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| 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 |
TIDMSONPRESS RELEASEJuly 16, 2010
Sony Ericsson reports second quarter 2010 results
Q2 Highlights:
-- Income before taxes excl. restructuring charges increases to Euro63 million
-- Positive cash flow generated from operating activities -- ASP rises to Euro 160The consolidated financial summary for Sony Ericsson Mobile Communications AB (Sony Ericsson) for the second quarter ended June 30, 2010 is as follows:
Q2 2009 Q1 2010 Q2 2010 Number of units shipped (million) 13.8 10.5 11.0 Sales (Euro m.) 1,684 1,405 1,757 Gross margin (%) 12 % 31 % 28 % Operating income (Euro m.) -274 20 36 Operating margin (%) -16 % 1 % 2 % Restructuring charges (Euro m.) 1 3 32 Operating income excl. restructuring -274 23 68 charges (Euro m.) Operating margin excl. restructuring -16 % 2 % 4 % charges (%) Income before taxes (IBT) (Euro m.) -283 18 31 IBT excl. restructuring charges (Euro m.) -283 21 63 Net income (Euro m.) -213 21 12 Average selling price (Euro) 122 134 160Bert Nordberg, President, Sony Ericsson commented, "Our second quarter results show that the company continued the momentum seen in the first quarter as a result of our focus on the value market and the success of new smartphones; Xperiatm X10 and Vivaztm, launched during the first quarter. These models, along with the Xperiatm X10 mini and Xperiatm X10 mini pro which started shipping at the end of the second quarter, have been well received by operators and we are now well positioned for long term growth."
Sales for the quarter were Euro 1,757 million, a 25% increase sequentially and a 4% increase year-on-year. Units shipped in the quarter were 11 million, a 5% increase sequentially and a 20% decrease year-on-year due to the reduction in size of the product portfolio. Average selling price (ASP) increased 19% sequentially and 31% year-on-year to Euro 160 during the quarter due to improved product and geographical mix, as well as positive currency effects.
Income before taxes for the quarter excluding restructuring charges was a profit of Euro 63 million, illustrating the positive impact of the cost reduction programme and favourable product mix.
The transformation programme, which started in mid-2008 is now in its final stages and on target to reduce annual operating expenses by Euro 880 million by the end of the year. Since the start of the program Sony Ericsson has reduced its global workforce by approximately 4,000 people to reach a total workforce of approximately 7,800 by June 30, 2010. The total restructuring charges taken to date for the programme are Euro 374 million.
As of June 30, 2010 Sony Ericsson retained a net cash position of Euro 609 million, an increase of Euro 46 million sequentially mainly due to operating results, tight financial management of working capital, as well as positive currency effects.
Market share in unit base for the quarter remained flat and is estimated to be around 4%.
Sony Ericsson maintains a forecast of slight growth in units in the global handset market in 2010.
The liquid identity is a registered trademark of Sony Ericsson Mobile Communications AB.Vivaztm and XPERIAtm are 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
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.
- ENDS -
CONTACTS:
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 2111 Yas 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
Apr-Jun Jan-Jun EUR million 2009 2010 Change 2009 2010 Change Net sales 1,684 1,757 4 % 3,419 3,162 -8 % Cost of sales -1,483 -1,266 -15 % -3,074 -2,241 -27 % Gross profit 200 492 146 % 346 921 167 % Gross margin 11.9 % 28.0 % 10.1 % 29.1 % % Research and -245 -218 -11 % -548 -434 -21 % development expenses Selling -235 -245 4 % -460 -452 -2 % and administrative expenses Operating -480 -463 -4 % -1,008 -886 -12 % expenses Other 6 7 25 % 19 21 14 % operating income, net Operating -274 36 - -644 57 - income Operating -16.3 % 2.1 % -18.8 % 1.8 % margin % Financial 6 2 -60 % 15 9 -40 % income Financial -15 -7 -51 % -25 -16 -35 % expenses Income after -283 31 - -653 50 - financial items Taxes 74 -16 - 158 -10 - Minority -4 -4 -2 % -10 -7 -32 % interest Net income -213 12 - -505 33 - Number of 13.8 11.0 -20 % 28.3 21.5 -24 % units shipped (million) ASP (EUR) 122 160 31 % 121 147 22 % EUR Million Apr-Jun Jan-Jun Restructuring 2009 2010 2009 2010 charges Cost of sales -9 33 -2 31 Research and 9 1 11 3 development expenses Sales 1 -2 4 1 and administrative expenses Total 1 32 13 35Sony Ericsson CONSOLIDATED INCOME STATEMENT - ISOLATED QUARTERS
2009 2010 EUR million Q1 Q2 Q3 Q4 Q1 Q2 Net sales 1,736 1,684 1,619 1,750 1,405 1,757 Cost of sales -1,591 -1,483 -1,367 -1,341 -975 -1,266 Gross profit 145 200 252 409 429 492 Gross margin 8.4 % 11.9 % 15.5 % 23.4 % 30.6 % 28.0 % % Research and -303 -245 -260 -299 -216 -218 development expenses Selling -225 -235 -205 -299 -207 -245 and administrative expenses Operating -528 -480 -465 -599 -423 -463 expenses Other 13 6 21 8 14 7 operating income, net Operating -369 -274 -193 -181 20 36 income Operating -21.3 % -16.3 % -11.9 % -10.4 % 1.4 % 2.1 % margin % Financial 9 6 3 4 7 2 income Financial -10 -15 -9 -12 -9 -7 expenses Income after -370 -283 -199 -190 18 31 financial items Taxes 84 74 42 36 6 -16 Minority -6 -4 -6 -12 -3 -4 interest Net income -293 -213 -164 -167 21 12 Number of 14.5 13.8 14.1 14.6 10.5 11.0 units shipped (million) ASP (EUR) 120 122 114 120 134 160 EUR Million 2009 2010 Restructuring Q1 Q2 Q3 Q4 Q1 Q2 charges Cost of sales 7 -9 0 41 -2 33 Research and 2 9 1 72 2 1 development expenses Sales 3 1 1 37 3 -2 and administrative expenses Total 12 1 2 150 3 32Sony Ericsson CONSOLIDATED BALANCE SHEET
Jun 30 Dec 31 Mar 31 Jun 30 EUR million 2009 2009 2010 2010 ASSETS Total fixed and financial assets 736 779 791 836 Current assets Inventories 404 358 384 467 Accounts receivable 936 832 849 1,063 Other assets 379 415 369 412 Other short-term cash investments 456 489 537 477 Cash and bank 509 389 443 562 Total current assets 2,685 2,483 2,582 2,981 Total assets 3,421 3,262 3,373 3,817 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 694 381 438 510 Minority interest 66 47 54 66 Total equity 760 428 492 575 Borrowing, Non Current 0 0 100 101 Other long-term liabilities 30 32 37 40 Total long-term liabilities 30 32 137 141 Accounts payable 848 852 829 973 Borrowing, Current 0 258 316 329 Other current liabilities 1,782 1,692 1,599 1,798 Total current liabilities 2,630 2,802 2,744 3,101 Total shareholders' equity and liabilities 3,421 3,262 3,373 3,817 Net cash* 965 620 563 609* Net cash is defined as cash and bank plus short-term cash investments less interest-bearing liabilities.
