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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1-7-1 Konan, Minato-ku | |
News & Information |
Tokyo
108-0075 Japan
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No: 08-136E | |||||||
Date: October 23, 2008 |
(Billions
of yen)
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||||||||||||||||
Change
from
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Change
from
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Revised
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March
31, 2008
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July
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July
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Forecast
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Actual Results
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Forecast
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Forecast
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|||||||||||||
¥ | 9,000 | +1 | % | -2 | % | ¥ | 9,200 | |||||||||
Operating
income
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200 | -58 | -57 | 470 | ||||||||||||
(Equity
in net income of affiliated companies
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0 | -100 | -100 | 10 | ||||||||||||
recorded within
operating income)
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||||||||||||||||
Income
before income taxes
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210 | -63 | -54 | 460 | ||||||||||||
Net
income
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150 | -59 | -38 | 240 |
1.
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Due
to a change in our assumptions for foreign currency exchange rates in the
second half of the fiscal year, as noted above, to reflect the significant
appreciation of the yen above the rates assumed in July, we expect our
results to be lower than the July forecast with operating income
decreasing by approximately ¥130 billion,
mainly within the Electronics and the Game segments (assumed foreign
currency exchange rates in July were approximately ¥105 to the
U.S. dollar and approximately ¥165 to the
euro for the quarter ended September 30, 2008 and approximately ¥105 to the
U.S. dollar and approximately ¥160 to the
euro for the second half of the fiscal
year).
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2.
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We
expect the results of certain businesses in the Electronics segment, such
as the LCD television, compact digital camera and video camera businesses,
to be lower than the previous forecast due to a deterioration in the
market environment brought on by the slowing global economy and an
intensification of price competition. Sony anticipates this
will negatively impact operating income by approximately ¥90 billion
compared to the July forecast.
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3.
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Preliminary
results in the Financial Services segment for the quarter ended September
30, 2008 are lower than the July forecast due to such factors as a
deterioration in net valuation gains from convertible bonds and an
impairment loss on equity securities, brought on by a significant decline
in the Japanese stock market. Based on the assumption that the
equity markets will remain at the level of September 30, 2008 until March
31, 2009, operating income for the fiscal year is expected to be
approximately ¥60 billion
lower than the July forecast. As is our policy, the effects of
gains and losses on such investments due to market fluctuations since
October 1, 2008 are not incorporated within our forecasts for the fiscal
year ending March 31, 2009. Accordingly, the market
fluctuations could further negatively impact the revised
forecast.
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4.
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On
October 1, 2008, Sony completed the previously announced acquisition of
Bertelsmann AG’s 50% stake in SONY BMG MUSIC ENTERTAINMENT (“SONY
BMG”). Accordingly, the operating results of SONY BMG,
previously an equity affiliate of Sony, will be recorded on a consolidated
basis from October 1, due to it becoming a wholly owned subsidiary of
Sony. While equity in net income of SONY BMG was previously
recorded in Sony’s consolidated operating income, all of its operating
income will be recorded in Sony’s consolidated operating income from
October 1. As a result, operating income is expected to be
increased by approximately ¥10 billion
compared to the July forecast.
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5.
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Regarding
equity in net income of affiliated companies, equity in net income of SONY
BMG will not be recorded from October 1, as described
above.
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(Billions
of yen)
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||||||||||||
Second
quarter ended September 30
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2007
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2008
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Change
in
yen
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||||||||||
Sales
and operating revenue
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¥ | 2,083.0 | ¥ | 2,070 | -1 | % | ||||||
Operating
income
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111.6 | 11 | -90 | |||||||||
(Equity
in net income of affiliated companies
recorded within
operating income)
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21.1 | 1 | -95 | |||||||||
Income
before income taxes
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109.1 | 7 | -94 | |||||||||
Net
income
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73.7 | 21 | -72 |
Tokyo
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New
York
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London
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Gen
Tsuchikawa
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Sam
Levenson
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Shinji
Tomita
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+81-(0)3-6748-2180
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+1-212-833-6722
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+44-(0)20-7426-8696
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