 396 00 12 004 0 The second series of Subsidiary December 9 2002 Tracking Stock Acquisition Rights December 8 2012 455 1 008 00 455 0 The...

Страница 109: ...nd information about Sony CSR and environmental activities can be accessed at the following web site Japanese http www sony co jp csr English http www sony net csr Inquiries concerning the aforementioned activities can be directed to Sony Corporation Social and Environmental Affairs Compliance Office Phone 81 0 3 5448 3533 Facsimile 81 0 3 5448 7838 Investor Information ORDINARY GENERAL MEETING OF...

Страница 110: ......

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