Sony 2003 Annual Report Download - page 224
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Consolidated Financial Information 2003
- 138 -
Aggregate amounts of year-by-year payment schedule of commitments during the next five years and
thereafter are as follows:
Year ending
March 31
Yen in millions
Dollars in
millions
2004 ¥140,935 $1,174
2005 70,045 584
2006 51,744 431
2007 8,777 73
2008 9,146 76
Thereafter 17,121 143
Total ¥297,768 $2,481
(2) Contingent liabilities:
Contingent liabilities including guarantees given in the ordinary course of business have a maximum
exposure of ¥139,119 million ($1,159 million) at March 31, 2003. The major components of the contingent
liabilities are as follows:
Sony has issued loan guarantees to related parties comprised of affiliated companies accounted for
under the equity method and unconsolidated subsidiaries. The terms of these guarantees are mainly up to 3
years. Sony would be required to perform under these guarantees upon non-performance of the primary
borrowers. The maximum exposure of these guarantees is ¥49,078 million ($409 million) and is not
recorded on the consolidated balance sheet as of March 31, 2003.
As discussed in Note 23, in connection with the lease of the headquarters of Sony’s U.S. subsidiary, Sony
has guaranteed residual value to a VIE. The maximum exposure of the guarantee is ¥25,727 million ($214
million). This guarantee is secured by the underlying leased asset and is not recorded on the consolidated
balance sheet as of March 31, 2003.
As discussed in Note 23, a subsidiary in the Pictures business entered into a joint venture agreement with
a VIE. At March 31, 2003, the maximum exposure associated with this arrangement is ¥30,574 million ($255
million).
Sony has agreed to indemnify certain third parties against tax losses resulting from transactions entered
into in the normal course of business. The maximum amount of potential future payments under these
guarantees cannot be estimated at this time. These guarantees are not recorded on the consolidated
balance sheet as of March 31, 2003.
Sony Corporation and certain of its subsidiaries are defendants in several pending lawsuits. However,