6-K 1 a52167269.htm SONY CORPORATION 6-K


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 February 2020
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/  Hiroki Totoki
 
                (Signature)
 
Hiroki Totoki
 
Senior Executive Vice President and
 
Chief Financial Officer
 
Date: February 4, 2020

List of materials

Documents attached hereto:
 
i) Press release: _______________________________________________________


 

Quarterly Financial Statements
for the Third Quarter Ended December 31, 2019
And
Outlook for the Fiscal Year Ending March 31, 2020


February 4, 2020
Sony Corporation


Quarterly Financial Statements (Unaudited)
F-1
   
Consolidated Balance Sheets
F-1
Consolidated Statements of Income (Three months ended December 31)
F-2
Consolidated Statements of Comprehensive Income (Three months ended December 31)
F-2
Consolidated Statements of Income (Nine months ended December 31)
F-3
Consolidated Statements of Comprehensive Income (Nine months ended December 31)
F-3
Consolidated Statements of Cash Flows (Nine months ended December 31)
F-4
Notes to Consolidated Financial Statements
F-5
-      Business Segment Information
F-5
-      Going Concern Assumption
F-12
-      Significant Changes in Shareholders’ Equity
F-12
-      Accounting Policies and Other Information
F-12
   
Outlook for the Fiscal Year Ending March 31, 2020
1
   
Outlook for the Fiscal Year Ending March 31, 2020
1
   
Cautionary Statement
4


All amounts are presented on the basis of Generally Accepted Accounting Principles in the U.S. (“U.S. GAAP”).
 
Sony Corporation and its consolidated subsidiaries are together referred to as “Sony”.


 
(Unaudited)
Consolidated Financial Statements
Consolidated Balance Sheets

   
(Millions of yen)
 
   
March 31
   
December 31
   
Change from
 
ASSETS
  2019
    2019
   
March 31, 2019
 
Current assets:
                 
Cash and cash equivalents
 
¥
1,470,073
   
¥
1,408,876
   
¥
-61,197
 
Marketable securities
   
1,324,538
     
1,567,158
     
+242,620
 
Notes and accounts receivable, trade and contract assets
   
1,091,242
     
1,345,472
     
+254,230
 
Allowance for doubtful accounts
   
(25,440
)
   
(24,609
)
   
+831
 
Inventories
   
653,278
     
607,377
     
-45,901
 
Other receivables
   
223,620
     
183,359
     
-40,261
 
Prepaid expenses and other current assets
   
509,301
     
531,784
     
+22,483
 
 Total current assets
   
5,246,612
     
5,619,417
     
+372,805
 
                         
Film costs
   
409,005
     
487,449
     
+78,444
 
                         
Investments and advances:
                       
Affiliated companies
   
163,365
     
214,935
     
+51,570
 
Securities investments and other
   
11,561,286
     
12,264,017
     
+702,731
 
     
11,724,651
     
12,478,952
     
+754,301
 
                         
Property, plant and equipment:
                       
Land
   
83,992
     
82,565
     
-1,427
 
Buildings
   
664,157
     
655,293
     
-8,864
 
Machinery and equipment
   
1,585,382
     
1,675,580
     
+90,198
 
Construction in progress
   
39,208
     
53,601
     
+14,393
 
     
2,372,739
     
2,467,039
     
+94,300
 
Less-Accumulated depreciation
   
1,595,686
     
1,612,108
     
+16,422
 
     
777,053
     
854,931
     
+77,878
 
                         
Other assets:
                       
Operating lease right-of-use assets
 
     
306,568
     
+306,568
 
Finance lease right-of-use assets
 
     
36,221
     
+36,221
 
Intangibles, net
   
917,966
     
923,180
     
+5,214
 
Goodwill
   
768,552
     
792,673
     
+24,121
 
Deferred insurance acquisition costs
   
595,265
     
618,792
     
+23,527
 
Deferred income taxes
   
202,486
     
194,187
     
-8,299
 
Other
   
339,996
     
325,176
     
-14,820
 
     
2,824,265
     
3,196,797
     
+372,532
 
                         
  Total assets
 
¥
20,981,586
   
¥
22,637,546
   
¥
+1,655,960
 
                         
                         
