Form
20-F X
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Form
40-F __
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SONY
CORPORATION
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(Registrant)
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By: /s/ Nobuyuki
Oneda
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(Signature)
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Nobuyuki
Oneda
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Executive
Vice President and
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Chief
Financial Officer
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PRESS
RELEASE
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July
18,
2008
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·
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Break
even results amid challenging market conditions and increased
competition
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·
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Announcement
of Open Mobile Software platform and Symbian
Foundation
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·
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R&D
investment continues
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·
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Alignment
of operations to help restore profitable
growth
|
Q2 2007 | Q1 2008 | Q2 2008 | |||||||||||
Number
of units shipped (million)
|
24.9 | 22.3 | 24.4 | ||||||||||
Sales
(Euro m.)
|
3,112 | 2,702 | 2,820 | ||||||||||
Gross
margin (%)
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29.6 | % | 29.2 | % | 23.1 | % | |||||||
Operating
income (Euro m.)
|
315 | 184 | -2 | ||||||||||
Operating
margin (%)
|
10.1 | % | 6.8 | % | -0.1 | % | |||||||
Income
before taxes (Euro m.)
|
327 | 193 | 8 | ||||||||||
Net
income (Euro m.)
|
220 | 133 | 6 | ||||||||||
Average
selling price (Euro)
|
125 | 121 | 116 |
Apr-Jun
|
||||||||||||
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
Net
sales
|
2,820 | 3,112 | -9 | % | ||||||||
Cost
of sales
|
-2,168 | -2,192 | -1 | % | ||||||||
Gross
profit
|
653 | 921 | -29 | % | ||||||||
Gross
margin %
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23.1 | % | 29.6 | % | -6 | % | ||||||
Research
and development expenses
|
-344 | -283 | 22 | % | ||||||||
Selling
and administrative expenses
|
-310 | -321 | -4 | % | ||||||||
Operating
expenses
|
-653 | -604 | 8 | % | ||||||||
Other
operating income, net
|
-2 | -2 | 1 | % | ||||||||
Operating
income
|
-2 | 315 | -101 | % | ||||||||
Operating
margin %
|
-0.1 | % | 10.1 | % | -10 | % | ||||||
Financial
income
|
25 | 18 | 37 | % | ||||||||
Financial
expenses
|
-14 | -6 | - | |||||||||
Income
after financial items
|
8 | 327 | -98 | % | ||||||||
Taxes
|
0 | -97 | -100 | % | ||||||||
Minority
interest
|
-3 | -10 | -72 | % | ||||||||
Net
income
|
6 | 220 | -97 | % | ||||||||
Number
of units shipped (million)
|
24.4 | 24.9 | -2 | % | ||||||||
ASP
(EUR)
|
116 | 125 | -7 | % |
Jan-Jun
|
||||||||||||
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
Net
sales
|
5,522 | 6,037 | -9 | % | ||||||||
Cost
of sales
|
-4,082 | -4,231 | -4 | % | ||||||||
Gross
profit
|
1,440 | 1,806 | -20 | % | ||||||||
Gross
margin %
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26.1 | % | 29.9 | % | -4 | % | ||||||
Research
and development expenses
|
-683 | -544 | 26 | % | ||||||||
Selling
and administrative expenses
|
-580 | -605 | -4 | % | ||||||||
Operating
expenses
|
-1,263 | -1,149 | 10 | % | ||||||||
Other
operating income, net
|
5 | 4 | 25 | % | ||||||||
Operating
income
|
182 | 662 | -73 | % | ||||||||
Operating
margin %
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3.3 | % | 11.0 | % | -8 | % | ||||||
Financial
income
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49 | 36 | 35 | % | ||||||||
Financial
