Sony 2003 Annual Report Download - page 178
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Consolidated Financial Information 2003
- 92 -
sale of the Telemundo Group result in a decline in the value of the Telemundo Group. These indemnifications
expired in April 2003 with no amounts being refunded by Sony. Accordingly, the remaining $50 million gain
was recognized in April 2003.
In June 2002, Sony completed the partial sale of its equity investment in the Columbia House Company
(“CHC”), a 50-50 joint venture between AOL Time Warner Inc., and Sony, to Blackstone Capital Partners III LP
(“Blackstone”), an affiliate of The Blackstone Group, a private investment bank. The Chairman of The
Blackstone Group was also a director of Sony until June 2002. Under the terms of the sale agreement, Sony
received cash proceeds of ¥17,839 million ($149 million) and a subordinated note receivable from Columbia
House Holdings, Inc., a majority owned subsidiary of Blackstone, with a face amount of ¥7,827 million ($65
million). The sale resulted in a gain of ¥1,324 million ($11 million). Sony still has a 7.5% ownership interest in
CHC, which is no longer accounted for under the equity method but is now accounted for as a cost method
investment.
In September 2002, Sony completed the sale of its equity interest in Sony Tektronix Inc. which resulted in a
gain of ¥3,090 million ($26 million).
In January 2003, Sony acquired a 49.5% interest in InterTrust Technologies Corporation for ¥23,076 million
($192 million) and it is included in affiliated companies accounted for under the equity method.
Affiliated companies accounted for under the equity method with an aggregate carrying amount of ¥7,623
million and ¥6,342 million ($53 million) at March 31, 2002 and 2003, were quoted on established markets at an
aggregate value of ¥17,991 million and ¥6,894 million ($57 million), respectively.
Account balances and transactions with affiliated companies accounted for under the equity method are
presented below:
Yen in millions
Dollars in
millions
March 31 March 31,
2002 2003 2003
Accounts receivable, trade ¥46,296 ¥35,132 $293
Advances ¥25,907 ¥13,090 $109
Accounts payable, trade ¥5,865 ¥9,964 $83
Yen in millions
Dollars in
millions
Year ended March 31
Year ended
March 31,
2001 2002 2003 2003
Sales ¥31,239 ¥72,824 ¥161,983 $1,350
Purchases ¥75,379 ¥69,254 ¥102,735 $856