Form
20-F X
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Form
40-F __
|
SONY
CORPORATION
|
|
(Registrant)
|
|
By: /s/ Nobuyuki
Oneda
|
|
(Signature)
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|
Nobuyuki
Oneda
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|
PRESS
RELEASE
|
October
17,
2008
|
·
|
Break even results, excluding restructuring charges, as challenging business conditions continued |
·
|
C902
Cyber-shot™ camera phone is hit model of the
quarter
|
·
|
First
Xperia™ branded multimedia phone X1 began
shipping
|
·
|
Expansion
of music service offering with announcement of PlayNow™
plus
|
Q3 2008
|
Q2 2008
|
Q3 2007
|
||||||||||
Number
of units shipped (million)
|
25.7 | 24.4 | 25.9 | |||||||||
Sales
(Euro m.)
|
2,808 | 2,820 | 3,108 | |||||||||
Gross
margin (%)
|
22 | % | 23 | % | 31 | % | ||||||
Operating
income (Euro m.)
|
-33 | -2 | 393 | |||||||||
Operating
margin (%)
|
-1 | % | -0 | % | 13 | % | ||||||
Restructuring
charges (Euro m.)
|
35 | 11 | 0 | |||||||||
Operating
income excl. restructuring charges (Euro m.)
|
2 | 8 | 393 | |||||||||
Operating
margin excl. restructuring charges (%)
|
0 | % | 0 | % | 13 | % | ||||||
Income
before taxes (IBT) (Euro m.)
|
-23 | 8 | 384 | |||||||||
IBT
excl. restructuring charges (Euro m.)
|
12 | 19 | 384 | |||||||||
Net
income (Euro m.)
|
-25 | 6 | 267 | |||||||||
Average
selling price (Euro)
|
109 | 116 | 120 |
Jul-Sep
|
||||||||||||
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
Net
sales
|
2,808 | 3,108 | -10 | % | ||||||||
Cost
of sales
|
-2,192 | -2,154 | 2 | % | ||||||||
Gross
profit
|
616 | 954 | -35 | % | ||||||||
Gross
margin %
|
21.9 | % | 30.7 | % | -9 | % | ||||||
Research
and development expenses
|
-337 | -280 | 20 | % | ||||||||
Selling
and administrative expenses
|
-303 | -280 | 8 | % | ||||||||
Operating
expenses
|
-640 | -560 | 14 | % | ||||||||
Other
operating income, net
|
-8 | -1 | -586 | % | ||||||||
Operating
income
|
-33 | 393 | -108 | % | ||||||||
Operating
margin %
|
-1.2 | % | 12.7 | % | -14 | % | ||||||
Financial
income
|
25 | 7 | 274 | % | ||||||||
Financial
expenses
|
-15 | -16 | -11 | % | ||||||||
Income
after financial items
|
-23 | 384 | -106 | % | ||||||||
Taxes
|
6 | -109 | -106 | % | ||||||||
Minority
interest
|
-8 | -8 | 1 | % | ||||||||
Net
income
|
-25 | 267 | -109 | % | ||||||||
Number
of units shipped (million)
|
25.7 | 25.9 | -1 | % | ||||||||
ASP
(EUR)
|
109 | 120 | -9 | % |
EUR
million
|
Jul-Sep
|
|||
Restructuring
charges
|
2008
|
|||
Cost
of sales
|
0 | |||
Research
and development expenses
|
26 | |||
Sales
and administrative expenses
|
3 | |||
Other
operating income, net
|
6 | |||
Total
|
35 |
Jan-Sep
|
||||||||||||
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
Net
sales
|
8,330 | 9,145 | -9 | % | ||||||||
Cost
of sales
|
-6,274 | -6,384 | -2 | % | ||||||||
Gross
profit
|
2,056 | 2,760 | -26 | % | ||||||||
Gross
margin %
|
24.7 | % | 30.2 | % | -6 | % | ||||||
Research
and development expenses
|
-1,020 | -824 | 24 | % | ||||||||
Selling
and administrative expenses
|
-883 | -885 | 0 | % | ||||||||
Operating
expenses
|
-1,903 | -1,709 | 11 | % | ||||||||
Other
operating income, net
|
-3 | 2 | -239 | % | ||||||||
Operating
income
|
149 | 1,055 | -86 | % | ||||||||
Operating
margin %
|
1.8 | % | 11.5 | % | -10 | % | ||||||
Financial
income
|
73 | 43 | 72 | % | ||||||||
Financial
expenses
|
-44 | -25 | 76 | % | ||||||||
Income
after financial items
|
179 | 1,073 | -83 | % | ||||||||
Taxes
|
-50 | -306 | -84 | % | ||||||||
Minority
interest
|
-14 | -27 | -47 | % | ||||||||
Net
income
|
114 | 741 | -85 | % | ||||||||
Number
of units shipped (million)
|
72.5 | 72.6 | 0 | % | ||||||||
