
FY2018 Consolidated Financial Results (Fiscal year ended March 31, 2019) April 26, 2019 Sony Corporation Please be aware that, in the following remarks, statements made with respect to Sony‘s current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Sony. These statements are based on management’s assumptions in light of the information currently available to it, and, therefore, you should not place undue reliance on them. Sony cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements. For additional information as to risks and uncertainties, as well as other factors that could cause actual results to differ, please refer to today's press release, which can be accessed by visiting www.sony.net/IR. FY2018 Consolidated Financial Results and FY2019 Consolidated Results Forecast Segments Outlook • I am CFO Hiroki Totoki. Thank you for your time today. • Today I would like to explain two topics. 1 FY2018 Consolidated Results (Bln Yen, Mln US dollar) FY18 FY17 FY18 Change USD Amount*1 Sales & operating revenue 8,544.0 8,665.7 +121.7 bln yen $ 78,140 (+1%) Operating income 734.9 894.2 +159.4 bln yen 8,063 (+22%) Income before income taxes 699.0 1,011.6 +312.6 bln yen 9,122 (+45%) Net income attributable to 490.8 916.3 +425.5 bln yen 8,262 Sony Corporation’s stockholders (+87%) Net income attributable to Sony Corporation’s stockholders per share of common stock (diluted) 379.75 yen 707.74 yen +327.99 yen 6.38 USD Sony without Financial Services*2 Operating Cash Flow +770.6 +753.4 -17.2 bln yen +6,794 Investing Cash Flow -164.0 -520.4 -356.4 bln yen -4,693 Total Cash Flow (Operating CF + Investing CF) +606.7 +233.1 -373.6 bln yen +2,102 Average rate Dividend per Share 1 US dollar 110.9 yen 110.9 yen Interim 15 yen Year-end 20 yen 1 Euro 129.7 yen 128.5 yen Full year 35 yen *1 US dollar amounts have been translated from yen, for convenience only, using the average rate listed on this slide.. *2 Please refer to F-12 in “ FY18 Financial Statements” for Condensed Statements of Cash Flows for Sony without Financial Services (applies to all following pages). Consolidated cash flow(Sony without Financial Services) is not a measure in accordance with U.S. GAAP. However, Sony believes that this disclosure may be useful information to investors. • FY18 consolidated sales increased 1% compared to the previous fiscal year (“year-on-year”) to 8 trillion 665.7 billion yen and operating income increased 159.4 billion yen to 894.2 billion yen. 2 Adjusted Operating Income Operating Adjusted Adjusted Operating Income excludes the following items* Income Operating Income Impairment charge against long-lived assets in the MC segment (-31.3 bln yen) Gain resulting from the sale of the entire equity interest in a manufacturing subsidiary in the camera module business (+28.3 bln yen) FY17 734.9 bln yen 709.6 bln yen Gain resulting from the sale of real estate held by a subsidiary in the Music segment (+10.5 bln yen) Insurance recoveries relating to the Kumamoto Earthquakes (+9.3 bln yen) Gain resulting from the sale of manufacturing equipment in the Semiconductors segment (+8.6 bln yen) Impairment charge against long-lived assets in the MC segment (-19.2 bln yen) Impairment charge against long-lived assets and goodwill in the All Other FY18 894.2 bln yen 809.3 bln yen segment (-12.9 bln yen) Remeasurement gain recorded in the Music segment as a result of the consolidation of EMI (+116.9 bln yen) Change from +159.4 bln yen +99.7 bln yen FY17 (+14%) * These monetary amounts have been disclosed in the Financial Statements, the Presentation slides and the Quarterly Securities Reports for the relevant quarters. Adjusted operating income is not a measure in accordance with U.S. GAAP. However, Sony believes that this disclosure may be useful information to investors. • As is shown in this slide, adjusted operating income excluding extraordinary items increased 99.7 billion yen year-on-year to 809.3 billion yen. 3 FY2018 Consolidated Results (Bln Yen, Mln US dollar) FY18 FY17 FY18 Change USD Amount* Sales & operating revenue 8,544.0 8,665.7 +121.7 bln yen $ 78,140 (+1%) Operating income 734.9 894.2 +159.4 bln yen 8,063 (+22%) Income before income taxes 699.0 1,011.6 +312.6 bln yen 9,122 (+45%) Net income attributable to 490.8 916.3 +425.5 bln yen 8,262 Sony Corporation’s stockholders (+87%) Net income attributable to Sony Corporation’s stockholders per share of common stock (diluted) 379.75 yen 707.74 yen +327.99 yen 6.38 USD Sony without