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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 |
TIDMSONOctober 15, 2010
Sony Ericsson reports third quarter 2010 results
Q3 Highlights:
-- Turnaround continues with third consecutive quarter of profits -- Continued success of smartphone portfolio keeps ASP at high level -- Launch of Xperiatm models in new markets, including China and theU.S.
The consolidated financial summary for Sony Ericsson Mobile Communications AB (Sony Ericsson) for the third quarter ended September 30, 2010 is as follows:
Q3 2009 Q2 2010 Q3 2010 Number of units shipped (million) 14.1 11.0 10.4 Sales (Euro m.) 1,619 1,757 1,603 Gross margin (%) 16 % 28 % 30 % Operating income (Euro m.) -193 36 63 Operating margin (%) -12 % 2 % 4 % Restructuring charges (Euro m.) 2 32 4 Operating income excl. restructuring -191 68 67 charges (Euro m.) Operating margin excl. restructuring -12 % 4 % 4 % charges (%) Income before taxes (IBT) (Euro m.) -199 31 62 IBT excl. restructuring charges (Euro m.) -198 63 66 Net income (Euro m.) -164 12 49 Average selling price (Euro) 114 160 154Bert Nordberg, President & CEO of Sony Ericsson commented, "Our third consecutive quarter of profitable results illustrates that Sony Ericsson's overall performance is stabilising. Our strategy to focus on the smartphone segment is succeeding and smartphones now comprise more than 50% of our total sales. During the quarter, we launched our Android-based Xperiatm models in new markets, such as China and the U.S., and it is our ambition to become the global number one handset provider on the Android platform."
Income before taxes for the quarter excluding restructuring charges was a profit of Euro 66 million following the positive effects of the transformation programme. Net income for the quarter was Euro 49 million, an increase of Euro 213 million year-on-year and of Euro 37 million sequentially.
The gross margin percentage was 30% and almost doubled year-on-year, reflective of the company turnaround.
Units shipped in the quarter were 10.4 million, a decrease of 26% year-on-year and down 5% sequentially. Average selling price (ASP) in the quarter remained at a high level of Euro 154, a 34% increase year-on-year and a decrease of 4% sequentially, due to product and geographical mix. As a result, sales for the quarter were Euro 1,603 million, essentially flat year-on-year and a 9% decrease sequentially.
Sony Ericsson's net cash position as of September 30, 2010 was Euro 538 million. The negative cash flow from operating activities was Euro 54 million, mainly due to payments during the quarter related to the transformation programme.
Market share in unit base for the quarter remained flat sequentially and is estimated to be approximately 4%. The value market share is estimated to be approximately 6%.
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. Xperiatm is a trademark 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 statementConsolidated income statement - isolated quartersConsolidated balance sheetConsolidated statement of cash flowsConsolidated statement of cash flows - isolated quartersNet 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's 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 relationsSusanne Andersson (Stockholm) +46 10 719 4631Andreas Hedemyr (Stockholm) +46 10 714 3748
Sony investor relationsGen Tsuchikawa (Tokyo) +81 3 6748 2111Yas Hasegawa (London) +44 20 7426 8696
Press / MediaSony Ericsson global communications and PRAldo Liguori (London) +44 20 8762 5860Gustaf Brusewitz (London) +44 7960 58 19 68