ASP
(EUR)
|
115 | 126 | -9 | % |
EUR
million
|
Jan-Sep
|
|||
Restructuring
charges
|
2008
|
|||
Cost
of sales
|
8 | |||
Research
and development expenses
|
28 | |||
Sales
and administrative expenses
|
4 | |||
Other
operating income, net
|
6 | |||
Total
|
46 |
2008
|
2007
|
|||||||||||||||||||||||||||
EUR
million
|
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||
Net
sales
|
2,808 | 2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | |||||||||||||||||||||
Cost
of sales
|
-2,192 | -2,168 | -1,914 | -2,573 | -2,154 | -2,192 | -2,039 | |||||||||||||||||||||
Gross
profit
|
616 | 653 | 788 | 1,198 | 954 | 921 | 886 | |||||||||||||||||||||
Gross
margin %
|
21.9 | % | 23.1 | % | 29.2 | % | 31.8 | % | 30.7 | % | 29.6 | % | 30.3 | % | ||||||||||||||
Research
and development expenses
|
-337 | -344 | -339 | -349 | -280 | -283 | -261 | |||||||||||||||||||||
Selling
and administrative expenses
|
-303 | -310 | -270 | -375 | -280 | -321 | -284 | |||||||||||||||||||||
Operating
expenses
|
-640 | -653 | -610 | -724 | -560 | -604 | -545 | |||||||||||||||||||||
Other
operating income, net
|
-8 | -2 | 6 | 15 | -1 | -2 | 5 | |||||||||||||||||||||
Operating
income
|
-33 | -2 | 184 | 489 | 393 | 315 | 346 | |||||||||||||||||||||
Operating
margin %
|
-1.2 | % | -0.1 | % | 6.8 | % | 13.0 | % | 12.7 | % | 10.1 | % | 11.8 | % | ||||||||||||||
Financial
income
|
25 | 25 | 24 | 19 | 7 | 18 | 18 | |||||||||||||||||||||
Financial
expenses
|
-15 | -14 | -15 | -7 | -16 | -6 | -2 | |||||||||||||||||||||
Income
after financial items
|
-23 | 8 | 193 | 501 | 384 | 327 | 362 | |||||||||||||||||||||
Taxes
|
6 | 0 | -57 | -118 | -109 | -97 | -100 | |||||||||||||||||||||
Minority
interest
|
-8 | -3 | -3 | -10 | -8 | -10 | -9 | |||||||||||||||||||||
Net
income
|
-25 | 6 | 133 | 373 | 267 | 220 | 254 | |||||||||||||||||||||
Number
of units shipped (million)
|
25.7 | 24.4 | 22.3 | 30.8 | 25.9 | 24.9 | 21.8 | |||||||||||||||||||||
ASP
(EUR)
|
109 | 116 | 121 | 123 | 120 | 125 | 134 |
EUR
million
|
2008
|
|||||||
Restructuring
charges
|
Q3 | Q2 | ||||||
Cost
of sales
|
0 | 8 | ||||||
Research
and development expenses
|
26 | 2 | ||||||
Sales
and administrative expenses
|
3 | 1 | ||||||
Other
operating income, net
|
6 | 0 | ||||||
Total
|
35 | 11 |
Sep
30
|
Jun
30
|
Dec
31
|
Sep
30
|
|||||||||||||
EUR
million
|
2008
|
2008
|
2007
|
2007
|
||||||||||||
ASSETS
|
||||||||||||||||
Total
fixed and financial assets
|
649 | 590 | 572 | 511 | ||||||||||||
Current
assets
|
||||||||||||||||
Inventories
|
717 | 538 | 437 | 620 | ||||||||||||
Accounts
receivables
|
1,815 | 1,905 | 1,870 | 1,803 | ||||||||||||
Other
assets
|
527 | 511 | 345 | 544 | ||||||||||||
Other
short-term cash investments
|
918 | 966 | 1,431 | 954 | ||||||||||||
Cash
and bank
|
555 | 624 | 724 | 804 | ||||||||||||
Total
current assets
|
4,532 | 4,544 | 4,808 | 4,725 | ||||||||||||
Total
assets
|
5,180 | 5,134 | 5,380 | 5,236 | ||||||||||||
SHAREHOLDERS'
EQUITY AND LIABILITIES
|
||||||||||||||||
Shareholders'
equity
|
1,429 | 1,684 | 2,026 | 1,663 | ||||||||||||
Minority
interest
|
50 | 35 | 64 | 70 | ||||||||||||
Total
equity
|
1,480 | 1,719 | 2,090 | 1,733 | ||||||||||||
Total
long-term liabilities
|
39 | 25 | 26 | 22 | ||||||||||||
Accounts
payable
|
1,453 | 1,436 | 1,263 | 1,602 | ||||||||||||
Other
current liabilities
|
2,208 | 1,954 | 2,001 | 1,879 | ||||||||||||
Total
current liabilities
|
3,661 | 3,390 | 3,264 | 3,481 | ||||||||||||
Total
shareholders' equity and liabilities
|
5,180 | 5,134 | 5,380 | 5,236 | ||||||||||||
Net
cash*
|
1,374 | 1,591 | 2,155 | 1,758 |
*
Net cash is defined as cash and bank plus short-term cash investments less
interest bearing liabilities.
