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[52] Sony Corporation Annual Report 1998
Dollars in thousands
Yen in millions (Note 3)
1996 1997 1998 1998
Sales and operating revenue:
Net sales (Note 8) . . . . . . . . . . . . . . . . . . . . . . . ¥4,339,411 ¥5,383,911 ¥6,424,805 $48,672,765
Insurance revenue . . . . . . . . . . . . . . . . . . . . . . . 207,691 227,920 291,061 2,205,008
Other operating revenue. . . . . . . . . . . . . . . . . . . 45,463 51,303 39,624 300,182
4,592,565 5,663,134 6,755,490 51,177,955
Costs and expenses:
Cost of sales (Note 16). . . . . . . . . . . . . . . . . . . . 3,216,806 3,930,107 4,618,961 34,992,129
Selling, general and administrative (Note 16) . . . . 937,910 1,153,876 1,345,584 10,193,818
Insurance expenses . . . . . . . . . . . . . . . . . . . . . . 202,525 208,821 270,735 2,051,023
4,357,241 5,292,804 6,235,280 47,236,970
Operating income . . . . . . . . . . . . . . . . . . . . . . 235,324 370,330 520,210 3,940,985
Other income:
Interest and dividends . . . . . . . . . . . . . . . . . . . . 18,053 19,406 20,976 158,909
Foreign exchange gain, net . . . . . . . . . . . . . . . . — 18,085 10,094 76,470
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,702 55,152 52,893 400,704
65,755 92,643 83,963 636,083
Other expenses:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,095 70,892 62,524 473,667
Foreign exchange loss, net . . . . . . . . . . . . . . . . . 25,580 — ——
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,245 79,652 87,900 665,909
162,920 150,544 150,424 1,139,576
Income before income taxes . . . . . . . . . . . . . . . 138,159 312,429 453,749 3,437,492
Income taxes (Note 14):
Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,088 169,060 210,113 1,591,765
Deferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,070 (5,490) 4,755 36,023
77,158 163,570 214,868 1,627,788
Income before minority interest . . . . . . . . . . . . 61,001 148,859 238,881 1,809,704
Minority interest in consolidated subsidiaries . . 6,749 9,399 16,813 127,371
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,252 139,460 222,068 1,682,333
Retained earnings:
Balance, beginning of year . . . . . . . . . . . . . . . . . 585,553 617,343 731,470 5,541,439
Common stock issue costs, net of tax . . . . . . . . . . (2) — ——
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . (18,700) (20,882) (24,286) (183,984)
Transfer to legal reserve . . . . . . . . . . . . . . . . . . . (3,760) (4,451) (3,054) (23,136)
Balance, end of year . . . . . . . . . . . . . . . . . . . . . ¥ 617,343 ¥ 731,470 ¥ 926,198 $ 7,016,652
Yen Dollars (Note 3)
Per share data (Note 4):
Net income — Basic . . . . . . . . . . . . . . . . . . . . . ¥145.1 ¥367.7 ¥557.7 $4.23
— Diluted . . . . . . . . . . . . . . . . . . . . 134.0 309.2 483.4 3.66
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . 50.0 55.0 60.0 0.45
The accompanying notes are an integral part of these statements.
[ Consolidated Statements of Income and Retained Earnings ]
Sony Corporation and Consolidated Subsidiaries •Year ended March 31