Please be aware that, in the following remarks, statements made with respect to Sony's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Sony. These statements are based on management's assumptions in light of the information currently available to it, and, therefore, you should not place undue reliance on them.
Sony cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements.
For additional information as to risks and uncertainties, as well as other factors that could cause actual results to differ, please refer to today's press release, which can be accessed by visiting www.sony.com/en/SonyInfo/IR.
FY2020 Consolidated Financial Results and FY2021 Consolidated Results Forecast
Direction of Fourth Mid-Range Plan and Capital Allocation Strategy
• Today I will discuss the following topics.
FY2020 Consolidated Results
+739.5 bln yen
+126.4 bln yen
Income before income taxes
+392.9 bln yen
Net income attributable to
+589.6 bln yen
Sony Group Corporation's stockholders
Net income attributable to Sony Group Corporation's
stockholders per share of common stock (diluted)
Sony without Financial Services*2
Operating Cash Flow
+359.3 bln yen
Investing Cash Flow
Free Cash Flow (Operating CF + Investing CF)
+141.3 bln yen
Dividend per Share
1 US dollar
*1 "Sales" is used to mean "sales and operating revenue" in accordance with US GAAP and, in respect of the results forecast for the fiscal year ending March 31, 2022, "sales and financial services revenue" in accordance with International Financial Reporting Standards ("IFRS") (applies to all following pages).
*2 See page F-12 in " FY20 Financial Statements" for Condensed Statements of Cash Flows for Sony without Financial Services (applies to all following pages).
Consolidated cash flow (Sony without Financial Services) and free cash flow are not measures in accordance with US GAAP. However, Sony believes that this disclosure may be useful information to investors.
FY20 consolidated sales increased 9% compared to the previous fiscal year ("year-on- year") to 8 trillion 999.4 billion yen and consolidated operating income increased 126.4 billion yen to 971.9 billion yen, both record highs.
Primarily due to an improvement in valuation gains and losses on investment securities in other income and expense, income before income taxes increased 392.9 billion yen year- on-year to 1 trillion 192.4 billion yen and net income attributable to Sony Group Corporation's stockholders increased 589.6 billion yen year-on-year to 1 trillion 171.8 billion yen.
Adjusted operating income, income before income taxes and net income attributable to Sony Group Corporation's stockholders, which excludes extraordinary items, can be found on pages 4 through 10 of the presentation materials.
FY20 consolidated operating cash flow excluding the Financial Services segment was 1 trillion 122.2 billion yen, approximately 2.6 trillion yen cumulative for the last three fiscal years, a level that significantly exceeds the target we established for the Third Mid-Range Plan.
FY2020 Cash Flow (CF) by Segment (Sony without Financial Services)
Game & Network Services (G&NS)
Electronics Products &
Imaging & Sensing Solutions
Corporate and elimination
and Adjustment *2
without Financial Services
The calculation of Investing CF for each segment differs from the calculation of the Statement of Cash Flows for Sony without Financial Services (See page F-12 of "FY20 Financial Statements") as follows:
Increases and decreases in fixed-term deposits held by each segment are excluded from Investing CF
Expenditures for finance leases are included in Investing CF (instead of Financial CF)
Expenditures for operating leases are excluded from Operating CF and included in Investing CF.
These result in the following amounts being adjusted in each of the Operating CF and the Investing CF figures shown above:
(FY19 Operating CF)G&NS: 11.5 bln yen, Music: 9.8 bln yen, Pictures: 7.1 bln yen, EP&S: 26.4 bln yen, I&SS: 7.5 bln yen, All Other and Corporate and elimination: -2.2 bln yen, Adjustment* -60.1 bln yen
(FY19 Investing CF）G&NS: -11.8 bln yen, Music: -29.4 bln yen, Pictures: -7.1 bln yen, EP&S: -40.2 bln yen, I&SS: -8.6 bln yen, All Other and Corporate and elimination: -17.7 bln yen, Adjustment* 114.8 bln yen
(FY20 Operating CF)G&NS: 11.8 bln yen, Music: 11.2 bln yen, Pictures: 7.0 bln yen, EP&S: 25.3 bln yen, I&SS: 8.9 bln yen, All Other and Corporate and elimination: -1.8 bln yen, Adjustment* -62.4 bln yen
(FY20 Investing CF）G&NS: -11.2 bln yen, Music: -11.8 bln yen, Pictures: -7.0 bln yen, EP&S: -27.7 bln yen, I&SS: -9.9 bln yen, All Other and Corporate and elimination: -2.5 bln yen, Adjustment* 70.1 bln yen *1 Free CF is the total of Operating CF and Investing CF.
*2 "Adjustment" is the total corrected for the above adjustments made to the Operating CF and the Investing CF for each segment.
Operating cash flow by segment, investing cash flow by segment and free cash flow are not measures in accordance with US GAAP. However, Sony believes that this disclosure may be useful information to investors.
• The cash flow of each of our business segments in FY20 is shown on this slide.
FY2020 Results by Segment
Game & Network Services (G&NS)
Electronics Products & Solutions (EP&S)
Imaging & Sensing Solutions (I&SS)
Corporate and elimination
Sales in each business segment represents sales and revenue recorded before intersegment transactions are eliminated. Operating income in each business segment represents operating income reported before intersegment transactions are eliminated and excludes unallocated corporate expenses (applies to all following pages).
• This slide shows the results by segment for FY20.
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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 12:53:05 UTC.