Sony 2003 Annual Report Download - page 177
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Consolidated Financial Information 2003
- 91 -
Summarized combined financial information that is based on information provided by equity investees is
shown below:
Yen in millions
Dollars in
millions
March 31 March 31,
2002 2003 2003
Current assets ¥379,747 ¥349,414 $2,912
Property, plant and equipment 253,370 242,303 2,019
Other assets 244,169 43,272 361
Total assets ¥877,286 ¥634,989 $5,292
Current liabilities ¥468,880 ¥374,414 $3,120
Long-term liabilities 176,117 129,497 1,079
Stockholders’ equity 232,289 131,078 1,093
Total liabilities and stockholders’ equity ¥877,286 ¥634,989 $5,292
Number of companies at end of year 98 84
Yen in millions
Dollars in
millions
Year ended March 31
Year ended
March 31,
2001 2002 2003 2003
Sales and revenue ¥418,213 ¥659,589 ¥785,697 $6,547
Gross profit 134,388 161,655 140,078 1,167
Net income (loss) (65,229) (68,608) (81,422) (679)
During the year ended March 31, 2001, ¥25,026 million of equity in net losses of Loews Cineplex
Entertainment Corporation (“Loews”) was recorded, principally due to continued losses as well as the
impairment loss recorded against the entire carrying value of Sony’s investment in Loews. Thereafter, no
additional equity losses were recorded. In March 2002, Loews completed its reorganization in the United
States of America under Chapter 11 of the Federal Bankruptcy Code, and in Canada under the
Companies-Creditors Agreement Act. As a result, Sony is no longer a shareholder in Loews. Therefore, the
financial position of Loews is not included in the above summarized combined balance sheets.
Sony Ericsson Mobile Communications, AB, a joint venture focused on mobile phone handsets, was
established in October 2001 and is included in affiliated companies accounted for under the equity method.
In April 2002, Sony completed the sale of its equity interest in the Telemundo Group which resulted in cash
proceeds of ¥88,373 million ($736 million) and a gain of ¥66,502 million ($554 million). In addition, Sony has
deferred an approximate $50 million gain on the sale relating to certain indemnifications provided by Sony to
the acquirer for events occurred prior to the sale. Under the indemnification agreement, Sony has agreed to
refund up to $50 million of the purchase price to the third party acquirer if certain events occurred prior to the