LIABILITIES AND EQUITY
                       
Current liabilities:
                       
Short-term borrowings
 
¥
618,618
   
¥
896,819
   
¥
+278,201
 
Current portion of long-term debt
   
172,461
     
32,647
     
-139,814
 
Current portion of long-term operating lease liabilities
 
     
67,186
     
+67,186
 
Notes and accounts payable, trade
   
492,124
     
464,265
     
-27,859
 
Accounts payable, other and accrued expenses
   
1,693,048
     
1,671,762
     
-21,286
 
Accrued income and other taxes
   
135,226
     
182,505
     
+47,279
 
Deposits from customers in the banking business
   
2,302,314
     
2,432,044
     
+129,730
 
Other
   
666,024
     
656,193
     
-9,831
 
 Total current liabilities
   
6,079,815
     
6,403,421
     
+323,606
 
                         
Long-term debt
   
568,372
     
631,705
     
+63,333
 
Long-term operating lease liabilities
 
     
265,606
     
+265,606
 
Accrued pension and severance costs
   
384,232
     
301,698
     
-82,534
 
Deferred income taxes
   
531,421
     
545,623
     
+14,202
 
Future insurance policy benefits and other
   
5,642,671
     
6,007,246
     
+364,575
 
Policyholders’ account in the life insurance business
   
3,048,202
     
3,323,874
     
+275,672
 
Other
   
281,382
     
263,098
     
-18,284
 
  Total liabilities
   
16,536,095
     
17,742,271
     
+1,206,176
 
                         
Redeemable noncontrolling interest
   
8,801
     
8,689
     
-112
 
                         
Equity:
                       
Sony Corporation’s stockholders’ equity:
                       
Common stock
   
874,291
     
878,401
     
+4,110
 
Additional paid-in capital
   
1,266,874
     
1,287,895
     
+21,021
 
Retained earnings
   
2,320,586
     
2,858,054
     
+537,468
 
Accumulated other comprehensive income
   
(610,670
)
   
(531,857
)
   
+78,813
 
Treasury stock, at cost
   
(104,704
)
   
(260,889
)
   
-156,185
 
     
3,746,377
     
4,231,604
     
+485,227
 
                         
Noncontrolling interests
   
690,313
     
654,982
     
-35,331
 
  Total equity
   
4,436,690
     
4,886,586
     
+449,896
 
  Total liabilities and equity
 
¥
20,981,586
   
¥
22,637,546
   
¥
+1,655,960
 
 
F-1


Consolidated Statements of Income

   
(Millions of yen, except per share amounts)
 
   
Three months ended December 31
 
 
  2018     2019    
Change
 
Sales and operating revenue:
                  
Net sales
 
¥
2,220,123
   
¥
2,034,826
   
¥
-185,297
 
Financial services revenue
   
161,630
     
405,382
     
+243,752
 
Other operating revenue
   
20,052
     
22,954
     
+2,902
 
     
2,401,805
     
2,463,162
     
+61,357
 
                         
Costs and expenses:
                       
Cost of sales
   
1,581,376
     
1,411,228
     
-170,148
 
Selling, general and administrative
   
430,025
     
400,032
     
-29,993
 
Financial services expenses
   
123,756
     
372,540
     
+248,784
 
Other operating income, net
   
(112,809
)
   
(18,056
)
   
+94,753
 
     
2,022,348
     
2,165,744
     
+143,396
 
                         
Equity in net income (loss) of affiliated companies
   
(2,469
)
   
2,714
     
+5,183
 
                         
Operating income
   
376,988
     
300,132
     
-76,856
 
                         
Other income:
                       
Interest and dividends
   
6,436
     
3,900
     
-2,536
 
Gain on equity securities, net
 
     
13,392
     
+13,392
 
Foreign exchange gain, net
   
5,085
 
     
-5,085
 
Other
   
1,927
     
1,286
     
-641
 
     
13,448
     
18,578
     
+5,130
 
                         
Other expenses:
                       
Interest expenses
   
3,510
     
1,129
     
-2,381
 
Loss on equity securities, net
   
44,777
 
     
-44,777
 
Foreign exchange loss, net
 
     
427
     
+427
 
Loss on pension plan amendment
 
     
6,358
     
+6,358
 
Other
   
1,619
     
475
     
-1,144
 
     
49,906
     
8,389
     
-41,517
 
                         
Income before income taxes
   
340,530
     
310,321
     
-30,209
 
                         
Income taxes
   
(100,723
)
   
69,977
     
+170,700
 
                         
Net income
   
441,253
     
240,344
     
-200,909
 
                         
Less - Net income attributable to noncontrolling interests
   
12,291
     
10,806
     
-1,485
 
                         
Net income attributable to Sony Corporation’s
                       
 stockholders
 
¥
428,962
   
¥
229,538
   
¥
-199,424
 
                         
                         
                         
Per share data:
                       
Net income attributable to Sony Corporation’s
                       
   stockholders
                       
   — Basic
 
¥
337.97
   
¥
187.02
   
¥
-150.95
 
   — Diluted
   
330.77
     
182.89
     
-147.88
 


Consolidated Statements of Comprehensive Income

   
(Millions of yen)
 
    Three months ended December 31  
 
  2018
    2019
   
Change
 
                   
Net income
 
¥
441,253
   
¥
240,344
   
¥
-200,909
 
                         
Other comprehensive income, net of tax –
                       
Unrealized gains (losses) on securities
   
24,986
     
(25,168
)
   
-50,154
 
Unrealized gains on derivative instruments
   
326
     
368
     
+42
 
Pension liability adjustment
   
2,342
     
80,122
     
+77,780
 
Foreign currency translation adjustments
   
(36,160
)
   
46,249
     
+82,409
 
                         
Total comprehensive income
   
432,747
     
341,915
     
-90,832
 
                         
Less - Comprehensive income attributable
                       
   to noncontrolling interests
   
20,634
     
2,538
     
-18,096
 
                         
Comprehensive income attributable
                       
   to Sony Corporation’s stockholders
 
¥
412,113
   
¥
339,377
   
¥
-72,736
 

F-2


Consolidated Statements of Income

   
(Millions of yen, except per share amounts)
 
   
Nine months ended December 31
 
 
  2018
 
2019 
   
Change
 
Sales and operating revenue:
                  
Net sales
 
¥
5,632,057
   
¥
5,318,782
   
¥
-313,275
 
Financial services revenue
   
846,363
     
1,115,291
     
+268,928
 
Other operating revenue
   
59,769
     
77,072
     
+17,303
 
     
6,538,189
     
6,511,145
     
-27,044
 
                         
Costs and expenses:
                       
Cost of sales
   
3,916,607
     
3,629,246
     
-287,361
 
Selling, general and administrative
   
1,176,915
     
1,105,115
     
-71,800
 
Financial services expenses
   
728,246
     
997,211
     
+268,965
 
Other operating income, net
   
(99,751
)
   
(24,017
)
   
+75,734
 
     
5,722,017
     
5,707,555
     
-14,462
 
                         
Equity in net income (loss) of affiliated companies
   
(4,667
)
   
6,422
     
+11,089
 
                         
Operating income
   
811,505
     
810,012
     
-1,493
 
                         
Other income:
                       
Interest and dividends
   
15,741
     
14,658
     
-1,083
 
Gain on equity securities, net
   
79,937
     
372
     
-79,565
 
Foreign exchange gain, net
   
1,174
 
     
-1,174
 
Other
   
4,121
     
4,441
     
+320
 
     
100,973
     
19,471
     
-81,502
 
                         
Other expenses:
                       
Interest expenses
   
10,704
     
8,793
     
-1,911
 
Foreign exchange loss, net
 
     
9,376
     
+9,376
 
Loss on pension plan amendment
 
     
6,358
     
+6,358
 
Other
   
2,760
     
1,523
     
-1,237
 
     
13,464
     
26,050
     
+12,586
 
                         
Income before income taxes
   
899,014
     
803,433
     
-95,581
 
                         
Income taxes
   
33,767
     
196,916
     
+163,149
 
                         
Net income
   
865,247
     
606,517
     
-258,730
 
                         
Less - Net income attributable to noncontrolling interests
   
36,837
     
36,970
     
+133
 
                         
Net income attributable to Sony Corporation’s
                       
 stockholders
 
¥
828,410
   
¥
569,547
   
¥
-258,863
 
                         
                         
