SON: Sony Corporation: Sony Announces Revision of Consolidated Forecast for the Fiscal Year Ended March 31, 2013

  SON: Sony Corporation: Sony Announces Revision of Consolidated Forecast for
  the Fiscal Year Ended March 31, 2013

UK Regulatory Announcement


Sony Corporation
1-7-1 Konan, Minato-ku
Tokyo 108-0075 Japan

News & Information

No: 13-051 E
Date: April 25, 2013

Sony Announces Revision of Consolidated Forecast for the Fiscal Year Ended
March 31, 2013

Tokyo, April 25, 2013 -- Sony has revised its consolidated results forecast
for the fiscal year ended March 31, 2013 from that announced on February 7,

Consolidated Results Forecast for the Fiscal Year ended March 31, 2013

                  (Billions of yen)
                              Change                  from         March 31,
                              from         February   March        2012
                   April     February             31, 2012   Actual
                   Forecast   Forecast     Forecast   Actual       Results
Sales and
operating          ¥6,800    +3.0     %   ¥6,600     +4.7     %   ¥6,493.2
Operating income   230        +76.9       130        -            (67.3     )
Income (loss)
before income      240        +60.0       150        -            (83.2     )
Net income
attributable       40         +100.0       20         -            (456.7    )
to Sony

The forecast for consolidated results for the fiscal year ended March 31,
2013, as announced on February 7, 2013, was based on assumed foreign currency
exchange rates for the fourth quarter (from January 1, 2013 to March 31, 2013)
of approximately 88 yen to one U.S. dollar and approximately 115 yen to one
euro. The average rates for the fourth quarter were 92.4 yen to one U.S.
dollar and 121.9 yen to one euro.

Consolidated sales are expected to be above the February forecast, primarily
due to the favorable impact of the depreciation of the yen in the fourth
quarter and financial services revenue which exceeded the February
expectation, reflecting a rise in the Japanese stock market in the fourth

Consolidated operating income is expected to exceed the February forecast;
approximately 230 billion yen of operating income is expected to be recorded.
The primary factors affecting the change in the consolidated operating income
forecast are:

  *The aggregate amount of operating income recorded from the gains of the
    asset sales in the fourth quarter which include certain shares of M3,
    Inc., Sony’s U.S. headquarters building at 550 Madison Avenue in New York
    City and the “Sony City Osaki” office building and premises in Tokyo, and
    a remeasurement gain related to the sale of certain shares of M3, Inc. is
    anticipated to significantly exceed the February forecast.
  *Operating income in the Financial Services segment is expected to
    significantly exceed the February forecast primarily due to improved
    investment performance at Sony Life reflecting a rise in the Japanese
    stock market in the fourth quarter.
  *The yen depreciated further against foreign currencies than was assumed in
    February, favorably impacting operating income.
  *The February operating income forecast incorporated uncertainties
    associated with individual asset sales and the possibility of further
    deterioration of Sony’s operating environment, most of which were not

The consolidated income before income taxes forecast was revised upward
primarily due to the aforementioned revision in the operating income forecast,
partially offset by a net foreign exchange loss that was not included in the
February forecast.

Net income attributable to Sony Corporation’s stockholders is expected to be
approximately 40 billion yen, exceeding the February forecast for the fiscal
year ended March 31, 2013.

The current forecast has been prepared based on information available at the
time of the issuance of this release. Actual results may differ from this
forecast due to a variety of factors. See “Cautionary Statement” below for
further details.

The actual consolidated results for the fiscal year ended March 31, 2013 and
the consolidated results forecast for the fiscal year ending March 31, 2014
are scheduled to be announced on May 9, 2013.

Cautionary Statement

Statements made in this release 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.
Forward-looking statements include, but are not limited to, those statements
using words such as “believe,” “expect,” “plans,” “strategy,” “prospects,”
“forecast,” “estimate,” “project,” “anticipate,” “aim,” “intend,” “seek,”
“may,” “might,” “could” or “should,” and words of similar meaning in
connection with a discussion of future operations, financial performance,
events or conditions. From time to time, oral or written forward-looking
statements may also be included in other materials released to the public.
These statements are based on management’s assumptions, judgments and beliefs
in light of the information currently available to it. Sony cautions you that
a number of important risks and uncertainties could cause actual results to
differ materially from those discussed in the forward-looking statements, and
therefore you should not place undue reliance on them. You also should not
rely on any obligation of Sony to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Sony disclaims any such obligation. Risks and uncertainties that
might affect Sony include, but are not limited to:

(i) the global economic environment in which Sony operates and the economic
conditions in Sony’s markets, particularly levels of consumer spending;

(ii) foreign exchange rates, particularly between the yen and the U.S. dollar,
the euro and other currencies in which Sony makes significant sales and incurs
production costs, or in which Sony's assets and liabilities are denominated;

(iii) Sony’s ability to continue to design and develop and win acceptance of,
as well as achieve sufficient cost reductions for, its products and services,
including televisions, game platforms, and smart phones, which are offered in
highly competitive markets characterized by severe price competition and
continual new product and service introductions, rapid development in
technology and subjective and changing consumer preferences;

(iv) Sony’s ability and timing to recoup large-scale investments required for
technology development and production capacity;

(v) Sony’s ability to implement successful business restructuring and
transformation efforts under changing market conditions;

(vi) Sony’s ability to implement successful hardware, software, and content
integration strategies for all segments excluding the Financial Services
segment, and to develop and implement successful sales and distribution
strategies in light of the Internet and other technological developments;

(vii) Sony’s continued ability to devote sufficient resources to research and
development and, with respect to capital expenditures, to prioritize
investments correctly (particularly in the electronics businesses);

(viii) Sony’s ability to maintain product quality;

(ix) the effectiveness of Sony’s strategies and their execution, including but
not limited to the success of Sony's acquisitions, joint ventures and other
strategic investments;

(x) Sony’s ability to forecast demands, manage timely procurement and control

(xi) the outcome of pending and/or future legal and/or regulatory proceedings;

(xii) shifts in customer demand for financial services such as life insurance
and Sony’s ability to conduct successful asset liability management in the
Financial Services segment;

(xiii) the impact of unfavorable conditions or developments (including market
fluctuations or volatility) in the Japanese equity markets on the revenue and
operating income of the Financial Services segment; and

(xiv) risks related to catastrophic disasters or similar events. Risks and
uncertainties also include the impact of any future events with material
adverse impact.

Investor Relations Contacts:

Tokyo                  New York           London
Yoshinori Hashitani       Justin Hill           Yas Hasegawa
+81-(0)3-6748-2111        +1-212-833-6722       +44-(0)20-7426-8696

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