This 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 EricssonCONSOLIDATED INCOME STATEMENT
Jul-Sep Jan-Sep EUR 2009 2010 Change 2009 2010 Change million Net sales 1,619 1,603 -1 % 5,038 4,765 -5 % Cost of -1,367 -1,130 -17 % -4,441 -3,371 -24 % sales Gross 252 473 88 % 597 1,394 134 % profit Gross 15.5 % 29.5 % 14 % 11.9 % 29.3 % 17 % margin % Research -260 -191 -27 % -808 -625 -23 % and development expenses Selling -205 -228 12 % -665 -680 2 % and administrative expenses Operating -465 -420 -10 % -1,473 -1,305 -11 % expenses Other 21 10 -51 % 39 31 -20 % operating income, net Operating -193 63 -837 120 income Operating -11.9 % 4.0 % -16.6 % 2.5 % margin % Financial 3 7 124 % 18 16 -12 % income Financial -9 -8 -15 % -34 -24 -29 % expenses Income -199 62 -853 112 after financial items Taxes 42 -12 200 -21 Minority -6 -2 -75 % -16 -8 -48 % interest Net -164 49 -669 82 income Number of 14.1 10.4 -26 % 42.5 31.9 -25 % units shipped (million) ASP (EUR) 114 154 34 % 119 150 26 % EUR Jul-Sep Jan-Sep million Restructuring 2009 2010 2009 2010 charges Cost of 0 3 -2 34 sales Research 1 -10 12 -6 and development expenses Sales 1 11 4 12 and administrative expenses Total 2 4 15 39Sony EricssonCONSOLIDATED INCOME STATEMENT - ISOLATED QUARTERS
2009 2010 EUR Q1 Q2 Q3 Q4 Q1 Q2 Q3 million Net sales 1,736 1,684 1,619 1,750 1,405 1,757 1,603 Cost of -1,591 -1,483 -1,367 -1,341 -975 -1,266 -1,130 sales Gross 145 200 252 409 429 492 473 profit Gross 8.4 % 11.9 % 15.5 % 23.4 % 30.6 % 28.0 % 29.5 % margin % Research -303 -245 -260 -299 -216 -218 -191 and development expenses Selling -225 -235 -205 -299 -207 -245 -228 and administrative expenses Operating -528 -480 -465 -599 -423 -463 -420 expenses Other 13 6 21 8 14 7 10 operating income, net Operating -369 -274 -193 -181 20 36 63 income Operating -21.3 % -16.3 % -11.9 % -10.4 % 1.4 % 2.1 % 4.0 % margin % Financial 9 6 3 4 7 2 7 income Financial -10 -15 -9 -12 -9 -7 -8 expenses Income -370 -283 -199 -190 18 31 62 after financial items Taxes 84 74 42 36 6 -16 -12 Minority -6 -4 -6 -12 -3 -4 -2 interest Net -293 -213 -164 -167 21 12 49 income Number of 14.5 13.8 14.1 14.6 10.5 11.0 10.4 units shipped (million) ASP (EUR) 120 122 114 120 134 160 154 EUR 2009 2010 million Restructuring Q1 Q2 Q3 Q4 Q1 Q2 Q3 charges Cost of 7 -9 0 41 -2 33 3 sales Research 2 9 1 72 2 1 -10 and development expenses Sales 3 1 1 37 3 -2 11 and administrative expenses Total 12 1 2 150 3 32 4Sony EricssonCONSOLIDATED BALANCE SHEET
Sep 30 Dec 31 Jun 30 Sep 30 EUR million 2009 2009 2010 2010 ASSETS Total fixed and financial assets 757 779 836 813 Current assets Inventories 397 358 467 457 Accounts receivable 917 832 1,063 986 Other assets 416 415 412 328 Other short-term cash investments 464 489 477 440 Cash and bank 532 389 562 482 Total current assets 2,726 2,483 2,981 2,692 Total assets 3,482 3,262 3,817 3,505 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 532 381 510 480 Minority interest 43 47 66 62 Total equity 575 428 575 541 Borrowing, Non Current 50 0 101 100 Other long-term liabilities 31 32 40 30 Total long-term liabilities 81 32 141 130 Accounts payable 1,019 852 973 922 Borrowing, Current 105 258 329 284 Other current liabilities 1,702 1,692 1,798 1,628 Total current liabilities 2,826 2,802 3,101 2,834 Total shareholders' equity and liabilities 3,482 3,262 3,817 3,505 Net cash* 841 620 609 538* Net cash is defined as cash and bank plus short-term cash investments less interest-bearing liabilities.