                         
Per share data:
                       
Net income attributable to Sony Corporation’s
                       
   stockholders
                       
   — Basic
 
¥
653.09
   
¥
460.11
   
¥
-192.98
 
   — Diluted
   
638.89
     
450.08
     
-188.81
 


Consolidated Statements of Comprehensive Income

    (Millions of yen)  
    Nine months ended December 31  

  2018
    2019 
   
Change
 
                      
Net income
 
¥
865,247
   
¥
606,517
   
¥
-258,730
 
                         
Other comprehensive income, net of tax –
                       
Unrealized gains on securities
   
3,920
     
14,757
     
+10,837
 
Unrealized gains on derivative instruments
   
1,241
     
60
     
-1,181
 
Pension liability adjustment
   
7,085
     
86,162
     
+79,077
 
Foreign currency translation adjustments
   
4,305
     
(17,501
)
   
-21,806
 
                         
Total comprehensive income
   
881,798
     
689,995
     
-191,803
 
                         
Less - Comprehensive income attributable
                       
   to noncontrolling interests
   
33,865
     
41,635
     
+7,770
 
                         
Comprehensive income attributable
                       
   to Sony Corporation’s stockholders
 
¥
847,933
   
¥
648,360
   
¥
-199,573
 

F-3


Consolidated Statements of Cash Flows

   
(Millions of yen)
 
   
Nine months ended December 31
 

  2018
    2019 
 
Cash flows from operating activities:
            
Net income
 
¥
865,247
   
¥
606,517
 
Adjustments to reconcile net income to net cash
               
provided by operating activities:
               
Depreciation and amortization, including amortization of
               
    deferred insurance acquisition costs and contract costs
   
278,405
     
281,393
 
Amortization of film costs
   
232,138
     
212,684
 
Accrual for pension and severance costs, less payments
   
(5,601
)
   
4,714
 
Other operating income, net
   
(99,751
)
   
(24,017
)
Gain on securities investments, net (other than financial services business)
   
(80,130
)
   
(392
)
(Gain) loss on marketable securities and Securities investments held in the financial
               
    services business, net
   
43,780
     
(127,002
)
Deferred income taxes
   
(150,648
)
   
23,594
 
Equity in net (income) loss of affiliated companies, net of dividends
   
7,628
     
(2,737
)
Changes in assets and liabilities:
               
   Increase in notes, accounts receivable, trade and contract assets
   
(290,046
)
   
(237,477
)
   Decrease in inventories
   
7,252
     
34,865
 
   Increase in film costs
   
(296,276
)
   
(296,377
)
   Increase (decrease) in notes and accounts payable, trade
   
124,026
     
(12,640
)
   Increase in accrued income and other taxes
   
67,644
     
34,419
 
   Increase in future insurance policy benefits and other
   
290,626
     
554,596
 
   Increase in deferred insurance acquisition costs
   
(68,092
)
   
(73,385
)
   Increase in marketable securities held in the life insurance business
   
(68,579
)
   
(103,746
)
   Increase in other current assets
   
(25,948
)
   
(15,047
)
   Increase (decrease) in other current liabilities
   
167,892
     
(16,443
)
Other
   
(98,203
)
   
(9,452
)
        Net cash provided by operating activities
   
901,364
     
834,067
 
                 
Cash flows from investing activities:
               
Payments for purchases of fixed assets
   
(230,008
)
   
(314,791
)
Proceeds from sales of fixed assets
   
13,463
     
12,445
 
Payments for investments and advances by financial services business
   
(808,017
)
   
(970,438
)
Payments for investments and advances
               
    (other than financial services business)
   
(40,930
)
   
(40,423
)
Proceeds from sales or return of investments and collections of advances
               
   by financial services business
   
216,013
     
208,164
 
Proceeds from sales or return of investments and collections of advances
               
   (other than financial services business)
   
2,705
     
13,169
 
Payment for EMI Music Publishing acquisition, net of cash acquired
   
(244,197
)
 
Proceeds from sales of businesses
 
     
13,404
 
Proceeds related to sales of Spotify Technology S.A. Shares
   
82,467
 
 
Proceeds from sales of Olympus Corporation Shares
 
     
80,357
 
Other
   
(26,497
)
   