Sony Ericsson CONSOLIDATED STATEMENT OF CASH FLOWS
Apr-Jun Jan-Jun EUR million 2009 2010 2009 2010 OPERATIONS Net income -213 12 -505 33 Adjustments to reconcile net income to cash 37 4 66 -40 -176 16 -439 -6 Changes in operating net assets 60 13 382 -58 Cash flow from operating activities -115 29 -57 -65 INVESTMENTS Investing activities -13 -15 -32 12 Cash flow from investing activities -13 -15 -32 12 FINANCING Financing activities 0 0 - 53 150 Cash flow from financing activities 0 0 -53 150 Net change in cash -128 15 -142 97 Cash, beginning of period 1,116 980 1,125 878 Translation difference in Cash -23 45 -18 64 Cash, end of period 965 1,039 965 1,039Sony Ericsson CONSOLIDATED STATEMENT OF CASH FLOWS - ISOLATED QUARTERS
2009 2010 EUR million Q1 Q2 Q3 Q4 Q1 Q2 OPERATIONS Net income -293 -213 -164 -167 21 12 Adjustments to reconcile 29 37 20 48 -44 4 net income to cash -263 -176 -143 -119 -23 16 Changes in operating 321 60 49 -97 -72 13 net assets Cash flow from operating 58 -115 -94 -216 -94 29 activities INVESTMENTS Investing activities -19 -13 -42 -10 27 -15 Cash flow from investing -19 -13 -42 -10 27 -15 activities FINANCING Financing activities - 53 0 159 100 150 0 Cash flow from financing -53 0 159 100 150 0 activities Net change in cash -14 -128 22 -126 83 15 Cash, beginning of period 1,125 1,116 965 996 878 980 Translation difference in Cash 5 -23 9 8 19 45 Cash, end of period 1,116 965 996 878 980 1,039Sony Ericsson NET SALES BY MARKET AREA BY QUARTER
EUR million 2009 2010 Isolated Q1 Q2 Q3 Q4 Q1 Q2 quarters Europe, Middle 977 927 875 966 711 876 East & Africa * Americas 200 195 232 222 201 223 Asia 559 562 512 562 493 659 Total 1,736 1,684 1,619 1,750 1,405 1,757 * of which 721 678 636 678 525 668 Western Europe 2009 2010 Sequential Q1 Q2 Q3 Q4 Q1 Q2 change (%) Europe, Middle -40 % -5 % -6 % 10 % -26 % 23 % East & Africa * Americas -69 % -3 % 19 % -4 % -10 % 11 % Asia -12 % 1 % -9 % 10 % -12 % 34 % Total -40 % -3 % -4 % 8 % -20 % 25 % * of which -35 % -6 % -6 % 7 % -23 % 27 % Western Europe 2009 2010 Year over year Q1 Q2 Q3 Q4 Q1 Q2 change (%) Europe, Middle -35 % -33 % -39 % -41 % -27 % -5 % East & Africa * Americas -59 % -74 % -67 % -65 % 1 % 14 % Asia -23 % -19 % -25 % -12 % -12 % 17 % Total -36 % -40 % -42 % -40 % -19 % 4 % * of which -26 % -25 % -33 % -39 % -27 % -2 % Western Europe 2009 2010 Year to date 0903 0906 0909 0912 1003 1006 Europe, Middle 977 1,903 2,778 3,744 711 1,587 East & Africa * Americas 200 395 627 850 201 424 Asia 559 1,121 1,633 2,194 493 1,152 Total 1,736 3,419 5,038 6,788 1,405 3,162 * of which 721 1,400 2,036 2,714 525 1,193 Western Europe 2009 2010 YTD year over 0903 0906 0909 0912 1003 1006 year change (%) Europe, Middle -35 % -34 % -35 % -37 % -27 % -17 % East & Africa * Americas -59 % -68 % -67 % -67 % 1 % 7 % Asia -23 % -21 % -22 % -20 % -12 % 3 % Total -36 % -38 % -40 % -40 % -19 % -8 % * of which -26 % -26 % -28 % -31 % -27 % -15 % Western Europe
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