SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D. C. 20549
FORM
6-K
REPORT OF
FOREIGN PRIVATE ISSUER
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the
month of April 2009
Commission
File Number: 001-06439
SONY
CORPORATION
(Translation
of registrant's name into English)
1-7-1
KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN
(Address
of principal executive offices)
The
registrant files annual reports under cover of Form 20-F.
Indicate
by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F,
|
Form
20-F X
|
Form
40-F __
|
Indicate
by check mark whether
the registrant by furnishing the information
contained in this Form
is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934,
Yes No X
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):82-______
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act
of 1934, the registrant has
duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
|
SONY
CORPORATION
|
|
|
(Registrant)
|
|
|
By: /s/ Nobuyuki
Oneda
|
|
|
(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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Date:
April 17, 2009
List of
materials
Documents
attached hereto:
i) Press
release announcing Sony Ericsson reports first quarter results
| PRESS RELEASE |
April
17, 2009
|
Sony
Ericsson reports first quarter results
Q1
highlights:
|
·
|
Income
before taxes was a loss of Euro 358 million (excl. restructuring
charges)
|
|
·
|
Cost
saving program progressing as planned and additional savings of Euro 400
million announced
|
|
·
|
Launch
of ‘Entertainment Unlimited’ consumer proposition and new generation of
products well received by operator
partners
|
The
consolidated financial summary for Sony Ericsson Mobile Communications AB (Sony
Ericsson) for the first quarter ended March 31, 2009 is as follows:
| Q1 2008 | Q4 2008 | Q1 2009 | ||||||||||
|
Number
of units shipped (million)
|
22.3 | 24.2 | 14.5 | |||||||||
|
Sales
(Euro m.)
|
2,702 | 2,914 | 1,736 | |||||||||
|
Gross
margin (%)
|
29 | % | 15 | % | 8 | % | ||||||
|
Operating
income (Euro m.)
|
184 | -262 | -369 | |||||||||
|
Operating
margin (%)
|
7 | % | -9 | % | -21 | % | ||||||
|
Restructuring
charges (Euro m.)
|
- | 129 | 12 | |||||||||
|
Operating
income excl. restructuring charges (Euro m.)
|
- | -133 | -357 | |||||||||
|
Operating
margin excl. restructuring charges (%)
|
- | -5 | % | -21 | % | |||||||
|
Income
before taxes (IBT) (Euro m.)
|
193 | -261 | -370 | |||||||||
|
IBT
excl. restructuring charges (Euro m.)
|
- | -133 | -358 | |||||||||
|
Net
income (Euro m.)
|
133 | -187 | -293 | |||||||||
|
Average
selling price (Euro)
|
121 | 121 | 120 |
Units
shipped in the quarter were 14.5 million, a decrease of 35% compared to the same
period of last year and in line with our March 20, 2009 interim announcement of
approximately 14 million units. Sales for the quarter were Euro 1,736 million, a
decrease of 36% from a year ago. Sales decreased primarily as a
result of continued weak consumer confidence and de-stocking in the retail and
distribution channels.
Gross
margin declined both year-on-year and sequentially, reflecting a change in the
product mix, material write-offs, and exchange rate
volatility.
Income
before taxes for the quarter excluding restructuring charges was a loss of Euro
358 million, within the range announced on March 20, 2009 (loss of Euro 340 -
390 million).
“As
expected, the first quarter of this year has been extremely challenging for Sony
Ericsson due to continued weak global demand. We are aligning our
business to the new market reality with the aim of bringing the company back to
profitability as quickly as possible,” said Dick Komiyama, President, Sony
Ericsson. “The management intends to pursue an additional cost saving program
targeting a further annual operating expense reduction of Euro 400 million, to
be completed by mid-2010.”
The
company’s initial cost saving program targeting annual operating expense
reductions of Euro 300 million by the end of the first half of 2009, including a
workforce reduction of 2,000 headcount, has now been completed. A total of Euro
187 million restructuring charges have been recorded compared to the initial
estimated costs of Euro 300 million.
In January
2009 an additional cost saving program was initiated to target annual operating
expense reductions of Euro 180 million by the end of 2009. The cost
of this program will be covered by the initial Euro 300 million restructuring
costs announced in July 2008.
