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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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Financial Statements [PDF:1099KB]

04/28/2021 | 02:09am EDT

Financial Statements and Consolidated Financial Results

for the Fiscal Year Ended March 31, 2021

And

Outlook for the Fiscal Year Ending March 31, 2022

April 28, 2021

Sony Group Corporation

Financial Statements (Unaudited)

F-1

Consolidated Balance Sheets

F-1

Consolidated Statements of Income (Fiscal year ended March 31)

F-2

Consolidated Statements of Comprehensive Income (Fiscal year ended March 31)

F-2

Consolidated Statements of Income (Three months ended March 31)

F-3

Consolidated Statements of Comprehensive Income (Three months ended March 31)

F-3

Consolidated Statements of Changes in Stockholders' Equity

F-4

Consolidated Statements of Cash Flows

F-5

Notes to Consolidated Financial Statements

F-6

-

Business Segment Information

F-6

-

Going Concern Assumption

F-13

- Accounting Policies and Other Information

F-13

-

Subsequent event

F-15

Consolidated Results for the Fiscal Year Ended March 31, 2021

1

Outlook for the Fiscal Year Ending March 31, 2022

4

Business Segment Information

5

(Consolidated Results for the Fiscal year ended March 31, 2021 and Outlook for the Fiscal year ending March 31, 2022)

Financial Target of the Fourth Mid-Range Plan

10

Basic Views on Selection of Accounting Standards

10

Supplemental Information

11

(Effects of Transition to International Financial Reporting Standards (IFRS), as of February 3, 2021)

Other than the results forecast for the fiscal year ending March 31, 2022, all amounts are presented on the basis of Generally Accepted Accounting Principles in the U.S. ("U.S. GAAP").

The results forecast for the fiscal year ending March 31, 2022 is presented on the basis of International Financial Reporting Standards ("IFRS").

Sony Group Corporation and its consolidated subsidiaries are together referred to as "Sony" or "Sony Group".

(Unaudited)

Consolidated Financial Statements

Consolidated Balance Sheets

March 31

(Millions of yen)

Change from

March 31

ASSETS

2020

2021

March 31, 2020

Current assets:

Cash and cash equivalents

1,512,357

1,786,982

+274,625

Marketable securities

1,847,772

2,902,438

+1,054,666

Notes and accounts receivable, trade and contract assets

1,028,793

1,099,300

+70,507

Allowance for credit losses

(25,873)

(29,406)

-3,533

Inventories

589,969

637,391

+47,422

Other receivables

188,106

283,499

+95,393

Prepaid expenses and other current assets

594,021

538,540

-55,481

Total current assets

5,735,145

7,218,744

+1,483,599

Film costs

427,336

459,426

+32,090

Investments and advances:

Affiliated companies

207,922

226,218

+18,296

Securities investments and other

12,526,210

14,046,196

+1,519,986

Allowance for credit losses

(8,419)

-8,419

12,734,132

14,263,995

+1,529,863

Property, plant and equipment:

Land

81,482

79,557

-1,925

Buildings

659,556

683,249

+23,693

Machinery and equipment

1,725,720

1,748,961

+23,241

Construction in progress

76,391

100,728

+24,337

2,543,149

2,612,495

+69,346

Less-Accumulated depreciation

1,634,505

1,627,061

-7,444

908,644

985,434

+76,790

Other assets:

Operating lease right-of-use assets

359,510

337,322

-22,188

Finance lease right-of-use assets

33,100

39,772

+6,672

Intangibles, net

906,310

996,305

+89,995

Goodwill

783,888

827,149

+43,261

Deferred insurance acquisition costs

600,901

657,420

+56,519

Deferred income taxes

210,372

207,470

-2,902

Other

340,005

361,803

+21,798

3,234,086

3,427,241

+193,155

Total assets

23,039,343

26,354,840

+3,315,497

LIABILITIES AND EQUITY

Current liabilities:

Short-term borrowings

810,176

1,187,868

+377,692

Current portion of long-term debt

29,807

131,699

+101,892

Current portion of long-term operating lease liabilities

68,942

73,362

+4,420

Notes and accounts payable, trade

380,810

599,569

+218,759

Accounts payable, other and accrued expenses

1,630,197

1,756,833

+126,636

Accrued income and other taxes

145,996

165,406

+19,410

Deposits from customers in the banking business

2,440,783

2,773,885

+333,102

Other

733,732

1,126,802

+393,070

Total current liabilities

6,240,443

7,815,424

+1,574,981

Long-term debt

634,966

773,294

+138,328

Long-term operating lease liabilities

314,836

290,259

-24,577

Accrued pension and severance costs

324,655

254,103

-70,552

Deferred income taxes

549,538

366,761

-182,777

Future insurance policy benefits and other

6,246,047

6,599,977

+353,930

Policyholders' account in the life insurance business

3,642,271

4,331,065

+688,794

Other

289,285

294,302

+5,017

Total liabilities

18,242,041

20,725,185

+2,483,144

Redeemable noncontrolling interest

7,767

8,179

+412

Equity:

Sony Group Corporation's stockholders' equity:

Common stock

880,214

880,214

Additional paid-in capital

1,289,719

1,486,721

+197,002

Retained earnings

2,768,856

3,857,152

+1,088,296

Accumulated other comprehensive income

(580,980)

(524,020)

+56,960

Treasury stock, at cost

(232,503)

(124,228)

+108,275

4,125,306

5,575,839

+1,450,533

Noncontrolling interests

664,229

45,637

-618,592

Total equity

4,789,535

5,621,476

+831,941

Total liabilities and equity

23,039,343

26,354,840

+3,315,497

F-1

Consolidated Statements of Income

(Millions of yen, except per share amounts)

Fiscal year ended March 31

Sales and operating revenue:

2020

2021

Change

Net sales

6,856,090

7,252,766

+396,676

Financial services revenue

1,299,847

1,661,520

+361,673

Other operating revenue

103,948

85,074

-18,874

8,259,885

8,999,360

+739,475

Costs and expenses:

Cost of sales

4,753,174

5,072,596

+319,422

Selling, general and administrative

1,502,625

1,469,955

-32,670

Financial services expenses

1,171,875

1,488,963

+317,088

Other operating (income) expense, net

(3,611)

7,468

+11,079

7,424,063

8,038,982

+614,919

Equity in net income of affiliated companies

9,637

11,487

+1,850

Operating income

845,459

971,865

+126,406

Other income:

Interest and dividends

19,278

10,457

-8,821

Gain on equity securities, net

247,026

+247,026

Other

2,671

6,752

+4,081

21,949

264,235

+242,286

Other expenses:

Interest expenses

11,090

12,185

+1,095

Loss on equity securities, net

20,180

-20,180

Foreign exchange loss, net

26,789

16,056

-10,733

Net periodic benefit costs other than service costs

4,572

8,811

+4,239

Other

5,327

6,678

+1,351

67,958

43,730

-24,228

Income before income taxes

799,450

1,192,370

+392,920

Income taxes

177,190

995

-176,195

Net income

622,260

1,191,375

+569,115

Less - Net income attributable to noncontrolling interests

40,069

19,599

-20,470

Net income attributable to Sony Group Corporation's

582,191

+589,585

stockholders

1,171,776

Per share data:

Net income attributable to Sony Group Corporation's

stockholders

- Basic

471.64

952.29

+480.65

- Diluted

461.23

936.90

+475.67

Consolidated Statements of Comprehensive Income

(Millions of yen)

Fiscal year ended March 31

2020

2021

Change

Net income

622,260

1,191,375

+569,115

Other comprehensive income, net of tax -

(102,492)

Unrealized gains (losses) on securities

40,390

-142,882

Unrealized gains on derivative instruments

1,267

1,513

+246

Pension liability adjustment

74,971

12,965

-62,006

Foreign currency translation adjustments

(75,888)

106,826

+182,714

Debt valuation adjustments

3,032

(3,120)

-6,152

Total comprehensive income

666,032

1,207,067

+541,035

Less - Comprehensive income attributable

to noncontrolling interests

54,151

8,231

-45,920

Comprehensive income attributable

to Sony Group Corporation's stockholders

611,881

1,198,836

+586,955

F-2

Consolidated Statements of Income

(Millions of yen, except per share amounts)

