Form
20-F X
|
Form
40-F __
|
SONY
CORPORATION
|
|
(Registrant)
|
|
By: /s/ Nobuyuki
Oneda
|
|
(Signature)
|
|
Nobuyuki
Oneda
|
|
Executive Deputy
President and
|
|
Chief
Financial Officer
|
PRESS RELEASE |
July 16,
2009
|
·
|
Continued
challenging market conditions
|
·
|
Transformation
program on track
|
·
|
New
Communication Entertainment portfolio announced - shipping Q4
2009
|
Q2 2008 | Q1 2009 | Q2 2009 | ||||||||||
Number
of units shipped (million)
|
24.4 | 14.5 | 13.8 | |||||||||
Sales
(Euro m.)
|
2,820 | 1,736 | 1,684 | |||||||||
Gross
margin (%)
|
23 | % | 8 | % | 12 | % | ||||||
Operating
income (Euro m.)
|
-2 | -369 | -274 | |||||||||
Operating
margin (%)
|
-0 | % | -21 | % | -16 | % | ||||||
Restructuring
charges (Euro m.)
|
11 | 12 | 1 | |||||||||
Operating
income excl. restructuring charges (Euro m.)
|
8 | -357 | -274 | |||||||||
Operating
margin excl. restructuring charges (%)
|
0 | % | -21 | % | -16 | % | ||||||
Income
before taxes (IBT) (Euro m.)
|
8 | -370 | -283 | |||||||||
IBT
excl. restructuring charges (Euro m.)
|
19 | -358 | -283 | |||||||||
Net
income (Euro m.)
|
6 | -293 | -213 | |||||||||
Average
selling price (Euro)
|
116 | 120 | 122 |
Apr-Jun
|
||||||||||||
EUR
million
|
2009
|
2008
|
Change
|
|||||||||
Net
sales
|
1,684 | 2,820 | -40 | % | ||||||||
Cost
of sales
|
-1,483 | -2,168 | -32 | % | ||||||||
Gross
profit
|
200 | 653 | -69 | % | ||||||||
Gross
margin %
|
11.9 | % | 23.1 | % | -11 | % | ||||||
Research
and development expenses
|
-245 | -344 | -29 | % | ||||||||
Selling
and administrative expenses
|
-235 | -310 | -24 | % | ||||||||
Operating
expenses
|
-480 | -653 | -26 | % | ||||||||
Other
operating income, net
|
6 | -2 | 491 | % | ||||||||
Operating
income
|
-274 | -2 | - | |||||||||
Operating
margin %
|
-16.3 | % | -0.1 | % | -16 | % | ||||||
Financial
income
|
6 | 25 | -76 | % | ||||||||
Financial
expenses
|
-15 | -14 | 4 | % | ||||||||
Income
after financial items
|
-283 | 8 | - | |||||||||
Taxes
|
74 | 0 | - | |||||||||
Minority
interest
|
-4 | -3 | 49 | % | ||||||||
Net
income
|
-213 | 6 | - | |||||||||
Number
of units shipped (million)
|
13.8 | 24.4 | -43 | % | ||||||||
ASP
(EUR)
|
122 | 116 | 5 | % | ||||||||
EUR
Million
|
Apr-Jun
|
Apr-Jun
|
||||||||||
Restructuring
charges
|
2009
|
2008
|
||||||||||
Cost
of sales
|
-9 | 8 | ||||||||||
Research
and development expenses
|
9 | 2 | ||||||||||
Sales
and administrative expenses
|
1 | 1 | ||||||||||
Other
operating income, net
|
0 | 0 | ||||||||||
Total
|
1 | 11 |
Jan-Jun
|
||||||||||||
EUR
million
|
2009
|
2008
|
Change
|
|||||||||
Net
sales
|
3,419 | 5,522 | -38 | % | ||||||||
Cost
of sales
|
-3,074 | -4,082 | -25 | % | ||||||||
Gross
profit
|
346 | 1,440 | -76 | % | ||||||||
Gross
margin %
|
10.1 | % | 26.1 | % | -16 | % | ||||||
Research
and development expenses
|
-548 | -683 | -20 | % | ||||||||
Selling
and administrative expenses
|
-460 | -580 | -21 | % | ||||||||
Operating
expenses
|
-1,008 | -1,263 | -20 | % | ||||||||
Other
operating income, net
|
19 | 5 | 310 | % | ||||||||
Operating
income
|
-644 | 182 | -454 | % | ||||||||
Operating
margin %
|
-18.8 | % | 3.3 | % | -22 | % | ||||||
Financial
income
|