(27,969
)
        Net cash used in investing activities
   
(1,035,001
)
   
(1,026,082
)
                 
Cash flows from financing activities:
               
Proceeds from issuance of long-term debt
   
70,958
     
110,535
 
Payments of long-term debt
   
(378,047
)
   
(189,790
)
Increase in short-term borrowings, net
   
180,467
     
278,028
 
Increase in deposits from customers in the financial services business, net
   
205,990
     
211,135
 
Dividends paid
   
(38,081
)
   
(49,621
)
Payments for purchase of treasury stock
   
(141
)
   
(156,187
)
Payment for purchase of noncontrolling interest in Nile Acquisition LLC
   
(32,041
)
 
Payment for purchase of noncontrolling interest in Game Show Network, LLC
 
     
(39,894
)
Other
   
(33,279
)
   
(19,110
)
        Net cash provided by (used in) financing activities
   
(24,174
)
   
145,096
 
                 
Effect of exchange rate changes on cash and cash equivalents, including restricted
   
49,499
     
(14,887
)
                 
Net decrease in cash and cash equivalents, including restricted
   
(108,312
)
   
(61,806
)
Cash and cash equivalents, including restricted, at beginning of the fiscal year
   
1,592,938
     
1,473,813
 
                 
Cash and cash equivalents, including restricted, at end of the period
   
1,484,626
     
1,412,007
 
                 
Less - restricted cash and cash equivalents, included in other current assets and
               
other assets
   
3,810
     
3,131
 
Cash and cash equivalents at end of the period
 
¥
1,480,816
   
¥
1,408,876
 

F-4


Notes to Consolidated Financial Statements
Business Segment Information
(Business Segments)

   
(Millions of yen)
 
   
Three months ended December 31
 
Sales and operating revenue
  2018
    2019
    Change  
Game & Network Services
                 
Customers
 
¥
759,109
   
¥
616,576
   
¥
-142,533
 
Intersegment
   
31,504
     
15,554
     
-15,950
 
Total
   
790,613
     
632,130
     
-158,483
 
                         
Music
                       
Customers
   
205,287
     
213,861
     
+8,574
 
Intersegment
   
4,063
     
3,077
     
-986
 
Total
   
209,350
     
216,938
     
+7,588
 
                         
Pictures
                       
Customers
   
276,340
     
235,702
     
-40,638
 
Intersegment
   
397
     
312
     
-85
 
Total
   
276,737
     
236,014
     
-40,723
 
                         
Electronics Products & Solutions
                       
Customers
   
709,319
     
645,818
     
-63,501
 
Intersegment
   
3,797
     
4,611
     
+814
 
Total
   
713,116
     
650,429
     
-62,687
 
                         
Imaging & Sensing Solutions
                       
Customers
   
201,469
     
277,816
     
+76,347
 
Intersegment
   
28,858
     
20,191
     
-8,667
 
Total
   
230,327
     
298,007
     
+67,680
 
                         
Financial Services
                       
Customers
   
161,630
     
405,382
     
+243,752
 
Intersegment
   
1,956
     
1,846
     
-110
 
Total
   
163,586
     
407,228
     
+243,642
 
                         
All Other
                       
Customers
   
86,466
     
63,129
     
-23,337
 
Intersegment
   
14,885
     
9,144
     
-5,741
 
Total
   
101,351
     
72,273
     
-29,078
 
                         
Corporate and elimination
   
(83,275
)
   
(49,857
)
   
+33,418
 
Consolidated total
 
¥
2,401,805
   
¥
2,463,162
   
¥
+61,357
 

Game & Network Services (“G&NS”) intersegment amounts primarily consist of transactions with All Other.
Imaging & Sensing Solutions (“I&SS”) intersegment amounts primarily consist of transactions with the G&NS segment and the Electronics Products & Solutions (“EP&S”) segment.
All Other intersegment amounts primarily consist of transactions with the G&NS segment, the Music segment and the Pictures segment.
Corporate and elimination includes certain brand and patent royalty income.