Three months ended March 31

Sales and operating revenue:

2020

2021

Change

Net sales

1,537,308

1,771,417

+234,109

Financial services revenue

184,556

421,065

+236,509

Other operating revenue

26,876

27,937

+1,061

1,748,740

2,220,419

+471,679

Costs and expenses:

Cost of sales

1,123,928

1,319,092

+195,164

Selling, general and administrative

397,510

429,647

+32,137

Financial services expenses

174,664

386,086

+211,422

Other operating expense, net

20,406

23,959

+3,553

1,716,508

2,158,784

+442,276

Equity in net income of affiliated companies

3,215

4,845

+1,630

Operating income

35,447

66,480

+31,033

Other income:

Interest and dividends

4,620

3,348

-1,272

Gain on equity securities, net

41,299

+41,299

Other

587

2,542

+1,955

5,207

47,189

+41,982

Other expenses:

Interest expenses

2,297

4,920

+2,623

Loss on equity securities, net

20,552

-20,552

Foreign exchange loss, net

17,413

7,372

-10,041

Net periodic benefit costs other than service costs

98

1,069

+971

Other

4,277

4,832

+555

44,637

18,193

-26,444

Income (loss) before income taxes

(3,983)

95,476

+99,459

Income taxes

(19,726)

(11,646)

+8,080

Net income

15,743

107,122

+91,379

Less - Net income attributable to noncontrolling interests

3,099

122

-2,977

Net income attributable to Sony Group Corporation's

12,644

+94,356

stockholders

107,000

Per share data:

Net income attributable to Sony Group Corporation's

stockholders

- Basic

10.33

86.41

+76.08

- Diluted

10.10

85.44

+75.34

Consolidated Statements of Comprehensive Income

(Millions of yen)

Three months ended March 31

2020

2021

Change

Net income

15,743

107,122

+91,379

Other comprehensive income, net of tax -

(38,064)

Unrealized gains (losses) on securities

25,633

-63,697

Unrealized gains on derivative instruments

1,207

845

-362

Pension liability adjustment

(11,191)

6,160

+17,351

Foreign currency translation adjustments

(58,387)

133,613

+192,000

Debt valuation adjustments

3,032

(1,283)

-4,315

Total comprehensive income (loss)

(23,963)

208,393

+232,356

Less - Comprehensive income attributable

to noncontrolling interests

12,516

1,365

-11,151

Comprehensive income (loss) attributable

to Sony Group Corporation's stockholders

(36,479)

207,028

+243,507

F-3

Consolidated Statements of Changes in Stockholders' Equity

Accumulated

Sony Group

(Millions of yen)

other

Corporation's

Common

Additional

Retained

comprehensive

Treasury

stockholders'

Noncontrolling

stock

paid-in capital

earnings

income

stock, at cost

equity

interests

Total equity

Balance at March 31, 2019

874,291

1,266,874

2,320,586

(610,670)

(104,704)

3,746,377

690,313

4,436,690

Cumulative effect of ASU 2016-02

(7,472)

(7,472)

(7,472)

Issuance of new shares

529

529

1,058

1,058

Exercise of stock acquisition rights

5,179

5,180

10,359

10,359

Conversion of convertible bonds

215

215

430

430

Stock-based compensation

1,980

1,980

1,980

Comprehensive income:

Net income

582,191

582,191

40,069

622,260

Other comprehensive income, net of tax

Unrealized gains on securities

26,156

26,156

14,234

40,390

Unrealized gains on derivative instruments

1,267

1,267

1,267

Pension liability adjustment

74,937

74,937

34

74,971

Foreign currency translation adjustments

(74,643)

(74,643)

(1,245)

(75,888)

Debt valuation adjustments

1,973

1,973

1,059

3,032

Total comprehensive income

611,881

54,151

666,032

Stock issue costs, net of tax

(80)

(80)

(80)

Dividends declared

(55,111)

(55,111)

(25,885)

(80,996)

Purchase of treasury stock

(200,211)

(200,211)

(200,211)

Reissuance of treasury stock

0

2

2

2

Cancellation of treasury stock

(1,072)

