Sony 2003 Annual Report Download - page 124
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Consolidated Financial Information 2003
38
communications, and displays. Research and development expenses in the Game segment increased primarily in
the semiconductor and hardware field.
Employees
As of March 31, 2003, Sony had approximately 161,100 employees, including fixed-term employees, a
decrease of approximately 6,900 from the number as of March 31, 2002. The decrease is attributable to a reduction
of the number of employees, primarily in the Electronics and Music segments.
Dividend Policy
A year-end cash dividend of 12.5 yen per share of Sony Corporation common stock was approved at the
General Meeting of Shareholders, which was held on June 20, 2003. Sony Corporation had already paid 12.5 yen
per share to each shareholder; accordingly the annual cash dividend per share was 25.0 yen.
Sony believes that by continuously increasing corporate value, its shareholders can be rewarded. Accordingly,
as for retained earnings, Sony plans to utilize them to carry out various investments that are indispensable for
ensuring future growth and strengthening competitiveness.
Trend Information
Strategic Developments and Forecast
This section, including the Forecast of Consolidated Results, contains forward-looking statements about the
possible future performance of Sony and should be read in light of the cautionary statement on that subject, which
appears on the inside front cover page and which applies to this entire document.
The following is a summary of certain recent strategic developments and Sony’s forecast for its fiscal year
ending March 31, 2004.
Management’s Recognition of Issues and Policy Going Forward
Sony’s management endeavors to develop the best possible management strategy given the current operating
environment and information available to it.
Over the last few years, the global business environment in which Sony operates continued to be stagnant,
reflecting the economic slowdown, weak growth in personal consumption and price competition.
In the Electronics segment, which holds a very strong position in the worldwide consumer AV products market,
price competition has increased further across a wide range of products including CRT televisions and DVD players
which have been commoditized, as well as products previously considered to have comparatively high added value,
such as video cameras. To respond to this changing environment, in addition to reducing manufacturing costs and