Sony 2003 Annual Report Download - page 4
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Sony Corporation Annual Report 20032
To Our Shareholders
Operating Results for the Fiscal Year Ended March 2003
The business environment during the fiscal year ended March 31, 2003 was
extremely difficult, with continued w eakness in consumer spending caused by the
unstable international situation and other factors, and a worldwide intensification
of pricing pressure.
Consolidated sales decreased 1.4% year on year to 7,473.6 billion yen,
primarily due to lower sales in the core segment of Electronics, while sales in the
Pictures segment increased significantly, reaching a record high. Consolidated
operating income increased 50.8 billion yen year on year to 185.4 billion yen,
with the Electronics, Game and Pictures segments the primary contributors.
In the Electronics segment, operating income improved significantly, due
primarily to the strong performance of products such as digital still cameras and
charge-coupled devices (CCDs), as w ell as the benefit of restructuring. Never-
theless, this segment suffered a significant operating loss in the fourth quarter
(January to March) that was greater than that in the same quarter of the prior
year because of a reduction in inventories, an increase in patent related expenses,
lower sales and other factors.
Nobuyuki Idei
Chairman and Group Chief Executive Officer