![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sony Corp. | LSE:SON | London | Ordinary Share | JP3435000009 | COM STK NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2,906.0133 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSONApril 16, 2010
Sony Ericsson reports first quarter 2010 results
Q1 Highlights:
-- Company returns to profitability in Q1 2010 -- ASP rises to Euro 134 as Xperiatm X10 and Vivaztm start shipping -- Improved cost structure generates better marginsThe consolidated financial summary for Sony Ericsson Mobile Communications AB (Sony Ericsson) for the first quarter ended March 31, 2010 is as follows:
Q1 2009 Q4 2009 Q1 2010 Number of units shipped (million) 14.5 14.6 10.5 Sales (Euro m.) 1,736 1,750 1,405 Gross margin (%) 8 % 23 % 31 % Operating income (Euro m.) -369 -181 20 Operating margin (%) -21 % -10 % 1 % Restructuring charges (Euro m.) 12 150 3 Operating income excl. restructuring -357 -32 23 charges (Euro m.) Operating margin excl. restructuring -21 % -2 % 2 % charges (%) Income before taxes (IBT) (Euro m.) -370 -190 18 IBT excl. restructuring charges (Euro m.) -358 -40 21 Net income (Euro m.) -293 -167 21 Average selling price (Euro) 120 120 134Bert Nordberg, President, Sony Ericsson commented, "We are pleased to see the positive impact of both the launch of new products and the business transformation programme improving the company's results. The XperiaTM X10, our first android-based Communication Entertainment device featuring signature Sony Ericsson applications Timescape and MediascapeTM and VivazTM, a beautifully designed, touch-screen Symbian phone started shipping towards the end of the quarter. Both models have been well received by global customers." He added, "Increases in both gross and operating margins show that we are on the right track to build the correct cost structure for our business organization and strategy. We will continue to work through the transformation programme to ensure that we are competitive."
Units shipped in the quarter were 10.5 million, a decrease of 28% compared to the same period last year, reflecting the streamlining of the portfolio over the past 12 months to focus on higher-end phones. Sales for the quarter were Euro 1,405 million, a decrease of 19% year on year. Average selling price (ASP) increased 12% both sequentially and year-on-year to Euro 134 during the quarter due to good sell through of existing models, new flagship phones starting to ship at the end of the quarter and a positive currency effect.
Gross margin rose both sequentially and year-on-year, reflecting a more favourable product mix and the benefit of cost of sales improvements in the past year, including the resolution of certain royalty matters during the quarter.
Income before taxes for the quarter excluding restructuring was a profit of Euro 21 million, illustrating the positive impact of the cost reduction programme.
The transformation programme, which started in mid-2008, with the aim of reducing annual operating expenses by Euro 880 million is continuing with the full benefit expected during the second half of 2010. Since the start of the programme, Sony Ericsson has reduced its global workforce by approximately 3,150 people to reach a total of 8,450 by March 31, 2010. The total restructuring charges taken to date are Euro 342 million.
As of March 31, 2010, Sony Ericsson retained a net cash position of Euro 563 million.
During the first quarter of 2010, Sony Ericsson obtained additional external funding of Euro 150 million. The funding was guaranteed by the parent companies on a 50/50 basis.
Market share in unit base for the quarter decreased by one percentage point sequentially and is now estimated to be around 4%.
Sony Ericsson maintains a forecast of slight growth in units in the global handset market in 2010.
END
The liquid identity is a registered trademark of Sony Ericsson Mobile Communications AB.
Vivaztm, Mediascapetm and XPERIAtm are trademarks or registered trademarks of Sony Ericsson Mobile Communications AB.
Sony is a registered trademark of Sony Corporation. Ericsson is a registered trademark of Telefonaktiebolaget LM Ericsson.
Any rights not expressly granted herein are reserved and subject to change without prior notice.