15 | 49 | -69 | % | ||||||||
Financial
expenses
|
-25 | -29 | -16 | % | ||||||||
Income
after financial items
|
-653 | 201 | -424 | % | ||||||||
Taxes
|
158 | -57 | -379 | % | ||||||||
Minority
interest
|
-10 | -6 | 71 | % | ||||||||
Net
income
|
-505 | 139 | -464 | % | ||||||||
Number
of units shipped (million)
|
28.3 | 46.7 | -39 | % | ||||||||
ASP
(EUR)
|
121 | 118 | 2 | % | ||||||||
EUR
Million
|
Jan-Jun
|
Jan-Jun
|
||||||||||
Restructuring
charges
|
2009
|
2008
|
||||||||||
Cost
of sales
|
-2 | 8 | ||||||||||
Research
and development expenses
|
11 | 2 | ||||||||||
Sales
and administrative expenses
|
4 | 1 | ||||||||||
Other
operating income, net
|
0 | 0 | ||||||||||
Total
|
13 | 11 |
2009
|
2008
|
|||||||||||||||||||||||
EUR
million
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Net
sales
|
1,684 | 1,736 | 2,914 | 2,808 | 2,820 | 2,702 | ||||||||||||||||||
Cost
of sales
|
-1,483 | -1,591 | -2,476 | -2,192 | -2,168 | -1,914 | ||||||||||||||||||
Gross
profit
|
200 | 145 | 438 | 616 | 653 | 788 | ||||||||||||||||||
Gross
margin %
|
11.9 | % | 8.4 | % | 15.0 | % | 21.9 | % | 23.1 | % | 29.2 | % | ||||||||||||
Research
and development expenses
|
-245 | -303 | -359 | -337 | -344 | -339 | ||||||||||||||||||
Selling
and administrative expenses
|
-235 | -225 | -366 | -303 | -310 | -270 | ||||||||||||||||||
Operating
expenses
|
-480 | -528 | -725 | -640 | -653 | -610 | ||||||||||||||||||
Other
operating income, net
|
6 | 13 | 24 | -8 | -2 | 6 | ||||||||||||||||||
Operating
income
|
-274 | -369 | -262 | -33 | -2 | 184 | ||||||||||||||||||
Operating
margin %
|
-16.3 | % | -21.3 | % | -9.0 | % | -1.2 | % | -0.1 | % | 6.8 | % | ||||||||||||
Financial
income
|
6 | 9 | 28 | 25 | 25 | 24 | ||||||||||||||||||
Financial
expenses
|
-15 | -10 | -27 | -15 | -14 | -15 | ||||||||||||||||||
Income
after financial items
|
-283 | -370 | -261 | -23 | 8 | 193 | ||||||||||||||||||
Taxes
|
74 | 84 | 81 | 6 | 0 | -57 | ||||||||||||||||||
Minority
interest
|
-4 | -6 | -7 | -8 | -3 | -3 | ||||||||||||||||||
Net
income
|
-213 | -293 | -187 | -25 | 6 | 133 | ||||||||||||||||||
Number
of units shipped (million)
|
13.8 | 14.5 | 24.2 | 25.7 | 24.4 | 22.3 | ||||||||||||||||||
ASP
(EUR)
|
122 | 120 | 121 | 109 | 116 | 121 | ||||||||||||||||||
EUR
Million
|
2009
|
2008
|
||||||||||||||||||||||
Restructuring
charges
|
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||
Cost
of sales
|
-9 | 7 | 67 | 0 | 8 | |||||||||||||||||||
Research
and development expenses
|
9 | 2 | 35 | 26 | 2 | |||||||||||||||||||
Sales
and administrative expenses
|
1 | 3 | 24 | 3 | 1 | |||||||||||||||||||
Other
operating income, net
|
0 | 0 | 3 | 6 | 0 | |||||||||||||||||||
Total
|
1 | 12 | 129 | 35 | 11 |
Jun
30
|
Mar
31
|
Dec
31
|
Jun
30
|
|||||||||||||
EUR
million
|
2009
|
2009
|
2008
|
2008
|
||||||||||||
ASSETS
|
||||||||||||||||
Total
fixed and financial assets
|
736 | 658 | 590 | 590 | ||||||||||||
Current
assets
|
||||||||||||||||
Inventories
|
404 | 477 | 531 | 538 | ||||||||||||
Accounts
receivables
|
936 | 1,193 | 1,629 | 1,905 | ||||||||||||
Other
assets
|
379 | 463 | 585 | 511 | ||||||||||||
Other
short-term cash investments
|