Financial Services*2 Operating Cash Flow +770.6 +753.4 -17.2 bln yen +6,794 Investing Cash Flow -164.0 -520.4 -356.4 bln yen -4,693 Total Cash Flow (Operating CF + Investing CF) +606.7 +233.1 -373.6 bln yen +2,102 Average rate Dividend per Share 1 US dollar 110.9 yen 110.9 yen Interim 15 yen Year-end 20 yen 1 Euro 129.7 yen 128.5 yen Full year 35 yen *1 US dollar amounts have been translated from yen, for convenience only, using the average rate listed on this slide.. *2 Please refer to F-12 in “ FY18 Financial Statements” for Condensed Statements of Cash Flows for Sony without Financial Services (applies to all following pages). Consolidated cash flow(Sony without Financial Services) is not a measure in accordance with U.S. GAAP. However, Sony believes that this disclosure may be useful information to investors. • Income before income taxes exceeded 1 trillion yen for the first time in our history, reaching 1 trillion 11.6 billion yen. • Net income attributable to Sony Corporation’s stockholders increased 425.5 billion yen year- on-year to 916.3 billion yen. • Consolidated operating cash flow excluding the Financial Services segment for the fiscal year was 753.4 billion yen. 4 FY2018 Cash Flow (CF) by Segment (Sony without Financial Services) (Bln Yen) FY18 Operating CF +334.5 Game & Network Services (G&NS) Investing CF -37.0 Total +297.5 Operating CF +58.8 Music Investing CF -234.1 Total -175.3 Operating CF +50.1 Pictures Investing CF -18.8 Total +31.3 Operating CF +153.8 Combined total of HE&S・IP&S・MC Investing CF -64.3 Total +89.5 Operating CF +196.1 Semiconductors Investing CF -132.5 Total +63.7 All Other, Operating CF -39.8 Corporate and elimination Investing CF -33.7 and Adjustment* Total -73.5 Operating CF +753.4 Consolidated total Investing CF -520.4 without Financial Services Total +233.1 The calculation of Investing CF for each segment differs from the calculation of the Statement of Cash Flows for Sony without Financial Services (please refer to P.13 of "FY18 Financial Statement”) as follows: - Increases and decreases in fixed-term deposits held by each segment are excluded from Investing CF, and - Expenditures for capital leases are included in Investing CF (instead of Financial CF). These result in the following amount being adjusted in each of the Investing CF figures shown above: G&NS: -0.5 bln yen, Music: 1.4 bln yen, Pictures: -2.4 bln yen, HE&S/IP&S/MC Total: - 8 bln yen, Semiconductors: -0.4 bln yen, All Other and Corporate and elimination: -0.6 bln yen * “Adjustment” is the total offset to the above adjustments made to the Investing CF for each segment (10.7 bln yen). Cash Flow by segment are not a measure in accordance with U.S. GAAP. However, Sony believes that this disclosure may be useful information to investors. • We have begun to disclose cash flow by segment from this earnings announcement. • Excluding the Music segment in which we acquired EMI Music Publishing (“EMI”) in FY18, all of the business segments generated positive net cash flow (the difference between operating cash flow and investing cash flow). • The Game & Network Services segment and the total of the three segments included in the Electronics Products & Solutions segment, which was created on April 1, made significant contributions. 5 FY2018 Results by Segment (Bln Yen) FY17 FY18 Change FX Impact Sales 1,943.8 2,310.9 +367.1 -9.4 Game & Network Services (G&NS) Operating income 177.5 311.1 +133.6 -4.8 Sales 800.0 807.5 +7.5 +0.6 Music Operating income 127.8 232.5 +104.7 Sales 1,011.1 986.9 -24.2 +3.7 Pictures Operating income 41.1 54.6 +13.5 Home Entertainment & Sales 1,222.7 1,155.4 -67.3 -24.6 Sound (HE&S) Operating income 85.8 89.7 +3.8 -21.6 Imaging Products & Sales 655.9 670.5 +14.6 -3.7 Solutions (IP&S) Operating income 74.9 84.0 +9.1 -3.2 Mobile Communications Sales 723.7 498.0 -225.7 -4.9 (MC) Operating loss -27.6 -97.1 -69.5 +2.0 Sales 850.0 879.3 +29.3 +0.1 Semiconductors Operating income 164.0 143.9 -20.1 -0.5 Revenue 1,228.4 1,282.5 +54.2 Financial Services Operating income 178.9 161.5 -17.5 Sales 407.2 345.7 -61.4 All Other Operating income -23.5 -11.1 +12.4 Sales -298.8 -271.0 +27.8 Corporate and elimination Operating income -64.1 -74.7 -10.6 Sales 8,544.0 8,665.7 +121.7 Consolidated total Operating income 734.9 894.2 +159.4 ・Sales and Revenue in each business segment represents sales and revenue recorded before intersegment transactions are eliminated.
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