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Consolidated Balance Sheets <strong>Sony</strong> Corporation and Consolidated Subsidiaries – March 31 Dollars in millions Yen in millions (Note 3) 2003 2004 2004 ASSETS Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 713,058 ¥ 849,211 $ 8,165 Time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,689 4,662 45 Marketable securities (Notes 7 and 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,520 274,748 2,642 Notes and accounts receivable, trade (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117,889 1,123,863 10,806 Allowance for doubtful accounts and sales returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (110,494) (112,674) (1,083) Inventories (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,727 666,507 6,409 Deferred income taxes (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,999 125,532 1,207 Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418,826 431,506 4,149 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,154,214 3,363,355 32,340 Film costs (Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,778 256,740 2,469 Investments and advances: Affiliated companies (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,510 86,253 829 Securities investments and other (Notes 7, 10 and 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,882,613 2,426,697 23,334 1,994,123 2,512,950 24,163 Property, plant and equipment (Notes 8 and 11): Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,365 189,785 1,825 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 872,228 930,983 8,952 Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,054,219 2,053,085 19,741 Construction in progress. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,383 98,480 947 3,175,195 3,272,333 31,465 Less—Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,896,845 1,907,289 18,340 1,278,350 1,365,044 13,125 Other assets: Intangibles, net (Notes 9 and 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258,624 248,010 2,385 Goodwill (Note 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,127 277,870 2,672 Deferred insurance acquisition costs (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,869 349,194 3,358 Deferred income taxes (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328,091 203,203 1,954 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451,369 514,296 4,944 1,656,080 1,592,573 15,313 (Continued on following page.) ¥8,370,545 ¥9,090,662 $87,410 96
Dollars in millions Yen in millions (Note 3) 2003 2004 2004 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term borrowings (Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 124,360 ¥ 91,260 $ 878 Current portion of long-term debt (Notes 8, 11 and 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,385 383,757 3,690 Notes and accounts payable, trade (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697,385 778,773 7,488 Accounts payable, other and accrued expenses (Notes 5 and 14) . . . . . . . . . . . . . . . . . . . . . 864,188 812,175 7,809 Accrued income and other taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,199 57,913 557 Deposits from customers in the banking business (Note 12) . . . . . . . . . . . . . . . . . . . . . . . . . 248,721 378,851 3,643 Other (Notes 20 and 23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356,810 479,486 4,610 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,435,048 2,982,215 28,675 Long-term liabilities: Long-term debt (Notes 8, 11 and 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 807,439 777,649 7,477 Accrued pension and severance costs (Note 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,174 368,382 3,542 Deferred income taxes (Note 20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,079 96,193 925 Future insurance policy benefits and other (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,914,410 2,178,626 20,948 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,478 286,737 2,758 3,632,580 3,707,587 35,650 Minority interest in consolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,022 22,858 220 Stockholders’ equity (Note 15): Subsidiary tracking stock, no par value— Authorized 100,000,000 shares, outstanding 3,072,000 shares . . . . . . . . . . . . . . . . . . . . 3,917 3,917 38 Common stock, no par value— 2003—Authorized 3,500,000,000 shares, outstanding 922,385,176 shares . . . . . . . . . . . 472,361 2004—Authorized 3,500,000,000 shares, outstanding 926,418,280 shares . . . . . . . . . . . 476,350 4,580 Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 984,196 992,817 9,546 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,301,740 1,367,060 13,145 Accumulated other comprehensive income— Unrealized gains on securities (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,658 69,950 672 Unrealized losses on derivative instruments (Note 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,793) (600) (6) Minimum pension liability adjustment (Note 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (182,676) (89,261) (858) Foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (302,167) (430,048) (4,135) (471,978) (449,959) (4,327) Treasury stock, at cost (2003 – 1,573,396 shares, 2004 – 2,468,258 shares) . . . . . . . . . . . . (9,341) (12,183) (117) 2,280,895 2,378,002 22,865 Commitments and contingent liabilities (Notes 8 and 23) ¥8,370,545 ¥9,090,662 $87,410 The accompanying notes are an integral part of these statements. * U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥104=U.S.$1, the approximate Tokyo foreign exchange market rate as of March 31, 2004. 97
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Throughout history, curiosity has b
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Management Message 02 To Our Shareh
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“Transformation 60” is a road m
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Operational restructuring aimed at
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Phase 2 Structural Reforms (1) Inte
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Sony Products File 01-06 A look ins
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Setting up a program recording has
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I want to see LCD televisionquality
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There is no danger of mistakenly re
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Taking the initiative to lead the b
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Lithium-ion batteries Optical disc
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Ikebana (the ancient Japanese art o
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Displays Display technology has bee
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Sony How Sony makes its products Sp
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The inside story from Sony’s Naga
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Setting the industry standard for t
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Alejandro M. Lopez Sony’s technol
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At a Glance: Operating Performance
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At a Glance: Operating Performance
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Financial Services Convergence - A
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Home Electronics Ken Kutaragi, Exec
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Mobile Electronics Shizuo Takashino
Page 48 and 49: Game PlayStation 2 Building on the
Page 50 and 51: Entertainment Howard Stringer, Vice
Page 52 and 53: and developing urban talent on beha
Page 54 and 55: Financial Services Teruhisa Tokunak
Page 56 and 57: Other Internet Service Provider The
Page 58 and 59: Corporate Governance Functions of t
Page 60 and 61: New Members of the Board and Corpor
Page 62 and 63: Operating and Financial Review and
Page 64 and 65: The cost of sales ratio decreased f
Page 66 and 67: y the simple average of stockholder
Page 68 and 69: “Other” sales increased by 67.4
Page 70 and 71: factor contributing to the improved
Page 72 and 73: OTHER During the fiscal year, sales
Page 74 and 75: and Game segments) amounted to 175.
Page 76 and 77: CONDENSED BALANCE SHEETS SEPARATING
Page 78 and 79: etween assets and liabilities. Gove
Page 80 and 81: Compared with the previous fiscal y
Page 82 and 83: In addition, there are no financial
Page 84 and 85: however, complicated functionality
Page 86 and 87: the amortization of deferred insura
Page 88 and 89: Therefore, actual results generally
Page 90 and 91: CONSOLIDATION OF VARIABLE INTEREST
Page 92 and 93: Notes: 1. U.S. dollar amounts have
Page 94 and 95: Segment Information Sony Corporatio
Page 96 and 97: Other Significant Items by Business
Page 100 and 101: Consolidated Statements of Income S
Page 102 and 103: Consolidated Statements of Cash Flo
Page 104 and 105: Consolidated Statements of Changes
Page 106 and 107: Dollars in millions (Note 3) Accumu
Page 108 and 109: Stock Acquisition Rights and Bond I
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