   
(Millions of yen)
 
   
Three months ended December 31
 
Operating income (loss)
  2018     2019
    Change
 
Game & Network Services
 
¥
73,082
   
¥
53,450
   
¥
-19,632
 
Music
   
147,096
     
36,250
     
-110,846
 
Pictures
   
11,588
     
5,422
     
-6,166
 
Electronics Products & Solutions
   
66,213
     
80,336
     
+14,123
 
Imaging & Sensing Solutions
   
46,510
     
75,182
     
+28,672
 
Financial Services
   
37,894
     
32,634
     
-5,260
 
All Other
   
6,104
     
20,673
     
+14,569
 
Total
   
388,487
     
303,947
     
-84,540
 
                         
Corporate and elimination
   
(11,499
)
   
(3,815
)
   
+7,684
 
Consolidated total
 
¥
376,988
   
¥
300,132
   
¥
-76,856
 

Operating income (loss) is sales and operating revenue less costs and expenses, and includes equity in net income (loss) of affiliated companies.
The 2018 sales and operating revenue and operating income (loss) above has been reclassified to reflect the change in the business segment classification discussed on page F-13.

F-5


(Business Segments)

   
(Millions of yen)
 
   
Nine months ended December 31
 
Sales and operating revenue
  2018
    2019
    Change
 
Game & Network Services
                 
Customers
 
¥
1,744,843
   
¥
1,496,372
   
¥
-248,471
 
Intersegment
   
67,936
     
47,609
     
-20,327
 
Total
   
1,812,779
     
1,543,981
     
-268,798
 
                         
Music
                       
Customers
   
583,289
     
630,641
     
+47,352
 
Intersegment
   
11,388
     
7,825
     
-3,563
 
Total
   
594,677
     
638,466
     
+43,789
 
                         
Pictures
                       
Customers
   
691,588
     
681,848
     
-9,740
 
Intersegment
   
1,101
     
858
     
-243
 
Total
   
692,689
     
682,706
     
-9,983
 
                         
Electronics Products & Solutions
                       
Customers
   
1,825,118
     
1,612,785
     
-212,333
 
Intersegment
   
12,119
     
15,058
     
+2,939
 
Total
   
1,837,237
     
1,627,843
     
-209,394
 
                         
Imaging & Sensing Solutions
                       
Customers
   
601,066
     
774,570
     
+173,504
 
Intersegment
   
85,946
     
64,839
     
-21,107
 
Total
   
687,012
     
839,409
     
+152,397
 
                         
Financial Services
                       
Customers
   
846,363
     
1,115,291
     
+268,928
 
Intersegment
   
5,881
     
6,053
     
+172
 
Total
   
852,244
     
1,121,344
     
+269,100
 
                         
All Other
                       
Customers
   
238,139
     
181,704
     
-56,435
 
Intersegment
   
35,254
     
29,057
     
-6,197
 
Total
   
273,393
     
210,761
     
-62,632
 
                         
Corporate and elimination
   
(211,842
)
   
(153,365
)
   
+58,477
 
Consolidated total
 
¥
6,538,189
   
¥
6,511,145
   
¥
-27,044
 

G&NS intersegment amounts primarily consist of transactions with All Other.
I&SS intersegment amounts primarily consist of transactions with the G&NS segment and the EP&S segment.
All Other intersegment amounts primarily consist of transactions with the G&NS segment, the Music segment and the Pictures segment.
Corporate and elimination includes certain brand and patent royalty income.

   
(Millions of yen)
 
   
Nine months ended December 31
 
Operating income (loss)
  2018
    2019
    Change
 
Game & Network Services
 
¥
247,154
   
¥
192,241
   
¥
-54,913
 
Music
   
210,701
     
112,007
     
-98,694
 
Pictures
   
27,522
     
45,116
     
+17,594
 
Electronics Products & Solutions
   
115,379
     
146,789
     
+31,410
 
Imaging & Sensing Solutions
   
123,575
     
201,088
     
+77,513
 
Financial Services
   
117,635
     
117,518
     
-117
 
All Other
   
11,440
     
20,505
     
+9,065
 
Total
   
853,406
     
835,264
     
-18,142
 
                         
Corporate and elimination
   
(41,901
)
   
(25,252
)
   
+16,649
 
Consolidated total
 
¥
811,505
   
¥
810,012
   
¥
-1,493
 

Operating income (loss) is sales and operating revenue less costs and expenses, and includes equity in net income (loss) of affiliated companies.
The 2018 sales and operating revenue and operating income (loss) above has been reclassified to reflect the change in the business segment classification discussed on page F-13.

