PDF [4833KB] - Sony
PDF [4833KB] - Sony
PDF [4833KB] - Sony
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and Game segments) amounted to 175.0<br />
billion yen, of which investments in production<br />
equipment for next generation broadband<br />
microprocessors amounted to 69.0 billion yen.<br />
Capital expenditures in the Music segment<br />
decreased by 7.3 billion yen, or 36.2 percent,<br />
to 12.9 billion yen, in the Pictures segment by<br />
1.1 billion yen, or 15.8 percent to 6.0 billion<br />
yen, and in the Other segment by 6.9 billion<br />
yen, or 40.4 percent, to 10.1 billion yen.<br />
Property, plant and equipment on March<br />
31, 2004 in the Financial Services segment<br />
decreased 5.2 billion yen, or 11.2 percent, to<br />
40.8 billion yen compared with the previous<br />
fiscal year-end. Capital expenditures in the<br />
Financial Services segment increased 1.0 billion<br />
yen, or 26.3 percent, to 4.6 billion yen.<br />
OTHER ASSETS<br />
Other assets on March 31, 2004 decreased by<br />
63.5 billion yen, or 3.8 percent, to 1,592.6<br />
billion yen, compared with the previous fiscal<br />
year-end.<br />
Other assets on March 31, 2004 in all segments<br />
excluding the Financial Services segment<br />
increased by 0.1 billion yen to 1,251.9 billion<br />
yen. Other assets on March 31, 2004 in the<br />
Financial Services segment increased 25.2<br />
billion yen, or 5.8 percent, to 460.0 billion yen<br />
compared with the previous year. This was<br />
mainly due to an increase in deferred insurance<br />
acquisition costs at <strong>Sony</strong> Life.<br />
Deferred tax assets on March 31, 2004 decreased<br />
by 124.9 billion yen, or 38.1 percent,<br />
to 203.2 billion yen compared with the previous<br />
fiscal year-end. The decrease was due to<br />
the offset between deferred tax assets and<br />
liabilities recorded at each of the companies<br />
within the <strong>Sony</strong> Group, as a result of the adoption<br />
of consolidated tax filing in Japan.<br />
LIABILITIES<br />
Total current and long-term liabilities on March<br />
31, 2004 increased by 622.2 billion yen, or<br />
10.3 percent, to 6,689.8 billion yen compared<br />
with the previous fiscal year-end. Total current<br />
and long-term liabilities on March 31, 2004 in<br />
all segments excluding the Financial Services<br />
segment increased by 189.6 billion yen, or 5.2<br />
percent, to 3,855.9 billion yen. Total current<br />
and long-term liabilities on March 31, 2004, in<br />
the Financial Services segment increased by<br />
515.4 billion yen, or 19.9 percent, to 3,099.8<br />
billion yen, compared with the previous fiscal<br />
year-end. Total liabilities on March 31, 2004 in<br />
all segments excluding the Financial Services<br />
segment would have increased by approximately<br />
10 percent compared with the previous<br />
fiscal year-end if the value of the yen had remained<br />
the same on March 31, 2004 as it was<br />
on March 31 of the previous fiscal year.<br />
CURRENT LIABILITIES<br />
Current liabilities on March 31, 2004 increased<br />
by 547.2 billion yen, or 22.5 percent, to<br />
2,982.2 billion yen compared with the previous<br />
fiscal year-end. Current liabilities on March<br />
31, 2004 in all segments excluding the Financial<br />
Services segment increased by 307.7 billion<br />
yen, or 14.9 percent, to 2,373.6 billion yen.<br />
Short-term borrowings and current portion<br />
of long-term debt on March 31, 2004 in all<br />
segments excluding the Financial Services<br />
segment increased 283.1 billion yen, or 223.4<br />
percent, to 409.8 billion yen compared with<br />
the previous fiscal year-end. This increase was<br />
mainly due to the shift from long-term liabilities<br />
to current liabilities of 287.8 billion yen (as<br />
of March 31, 2004) in outstanding convertible<br />
bonds, due for redemption on March 31,<br />
2005, and an increase of 57.3 billion yen in<br />
bank syndicated loans, which will reach maturity<br />
by November 2004, as a result of the<br />
adoption of FIN 46. Partially offsetting these<br />
items was a 52.8 billion yen repayment of<br />
commercial paper during the fiscal year.<br />
Notes and accounts payable, trade on<br />
March 31, 2004 in all segments excluding the<br />
Financial Services segment increased by 79.6<br />
billion yen, or 11.5 percent, to 773.2 billion<br />
yen compared with the previous fiscal yearend.<br />
This increase was particularly conspicuous<br />
in the Electronics segment, where inventories<br />
also increased.<br />
Current liabilities on March 31, 2004 in the<br />
Financial Services segment increased by 232.9<br />
billion yen, or 56.0 percent, to 648.8 billion<br />
yen, mainly due to the increase in deposits<br />
from customers and interbank short-term<br />
borrowings in the banking business. Deposits<br />
from customers in the banking business increased<br />
by 130.1 billion yen, or 52.3 percent,<br />
to 378.9 billion yen, due to the expansion of<br />
the banking business.<br />
LONG-TERM LIABILITIES<br />
Long-term liabilities on March 31, 2004 increased<br />
by 75.0 billion yen, or 2.1 percent, to<br />
3,707.6 billion yen compared with the previous<br />
fiscal year-end.<br />
Long-term liabilities on March 31, 2004 in all<br />
segments excluding the Financial Services segment<br />
decreased by 118.1 billion yen, or 7.4 percent,<br />
to 1,482.4 billion yen. This decrease was<br />
mainly due to a 129.2 billion yen, or 26.5 percent,<br />
decrease to 358.2 billion yen of accrued<br />
pension and severance costs primarily resulting<br />
from an increase in pension assets due to the<br />
rise in value of equity investment in Japan.<br />
Long-term debt on March 31, 2004 in all<br />
segments excluding the Financial Services segment<br />
decreased 27.7 billion yen, or 3.4 percent,<br />
to 775.2 billion yen. This was mainly due<br />
to the shift to current liabilities of 287.8 billion<br />
yen (as of March 31, 2004) in outstanding<br />
convertible bonds, due for redemption on<br />
March 31, 2005, and despite the issuance of<br />
the 250.0 billion yen in euro yen convertible<br />
bonds (bonds with stock acquisition rights).<br />
Long-term liabilities on March 31, 2004 in<br />
the Financial Services segment increased by<br />
282.5 billion yen, or 13.0 percent, to 2,451.0<br />
billion yen. This was due to an increase in insurance-in-force<br />
in the life insurance business<br />
which resulted in an increase in future insurance<br />
policy benefits and other of 264.2 billion<br />
yen, or 13.8 percent, to 2,178.6 billion yen.<br />
TOTAL INTEREST-BEARING DEBT<br />
Total interest-bearing debt on March 31, 2004<br />
increased by 286.5 billion yen, or 29.7 percent,<br />
to 1,252.7 billion yen, compared with the previous<br />
fiscal year-end. Total interest-bearing<br />
debt on March 31, 2004 in all segments excluding<br />
the Financial Services segment increased<br />
by 255.4 billion yen, or 27.5 percent,<br />
to 1,185.0 billion yen.<br />
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