Sony 2000 Annual Report Download - page 43

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SONY CORPORATION ANNUAL REPORT 2000
41
Total current and long-term liabilities increased by 250.5
billion yen, or 5.8%, to 4,589.7 billion yen at March 31, 2000.
(It is estimated that total liabilities would have increased by
approximately 10% compared with the previous fiscal year-
end if the value of the yen had remained the same at March
31, 2000 as at the previous fiscal year-end.) The increase was
principally attributable to increases in future insurance policy
benefits and other and notes and accounts payable, trade,
despite decreases in total long-term debt. Among current
liabilities, the current portion of long-term debt increased
due to reclassifications from long-term debt, despite redemp-
tion of unsecured notes due 2000 of 50 billion yen by Sony
Corporation. Notes and accounts payable, trade increased
due to increases in production reflecting sales increases in
the Electronics business in the fourth quarter of the fiscal
year ended March 31, 2000. Among long-term liabilities, the
large decline in long-term debt was principally due to the
reclassification to the current portion of long-term debt and
the conversion of convertible bonds of Sony Corporation. As
a result, the total of short-term borrowings, the current por-
tion of long-term debt, and long-term debt decreased by
137.4 billion yen, or 11.8%, to 1,028.8 billion yen at March
31, 2000. Increases in future insurance policy benefits and
other were due to net increases in life insurance-in-force in
the Insurance business.
Stockholders’ equity increased by 359.2 billion yen, or
19.7%, to 2,182.9 billion yen at March 31, 2000. This was
principally attributable to increases in common stock and
additional paid-in capital reflecting the acquisition transac-
tions whereby three listed subsidiaries became wholly-owned
subsidiaries of Sony Corporation noted above. The ratio of
stockholders’ equity to total assets increased from 29.0% to
32.1%. Based on the number of shares outstanding at March
31, 2000, stockholders’ equity per share (after taking into
account the split of Sony Corporation’s shares completed on
May 19, 2000) was 2,409.36 yen, compared with 2,224.35
yen at the previous fiscal year-end. Foreign currency transla-
tion adjustments at March 31, 2000 increased in amount as a
reduction of stockholders’ equity to 483.6 billion yen from
284.4 billion yen at the previous fiscal year-end, principally
due to the yen’s appreciation.
0.0
0.5
1.0
1.5
2.0
0099989796
INTEREST-BEARING LIABILITIES
Trillion ¥
Short-term (Including the current portion of long-term debt)
Long-term
*As of March 31
0.0
0.5
1.0
1.5
2.0
2.5
0099989796 0
10
20
30
40
50
STOCKHOLDERS’ EQUITY and STOCKHOLDERS’ EQUITY RATIO
Trillion ¥ %
Stockholders’ equity
Stockholders’ equity ratio
*As of March 31
0
500
1,000
1,500
2,000
2,500
0099989796
STOCKHOLDERS’ EQUITY PER SHARE
¥
*As of March 31
*Restated to reflect the two-for-one stock split that has become effective
on May 19, 2000