PDF [4833KB] - Sony
PDF [4833KB] - Sony
PDF [4833KB] - Sony
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To Our Shareholders<br />
<strong>Sony</strong> continued to face a challenging business environment during the fiscal year ended March 31, 2004. Nevertheless,<br />
our sales increased as a result of higher sales to outside customers in the Electronics segment and higher revenue in the<br />
Financial Services segment. Measures taken to bolster our lineup of electronics products proved to be particularly<br />
beneficial. Our aggressive launch of new products in such categories as digital still cameras, flat panel televisions and<br />
DVD recorders led to significant sales growth during the 2003 year-end holiday season. Operating income, in contrast,<br />
fell sharply, primarily due to an increase in restructuring expenses and research and development expenses in new<br />
businesses that will foster growth in the years ahead.<br />
In the fiscal year ending March 31, 2005, we will concentrate management resources in businesses with significant<br />
growth potential, making substantial investments in such areas as next generation, multi-purpose processors and other<br />
key components and increasing the number of internally produced key components. By producing these components<br />
internally, we will be able to build in added value — thereby differentiating them from the rest of the market. We are<br />
planning to introduce more products that will be recognized as distinctly “<strong>Sony</strong>” in both the home and mobile electronics<br />
categories, as well as innovative services, including an online music distribution service. At the same time, we will<br />
continue to strengthen our operations through restructuring initiatives and take steps to improve the efficiency of our<br />
product development and design. Through these and other initiatives, the <strong>Sony</strong> Group will lay a firm foundation for<br />
growth and higher profitability in the mid- to long-term.<br />
April 27, 2004<br />
Nobuyuki Idei<br />
Chairman and Group Chief<br />
Executive Officer<br />
Kunitake Ando<br />
President and Group Chief<br />
Operating Officer<br />
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