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SONY GROUP CORPORATION

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Speech Transcript [PDF:497KB]

04/28/2021 | 08:54am EDT

FY2020 Consolidated Financial Results

(Fiscal year ended March 31, 2021)

April 28, 2021

Sony Group Corporation

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.

1

  • FY2020 Consolidated Financial Results and FY2021 Consolidated Results Forecast

Segments Outlook

v

  • Direction of Fourth Mid-Range Plan and Capital Allocation Strategy

• Today I will discuss the following topics.

2

FY2020 Consolidated Results

(Bln Yen)

FY19

FY20

Change

Sales*1

8,259.9

8,999.4

+739.5 bln yen

845.5

971.9

+9%

Operating income

+126.4 bln yen

799.5

1,192.4

+15%

Income before income taxes

+392.9 bln yen

Net income attributable to

582.2

1,171.8

+49%

+589.6 bln yen

Sony Group Corporation's stockholders

+101%

Net income attributable to Sony Group Corporation's

461.23 yen

936.90 yen

+475.67 yen

stockholders per share of common stock (diluted)

Sony without Financial Services*2

Operating Cash Flow

+762.9

+1,122.2

+359.3 bln yen

Investing Cash Flow

-363.1

-581.2

-218.1bln yen

Free Cash Flow (Operating CF + Investing CF)

+399.8

+541.0

+141.3 bln yen

Average Rate

Dividend per Share

1 US dollar

108.7 yen

106.1 yen

Interim

25 yen

1 Euro

120.8 yen

123.7 yen

Year-end

30 yen

Full year

55 yen

*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.

3

FY2020 Cash Flow (CF) by Segment (Sony without Financial Services)

FY19

FY20

(Bln Yen)

Operating CF

+180.5

+440.3

Game & Network Services (G&NS)

Investing CF

-73.2

-71.9

Free CF*1

+107.3

+368.4

Operating CF

+121.1

+159.0

Music

Investing CF

-56.2

-63.9

Free CF

+64.9

+95.1

Operating CF

+141.5

+134.0

Pictures

Investing CF

-40.5

-30.3

Free CF

+101.0

+103.7

Electronics Products &

Operating CF

+123.8

+210.3

Investing CF

-108.9

-97.4

Solutions (EP&S)

Free CF

+14.9

+112.9

Imaging & Sensing Solutions

Operating CF

+308.9

+233.8

Investing CF

-224.6

-282.8

(I&SS)

Free CF

+84.3

-49.0

All Other,

Operating CF

-112.9

-55.2

Corporate and elimination

Investing CF

+140.3

-34.9

and Adjustment *2

Free CF

+27.4

-90.1

Consolidated total

Operating CF

+762.9

+1,122.2

Investing CF

-363.1

-581.2

without Financial Services

Free CF

+399.8

+541.0

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 CFG&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 CFG&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.

4

FY2020 Results by Segment

(Bln Yen)

FY19

FY20

Change

FX Impact

Game & Network Services (G&NS)

Sales

1,977.6

2,656.3

+678.7

-15.1

Operating income

238.4

342.2

+103.8

+15.3

Music

Sales

849.9

939.9

+90.0

-14.3

Operating income

142.3

188.1

+45.7

Pictures

Sales

1,011.9

758.8

-253.1

-19.4

Operating income

68.2

80.5

+12.3

Electronics Products & Solutions (EP&S)

Sales

1,991.3

1,920.7

-70.5

-17.1

Operating income

87.3

139.2

+51.9

+6.6

Imaging & Sensing Solutions (I&SS)

Sales

v

1,070.6

1,012.5

-58.1

-21.4

Operating income

235.6

145.9

-89.7

-8.6

Financial Services

Revenue

1,307.7

1,668.9

+361.2

Operating income

129.6

164.6

+35.0

All Other

Sales

251.4

229.3

-22.2

Operating income

16.3

11.4

-4.9

Corporate and elimination

Sales

-200.4

-187.0

+13.5

Operating income

-72.2

-99.9

-27.7

Consolidated total

Sales

8,259.9

8,999.4

+739.5

Operating income

845.5

971.9

+126.4

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.

5

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 12:53:05 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%
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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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