The
additional cost saving program announced today will include a further reduction
in the global workforce of approximately 2,000 people. It is
estimated that new restructuring charges of Euro 200 million will be needed to
complete this program.
As of
March 31, 2009, Sony Ericsson retained a strong net cash position of Euro 1.1
billion.
Market
share in the first quarter decreased and is now estimated to be around 6%, down
two percentage points sequentially.
Sony
Ericsson forecasts that the global handset market for 2009 will contract at
least 10% from around 1,190 million units in 2008.
At Mobile
World Congress in February 2009, Sony Ericsson announced a new consumer
proposition, called ‘Entertainment Unlimited’ (EU), to build on Sony Ericsson’s
leadership in music, imaging, gaming, content services, and applications to
deliver unlimited opportunities for consumers. The company also
announced the first Entertainment Unlimited phone with the concept name ‘Idou’
to be launched in the second half of 2009. The next EU announcement will take
place on 28 May.
Sony is a
trademark or registered trademark of Sony Corporation. Ericsson is the trademark
or registered trademark of Telefonaktiebolaget LM Ericsson.
Other
product and company names mentioned herein may be the trademarks of their
respective owners. Any rights not expressly granted herein are reserved. Subject
to change without prior notice.
EDITOR’S
NOTES:
Financial statements and
additional information:
Financial
statements:
Consolidated
income statement
Consolidated
income statement – isolated quarters
Consolidated
balance sheet
Consolidated
statement of cash flows
Consolidated
statement of cash flows – isolated quarters
Additional
information:
Net sales
by market area by quarter
- ENDS
-
Sony Ericsson is a
top, global industry player with sales of around 97 million phones in
2008. Diversity is one of the core strengths of the company, with
operations in over 80 countries including manufacturing in China and R&D
sites in China, Europe, India, Japan and North America. Sony Ericsson
was established as a 50:50 joint venture by Sony and Ericsson in October 2001,
with global corporate functions located in London. For more information
about Sony Ericsson please visit www.sonyericsson.com
CONTACTS:
Investors /
Analysts
Ericsson
investor
relations
Gary
Pinkham (Stockholm) +46 10 719 0858
Susanne
Andersson (Stockholm) +46 10 719 4631
Andreas
Hedemyr (Stockholm) +46 10 404
3748
Sony investor
relations
Shinji
Tomita (London) +44 20 7426 8696
Gen
Tsuchikawa (Tokyo) +81 3 6748 2180
Press /
Media
Sony
Ericsson global communications and PR
Aldo
Liguori (London) +44 20 8762 5860
Merran
Wrigley (London) +44 20 8762 5862
This
press release contains forward-looking statements that involve inherent risks
and uncertainties. We have identified certain important factors that
may cause actual results to differ materially from those contained in such
forward-looking statements. For a detailed description of risk factors see
Sony's and Ericsson's filings with the US Securities and Exchange Commission,
particularly each company's latest published Annual Report on Form
20-F.
