Sony 2003 Annual Report Download - page 215
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Consolidated Financial Information 2003
- 129 -
interest from 30.0% to 23.9%.
In October 2000, SKY Perfect Communications Inc., which provides satellite broadcasting services in
Japan, issued 400,000 shares at ¥304,000 per share valued at ¥121,600 million in connection with its initial
public offering. In connection with this issuance, Sony recorded a gain of ¥9,551 million and provided deferred
taxes on this gain. This issuance reduced Sony’s ownership interest from 9.9% to 8.1%. As a result of this
transaction, SKY Perfect Communications Inc. is no longer accounted for under the equity method, as Sony no
longer has significant influence.
In addition to the above transactions, for the year ended March 31, 2001, Sony recognized ¥173 million of
other gains on issuances of stock by equity investees resulting in total gains of ¥18,030 million. Total gains on
issuances of stock by equity investees were ¥503 million for the year ended March 31, 2002. There were no
gains on issuances of stock for equity investees for the year ended March 31, 2003. These transactions were
not part of a broader corporate reorganization and the reacquisition of such shares was not contemplated at
the time of issuance.
21. Income taxes
Income before income taxes and income tax expense comprise the following:
Yen in millions
Dollars in
millions
Year ended March 31
Year ended
March 31,
2001 2002 2003 2003
Income (loss) before income taxes:
Sony Corporation and subsidiaries in Japan ¥158,987 ¥(5,103) ¥(7,998) $(67)
Foreign subsidiaries 106,881 97,878 255,619 2,131
¥265,868 ¥92,775 ¥247,621 $2,064
Income taxes - Current:
Sony Corporation and subsidiaries in Japan ¥89,708 ¥55,641 ¥69,311 $578
Foreign subsidiaries 31,405 59,289 109,536 913
¥121,113 ¥114,930 ¥178,847 $1,491
Income taxes - Deferred:
Sony Corporation and subsidiaries in Japan ¥(106) ¥(46,082) ¥(90,016) $(750)
Foreign subsidiaries (5,473) (3,637) (8,000)
(67)
¥(5,579) ¥(49,719) ¥(98,016)
$(817)
Sony is subjected to a number of different income taxes. Due to changes in Japanese income tax
regulations, a consolidated tax filing system was introduced on April 1, 2002. Sony applied to file its return