F-6


(Sales to Customers by Product Category)

The following table is a breakdown of sales and operating revenue to external customers for each segment. Sony management views each segment as a single operating segment.

   
(Millions of yen)
 
   
Three months ended December 31
 
Sales and operating revenue (to external customers)
  2018
    2019
   
Change
 
                   
Game & Network Services
                 
Digital Software and Add-on Content
 
¥
353,905
   
¥
304,982
   
¥
-48,923
 
Network Services
   
79,799
     
85,484
     
+5,685
 
Hardware and Others
   
325,405
     
226,110
     
-99,295
 
Total
   
759,109
     
616,576
     
-142,533
 
                         
Music
                       
Recorded Music
   
117,350
     
125,939
     
+8,589
 
Music Publishing
   
30,374
     
39,716
     
+9,342
 
Visual Media and Platform
   
57,563
     
48,206
     
-9,357
 
Total
   
205,287
     
213,861
     
+8,574
 
                         
Pictures
                       
Motion Pictures
   
140,319
     
101,345
     
-38,974
 
Television Productions
   
64,426
     
72,572
     
+8,146
 
Media Networks
   
71,595
     
61,785
     
-9,810
 
Total
   
276,340
     
235,702
     
-40,638
 
                         
Electronics Products & Solutions
                       
Televisions
   
264,258
     
235,859
     
-28,399
 
Audio and Video
   
123,481
     
121,742
     
-1,739
 
Still and Video Cameras
   
122,767
     
122,031
     
-736
 
Mobile Communications
   
134,978
     
113,500
     
-21,478
 
Other
   
63,835
     
52,686
     
-11,149
 
Total
   
709,319
     
645,818
     
-63,501
 
                         
Imaging & Sensing Solutions
   
201,469
     
277,816
     
+76,347
 
                         
Financial Services
   
161,630
     
405,382
     
+243,752
 
                         
All Other
   
86,466
     
63,129
     
-23,337
 
                         
Corporate
   
2,185
     
4,878
     
+2,693
 
Consolidated total
 
¥
2,401,805
   
¥
2,463,162
   
¥
+61,357
 

F-7


(Sales to Customers by Product Category)

   
(Millions of yen)
 
   
Nine months ended December 31
 
Sales and operating revenue (to external customers)
  2018
    2019
   
Change
 
                   
Game & Network Services
                 
Digital Software and Add-on Content
 
¥
837,114
   
¥
747,835
   
¥
-89,279
 
Network Services
   
231,240
     
253,467
     
+22,227
 
Hardware and Others
   
676,489
     
495,070
     
-181,419
 
Total
   
1,744,843
     
1,496,372
     
-248,471
 
                         
Music
                       
Recorded Music
   
322,552
     
350,103
     
+27,551
 
Music Publishing
   
71,274
     
117,413
     
+46,139
 
Visual Media and Platform
   
189,463
     
163,125
     
-26,338
 
Total
   
583,289
     
630,641
     
+47,352
 
                         
Pictures
                       
Motion Pictures
   
318,221
     
322,586
     
+4,365
 
Television Productions
   
178,323
     
180,604
     
+2,281
 
Media Networks
   
195,044
     
178,658
     
-16,386
 
Total
   
691,588
     
681,848
     
-9,740
 
                         
Electronics Products & Solutions
                       
Televisions
   
642,513
     
550,099
     
-92,414
 
Audio and Video
   
290,271
     
284,239
     
-6,032
 
Still and Video Cameras
   
339,057
     
321,891
     
-17,166
 
Mobile Communications
   
380,218
     
291,764
     
-88,454
 
Other
   
173,059
     
164,792
     
-8,267
 
Total
   
1,825,118
     
1,612,785
     
-212,333
 
                         
Imaging & Sensing Solutions
   
601,066
     
774,570
     
+173,504
 
                         
Financial Services
   
846,363
     
1,115,291
     
+268,928
 
                         
All Other
   
238,139
     
181,704
     
-56,435
 
                         
Corporate
   
7,783
     
17,934
     
+10,151