Sony
Ericsson
CONSOLIDATED
INCOME STATEMENT
|
Jan-Mar
|
||||||||||||
|
EUR
million
|
2009
|
2008
|
Change
|
|||||||||
|
Net
sales
|
1,736 | 2,702 | -36 | % | ||||||||
|
Cost
of sales
|
-1,591 | -1,914 | -17 | % | ||||||||
|
Gross
profit
|
145 | 788 | -82 | % | ||||||||
|
Gross
margin %
|
8.4 | % | 29.2 | % | -21 | % | ||||||
|
Research
and development expenses
|
-303 | -339 | -11 | % | ||||||||
|
Selling
and administrative expenses
|
-225 | -270 | -17 | % | ||||||||
|
Operating
expenses
|
-528 | -610 | -13 | % | ||||||||
|
Other
operating income, net
|
13 | 6 | 111 | % | ||||||||
|
Operating
income
|
-369 | 184 | -300 | % | ||||||||
|
Operating
margin %
|
-21.3 | % | 6.8 | % | -28 | % | ||||||
|
Financial
income
|
9 | 24 | -62 | % | ||||||||
|
Financial
expenses
|
-10 | -15 | -35 | % | ||||||||
|
Income
after financial items
|
-370 | 193 | -291 | % | ||||||||
|
Taxes
|
84 | -57 | -247 | % | ||||||||
|
Minority
interest
|
-6 | -3 | 89 | % | ||||||||
|
Net
income
|
-293 | 133 | -320 | % | ||||||||
|
Number
of units shipped (million)
|
14.5 | 22.3 | -35 | % | ||||||||
|
ASP
(EUR)
|
120 | 121 | -1 | % | ||||||||
|
EUR
Million
|
Jan-Mar
|
Jan-Mar
|
||||||||||
|
Restructuring
charges
|
2009
|
2008
|
||||||||||
|
Cost
of sales
|
7 | 0 | ||||||||||
|
Research
and development expenses
|
2 | 0 | ||||||||||
|
Sales
and administrative expenses
|
3 | 0 | ||||||||||
|
Other
operating income, net
|
0 | 0 | ||||||||||
|
Total
|
12 | 0 | ||||||||||
Sony
Ericsson
CONSOLIDATED
INCOME STATEMENT - ISOLATED QUARTERS
|
2009
|
2008
|
|||||||||||||||||||
|
EUR
million
|
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
|
Net
sales
|
1,736 | 2,914 | 2,808 | 2,820 | 2,702 | |||||||||||||||
|
Cost
of sales
|
-1,591 | -2,476 | -2,192 | -2,168 | -1,914 | |||||||||||||||
|
Gross
profit
|
145 | 438 | 616 | 653 | 788 | |||||||||||||||
|
Gross
margin %
|
8.4 | % | 15.0 | % | 21.9 | % | 23.1 | % | 29.2 | % | ||||||||||
|
Research
and development expenses
|
-303 | -359 | -337 | -344 | -339 | |||||||||||||||
|
Selling
and administrative expenses
|
-225 | -366 | -303 | -310 | -270 | |||||||||||||||
|
Operating
expenses
|
-528 | -725 | -640 | -653 | -610 | |||||||||||||||
|
Other
operating income, net
|
13 | 24 | -8 | -2 | 6 | |||||||||||||||
|
Operating
income
|
-369 | -262 | -33 | -2 | 184 | |||||||||||||||
|
Operating
margin %
|
-21.3 | % | -9.0 | % | -1.2 | % | -0.1 | % | 6.8 | % | ||||||||||
|
Financial
income
|
9 | 28 | 25 | 25 | 24 | |||||||||||||||
|
Financial
expenses
|
-10 | -27 | -15 | -14 | -15 | |||||||||||||||
|
Income
after financial items
|
-370 | -261 | -23 | 8 | 193 | |||||||||||||||
|
Taxes
|
84 | 81 | 6 | 0 | -57 | |||||||||||||||
|
Minority
interest
|
-6 | -7 | -8 | -3 | -3 | |||||||||||||||
|
Net
income
|
-293 | -187 | -25 | 6 | 133 | |||||||||||||||
|
Number
of units shipped (million)
|
14.5 | 24.2 | 25.7 | 24.4 | 22.3 | |||||||||||||||
|
ASP
(EUR)
|
120 | 121 | 109 | 116 | 121 | |||||||||||||||
| EUR Million |
2009
|
2008
|
||||||||||||||||||
|
Restructuring
charges
|
Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
|
Cost
of sales
|
7 | 67 | 0 | 8 | ||||||||||||||||
|
