Sony 2001 Annual Report Download - page 109

Download and view the complete annual report

Please find page 109 of the 2001 Sony annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

Sony Corporation Annual Report 2001
107
During the year ended March 31, 2001, ¥25,026 million ($200 million) of equity in net losses of Loews were
recorded, principally due to continued losses as well as the impairment loss recorded against the entire carrying
value of Sony’s investment in Loews. In February 2001, Loews filed petitions for corporate reorganization in the
United States of America under Chapter 11 of the Federal Bankruptcy Code, and in Canada under the Companies-
Creditors Agreement Act, and signed a letter of intent with a group of investors regarding a proposed acquisition of
Loews and a restructuring of its indebtedness. When the reorganization is completed, it is expected that Sony will no
longer be a shareholder in Loews and Loews will be excluded from Sony’s equity affiliates. Under such situation, the
financial position of Loews as of March 31, 2001 is not included in the above summarized combined balance sheet.
Affiliated companies accounted for under the equity method with an aggregate carrying amount of ¥10,670
million ($85 million) at March 31, 2001, were quoted on established markets at an aggregate value of ¥32,408
million ($259 million).
Account balances and transactions with affiliated companies are presented below:
Dollars in
Yen in millions millions
March 31 March 31,
2000 2001 2001
Accounts receivable, trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥14,453 ¥19,717 $158
Accounts payable, trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085 9,964 80
Dollars in
Yen in millions millions
Year ended
Year ended March 31 March 31,
1999 2000 2001 2001
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥25,885 ¥32,045 ¥31,239 $250
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,932 5,301 75,379 603
Dividends from affiliated companies accounted for under the equity method for the years ended March 31,
1999, 2000 and 2001 were ¥5,017 million, ¥869 million and ¥2,764 million ($22 million), respectively.
8. Marketable securities and securities investments and other
Marketable securities and securities investments and other include debt and equity securities of which the aggre-
gate cost, gross unrealized gains and losses and fair value pertaining to available-for-sale securities and held-to-
maturity securities are as follows:
Yen in millions
March 31, 2000 March 31, 2001
Gross Gross Gross Gross
unrealized unrealized unrealized unrealized
Cost gains losses Fair value Cost gains losses Fair value
Available-for-sale:
Debt securities . . . . ¥697,237 ¥40,646 ¥7,268 ¥730,615 ¥883,571 ¥53,264 ¥ 2,396 ¥ 934,439
Equity securities . . . 25,759 66,905 2,594 90,070 45,868 32,555 8,119 70,304
Held-to-maturity
securities . . . . . . . . . . ————16,493 63 —16,556
Total . . . . . . . . . . ¥722,996 ¥107,551 ¥9,862 ¥820,685 ¥945,932 ¥85,882 ¥10,515 ¥1,021,299