EDITOR'S NOTES:
Financial statements and additional information:
Financial statements:
Consolidated income statement Consolidated income statement - isolated quarters Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of cash flows - isolated quartersAdditional information:
Net sales by market area by quarter
- ENDS -
Sony Ericsson is a 50:50 joint venture by Sony and Ericsson established in October 2001, with global corporate functions located in London and operations in all major markets. Sony Ericsson vision is to become the industry leader in Communication Entertainment; where new styles of communicating through the internet and social media, become entertainment. Sony Ericsson offers exciting consumer experiences through phones, accessories, content and applications. For more information please visit, www.sonyericsson.com.
CONTACTS:
Investors / Analysts Ericsson investor relations Susanne Andersson (Stockholm) +46 10 719 4631 Andreas Hedemyr (Stockholm) +46 10 714 3748 Sony investor relations Gen Tsuchikawa (Tokyo) +81 3 6748 2180 Yasuo Hasegawa (London) +44 20 7426 8696 Press / Media Sony Ericsson global communications and PR Aldo Liguori (London) +44 20 8762 5860 Merran Wrigley (London) +44 20 8762 5862This press release contains forward-looking statements that involve inherent risks and uncertainties.Sony Ericsson has 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 Jan-Mar EUR million 2010 2009 Change Net sales 1,405 1,736 -19 % Cost of sales -975 -1,591 -39 % Gross profit 429 145 196 % Gross margin % 30.6 % 8.4 % 22 % Research and development expenses -216 -303 -29 % Selling and administrative expenses -207 -225 -8 % Operating expenses -423 -528 -20 % Other operating income, net 14 13 9 % Operating income 20 -369 - Operating margin % 1.4 % -21.3 % - Financial income 7 9 -26 % Financial expenses -9 -10 -9 % Income after financial items 18 -370 - Taxes 6 84 -93 % Minority interest -3 -6 -51 % Net income 21 -293 - Number of units shipped (million) 10.5 14.5 -28 % ASP (EUR) 134 120 12 % EUR Million Jan-Mar Jan-Mar Restructuring charges 2010 2009 Cost of sales -2 7 Research and development expenses 2 2 Sales and administrative expenses 3 3 Other operating income, net 0 0 Total 3 12 Sony Ericsson CONSOLIDATED INCOME STATEMENT - ISOLATED QUARTERS 2010 2009 EUR million Q1 Q4 Q3 Q2 Q1 Net sales 1,405 1,750 1,619 1,684 1,736 Cost of sales -975 -1,341 -1,367 -1,483 -1,591 Gross profit 429 409 252 200 145 Gross margin % 30.6 % 23.4 % 15.5 % 11.9 % 8.4 % Research and -216 -299 -260 -245 -303 development expenses Selling -207 -299 -205 -235 -225 and administrative expenses Operating expenses -423 -599 -465 -480 -528 Other operating 14 8 21 6 13 income, net Operating income 20 -181 -193 -274 -369 Operating margin % 1.4 % -10.4 % -11.9 % -16.3 % -21.3 % Financial income 7 4 3 6 9 Financial expenses -9 -12 -9 -15 -10 Income after financial 18 -190 -199 -283 -370 items Taxes 6 36 42 74 84 Minority interest -3 -12 -6 -4 -6 Net income 21 -167 -164 -213 -293 Number of units shipped 10.5 14.6 14.1 13.8 14.5 (million) ASP (EUR) 134 120 114 122 120 EUR Million 2009 2009 Restructuring charges Q1 Q4 Q3 Q2 Q1 Cost of sales -2 41 0 -9 7 Research and 2 72 1 9 2 development expenses Sales 3 37 1 1 3 and administrative expenses Other operating 0 0 0 0 0 income, net Total 3 150 2 1 12 Sony Ericsson CONSOLIDATED BALANCE SHEET Mar 31 Dec 31 Mar 31 EUR million 2010 2009 2009 ASSETS Total fixed and financial assets 791 779 658 Current assets Inventories 384 358 477 Accounts receivable 849 832 1,193 Other assets 369 415 463 Other short-term cash investments 537 489 574 Cash and bank 443 389 542 Total current assets 2,582 2,483 3,249 Total assets 3,373 3,262 3,908 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 438 381 930 Minority interest 54 47 65 Total equity 492 428 995 Borrowing, Non Current 100 0 0 Other long-term liabilities 37 32 30 Total long-term liabilities 137 32 30 Accounts payable 829 852 965 Borrowing, Current 316 258 0 Other current liabilities 1,599 1,692 1,918 Total current liabilities 2,744 2,802 2,882 Total shareholders' equity and liabilities 3,373 3,262 3,908 Net cash* 563 620 1,116* Net cash is defined as cash and bank plus short-term cash investments less interest-bearing liabilities.