456 | 574 | 707 | 966 | ||||||||||||
Cash
and bank
|
509 | 542 | 418 | 624 | ||||||||||||
Total
current assets
|
2,685 | 3,249 | 3,870 | 4,544 | ||||||||||||
Total
assets
|
3,421 | 3,908 | 4,460 | 5,134 | ||||||||||||
SHAREHOLDERS'
EQUITY AND LIABILITIES
|
||||||||||||||||
Shareholders'
equity
|
694 | 930 | 1,217 | 1,684 | ||||||||||||
Minority
interest
|
66 | 65 | 57 | 35 | ||||||||||||
Total
equity
|
760 | 995 | 1,274 | 1,719 | ||||||||||||
Total
long-term liabilities
|
30 | 30 | 30 | 25 | ||||||||||||
Accounts
payable
|
848 | 965 | 990 | 1,436 | ||||||||||||
Other
current liabilities
|
1,782 | 1,918 | 2,166 | 1,954 | ||||||||||||
Total
current liabilities
|
2,630 | 2,882 | 3,156 | 3,390 | ||||||||||||
Total
shareholders' equity and liabilities
|
3,421 | 3,908 | 4,460 | 5,134 | ||||||||||||
Net
cash*
|
965 | 1,116 | 1,072 | 1,591 | ||||||||||||
* Net cash is defined as cash and bank plus short-term cash investments less interest bearing liabilities. |
Apr-Jun
|
||||||||
EUR
million
|
2009
|
2008
|
||||||
OPERATIONS
|
||||||||
Net
income
|
-213 | 6 | ||||||
Adjustments
to reconcile net income to cash
|
37 | 40 | ||||||
-176 | 46 | |||||||
Changes
in operating net assets
|
60 | -142 | ||||||
Cash
flow from operating activities
|
-115 | -96 | ||||||
INVESTMENTS
|
||||||||
Investing
activities
|
-13 | -29 | ||||||
Cash
flow from investing activities
|
-13 | -29 | ||||||
FINANCING
|
||||||||
Financing
activities
|
0 | - 8 | ||||||
Cash
flow from financing activities
|
0 | -8 | ||||||
Net
change in cash
|
-128 | -133 | ||||||
Cash,
beginning of period
|
1,116 | 1,711 | ||||||
Translation
difference in Cash
|
-23 | 13 | ||||||
Cash,
end of period
|
965 | 1,591 |
Jan-Jun
|
||||||||
EUR
million
|
2009
|
2008
|
||||||
OPERATIONS
|
||||||||
Net
income
|
-505 | 139 | ||||||
Adjustments
to reconcile net income to cash
|
66 | 69 | ||||||
-439 | 208 | |||||||
Changes
in operating net assets
|
382 | -242 | ||||||
Cash
flow from operating activities
|
-57 | -34 | ||||||
INVESTMENTS
|
||||||||
Investing
activities
|
-32 | -50 | ||||||
Cash
flow from investing activities
|
-32 | -50 | ||||||
FINANCING
|
||||||||
Financing
activities
|
- 53 | -470 | ||||||
Cash
flow from financing activities
|
-53 | -470 | ||||||
Net
change in cash
|
-142 | -554 | ||||||
Cash,
beginning of period
|
1,125 | 2,155 | ||||||
Translation
difference in Cash
|
-18 | -11 | ||||||
Cash,
end of period
|
965 | 1,591 |
2009
|
2008
|
|||||||||||||||||||||||
EUR
million
|
Apr-Jun
|
Jan-Mar
|
Oct-Dec
|
Jul-Sep
|
Apr-Jun
|
Jan-Mar
|
||||||||||||||||||
OPERATIONS
|
||||||||||||||||||||||||
Net
income
|
-213 | -293 | -187 | -25 | 6 | 133 | ||||||||||||||||||
Adjustments
to reconcile net income to cash
|
37 | 29 | 37 | 39 | 40 | 31 | ||||||||||||||||||
-176 | -263 | -150 | 15 | 46 | 164 | |||||||||||||||||||
Changes
in operating net assets
|
60 | 321 | -168 | 88 | -142 | -101 | ||||||||||||||||||
Cash
flow from operating activities
|
-115 | 58 | -318 | 102 | -96 | 64 | ||||||||||||||||||
INVESTMENTS
|
||||||||||||||||||||||||
Investing
activities
|
-13 | -19 | 41 | -55 | -29 | -22 | ||||||||||||||||||
Cash
flow from investing activities
|
-13 | -19 | 41 | -55 | -29 | -22 | ||||||||||||||||||
FINANCING
|
||||||||||||||||||||||||
Financing
activities
|
0 | - 53 | - 46 | - 238 | - 8 | - 462 | ||||||||||||||||||
Cash
flow from financing activities
|
0 | -53 | -46 | -238 | -8 | -462 | ||||||||||||||||||
Net
change in cash
|
-128 | -14 | -323 | -191 | -133 | -421 | ||||||||||||||||||
Cash,
beginning of period
|
1,116 | 1,125 | 1,473 | 1,591 | 1,711 | 2,155 | ||||||||||||||||||
Translation
difference in Cash
|
-23 | 5 | -25 | 74 | 13 | -24 | ||||||||||||||||||
Cash,
end of period
|
965 | 1,116 | 1,125 | 1,473 | 1,591 | 1,711 |
EUR
million
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Isolated
quarters
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
927 | 977 | 1,642 | 1,427 | 1,386 | 1,494 | ||||||||||||||||||
Americas
|
195 | 200 | 636 | 703 | 740 | 486 | ||||||||||||||||||
Asia
|
562 | 559 | 636 | 678 | 694 | 722 | ||||||||||||||||||
Total
|
1,684 | 1,736 | 2,914 | 2,808 | 2,820 | 2,702 | ||||||||||||||||||
* of
which Western Europe
|
678 | 721 | 1,117 | 947 | 900 | 979 | ||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Sequential
change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-5 | % | -40 | % | 15 | % | 3 | % | -7 | % | -34 | % | ||||||||||||
Americas
|
-3 | % | -69 | % | -10 | % | -5 | % | 52 | % | -24 | % | ||||||||||||
Asia
|
1 | % | -12 | % | -6 | % | -2 | % | -4 | % | -18 | % | ||||||||||||
Total
|
-3 | % | -40 | % | 4 | % | 0 | % | 4 | % | -28 | % | ||||||||||||
* of
which Western Europe
|
-6 | % | -35 | % | 18 | % | 5 | % | -8 | % | -38 | % | ||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Year
over year change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-33 | % | -35 | % | -27 | % | -17 | % | -20 | % | -7 | % | ||||||||||||
Americas
|
-74 | % | -59 | % | 0 | % | 23 | % | 48 | % | 33 | % | ||||||||||||
Asia
|
-19 | % | -23 | % | -28 | % | -17 | % | -21 | % | -25 | % | ||||||||||||
Total
|
-40 | % | -36 | % | -23 | % | -10 | % | -9 | % | -8 | % | ||||||||||||
* of
which Western Europe
|
-25 | % | -26 | % | -29 | % | -14 | % | -18 | % | -9 | % | ||||||||||||
2009 | 2008 | |||||||||||||||||||||||
Year
to date
|
0906 | 0903 | 0812 | 0809 | 0806 | 0803 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
1,903 | 977 | 5,947 | 4,306 | 2,879 | 1,494 | ||||||||||||||||||
Americas
|
395 | 200 | 2,566 | 1,930 | 1,226 | 486 | ||||||||||||||||||
Asia
|
1,121 | 559 | 2,731 | 2,094 | 1,416 | 722 | ||||||||||||||||||
Total
|
3,419 | 1,736 | 11,244 | 8,330 | 5,522 | 2,702 | ||||||||||||||||||
* of
which Western Europe
|
1,400 | 721 | 3,943 | 2,826 | 1,879 | 979 | ||||||||||||||||||
2009 | 2008 | |||||||||||||||||||||||
YTD
year over year change (%)
|
0906 | 0903 | 0812 | 0809 | 0806 | 0803 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-34 | % | -35 | % | -18 | % | -15 | % | -13 | % | -7 | % | ||||||||||||
Americas
|
-68 | % | -59 | % | 24 | % | 34 | % | 42 | % | 33 | % | ||||||||||||
Asia
|
-21 | % | -23 | % | -23 | % | -21 | % | -23 | % | -25 | % | ||||||||||||
Total
|
-38 | % | -36 | % | -13 | % | -9 | % | -9 | % | -8 | % | ||||||||||||
* of
which Western Europe
|
-26 | % | -26 | % | -19 | % | -14 | % | -14 | % | -9 | % |