expenses
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-29 | -9 | - | |||||||||
Income
after financial items
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201 | 689 | -71 | % | ||||||||
Taxes
|
-57 | -197 | -71 | % | ||||||||
Minority
interest
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-6 | -18 | -68 | % | ||||||||
Net
income
|
139 | 474 | -71 | % | ||||||||
Number
of units shipped (million)
|
46.7 | 46.7 | 0 | % | ||||||||
ASP
(EUR)
|
118 | 129 | -9 | % |
2008
|
2007
|
|||||||||||||||||||||||
EUR
million
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Net
sales
|
2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | ||||||||||||||||||
Cost
of sales
|
-2,168 | -1,914 | -2,573 | -2,154 | -2,192 | -2,039 | ||||||||||||||||||
Gross
profit
|
653 | 788 | 1,198 | 954 | 921 | 886 | ||||||||||||||||||
Gross
margin %
|
23.1 | % | 29.2 | % | 31.8 | % | 30.7 | % | 29.6 | % | 30.3 | % | ||||||||||||
Research
and development expenses
|
-344 | -339 | -349 | -280 | -283 | -261 | ||||||||||||||||||
Selling
and administrative expenses
|
-310 | -270 | -375 | -280 | -321 | -284 | ||||||||||||||||||
Operating
expenses
|
-653 | -610 | -724 | -560 | -604 | -545 | ||||||||||||||||||
Other
operating income, net
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-2 | 6 | 15 | -1 | -2 | 5 | ||||||||||||||||||
Operating
income
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-2 | 184 | 489 | 393 | 315 | 346 | ||||||||||||||||||
Operating
margin %
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-0.1 | % | 6.8 | % | 13.0 | % | 12.7 | % | 10.1 | % | 11.8 | % | ||||||||||||
Financial
income
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25 | 24 | 19 | 7 | 18 | 18 | ||||||||||||||||||
Financial
expenses
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-14 | -15 | -7 | -16 | -6 | -2 | ||||||||||||||||||
Income
after financial items
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8 | 193 | 501 | 384 | 327 | 362 | ||||||||||||||||||
Taxes
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0 | -57 | -118 | -109 | -97 | -100 | ||||||||||||||||||
Minority
interest
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-3 | -3 | -10 | -8 | -10 | -9 | ||||||||||||||||||
Net
income
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6 | 133 | 373 | 267 | 220 | 254 | ||||||||||||||||||
Number
of units shipped (million)
|
24.4 | 22.3 | 30.8 | 25.9 | 24.9 | 21.8 | ||||||||||||||||||
ASP
(EUR)
|
116 | 121 | 123 | 120 | 125 | 134 |
Jun
30
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Mar
31
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Dec
31
|
Jun30
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|||||||||||||
EUR
million
|
2008
|
2008
|
2007
|
2007
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||||||||||||
ASSETS
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||||||||||||||||
Total
fixed and financial assets
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590 | 594 | 572 | 498 | ||||||||||||
Current
assets
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||||||||||||||||
Inventories
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538 | 484 | 437 | 477 | ||||||||||||
Accounts
receivables
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1,905 | 1,710 | 1,870 | 1,831 | ||||||||||||
Other
assets
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511 | 369 | 345 | 845 | ||||||||||||
Other
short-term cash investments
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966 | 1,106 | 1,431 | 1,071 | ||||||||||||
Cash
and bank
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624 | 605 | 724 | 659 | ||||||||||||
Total
current assets
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4,544 | 4,274 | 4,808 | 4,882 | ||||||||||||
Total
assets
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5,134 | 4,868 | 5,380 | 5,380 | ||||||||||||
SHAREHOLDERS'
EQUITY AND LIABILITIES
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||||||||||||||||
Shareholders'
equity
|
1,684 | 1,665 | 2,026 | 1,702 | ||||||||||||
Minority
interest
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35 | 69 | 64 | 63 | ||||||||||||
Total
equity
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1,719 | 1,734 | 2,090 | 1,764 | ||||||||||||
Total
long-term liabilities
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25 | 25 | 26 | 21 | ||||||||||||
Accounts
payable
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1,436 | 1,228 | 1,263 | 1,371 | ||||||||||||
Other
current liabilities
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1,954 | 1,880 | 2,001 | 2,224 | ||||||||||||
Total
current liabilities
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3,390 | 3,108 | 3,264 | 3,595 | ||||||||||||
Total
shareholders' equity and liabilities
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5,134 | 4,868 | 5,380 | 5,380 | ||||||||||||
Net
cash*
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1,591 | 1,703 | 2,155 | 1,729 |
Apr-Jun
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||||||||
EUR
million
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2008
|
2007
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||||||
OPERATIONS
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||||||||
Net
income
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6 | 220 | ||||||
Adjustments
to reconcile net income to cash
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40 | 30 | ||||||
46 | 250 | |||||||
Changes
in operating net assets
|
-142 | 16 | ||||||
Cash
flow from operating activities
|
-96 | 266 | ||||||
INVESTMENTS
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||||||||
Investing
activities
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-29 | -31 | ||||||
Cash
flow from investing activities
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-29 | -31 | ||||||
FINANCING
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||||||||
Financing
activities
|
-8 | -548 | ||||||
Cash
flow from financing activities
|
-8 | -548 | ||||||
Net
change in cash
|
-133 | -312 | ||||||
Cash,
beginning of period
|
1,711 | 2,045 | ||||||
Translation
difference in Cash
|
13 | -3 | ||||||
Cash,
end of period
|
1,591 | 1,730 |
Jan-Jun
|
||||||||
EUR
million
|
2008
|
2007
|
||||||
OPERATIONS
|
||||||||
Net
income
|
139 | 474 | ||||||
Adjustments
to reconcile net income to cash
|
69 | 58 | ||||||
208 | 532 | |||||||
Changes
in operating net assets
|
-242 | -437 | ||||||
Cash
flow from operating activities
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-34 | 95 | ||||||
INVESTMENTS
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||||||||
Investing
activities
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-50 | -85 | ||||||
Cash
flow from investing activities
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-50 | -85 | ||||||
FINANCING
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||||||||
Financing
activities
|
-470 | -548 | ||||||
Cash
flow from financing activities
|
-470 | -548 | ||||||
Net
change in cash
|
-554 | -538 | ||||||
Cash,
beginning of period
|
2,155 | 2,273 | ||||||
Translation
difference in Cash
|
-11 | -5 | ||||||
Cash,
end of period
|
1,591 | 1,730 |
2008
|
2007
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|||||||||||||||||||||||
EUR
million
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Apr-Jun
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Jan-Mar
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Oct-Dec
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Jul-Sep
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Apr-Jun
|
Jan-Mar
|
||||||||||||||||||
OPERATIONS
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||||||||||||||||||||||||