(71,338)

72,410

Transactions with noncontrolling interests

16,093

16,093

(54,350)

(38,257)

shareholders and other

Balance at March 31, 2020

880,214

1,289,719

2,768,856

(580,980)

(232,503)

4,125,306

664,229

4,789,535

On November 18, 2019, Sony, through a wholly-owned subsidiary in the Pictures segment, acquired AT&T Inc.'s ("AT&T") 42% equity interest in Game Show Network, LLC ("Game Show Network"), a U.S.-based media network subsidiary. As a result of this acquisition, Game Show Network has become a wholly-owned subsidiary of Sony. Sony paid 53,992 million yen (496 million U.S. dollars) to AT&T, including 129 million U.S. dollars of dividends Sony distributed to AT&T prior to the acquisition. The difference between the cash paid and the carrying amount of the noncontrolling interests was recognized as an increase to additional paid-in capital.

Accumulated

Sony Group

(Millions of yen)

other

Corporation's

Common

Additional

Retained

comprehensive

Treasury

stockholders'

Noncontrolling

stock

paid-in capital

earnings

income

stock, at cost

equity

interests

Total equity

Balance at March 31, 2020

880,214

1,289,719

2,768,856

(580,980)

(232,503)

4,125,306

664,229

4,789,535

Cumulative effect of ASU 2016-13

(3,669)

(3,669)

(1,386)

(5,055)

Exercise of stock acquisition rights

(354)

(735)

18,074

16,985

16,985

Conversion of convertible bonds

(11,060)

89,402

78,342

78,342

Stock-based compensation

1,577

1,577

1,577

Comprehensive income:

Net income

1,171,776

1,171,776

19,599

1,191,375

Other comprehensive income, net of tax

Unrealized losses on securities

(90,521)

(90,521)

(11,971)

(102,492)

Unrealized gains on derivative instruments

1,513

1,513

1,513

Pension liability adjustment

12,962

12,962

3

12,965

Foreign currency translation adjustments

105,643

105,643

1,183

106,826

Debt valuation adjustments

(2,537)

(2,537)

(583)

(3,120)

Total comprehensive income

1,198,836

8,231

1,207,067

Dividends declared

(68,016)

(68,016)

(12,996)

(81,012)

Purchase of treasury stock

(366)

(366)

(366)

Reissuance of treasury stock

354

1,165

1,519

1,519

Transactions with noncontrolling interests

195,425

29,900

225,325

(612,441)

(387,116)

shareholders and other

Balance at March 31, 2021

880,214

1,486,721

3,857,152

(524,020)

(124,228)

5,575,839

45,637

5,621,476

In the quarter ended September 30, 2020, Sony Group Corporation acquired all the common shares and the related stock acquisition rights not held by Sony Group Corporation of Sony Financial Holdings Inc. ("SFH"), a consolidated subsidiary of Sony Group Corporation, and SFH has become a wholly-owned subsidiary of Sony Group Corporation. Consideration for this acquisition was 396,698 million yen. The net difference between the consideration, the decrease in the carrying amount of the noncontrolling interests of 622,364 million yen and the increase in accumulated other comprehensive income of 30,203 million yen was recognized as an increase to additional paid-in capital of 195,463 million yen.

F-4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Sony Group Corporation published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 06:08:04 UTC.


© Publicnow 2021
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Sales 2021 8 866 B 80 825 M 80 825 M
Net income 2021 1 075 B 9 800 M 9 800 M
Net cash 2021 2 729 B 24 875 M 24 875 M
P/E ratio 2021 12,4x
Yield 2021 0,51%
Capitalization 13 451 B 123 B 123 B
EV / Sales 2021 1,21x
EV / Sales 2022 1,09x
Nbr of Employees 111 700
Free-Float 98,2%
Chart SONY GROUP CORPORATION
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Technical analysis trends SONY GROUP CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14 361,05 JPY
Last Close Price 10 860,00 JPY
Spread / Highest target 75,5%
Spread / Average Target 32,2%
Spread / Lowest Target -12,5%
EPS Revisions
Managers and Directors
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Director, VP & Head-Business Administration
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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