Research
and development expenses
|
2 | 35 | 26 | 2 | ||||||||||||||||
|
Sales
and administrative expenses
|
3 | 24 | 3 | 1 | ||||||||||||||||
|
Other
operating income, net
|
0 | 3 | 6 | 0 | ||||||||||||||||
|
Total
|
12 | 129 | 35 | 11 | ||||||||||||||||
Sony
Ericsson
CONSOLIDATED
BALANCE SHEET
|
Mar
31
|
Dec
31
|
Mar
31
|
||||||||||
|
EUR
million
|
2009
|
2008
|
2008
|
|||||||||
|
ASSETS
|
||||||||||||
|
Total
fixed and financial assets
|
658 | 590 | 594 | |||||||||
|
Current
assets
|
||||||||||||
|
Inventories
|
477 | 531 | 484 | |||||||||
|
Accounts
receivables
|
1,193 | 1,629 | 1,710 | |||||||||
|
Other
assets
|
463 | 585 | 369 | |||||||||
|
Other
short-term cash investments
|
574 | 707 | 1,106 | |||||||||
|
Cash
and bank
|
542 | 418 | 605 | |||||||||
|
Total
current assets
|
3,249 | 3,870 | 4,274 | |||||||||
|
Total
assets
|
3,908 | 4,460 | 4,868 | |||||||||
|
SHAREHOLDERS'
EQUITY AND LIABILITIES
|
||||||||||||
|
Shareholders'
equity
|
930 | 1,217 | 1,665 | |||||||||
|
Minority
interest
|
65 | 57 | 69 | |||||||||
|
Total
equity
|
995 | 1,274 | 1,734 | |||||||||
|
Total
long-term liabilities
|
30 | 30 | 25 | |||||||||
|
Accounts
payable
|
965 | 990 | 1,228 | |||||||||
|
Other
current liabilities
|
1,918 | 2,166 | 1,880 | |||||||||
|
Total
current liabilities
|
2,882 | 3,156 | 3,108 | |||||||||
|
Total
shareholders' equity and liabilities
|
3,908 | 4,460 | 4,868 | |||||||||
|
Net
cash*
|
1,116 | 1,072 | 1,703 | |||||||||
|
*
Net cash is defined as cash and bank plus short-term cash investments less
interest bearing liabilities.
|
Sony
Ericsson
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
Jan-Mar
|
||||||||
|
EUR
million
|
2009
|
2008
|
||||||
|
OPERATIONS
|
||||||||
|
Net
income
|
-293 | 133 | ||||||
|
Adjustments
to reconcile net income to cash
|
29 | 31 | ||||||
| -263 | 164 | |||||||
|
Changes
in operating net assets
|
321 | -101 | ||||||
|
Cash
flow from operating activities
|
58 | 64 | ||||||
|
INVESTMENTS
|
||||||||
|
Investing
activities
|
-19 | -22 | ||||||
|
Cash
flow from investing activities
|
-19 | -22 | ||||||
|
FINANCING
|
||||||||
|
Financing
activities
|
-53 | -462 | ||||||
|
Cash
flow from financing activities
|
-53 | -462 | ||||||
|
Net
change in cash
|
-14 | -421 | ||||||
|
Cash,
beginning of period
|
1,125 | 2,155 | ||||||
|
Translation
difference in Cash
|
5 | -24 | ||||||
|
Cash,
end of period
|
1,116 | 1,711 | ||||||
Sony
Ericsson
CONSOLIDATED
STATEMENT OF CASH FLOWS - ISOLATED QUARTERS
|
2009
|
2008
|
|||||||||||||||||||
|
EUR
million
|
Jan-Mar
|
Oct-Dec
|
Jul-Sep
|
Apr-Jun
|
Jan-Mar
|
|||||||||||||||
|
OPERATIONS
|
||||||||||||||||||||
|
Net
income
|
-293 | -187 | -25 | 6 | 133 | |||||||||||||||
|
Adjustments
to reconcile net income to cash
|
29 | 37 | 39 | 40 | 31 | |||||||||||||||
| -263 | -150 | 15 | 46 | 164 | ||||||||||||||||
|
Changes
in operating net assets
|
321 | -168 | 88 | -142 | -101 | |||||||||||||||
|
Cash
flow from operating activities
|
58 | -318 | 102 | -96 | 64 | |||||||||||||||
|
INVESTMENTS
|
||||||||||||||||||||
|
Investing
activities
|
-19 | 41 | -55 | -29 | -22 | |||||||||||||||
|
Cash
flow from investing activities