|
Jul-Sep
|
||||||||
EUR
million
|
2008
|
2007
|
||||||
OPERATIONS
|
||||||||
Net
income
|
-25 | 267 | ||||||
Adjustments
to reconcile net income to cash
|
39 | 32 | ||||||
15 | 299 | |||||||
Changes
in operating net assets
|
88 | 88 | ||||||
Cash
flow from operating activities
|
102 | 387 | ||||||
INVESTMENTS
|
||||||||
Investing
activities
|
-55 | -53 | ||||||
Cash
flow from investing activities
|
-55 | -53 | ||||||
FINANCING
|
||||||||
Financing
activities
|
- 238 | - 300 | ||||||
Cash
flow from financing activities
|
-238 | -300 | ||||||
Net
change in cash
|
-191 | 34 | ||||||
Cash,
beginning of period
|
1,591 | 1,730 | ||||||
Translation
difference in Cash
|
74 | -6 | ||||||
Cash,
end of period
|
1,473 | 1,758 |
Jan-Sep
|
||||||||
EUR
million
|
2008
|
2007
|
||||||
OPERATIONS
|
||||||||
Net
income
|
114 | 741 | ||||||
Adjustments
to reconcile net income to cash
|
109 | 90 | ||||||
223 | 831 | |||||||
Changes
in operating net assets
|
-155 | -349 | ||||||
Cash
flow from operating activities
|
68 | 482 | ||||||
INVESTMENTS
|
||||||||
Investing
activities
|
-105 | -138 | ||||||
Cash
flow from investing activities
|
-105 | -138 | ||||||
FINANCING
|
||||||||
Financing
activities
|
- 708 | -849 | ||||||
Cash
flow from financing activities
|
-708 | -849 | ||||||
Net
change in cash
|
-745 | -504 | ||||||
Cash,
beginning of period
|
2,155 | 2,273 | ||||||
Translation
difference in Cash
|
62 | -11 | ||||||
Cash,
end of period
|
1,473 | 1,758 |
2008
|
2007
|
|||||||||||||||||||||||||||
EUR
million
|
Jul-Sep
|
Apr-Jun
|
Jan-Mar
|
Oct-Dec
|
Jul-Sep
|
Apr-Jun
|
Jan-Mar
|
|||||||||||||||||||||
OPERATIONS
|
||||||||||||||||||||||||||||
Net
income
|
-25 | 6 | 133 | 373 | 267 | 220 | 254 | |||||||||||||||||||||
Adjustments
to reconcile net income to cash
|
39 | 40 | 31 | 17 | 32 | 30 | 28 | |||||||||||||||||||||
15 | 46 | 164 | 390 | 299 | 250 | 282 | ||||||||||||||||||||||
Changes
in operating net assets
|
88 | -142 | -101 | 44 | 88 | 16 | -454 | |||||||||||||||||||||
Cash
flow from operating activities
|
102 | -96 | 64 | 434 | 387 | 266 | -172 | |||||||||||||||||||||
INVESTMENTS
|
||||||||||||||||||||||||||||
Investing
activities
|
-55 | -29 | -22 | -27 | -53 | -31 | -53 | |||||||||||||||||||||
Cash
flow from investing activities
|
-55 | -29 | -22 | -27 | -53 | -31 | -53 | |||||||||||||||||||||
FINANCING
|
||||||||||||||||||||||||||||
Financing
activities
|
- 238 | - 8 | - 462 | 0 | - 300 | - 548 | - 1 | |||||||||||||||||||||
Cash
flow from financing activities
|
-238 | -8 | -462 | 0 | -300 | -548 | -1 | |||||||||||||||||||||
Net
change in cash
|
-191 | -133 | -421 | 408 | 34 | -312 | -226 | |||||||||||||||||||||
Cash,
beginning of period
|
1,591 | 1,711 | 2,155 | 1,758 | 1,730 | 2,045 | 2,273 | |||||||||||||||||||||
Translation
difference in Cash
|
74 | 13 | -24 | -10 | -6 | -3 | -2 | |||||||||||||||||||||
Cash,
end of period
|
1,473 | 1,591 | 1,711 | 2,155 | 1,758 | 1,730 | 2,045 |
EUR
million
|
||||||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||||||