Sony EricssonCONSOLIDATED STATEMENT OF CASH FLOWS
Jul-Sep Jan-Sep EUR million 2009 2010 2009 2010 OPERATING Net income -164 49 -669 82 Adjustments to reconcile net income to cash 20 -66 87 -105 -143 -17 -583 -23 Changes in operating net assets 49 -38 431 -96 Cash flow from operating activities -94 -54 -152 -119 INVESTING Investing activities -42 2 -74 14 Cash flow from investing activities -42 2 -74 14 FINANCING Financing activities 159 - 32 106 118 Cash flow from financing activities 159 -32 106 118 Net change in cash 22 -85 -120 12 Cash, beginning of period 965 1,039 1,125 878 Translation difference in Cash 9 -33 -9 31 Cash, end of period 996 921 996 921Sony EricssonCONSOLIDATED STATEMENT OF CASH FLOWS - ISOLATED QUARTERS
2009 2010 EUR million Q1 Q2 Q3 Q4 Q1 Q2 Q3 OPERATING Net income -293 -213 -164 -167 21 12 49 Adjustments to reconcile 29 37 20 48 -44 4 -66 net income to cash -263 -176 -143 -119 -23 16 -17 Changes in operating 321 60 49 -97 -72 13 -38 net assets Cash flow from operating 58 -115 -94 -216 -94 29 -54 activities INVESTING Investing activities -19 -13 -42 -10 27 -15 2 Cash flow from investing -19 -13 -42 -10 27 -15 2 activities FINANCING Financing activities - 53 0 159 100 150 0 - 32 Cash flow from financing -53 0 159 100 150 0 -32 activities Net change in cash -14 -128 22 -126 83 15 -85 Cash, beginning of period 1,125 1,116 965 996 878 980 1,039 Translation difference 5 -23 9 8 19 45 -33 in Cash Cash, end of period 1,116 965 996 878 980 1,039 921Sony EricssonNET SALES BY MARKET AREA BY QUARTER
EUR million 2009 2010 Isolated quarters Q1 Q2 Q3 Q4 Q1 Q2 Q3 Europe, Middle East 977 927 875 966 711 876 837 & Africa * Americas 200 195 232 222 201 223 222 Asia 559 562 512 562 493 659 544 Total 1,736 1,684 1,619 1,750 1,405 1,757 1,603 * of which Western 721 678 636 678 525 668 632 Europe 2009 2010 Sequential Q1 Q2 Q3 Q4 Q1 Q2 Q3 change (%) Europe, Middle East -40% -5% -6% 10% -26% 23% -4% & Africa * Americas -69% -3% 19% -4% -10% 11% 0% Asia -12% 1% -9% 10% -12% 34% -18% Total -40% -3% -4% 8% -20% 25% -9% * of which Western -35% -6% -6% 7% -23% 27% -5% Europe 2009 2010 Year over year Q1 Q2 Q3 Q4 Q1 Q2 Q3 change (%) Europe, Middle East -35% -33% -39% -41% -27% -5% -4% & Africa * Americas -59% -74% -67% -65% 1% 14% -4% Asia -23% -19% -25% -12% -12% 17% 6% Total -36% -40% -42% -40% -19% 4% -1% * of which Western -26% -25% -33% -39% -27% -2% -1% Europe 2009 2010 Year to date 0903 0906 0909 0912 1003 1006 1009 Europe, Middle East 977 1,903 2,778 3,744 711 1,587 2,424 & Africa * Americas 200 395 627 850 201 424 646 Asia 559 1,121 1,633 2,194 493 1,152 1,695 Total 1,736 3,419 5,038 6,788 1,405 3,162 4,765 * of which Western 721 1,400 2,036 2,714 525 1,193 1,825 Europe 2009 2010 YTD year over year 0903 0906 0909 0912 1003 1006 1009 change (%) Europe, Middle East -35% -34% -35% -37% -27% -17% -13% & Africa * Americas -59% -68% -67% -67% 1% 7% 3% Asia -23% -21% -22% -20% -12% 3% 4% Total -36% -38% -40% -40% -19% -8% -5% * of which Western -26% -26% -28% -31% -27% -15% -10% Europe
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