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 July 2008
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/ Nobuyuki
Oneda
|
|
|
(Signature)
|
|
|
Nobuyuki
Oneda
|
|
|
Executive
Vice President and
|
|
|
Chief
Financial Officer
|
Date: July
18, 2008
List of
materials
Documents
attached hereto:
i) Press
release announcing Sony Ericsson Second Quarter Results
|
PRESS
RELEASE
|
July
18,
2008
|
Sony
Ericsson reports second quarter results
Q2
Highlights:
|
|
·
|
Break
even results amid challenging market conditions and increased
competition
|
|
|
·
|
Announcement
of Open Mobile Software platform and Symbian
Foundation
|
|
|
·
|
R&D
investment continues
|
|
|
·
|
Alignment
of operations to help restore profitable
growth
|
London, UK
- The consolidated financial summary for Sony Ericsson Mobile Communications AB
(Sony Ericsson) for the second quarter ended June 30, 2008 is as
follows:
| Q2 2007 | Q1 2008 | Q2 2008 | |||||||||||
|
Number
of units shipped (million)
|
24.9 | 22.3 | 24.4 | ||||||||||
|
Sales
(Euro m.)
|
3,112 | 2,702 | 2,820 | ||||||||||
|
Gross
margin (%)
|
29.6 | % | 29.2 | % | 23.1 | % | |||||||
|
Operating
income (Euro m.)
|
315 | 184 | -2 | ||||||||||
|
Operating
margin (%)
|
10.1 | % | 6.8 | % | -0.1 | % | |||||||
|
Income
before taxes (Euro m.)
|
327 | 193 | 8 | ||||||||||
|
Net
income (Euro m.)
|
220 | 133 | 6 | ||||||||||
|
Average
selling price (Euro)
|
125 | 121 | 116 |
Units
shipped in the quarter were 24.4 million, in line with our June 27, 2008 interim
announcement of 24 million units. Sales for the quarter were Euro 2,820 million,
a decrease of 9% compared to the second quarter of 2007 due to unfavourable
exchange rate fluctuation, continued slowing market growth in mid- to high-end
phones and increased competition. Gross
margin also
decreased
compared with a year ago, reflecting
a less favourable product mix, with
particular impact in Europe, and
increased
price
competition in general.
Income before taxes for the quarter decreased compared to the second
quarter of 2007 for the same reasons, as well as due to higher R&D
investments as a percentage of sales.
Average
selling price (ASP) for Sony Ericsson decreased both sequentially and
year-on-year due to the impact of a greater proportion of lower priced phones in
the product portfolio, as well as increased price competition in the market for
mid- to high-end phones. Market share for the second quarter is estimated to be
around 8%.
During
the second quarter Sony Ericsson announced seven new phones, including its first
8 Megapixel Cyber-shot™ model, the C905. In addition the company started
shipping 12 new phones, including a number of mid- to high-end Cyber-shot™ and
Walkman™ models toward the end of the quarter.
“We are
aligning our operations and resources worldwide to meet an increasingly
competitive business environment and to help restore our capability for
profitable growth. The measures we are taking are aimed at becoming a faster,
more agile and more cost efficient organisation that can continue to create
innovative products that excite consumers,” said Dick Komiyama, President, Sony
Ericsson. “Our target is to achieve a
reduction in operating expenses of Euro 300 million annually, with
the full effect expected to appear within a year. We estimate that our
restructuring charges will be of the same magnitude as our reduction
in operating expenses, and we will incur such charges as our measures are
implemented.”
Sony
Ericsson joined leading phone manufacturers, operators and vendors in announcing
its support for the establishment of the Symbian Foundation, an initiative that
will enable all members of the foundation to use the Symbian operating software
platform, royalty-free. The Symbian Foundation is planned to be operational by
the end of 2008.
Sony
Ericsson forecasts that the global handset market for 2008 will grow at a rate
of around 10% from more than 1.1 billion units in 2007, with continued decline
in industry ASP. The majority of this growth is expected to be in emerging
markets where lower priced phones dominate.
Challenging
market conditions are expected to prevail for Sony Ericsson for at least the
rest of 2008, and in particular for the third quarter.
Cyber-shot™
and WALKMAN™ are trademarks of Sony Corporation.