Net
income
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6 | 133 | 373 | 267 | 220 | 254 | ||||||||||||||||||
Adjustments
to reconcile net income to cash
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40 | 31 | 17 | 32 | 30 | 28 | ||||||||||||||||||
46 | 164 | 390 | 299 | 250 | 282 | |||||||||||||||||||
Changes
in operating net assets
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-142 | -101 | 44 | 88 | 16 | -454 | ||||||||||||||||||
Cash
flow from operating activities
|
-96 | 64 | 434 | 387 | 266 | -172 | ||||||||||||||||||
INVESTMENTS
|
||||||||||||||||||||||||
Investing
activities
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-29 | -22 | -27 | -53 | -31 | -53 | ||||||||||||||||||
Cash
flow from investing activities
|
-29 | -22 | -27 | -53 | -31 | -53 | ||||||||||||||||||
FINANCING
|
||||||||||||||||||||||||
Financing
activities
|
-8 | -462 | 0 | -300 | -548 | -1 | ||||||||||||||||||
Cash
flow from financing activities
|
-8 | -462 | 0 | -300 | -548 | -1 | ||||||||||||||||||
Net
change in cash
|
-133 | -421 | 408 | 34 | -312 | -226 | ||||||||||||||||||
Cash,
beginning of period
|
1,711 | 2,155 | 1,758 | 1,730 | 2,045 | 2,273 | ||||||||||||||||||
Translation
difference in Cash
|
13 | -24 | -10 | -6 | -3 | -2 | ||||||||||||||||||
Cash,
end of period
|
1,591 | 1,711 | 2,155 | 1,758 | 1,730 | 2,045 |
EUR
million
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Isolated
quarters
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
1,386 | 1,494 | 2,251 | 1,715 | 1,729 | 1,598 | ||||||||||||||||||
Americas
|
740 | 486 | 636 | 573 | 499 | 365 | ||||||||||||||||||
Asia
|
694 | 722 | 884 | 820 | 885 | 961 | ||||||||||||||||||
Total
|
2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | ||||||||||||||||||
* of
which Western Europe
|
900 | 979 | 1,569 | 1,103 | 1,102 | 1,078 |
2008
|
2007
|
|||||||||||||||||||||||
Sequential
change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-7 | % | -34 | % | 31 | % | -1 | % | 8 | % | -26 | % | ||||||||||||
Americas
|
52 | % | -24 | % | 11 | % | 15 | % | 37 | % | -34 | % | ||||||||||||
Asia
|
-4 | % | -18 | % | 8 | % | -7 | % | -8 | % | -11 | % | ||||||||||||
Total
|
4 | % | -28 | % | 21 | % | 0 | % | 6 | % | -23 | % | ||||||||||||
* of
which Western Europe
|
-8 | % | -38 | % | 42 | % | 0 | % | 2 | % | -27 | % |
2008
|
2007
|
|||||||||||||||||||||||
Year
over year change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-20 | % | -7 | % | 5 | % | 7 | % | 59 | % | 55 | % | ||||||||||||
Americas
|
48 | % | 33 | % | 15 | % | 37 | % | 52 | % | 46 | % | ||||||||||||
Asia
|
-21 | % | -25 | % | -18 | % | -8 | % | 4 | % | 35 | % | ||||||||||||
Total
|
-9 | % | -8 | % | 0 | % | 7 | % | 37 | % | 47 | % | ||||||||||||
* of
which Western Europe
|
-18 | % | -9 | % | 6 | % | -1 | % | 47 | % | 60 | % |
2008
|
2007
|
|||||||||||||||||||||||
Year
to date
|
0806 | 0803 | 0712 | 0709 | 0706 | 0703 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
2,879 | 1,494 | 7,293 | 5,042 | 3,328 | 1,598 | ||||||||||||||||||
Americas
|
1,226 | 486 | 2,072 | 1,436 | 864 | 365 | ||||||||||||||||||
Asia
|
1,416 | 722 | 3,550 | 2,666 | 1,846 | 961 | ||||||||||||||||||
Total
|
5,522 | 2,702 | 12,916 | 9,145 | 6,037 | 2,925 | ||||||||||||||||||
* of
which Western Europe
|
1,879 | 979 | 4,852 | 3,283 | 2,179 | 1,078 |
2008
|
2007
|
|||||||||||||||||||||||
YTD
year over year change (%)
|
0806 | 0803 | 0712 | 0709 | 0706 | 0703 | ||||||||||||||||||
Europe,
Middle East & Africa *
|
-13 | % | -7 | % | 24 | % | 36 | % | 57 | % | 55 | % | ||||||||||||
Americas
|
42 | % | 33 | % | 34 | % | 44 | % | 49 | % | 46 | % | ||||||||||||
Asia
|
-23 | % | -25 | % | 0 | % | 8 | % | 18 | % | 35 | % | ||||||||||||
Total
|
-9 | % | -8 | % | 18 | % | 27 | % | 42 | % | 47 | % | ||||||||||||
* of
which Western Europe
|
-14 | % | -9 | % | 21 | % | 29 | % | 53 | % | 60 | % |