Isolated
quarters
|
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||
Europe,
Middle East & Africa *
|
1,427 | 1,386 | 1,494 | 2,251 | 1,715 | 1,729 | 1,598 | |||||||||||||||||||||
Americas
|
703 | 740 | 486 | 636 | 573 | 499 | 365 | |||||||||||||||||||||
Asia
|
678 | 694 | 722 | 884 | 820 | 885 | 961 | |||||||||||||||||||||
Total
|
2,808 | 2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | |||||||||||||||||||||
* of
which Western Europe
|
947 | 900 | 979 | 1,569 | 1,103 | 1,102 | 1,078 | |||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||||||
Sequential
change (%)
|
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||
Europe,
Middle East & Africa *
|
3 | % | -7 | % | -34 | % | 31 | % | -1 | % | 8 | % | -26 | % | ||||||||||||||
Americas
|
-5 | % | 52 | % | -24 | % | 11 | % | 15 | % | 37 | % | -34 | % | ||||||||||||||
Asia
|
-2 | % | -4 | % | -18 | % | 8 | % | -7 | % | -8 | % | -11 | % | ||||||||||||||
Total
|
0 | % | 4 | % | -28 | % | 21 | % | 0 | % | 6 | % | -23 | % | ||||||||||||||
* of
which Western Europe
|
5 | % | -8 | % | -38 | % | 42 | % | 0 | % | 2 | % | -27 | % | ||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||||||
Year
over year change (%)
|
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||
Europe,
Middle East & Africa *
|
-17 | % | -20 | % | -7 | % | 5 | % | 7 | % | 59 | % | 55 | % | ||||||||||||||
Americas
|
23 | % | 48 | % | 33 | % | 15 | % | 37 | % | 52 | % | 46 | % | ||||||||||||||
Asia
|
-17 | % | -21 | % | -25 | % | -18 | % | -8 | % | 4 | % | 35 | % | ||||||||||||||
Total
|
-10 | % | -9 | % | -8 | % | 0 | % | 7 | % | 37 | % | 47 | % | ||||||||||||||
* of
which Western Europe
|
-14 | % | -18 | % | -9 | % | 6 | % | -1 | % | 47 | % | 60 | % | ||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||||||
Year
to date
|
0809 | 0806 | 0803 | 0712 | 0709 | 0706 | 0703 | |||||||||||||||||||||
Europe,
Middle East & Africa *
|
4,324 | 2,879 | 1,494 | 7,293 | 5,042 | 3,328 | 1,598 | |||||||||||||||||||||
Americas
|
1,930 | 1,226 | 486 | 2,072 | 1,436 | 864 | 365 | |||||||||||||||||||||
Asia
|
2,076 | 1,416 | 722 | 3,550 | 2,666 | 1,846 | 961 | |||||||||||||||||||||
Total
|
8,330 | 5,522 | 2,702 | 12,916 | 9,145 | 6,037 | 2,925 | |||||||||||||||||||||
* of
which Western Europe
|
2,826 | 1,879 | 979 | 4,852 | 3,283 | 2,179 | 1,078 | |||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||||||
YTD
year over year change (%)
|
0809 | 0806 | 0803 | 0712 | 0709 | 0706 | 0703 | |||||||||||||||||||||
Europe,
Middle East & Africa *
|
-14 | % | -13 | % | -7 | % | 24 | % | 36 | % | 57 | % | 55 | % | ||||||||||||||
Americas
|
34 | % | 42 | % | 33 | % | 34 | % | 44 | % | 49 | % | 46 | % | ||||||||||||||
Asia
|
-22 | % | -23 | % | -25 | % | 0 | % | 8 | % | 18 | % | 35 | % | ||||||||||||||
Total
|
-9 | % | -9 | % | -8 | % | 18 | % | 27 | % | 42 | % | 47 | % | ||||||||||||||
* of
which Western Europe
|
-14 | % | -14 | % | -9 | % | 21 | % | 29 | % | 53 | % | 60 | % |