|
-19 | 41 | -55 | -29 | -22 | |||||||||||||||
|
FINANCING
|
||||||||||||||||||||
|
Financing
activities
|
-53 | -46 | -238 | -8 | -462 | |||||||||||||||
|
Cash
flow from financing activities
|
-53 | -46 | -238 | -8 | -462 | |||||||||||||||
|
Net
change in cash
|
-14 | -323 | -191 | -133 | -421 | |||||||||||||||
|
Cash,
beginning of period
|
1,125 | 1,473 | 1,591 | 1,711 | 2,155 | |||||||||||||||
|
Translation
difference in Cash
|
5 | -25 | 74 | 13 | -24 | |||||||||||||||
|
Cash,
end of period
|
1,116 | 1,125 | 1,473 | 1,591 | 1,711 | |||||||||||||||
Sony
Ericsson
NET
SALES BY MARKET AREA BY QUARTER
|
EUR
million
|
||||||||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||
|
Isolated
quarters
|
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
|
Europe,
Middle East & Africa *
|
977 | 1,642 | 1,427 | 1,386 | 1,494 | |||||||||||||||
|
Americas
|
200 | 636 | 703 | 740 | 486 | |||||||||||||||
|
Asia
|
559 | 636 | 678 | 694 | 722 | |||||||||||||||
|
Total
|
1,736 | 2,914 | 2,808 | 2,820 | 2,702 | |||||||||||||||
|
* of
which Western Europe
|
721 | 1,117 | 947 | 900 | 979 | |||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||
|
Sequential
change (%)
|
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
|
Europe,
Middle East & Africa *
|
-40 | % | 15 | % | 3 | % | -7 | % | -34 | % | ||||||||||
|
Americas
|
-69 | % | -10 | % | -5 | % | 52 | % | -24 | % | ||||||||||
|
Asia
|
-12 | % | -6 | % | -2 | % | -4 | % | -18 | % | ||||||||||
|
Total
|
-40 | % | 4 | % | 0 | % | 4 | % | -28 | % | ||||||||||
|
* of
which Western Europe
|
-35 | % | 18 | % | 5 | % | -8 | % | -38 | % | ||||||||||
|
2009
|
2008
|
|||||||||||||||||||
|
Year
over year change (%)
|
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
|
Europe,
Middle East & Africa *
|
-35 | % | -27 | % | -17 | % | -20 | % | -7 | % | ||||||||||
|
Americas
|
-59 | % | 0 | % | 23 | % | 48 | % | 33 | % | ||||||||||
|
Asia
|
-23 | % | -28 | % | -17 | % | -21 | % | -25 | % | ||||||||||
|
Total
|
-36 | % | -23 | % | -10 | % | -9 | % | -8 | % | ||||||||||
|
* of
which Western Europe
|
-26 | % | -29 | % | -14 | % | -18 | % | -9 | % | ||||||||||
|
2009
|
2008
|
|||||||||||||||||||
|
Year
to date
|
0903 | 0812 | 0809 | 0806 | 0803 | |||||||||||||||
|
Europe,
Middle East & Africa *
|
977 | 5,947 | 4,306 | 2,879 | 1,494 | |||||||||||||||
|
Americas
|
200 | 2,566 | 1,930 | 1,226 | 486 | |||||||||||||||
|
Asia
|
559 | 2,731 | 2,094 | 1,416 | 722 | |||||||||||||||
|
Total
|
1,736 | 11,244 | 8,330 | 5,522 | 2,702 | |||||||||||||||
|
* of
which Western Europe
|
721 | 3,943 | 2,826 | 1,879 | 979 | |||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||
|
YTD
year over year change (%)
|
0903 | 0812 | 0809 | 0806 | 0803 | |||||||||||||||
|
Europe,
Middle East & Africa *
|
-35 | % | -18 | % | -15 | % | -13 | % | -7 | % | ||||||||||
|
Americas
|
-59 | % | 24 | % | 34 | % | 42 | % | 33 | % | ||||||||||
|
Asia
|
-23 | % | -23 | % | -21 | % | -23 | % | -25 | % | ||||||||||
|
Total
|
-36 | % | -13 | % | -9 | % | -9 | % | -8 | % | ||||||||||
|
* of
which Western Europe
|
-26 | % | -19 | % | -14 | % | -14 | % | -9 | % | ||||||||||