EDITOR’S
NOTES:
Financial statements and
additional information:
Financial
statements:
Consolidated
income statement (2)
Consolidated
income statement – isolated quarters
Consolidated
balance sheet
Consolidated
statement of cash flows (2)
Consolidated
statement of cash flows – isolated quarters
Additional
information:
Net sales
by market area by quarter
- ENDS
-
Sony
Ericsson is a top global industry player with sales of over 100 million phones
in 2007. Diversity is one of the core strengths of the company, with operations
in over 80 countries including manufacturing in China and R&D sites in
China, Europe, India, Japan and North America. Sony Ericsson was
established as a 50:50 joint venture by Sony and Ericsson in October 2001, with
global corporate functions located in London. For more information about Sony
Ericsson please visit www.sonyericsson.com
CONTACTS:
Investors /
Analysts
Ericsson
Investor
Relations
Gary
Pinkham (Stockholm) +46 8 719 0858
Susanne
Andersson (Stockholm) + 46 8 719
4631
Sony Investor
Relations
Shinji
Tomita (London) +44 20 7444 9713
Tatsuyuki
Sonoda (Tokyo) +81 3 6748 2180
Press /
Media
Sony
Ericsson Global Communications and PR
Aldo
Liguori (London) +44 20 8762 5860
Merran
Wrigley (London) +44 20 8762 5862
This
press release contains forward-looking statements that involve inherent risks
and uncertainties. We have identified certain important factors that
may cause actual results to differ materially from those contained in such
forward-looking statements. For a detailed description of risk factors see
Sony's and Ericsson's filings with the US Securities and Exchange Commission,
particularly each company's latest published Annual Report on Form
20-F.
Sony
Ericsson
CONSOLIDATED
INCOME STATEMENT
|
Apr-Jun
|
||||||||||||
|
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
|
Net
sales
|
2,820 | 3,112 | -9 | % | ||||||||
|
Cost
of sales
|
-2,168 | -2,192 | -1 | % | ||||||||
|
Gross
profit
|
653 | 921 | -29 | % | ||||||||
|
Gross
margin %
|
23.1 | % | 29.6 | % | -6 | % | ||||||
|
Research
and development expenses
|
-344 | -283 | 22 | % | ||||||||
|
Selling
and administrative expenses
|
-310 | -321 | -4 | % | ||||||||
|
Operating
expenses
|
-653 | -604 | 8 | % | ||||||||
|
Other
operating income, net
|
-2 | -2 | 1 | % | ||||||||
|
Operating
income
|
-2 | 315 | -101 | % | ||||||||
|
Operating
margin %
|
-0.1 | % | 10.1 | % | -10 | % | ||||||
|
Financial
income
|
25 | 18 | 37 | % | ||||||||
|
Financial
expenses
|
-14 | -6 | - | |||||||||
|
Income
after financial items
|
8 | 327 | -98 | % | ||||||||
|
Taxes
|
0 | -97 | -100 | % | ||||||||
|
Minority
interest
|
-3 | -10 | -72 | % | ||||||||
|
Net
income
|
6 | 220 | -97 | % | ||||||||
|
Number
of units shipped (million)
|
24.4 | 24.9 | -2 | % | ||||||||
|
ASP
(EUR)
|
116 | 125 | -7 | % | ||||||||
Sony
Ericsson
CONSOLIDATED
INCOME STATEMENT – CUMULATIVE
QUARTERS
|
Jan-Jun
|
||||||||||||
|
EUR
million
|
2008
|
2007
|
Change
|
|||||||||
|
Net
sales
|
5,522 | 6,037 | -9 | % | ||||||||
|
Cost
of sales
|
-4,082 | -4,231 | -4 | % | ||||||||
|
Gross
profit
|
1,440 | 1,806 | -20 | % | ||||||||
|
Gross
margin %
|
26.1 | % | 29.9 | % | -4 | % | ||||||
|
Research
and development expenses
|
-683 | -544 | 26 | % | ||||||||
|
Selling
and administrative expenses
|
-580 | -605 | -4 | % | ||||||||
|
Operating
expenses
|
-1,263 | -1,149 | 10 | % | ||||||||
|
Other
operating income, net
|
5 | 4 | 25 | % | ||||||||
|
Operating
income
|
182 | 662 | -73 | % | ||||||||
|
Operating
margin %
|
3.3 | % | 11.0 | % | -8 | % | ||||||
|
Financial
income
|
49 | 36 | 35 | % | ||||||||
|
Financial
expenses
|
-29 | -9 | - | |||||||||
|
Income
after financial items
|
201 | 689 | -71 | % | ||||||||
|
Taxes
|
-57 | -197 | -71 | % | ||||||||
|
Minority
interest
|
-6 | -18 | -68 | % | ||||||||
|
Net
income
|
139 | 474 | -71 | % | ||||||||
|
Number
of units shipped (million)
|
46.7 | 46.7 | 0 | % | ||||||||
|
ASP
(EUR)
|
118 | 129 | -9 | % | ||||||||
Sony
Ericsson
CONSOLIDATED
INCOME STATEMENT - ISOLATED QUARTERS
|
2008
|
2007
|
|||||||||||||||||||||||
|
EUR
million
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
|
Net
sales
|
2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | ||||||||||||||||||
|
Cost
of sales
|
-2,168 | -1,914 | -2,573 | -2,154 | -2,192 | -2,039 | ||||||||||||||||||
|
Gross
profit
|
653 | 788 | 1,198 | 954 | 921 | 886 | ||||||||||||||||||
|
Gross
margin %
|
23.1 | % | 29.2 | % | 31.8 | % | 30.7 | % | 29.6 | % | 30.3 | % | ||||||||||||
|
Research
and development expenses
|
-344 | -339 | -349 | -280 | -283 | -261 | ||||||||||||||||||
|
Selling
and administrative expenses
|
-310 | -270 | -375 | -280 | -321 | -284 | ||||||||||||||||||
|
Operating
expenses
|
-653 | -610 | -724 | -560 | -604 | -545 | ||||||||||||||||||
|
Other
operating income, net
|
-2 | 6 | 15 | -1 | -2 | 5 | ||||||||||||||||||
|
Operating
income
|
-2 | 184 | 489 | 393 | 315 | 346 | ||||||||||||||||||
|
Operating
margin %
|
-0.1 | % | 6.8 | % | 13.0 | % | 12.7 | % | 10.1 | % | 11.8 | % | ||||||||||||
|
Financial
income
|
25 | 24 | 19 | 7 | 18 | 18 | ||||||||||||||||||
|
Financial
expenses
|
-14 | -15 | -7 | -16 | -6 | -2 | ||||||||||||||||||
|
Income
after financial items
|
8 | 193 | 501 | 384 | 327 | 362 | ||||||||||||||||||
|
Taxes
|
0 | -57 | -118 | -109 | -97 | -100 | ||||||||||||||||||
|
Minority
interest
|
-3 | -3 | -10 | -8 | -10 | -9 | ||||||||||||||||||
|
Net
income
|
6 | 133 | 373 | 267 | 220 | 254 | ||||||||||||||||||
|
Number
of units shipped (million)
|
24.4 | 22.3 | 30.8 | 25.9 | 24.9 | 21.8 | ||||||||||||||||||
|
ASP
(EUR)
|
116 | 121 | 123 | 120 | 125 | 134 | ||||||||||||||||||
Sony
Ericsson
CONSOLIDATED
BALANCE SHEET
|
Jun
30
|
Mar
31
|
Dec
31
|
Jun30
|
|||||||||||||
|
EUR
million
|
2008
|
2008
|
2007
|
2007
|
||||||||||||
|
ASSETS
|
||||||||||||||||
|
Total
fixed and financial assets
|
590 | 594 | 572 | 498 | ||||||||||||
|
Current
assets
|
||||||||||||||||
|
Inventories
|
538 | 484 | 437 | 477 | ||||||||||||
|
Accounts
receivables
|
1,905 | 1,710 | 1,870 | 1,831 | ||||||||||||
|
Other
assets
|
511 | 369 | 345 | 845 | ||||||||||||
|
Other
short-term cash investments
|
966 | 1,106 | 1,431 | 1,071 | ||||||||||||
|
Cash
and bank
|
624 | 605 | 724 | 659 | ||||||||||||
|
Total
current assets
|
4,544 | 4,274 | 4,808 | 4,882 | ||||||||||||
|
Total
assets
|
5,134 | 4,868 | 5,380 | 5,380 | ||||||||||||
|
SHAREHOLDERS'
EQUITY AND LIABILITIES
|
||||||||||||||||
|
Shareholders'
equity
|
1,684 | 1,665 | 2,026 | 1,702 | ||||||||||||
|
Minority
interest
|
35 | 69 | 64 | 63 | ||||||||||||
|
Total
equity
|
1,719 | 1,734 | 2,090 | 1,764 | ||||||||||||
|
Total
long-term liabilities
|
25 | 25 | 26 | 21 | ||||||||||||
|
Accounts
payable
|
1,436 | 1,228 | 1,263 | 1,371 | ||||||||||||
|
Other
current liabilities
|
1,954 | 1,880 | 2,001 | 2,224 | ||||||||||||
|
Total
current liabilities
|
3,390 | 3,108 | 3,264 | 3,595 | ||||||||||||
|
Total
shareholders' equity and liabilities
|
5,134 | 4,868 | 5,380 | 5,380 | ||||||||||||
|
Net
cash*
|
1,591 | 1,703 | 2,155 | 1,729 | ||||||||||||
* Net cash is defined as cash and bank
plus other short-term cash investments less
interest bearing
liabilities.
Sony
Ericsson
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
Apr-Jun
|
||||||||
|
EUR
million
|
2008
|
2007
|
||||||
|
OPERATIONS
|
||||||||
|
Net
income
|
6 | 220 | ||||||
|
Adjustments
to reconcile net income to cash
|
40 | 30 | ||||||
| 46 | 250 | |||||||
|
Changes
in operating net assets
|
-142 | 16 | ||||||
|
Cash
flow from operating activities
|
-96 | 266 | ||||||
|
INVESTMENTS
|
||||||||
|
Investing
activities
|
-29 | -31 | ||||||
|
Cash
flow from investing activities
|
-29 | -31 | ||||||
|
FINANCING
|
||||||||
|
Financing
activities
|
-8 | -548 | ||||||
|
Cash
flow from financing activities
|
-8 | -548 | ||||||
|
Net
change in cash
|
-133 | -312 | ||||||
|
Cash,
beginning of period
|
1,711 | 2,045 | ||||||
|
Translation
difference in Cash
|
13 | -3 | ||||||
|
Cash,
end of period
|
1,591 | 1,730 | ||||||
Sony
Ericsson
CONSOLIDATED
STATEMENT OF CASH FLOWS –
CUMULATIVE QUARTERS
|
Jan-Jun
|
||||||||
|
EUR
million
|
2008
|
2007
|
||||||
|
OPERATIONS
|
||||||||
|
Net
income
|
139 | 474 | ||||||
|
Adjustments
to reconcile net income to cash
|
69 | 58 | ||||||
| 208 | 532 | |||||||
|
Changes
in operating net assets
|
-242 | -437 | ||||||
|
Cash
flow from operating activities
|
-34 | 95 | ||||||
|
INVESTMENTS
|
||||||||
|
Investing
activities
|
-50 | -85 | ||||||
|
Cash
flow from investing activities
|
-50 | -85 | ||||||
|
FINANCING
|
||||||||
|
Financing
activities
|
-470 | -548 | ||||||
|
Cash
flow from financing activities
|
-470 | -548 | ||||||
|
Net
change in cash
|
-554 | -538 | ||||||
|
Cash,
beginning of period
|
2,155 | 2,273 | ||||||
|
Translation
difference in Cash
|
-11 | -5 | ||||||
|
Cash,
end of period
|
1,591 | 1,730 | ||||||
Sony
Ericsson
CONSOLIDATED
STATEMENT OF CASH FLOWS - ISOLATED QUARTERS
|
2008
|
2007
|
|||||||||||||||||||||||
|
EUR
million
|
Apr-Jun
|
Jan-Mar
|
Oct-Dec
|
Jul-Sep
|
Apr-Jun
|
Jan-Mar
|
||||||||||||||||||
|
OPERATIONS
|
||||||||||||||||||||||||
|
Net
income
|
6 | 133 | 373 | 267 | 220 | 254 | ||||||||||||||||||
|
Adjustments
to reconcile net income to cash
|
40 | 31 | 17 | 32 | 30 | 28 | ||||||||||||||||||
| 46 | 164 | 390 | 299 | 250 | 282 | |||||||||||||||||||
|
Changes
in operating net assets
|
-142 | -101 | 44 | 88 | 16 | -454 | ||||||||||||||||||
|
Cash
flow from operating activities
|
-96 | 64 | 434 | 387 | 266 | -172 | ||||||||||||||||||
|
INVESTMENTS
|
||||||||||||||||||||||||
|
Investing
activities
|
-29 | -22 | -27 | -53 | -31 | -53 | ||||||||||||||||||
|
Cash
flow from investing activities
|
-29 | -22 | -27 | -53 | -31 | -53 | ||||||||||||||||||
|
FINANCING
|
||||||||||||||||||||||||
|
Financing
activities
|
-8 | -462 | 0 | -300 | -548 | -1 | ||||||||||||||||||
|
Cash
flow from financing activities
|
-8 | -462 | 0 | -300 | -548 | -1 | ||||||||||||||||||
|
Net
change in cash
|
-133 | -421 | 408 | 34 | -312 | -226 | ||||||||||||||||||
|
Cash,
beginning of period
|
1,711 | 2,155 | 1,758 | 1,730 | 2,045 | 2,273 | ||||||||||||||||||
|
Translation
difference in Cash
|
13 | -24 | -10 | -6 | -3 | -2 | ||||||||||||||||||
|
Cash,
end of period
|
1,591 | 1,711 | 2,155 | 1,758 | 1,730 | 2,045 | ||||||||||||||||||
Sony
Ericsson
NET
SALES BY MARKET AREA BY QUARTER
|
EUR
million
|
||||||||||||||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||||
|
Isolated
quarters
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
|
Europe,
Middle East & Africa *
|
1,386 | 1,494 | 2,251 | 1,715 | 1,729 | 1,598 | ||||||||||||||||||
|
Americas
|
740 | 486 | 636 | 573 | 499 | 365 | ||||||||||||||||||
|
Asia
|
694 | 722 | 884 | 820 | 885 | 961 | ||||||||||||||||||
|
Total
|
2,820 | 2,702 | 3,771 | 3,108 | 3,112 | 2,925 | ||||||||||||||||||
|
* of
which Western Europe
|
900 | 979 | 1,569 | 1,103 | 1,102 | 1,078 | ||||||||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||||
|
Sequential
change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
|
Europe,
Middle East & Africa *
|
-7 | % | -34 | % | 31 | % | -1 | % | 8 | % | -26 | % | ||||||||||||
|
Americas
|
52 | % | -24 | % | 11 | % | 15 | % | 37 | % | -34 | % | ||||||||||||
|
Asia
|
-4 | % | -18 | % | 8 | % | -7 | % | -8 | % | -11 | % | ||||||||||||
|
Total
|
4 | % | -28 | % | 21 | % | 0 | % | 6 | % | -23 | % | ||||||||||||
|
* of
which Western Europe
|
-8 | % | -38 | % | 42 | % | 0 | % | 2 | % | -27 | % | ||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||||
|
Year
over year change (%)
|
Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||
|
Europe,
Middle East & Africa *
|
-20 | % | -7 | % | 5 | % | 7 | % | 59 | % | 55 | % | ||||||||||||
|
Americas
|
48 | % | 33 | % | 15 | % | 37 | % | 52 | % | 46 | % | ||||||||||||
|
Asia
|
-21 | % | -25 | % | -18 | % | -8 | % | 4 | % | 35 | % | ||||||||||||
|
Total
|
-9 | % | -8 | % | 0 | % | 7 | % | 37 | % | 47 | % | ||||||||||||
|
* of
which Western Europe
|
-18 | % | -9 | % | 6 | % | -1 | % | 47 | % | 60 | % | ||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||||
|
Year
to date
|
0806 | 0803 | 0712 | 0709 | 0706 | 0703 | ||||||||||||||||||
|
Europe,
Middle East & Africa *
|
2,879 | 1,494 | 7,293 | 5,042 | 3,328 | 1,598 | ||||||||||||||||||
|
Americas
|
1,226 | 486 | 2,072 | 1,436 | 864 | 365 | ||||||||||||||||||
|
Asia
|
1,416 | 722 | 3,550 | 2,666 | 1,846 | 961 | ||||||||||||||||||
|
Total
|
5,522 | 2,702 | 12,916 | 9,145 | 6,037 | 2,925 | ||||||||||||||||||
|
* of
which Western Europe
|
1,879 | 979 | 4,852 | 3,283 | 2,179 | 1,078 | ||||||||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||||
|
YTD
year over year change (%)
|
0806 | 0803 | 0712 | 0709 | 0706 | 0703 | ||||||||||||||||||
|
Europe,
Middle East & Africa *
|
-13 | % | -7 | % | 24 | % | 36 | % | 57 | % | 55 | % | ||||||||||||
|
Americas
|
42 | % | 33 | % | 34 | % | 44 | % | 49 | % | 46 | % | ||||||||||||
|
Asia
|
-23 | % | -25 | % | 0 | % | 8 | % | 18 | % | 35 | % | ||||||||||||
|
Total
|
-9 | % | -8 | % | 18 | % | 27 | % | 42 | % | 47 | % | ||||||||||||
|
* of
which Western Europe
|
-14 | % | -9 | % | 21 | % | 29 | % | 53 | % | 60 | % | ||||||||||||