Sony Ericsson CONSOLIDATED STATEMENT OF CASH FLOWS Jan-Mar EUR million 2010 2009 OPERATIONS Net income 21 -293 Adjustments to reconcile net income to cash -44 29 -23 -263 Changes in operating net assets -72 321 Cash flow from operating activities -94 58 INVESTMENTS Investing activities 27 -19 Cash flow from investing activities 27 -19 FINANCING Financing activities 150 -53 Cash flow from financing activities 150 -53 Net change in cash 83 -14 Cash, beginning of period 878 1,125 Translation difference in Cash 19 5 Cash, end of period 980 1,116 Sony Ericsson CONSOLIDATED STATEMENT OF CASH FLOWS - ISOLATED QUARTERS 2010 2009 EUR million Q1 Q4 Q3 Q2 Q1 OPERATIONS Net income 21 -167 -164 -213 -293 Adjustments to reconcile -44 48 20 37 29 net income to cash -23 -119 -143 -176 -263 Changes in operating net assets -72 -97 49 60 321 Cash flow from operating activities -94 -216 -94 -115 58 INVESTMENTS Investing activities 27 -10 -42 -13 -19 Cash flow from investing activities 27 -10 -42 -13 -19 FINANCING Financing activities 150 100 159 0 -53 Cash flow from financing activities 150 100 159 0 -53 Net change in cash 83 -126 22 -128 -14 Cash, beginning of period 878 996 965 1,116 1,125 Translation difference in Cash 19 8 9 -23 5 Cash, end of period 980 878 996 965 1,116 Sony Ericsson NET SALES BY MARKET AREA BY QUARTER EUR million 2010 2009 Isolated quarters Q1 Q4 Q3 Q2 Q1 Europe, Middle East 711 966 875 927 977 & Africa * Americas 201 222 232 195 200 Asia 493 562 512 562 559 Total 1,405 1,750 1,619 1,684 1,736 * of which Western Europe 525 678 636 678 721 2010 2009 Sequential change (%) Q1 Q4 Q3 Q2 Q1 Europe, Middle East -26 % 10 % -6 % -5 % -40 % & Africa * Americas -10 % -4 % 19 % -3 % -69 % Asia -12 % 10 % -9 % 1 % -12 % Total -20 % 8 % -4 % -3 % -40 % * of which Western Europe -23 % 7 % -6 % -6 % -35 % 2010 2009 Year over year change (%) Q1 Q4 Q3 Q2 Q1 Europe, Middle East -27 % -41 % -39 % -33 % -35 % & Africa * Americas 1 % -65 % -67 % -74 % -59 % Asia -12 % -12 % -25 % -19 % -23 % Total -19 % -40 % -42 % -40 % -36 % * of which Western Europe -27 % -39 % -33 % -25 % -26 % 2010 2009 Year to date 1003 0912 0909 0906 0903 Europe, Middle East 711 3,744 2,778 1,903 977 & Africa * Americas 201 850 627 395 200 Asia 493 2,194 1,633 1,121 559 Total 1,405 6,788 5,038 3,419 1,736 * of which Western Europe 525 2,714 2,036 1,400 721 2010 2009 YTD year over year 1003 0912 0909 0906 0903 change (%) Europe, Middle East -27 % -37 % -35 % -34 % -35 % & Africa * Americas 1 % -67 % -67 % -68 % -59 % Asia -12 % -20 % -22 % -21 % -23 % Total -19 % -40 % -40 % -38 % -36 % * of which Western Europe -27 % -31 % -28 % -26 % -26 %
1 Year Sony Corp. Chart |
1 Month Sony Corp. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions