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20.02.2013 Ticker: Sony Corp Benchmark: Currency: Tokyo: 6758, Currency: JPY TOPIX INDEX (TOKYO) (TPX) Sector: Consumer Discretionary Industry: Household Durables Year: Telephone 81-3-6748-2111 Revenue (M) Business Segments in JPY Sales (M) Geographic Segments in JPY Sales (M) Website www.sony.net No of Employees Consumer Products & Services 3061214 Japan 2104669 Address 1-7-1 Konan Minato-ku Tokyo Japan Professional, Device, & Solutions 967603 Europe 1268258 Share Price Performance in JPY Financial Services 868971 United States 1211849 Price 1355.00 1M Return 17.9% Motion Pictures Production 656097 Rest of the World 776846 52 Week High 1795.39 6M Return 45.2% Music Production 430751 Asia & the Pacific Region 636489 52 Week Low 772.00 52 Wk Return -17.7% Other - Disk Manufacturing, etc. 378071 China 495101 52 Wk Beta 1.57 YTD Return 41.4% Sony Mobile 77732 Credit Ratings Bloomberg - S&P BBB Date 25.09.2012 Outlook NEG Moody's Baa3 Date 09.11.2012 Outlook NEG Fitch - Date - Outlook NEG Valuation Ratios 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E P/E - - - - 118.6x 26.1x 23.1x EV/EBIT - 105.4x 12.3x - - - - EV/EBITDA 12.6x 8.3x 4.7x 7.1x 4.0x 3.7x 3.7x P/S 0.3x 0.5x 0.4x 0.3x 0.2x 0.2x 0.2x P/B 0.7x 1.2x 1.0x 0.8x 0.7x 0.7x 0.7x Div Yield 2.1% 0.7% 0.9% 1.5% 1.8% 1.8% 1.7% Profitability Ratios % 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E Gross Margin 19.7 22.9 23.3 21.1 27.7 28.0 28.4 EBITDA Margin 2.3 5.6 7.3 3.9 7.0 7.5 7.4 Operating Margin -2.9 0.4 2.8 -1.0 1.8 2.7 3.1 Profit Margin -1.3 -0.6 -3.6 -7.0 0.2 0.8 0.9 Return on Assets -0.8 -0.3 -2.0 -3.5 0.2 0.7 0.8 Return on Equity -3.1 -1.4 -9.4 -20.0 0.6 2.7 3.8 Leverage and Coverage Ratios 3/09 3/10 3/11 3/12 Current Ratio 1.0 1.0 0.9 0.8 Current Capitalization in JPY Quick Ratio 0.5 0.7 0.6 0.5 Common Shares Outstanding (M) 1003.6 EBIT/Interest -9.3 1.4 8.4 -2.9 Market Capitalization (M) 1371192.5 Tot Debt/Capital 0.3 0.3 0.3 0.3 Cash and ST Investments (M) 1356279.0 Tot Debt/Equity 0.3 0.4 0.3 0.5 Total Debt (M) 1387086.0 Eff Tax Rate % - 51.9 207.5 - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 469241.0 Enterprise Value (M) 1871240.5 162'700 SONY CORPORATION manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets. The Company's other businesses include music, pictures, computer entertainment, and online businesses. 6758 JT 6'493'212 Company Analysis - Overview 48% 15% 13% 10% 7% 6% 1% 0% Consumer Products & Services Professional, Device, & Solutions Financial Services Motion Pictures Production Music Production Other - Disk Manufacturing, etc. Sony Mobile 31% 20% 19% 12% 10% 8% Japan Europe United States Rest of the World Asia & the Pacific Region China Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Jul 15, 2015

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Page 1: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

20.02.2013

Ticker: Sony Corp Benchmark:

Currency: Tokyo: 6758, Currency: JPY TOPIX INDEX (TOKYO) (TPX)

Sector: Consumer Discretionary Industry: Household Durables Year:

Telephone 81-3-6748-2111 Revenue (M) Business Segments in JPY Sales (M) Geographic Segments in JPY Sales (M)

Website www.sony.net No of Employees Consumer Products & Services 3061214 Japan 2104669

Address 1-7-1 Konan Minato-ku Tokyo Japan Professional, Device, & Solutions 967603 Europe 1268258

Share Price Performance in JPY Financial Services 868971 United States 1211849

Price 1355.00 1M Return 17.9% Motion Pictures Production 656097 Rest of the World 776846

52 Week High 1795.39 6M Return 45.2% Music Production 430751 Asia & the Pacific Region 636489

52 Week Low 772.00 52 Wk Return -17.7% Other - Disk Manufacturing, etc. 378071 China 495101

52 Wk Beta 1.57 YTD Return 41.4% Sony Mobile 77732

Credit Ratings

Bloomberg -

S&P BBB Date 25.09.2012 Outlook NEG

Moody's Baa3 Date 09.11.2012 Outlook NEG

Fitch - Date - Outlook NEG

Valuation Ratios

3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

P/E - - - - 118.6x 26.1x 23.1x

EV/EBIT - 105.4x 12.3x - - - -

EV/EBITDA 12.6x 8.3x 4.7x 7.1x 4.0x 3.7x 3.7x

P/S 0.3x 0.5x 0.4x 0.3x 0.2x 0.2x 0.2x

P/B 0.7x 1.2x 1.0x 0.8x 0.7x 0.7x 0.7x

Div Yield 2.1% 0.7% 0.9% 1.5% 1.8% 1.8% 1.7%

Profitability Ratios %

3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

Gross Margin 19.7 22.9 23.3 21.1 27.7 28.0 28.4

EBITDA Margin 2.3 5.6 7.3 3.9 7.0 7.5 7.4

Operating Margin -2.9 0.4 2.8 -1.0 1.8 2.7 3.1

Profit Margin -1.3 -0.6 -3.6 -7.0 0.2 0.8 0.9

Return on Assets -0.8 -0.3 -2.0 -3.5 0.2 0.7 0.8

Return on Equity -3.1 -1.4 -9.4 -20.0 0.6 2.7 3.8

Leverage and Coverage Ratios

3/09 3/10 3/11 3/12

Current Ratio 1.0 1.0 0.9 0.8 Current Capitalization in JPY

Quick Ratio 0.5 0.7 0.6 0.5 Common Shares Outstanding (M) 1003.6

EBIT/Interest -9.3 1.4 8.4 -2.9 Market Capitalization (M) 1371192.5

Tot Debt/Capital 0.3 0.3 0.3 0.3 Cash and ST Investments (M) 1356279.0

Tot Debt/Equity 0.3 0.4 0.3 0.5 Total Debt (M) 1387086.0

Eff Tax Rate % - 51.9 207.5 - Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 469241.0

Enterprise Value (M) 1871240.5

162'700

SONY CORPORATION manufactures audio, home video game consoles,

communications, key device and information technology products for the consumer

and professional markets. The Company's other businesses include music, pictures,

computer entertainment, and online businesses.

6758 JT

6'493'212

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 2: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Sony Corp

Target price in JPY

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 3: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

20.02.2013

Sony Corp

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1003.6 Japan 60.66%

Float 98.5% United States 27.66%

Short Interest (M) Britain 5.02%

Short Interest as % of Float Uae 2.33%

Days to Cover Shorts Luxembourg 1.07%

Institutional Ownership 41.93% Ireland 0.87%

Retail Ownership 58.06% Switzerland 0.58%

Insider Ownership 0.01% Others 1.82%

Institutional Ownership Distribution

Bank 46.86%

Investment Advisor 37.43%

Mutual Fund Manager 10.95%

Unclassified 2.33%

Pricing data is in JPY Others 2.43%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

JAPAN TRUSTEE SERVIC 109'016'000 -1'433'000 147'716'680'000 10.77% 30.09.2012 Co File JAPAN

MOXLEY & CO 69'745'000 2'804'000 94'504'475'000 6.89% 30.09.2012 Co File UNITED STATES

MASTER TRUST BANK OF 49'363'000 -1'840'000 66'886'865'000 4.88% 30.09.2012 Co File JAPAN

SUMITOMO MITSUI TRUS 45'399'400 -30'519'600 61'516'187'000 4.49% 15.11.2012 ULT-AGG JAPAN

GLG PARTNERS INVESTM 18'688'007 -382'300 25'322'249'485 1.85% 31.12.2012 MF-AGG BRITAIN

VANGUARD GROUP INC 17'311'250 282'954 23'456'743'750 1.71% 31.12.2012 MF-AGG UNITED STATES

NOMURA 12'868'600 -92'200 17'436'953'000 1.27% 31.01.2013 ULT-AGG

NIKKO ASSET MANAGEME 11'748'800 2'112'400 15'919'624'000 1.16% 15.11.2012 ULT-AGG

TAM TWO 9'982'000 0 13'525'610'000 0.99% 30.09.2012 Co File UAE

BLACKROCK 9'016'430 86'100 12'217'262'650 0.89% 15.02.2013 ULT-AGG UNITED STATES

MELLON BANK NA 8'777'000 -767'000 11'892'835'000 0.87% 31.03.2012 Co File UNITED STATES

D E SHAW & CO ASIA P -6'425'144 140'000 -8'706'070'120 -0.63% 13.02.2013 Short HONG KONG

HIGHBRIDGE INTERNATI -6'404'100 -75'000 -8'677'555'500 -0.63% 18.02.2013 Short CAYMAN ISLANDS

DODGE & COX 5'789'828 -187'800 7'845'216'940 0.57% 29.01.2013 MF-AGG UNITED STATES

MITSUBISHI UFJ FINAN 5'459'000 -18'000 7'396'945'000 0.54% 31.01.2013 ULT-AGG JAPAN

BTG PACTUAL EUROPE L -5'323'198 -1'065'000 -7'212'933'290 -0.53% 13.02.2013 Short BRITAIN

DAIWA SECURITIES GRO 4'966'100 -502'100 6'729'065'500 0.49% 31.01.2013 MF-AGG JAPAN

MYRIAD OPP MASTER FU -4'526'080 250'760 -6'132'838'400 -0.45% 14.02.2013 Short CAYMAN ISLANDS

PINE RIVER FIXED INC -4'279'900 -36'200 -5'799'264'500 -0.42% 18.02.2013 Short CAYMAN ISLANDS

D E SHAW & CO HK LTD -3'164'307 -3'164'307 -4'287'635'985 -0.31% 05.12.2012 Short HONG KONG

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

CHUBACHI RYOJI 33'000 1'000 44'715'000 0.00% 27.06.2012 Co File

STRINGER HOWARD 32'000 43'360'000 0.00% 27.06.2012 Co File

KATO MASARU 7'000 9'485'000 0.00% 27.06.2012 Co File

KIMURA KEIJI 5'000 1'000 6'775'000 0.00% 27.06.2012 Co File

KOJIMA YORIHIKO 5'000 1'000 6'775'000 0.00% 27.06.2012 Co File

Company Analysis - Ownership

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 4: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Sony Corp

Financial information is in JPY (M)

Periodicity: 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

Income Statement

Revenue 7'578'258 7'473'633 7'496'391 7'159'616 7'510'597 8'295'695 8'871'414 7'729'993 7'213'998 7'181'273 6'493'212 6'625'109 6'834'723 6'865'552

- Cost of Goods Sold 5'239'592 4'979'421 5'058'205 5'000'112 5'757'145 6'429'698 6'820'328 6'208'329 5'564'113 5'507'151 5'122'500

Gross Income 2'338'666 2'494'212 2'438'186 2'159'504 1'753'452 1'865'997 2'051'086 1'521'664 1'649'885 1'674'122 1'370'712 1'835'155 1'913'722 1'946'384

- Selling, General & Admin Expenses 2'204'035 2'308'772 2'339'284 2'045'585 1'527'036 1'794'247 1'676'604 1'749'447 1'618'113 1'474'301 1'437'987

(Research & Dev Costs) 433'214 443'128 514'483 502'008 531'795 543'937 520'600 497'297 432'001 426'814 433'477

Operating Income 134'631 185'440 98'902 113'919 226'416 71'750 374'482 -227'783 31'772 199'821 -67'275 122'430 181'975 211'619

- Interest Expense 36'436 27'314 27'849 24'578 28'996 27'278 22'931 24'376 22'505 23'909 23'432

- Foreign Exchange Losses (Gains) 31'736 -1'928 -18'059 524 3'065 18'835 -5'571 -48'568 10'876 -9'297 5'089

- Net Non-Operating Losses (Gains) 8'156 -42'877 -56'669 -97'429 -105'150 -155'054 -210'012 -28'636 -28'521 -19'804 -12'610

Pretax Income 58'303 202'931 145'781 186'246 299'505 180'691 567'134 -174'955 26'912 205'013 -83'186 135'360 184'327 218'236

- Income Tax Expense 65'211 80'831 52'774 16'044 176'515 53'888 203'478 -72'741 13'958 425'339 315'239

Income Before XO Items -6'908 122'100 93'007 170'202 122'990 126'803 363'656 -102'214 12'954 -220'326 -398'425

- Extraordinary Loss Net of Tax -5'978 0 2'117 4'713 0 0 0 0 0 0 0

- Minority Interests -16'240 6'581 2'379 1'651 -626 475 -5'779 -3'276 53'756 39'259 58'235

Diluted EPS Before XO Items 120.29 (98.59) (40.66) (258.66) (455.03)

Net Income Adjusted* 15'310 115'519 88'511 163'838 123'616 126'328 369'435 -98'938 -40'802 -259'585 -456'660 11'954 55'406 60'707

EPS Adjusted 16.72 125.74 98.26 180.96 122.58 126.15 368.33 (98.59) (40.66) (258.66) (455.03) 11.43 51.84 58.75

Dividends Per Share 25.00 25.00 25.00 25.00 25.00 25.00 25.00 42.50 25.00 25.00 25.00 24.44 25.00 23.39

Payout Ratio % 246.4 19.9 25.5 14.3 20.4 19.8 6.8 2.14 0.48 0.40

Total Shares Outstanding 919 921 924 996 1'001 1'002 1'003 1'004 1'004 1'004 1'004

Diluted Shares Outstanding 921 999 1'000 1'044 1'046 1'050 1'052 1'003 1'004 1'004 1'004

EBITDA 488'766 537'365 465'171 486'784 608'259 471'759 802'492 177'660 402'776 525'187 252'319 464'064 511'283 507'465

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 5: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Periodicity: 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

Balance Sheet

Total Current Assets 3337212 3154214 3363355 3556171 3769524 4546723 5009663 3620635 4132872 3844046 3754962

+ Cash & Near Cash Items 683'800 713'058 849'211 779'103 703'098 799'899 1'086'431 660'789 1'191'608 1'014'412 894'576

+ Short Term Investments 167'323 210'509 279'410 461'694 536'968 493'315 427'709 466'912 579'493 646'171 680'913

+ Accounts & Notes Receivable 1'242'826 1'007'395 1'011'189 1'025'362 985'508 1'369'777 1'090'285 853'454 891'625 743'690 769'915

+ Inventories 673'437 625'727 666'507 631'349 804'724 940'875 1'021'595 813'068 645'455 704'043 707'052

+ Other Current Assets 569'826 597'525 557'038 658'663 739'226 942'857 1'383'643 826'412 824'691 735'730 702'506

Total Long-Term Assets 4'848'583 5'216'331 5'727'307 5'942'929 6'838'229 7'169'639 7'543'076 8'392'876 8'733'242 9'080'942 9'540'705

+ Long Term Investments 1'566'739 1'882'613 2'426'697 2'492'784 3'234'037 3'440'567 3'954'460 4'561'651 5'070'342 5'670'662 6'282'676

Gross Fixed Assets 3'369'890 3'175'195 3'272'333 3'393'345 3'549'452 3'690'336 3'600'161 3'510'800 3'356'395 3'084'758 2'949'925

Accumulated Depreciation 1'958'234 1'896'845 1'907'289 2'020'946 2'160'905 2'268'805 2'356'812 2'334'937 2'348'444 2'159'890 2'018'927

+ Net Fixed Assets 1'411'656 1'278'350 1'365'044 1'372'399 1'388'547 1'421'531 1'243'349 1'175'863 1'007'951 924'868 930'998

+ Other Long Term Assets 1'870'188 2'055'368 1'935'566 2'077'746 2'215'645 2'307'541 2'345'267 2'655'362 2'654'949 2'485'412 2'327'031

Total Current Liabilities 2'558'496 2'435'048 2'982'215 2'809'368 3'200'228 3'551'852 4'023'367 3'810'900 4'059'925 4'126'979 4'529'981

+ Accounts Payable 767'625 697'385 778'773 806'044 813'332 1'179'694 920'920 560'795 817'118 793'275 758'680

+ Short Term Borrowings 354'063 158'745 475'017 230'266 336'321 108'020 364'431 451'155 284'607 156'828 410'361

+ Other Short Term Liabilities 1'436'808 1'578'918 1'728'425 1'773'058 2'050'575 2'264'138 2'738'016 2'798'950 2'958'200 3'176'876 3'360'940

Total Long Term Liabilities 3'233'521 3'632'580 3'707'587 3'795'547 4'166'572 4'754'836 4'787'434 4'986'009 5'520'634 5'842'107 6'255'565

+ Long Term Borrowings 838'617 807'439 777'649 678'992 764'898 1'037'849 771'620 660'147 924'207 870'297 762'226

+ Other Long Term Borrowings 2'394'904 2'825'141 2'929'938 3'116'555 3'401'674 3'716'987 4'015'814 4'325'862 4'596'427 4'971'810 5'493'339

Total Liabilities 5'792'017 6'067'628 6'689'802 6'604'915 7'366'800 8'306'688 8'810'801 8'796'909 9'580'559 9'969'086 10'785'546

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 23'368 22'022 22'858 23'847 37'101 38'970 276'849 251'949 319'650 407'915 481'230

+ Share Capital & APIC 1'444'329 1'460'474 1'473'084 1'755'931 1'760'762 1'770'330 1'782'023 1'785'799 1'788'634 1'790'587 1'791'159

+ Retained Earnings & Other Equity 926'081 820'421 904'918 1'114'407 1'443'090 1'600'374 1'683'066 1'178'854 1'177'271 757'400 237'732

Total Shareholders Equity 2'393'778 2'302'917 2'400'860 2'894'185 3'240'953 3'409'674 3'741'938 3'216'602 3'285'555 2'955'902 2'510'121

Total Liabilities & Equity 8'185'795 8'370'545 9'090'662 9'499'100 10'607'753 11'716'362 12'552'739 12'013'511 12'866'114 12'924'988 13'295'667

Book Value Per Share 2'580.73 2'477.05 2'573.73 2'881.60 3'200.85 3'363.77 3'453.25 2'954.25 2'955.47 2'538.88 2'021.66 1'961.42 2'001.47 2'065.25

Tangible Book Value Per Share 1'967.91 1'881.10 2'004.57 2'408.80 2'695.26 2'826.95 3'149.87 2'511.85 2'518.14 1'681.83 945.05

Company Analysis - Financials II/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 6: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Periodicity: 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

Cash Flows

Net Income 15'310 115'519 88'511 163'838 123'616 126'328 369'435 -98'938 -40'802 -259'585 -456'660 11'954 55'406 60'707

+ Depreciation & Amortization 354'135 351'925 366'269 372'865 381'843 400'009 428'010 405'443 371'004 325'366 319'594

+ Other Non-Cash Adjustments 247'729 164'073 261'857 49'900 -75'297 126'012 -15'626 57'521 260'859 686'770 819'665

+ Changes in Non-Cash Capital 120'422 222'271 -84'002 60'394 -30'304 -91'321 -24'135 43'127 321'846 -136'306 -163'060

Cash From Operating Activities 737'596 853'788 632'635 646'997 399'858 561'028 757'684 407'153 912'907 616'245 519'539

+ Disposal of Fixed Assets 37'434 25'711 33'987 34'184 38'168 87'319 144'741 153'439 15'671 18'743 22'661

+ Capital Expenditures -388'514 -275'285 -427'344 -453'445 -462'473 -527'515 -474'552 -496'125 -338'050 -253'688 -382'549 -201'429 -204'286 -212'143

+ Increase in Investments -796'340 -1'136'348 -1'202'730 -1'467'243 -1'405'105 -1'014'906 -103'082 -2'675'118 -1'581'841 -1'458'912 -1'028'150

+ Decrease in Investments 380'303 679'497 826'709 949'442 881'903 0

+ Other Investing Activities 0 0 7'586 5'890 76'243 739'672 -477'549 1'936'462 1'158'216 979'418 505'152

Cash From Investing Activities -767'117 -706'425 -761'792 -931'172 -871'264 -715'430 -910'442 -1'081'342 -746'004 -714'439 -882'886

+ Dividends Paid -22'951 -22'871 -23'106 -22'978 -24'810 -25'052 -25'098 -42'594 -25'085 -25'098 -25'078

+ Change in Short Term Borrowings -78'104 -7'970 -57'708 11'397 -11'045 6'096 15'838 244'584 -250'252 6'120 -26'158

+ Increase in Long Term Borrowings 228'999 12'323 267'864 57'232 246'326 270'780 31'093 72'188 510'128 1'499 216'887

+ Decrease in Long Term Borrowings -171'739 -238'144 -32'042 -94'862 -138'773 -182'374 -34'701 -264'467 -144'105 -216'212 -112'043

+ Increase in Capital Stocks 9'529 0 0 0 0 0 7'484 378 114 0 0

+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0

+ Other Financing Activities 140'342 138'557 110'302 263'278 323'703 176'187 444'674 238'458 273'116 154'689 189'903

Cash From Financing Activities 106'076 -118'105 265'310 214'067 395'401 245'637 439'290 248'547 363'916 -79'002 243'511

Net Changes in Cash 76'555 29'258 136'153 -70'108 -76'005 91'235 286'532 -425'642 530'819 -177'196 -119'836

Free Cash Flow (CFO-CAPEX) 349'082 578'503 205'291 193'552 -62'615 33'513 283'132 -88'972 574'857 362'557 136'990 134'041 182'766 182'424

Free Cash Flow To Firm 344'765 594'937 223'058 216'013 -50'708 52'656 297'836 585'690 336'862

Free Cash Flow To Equity 417'392 201'503 72'061 215'334 440'103 116'772 706'299 172'707 238'337

Free Cash Flow per Share 380.07 629.01 222.26 207.87 -62.75 33.47 282.28 -88.66 572.84 361.27 136.50

Company Analysis - Financials III/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 7: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

Periodicity: 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E

Ratio Analysis

Valuation Ratios

Price Earnings 400.7x 33.4x 44.4x 23.6x 44.5x 47.5x 10.8x 118.6x 26.1x 23.1x

EV to EBIT 48.4x 21.2x 42.2x 34.6x 23.6x 82.1x 10.4x 105.4x 12.3x

EV to EBITDA 13.3x 7.3x 9.0x 8.1x 8.8x 12.5x 4.8x 12.6x 8.3x 4.7x 7.1x 4.0x 3.7x 3.7x

Price to Sales 0.8x 0.5x 0.5x 0.6x 0.7x 0.7x 0.4x 0.3x 0.5x 0.4x 0.3x 0.2x 0.2x 0.2x

Price to Book 2.6x 1.7x 1.7x 1.5x 1.7x 1.8x 1.1x 0.7x 1.2x 1.0x 0.8x 0.7x 0.7x 0.7x

Dividend Yield 0.4% 0.6% 0.6% 0.6% 0.5% 0.4% 0.6% 2.1% 0.7% 0.9% 1.5% 1.8% 1.8% 1.7%

Profitability Ratios

Gross Margin 30.9% 33.4% 32.5% 30.2% 23.3% 22.5% 23.1% 19.7% 22.9% 23.3% 21.1% 27.7% 28.0% 28.4%

EBITDA Margin 6.4% 7.2% 6.2% 6.8% 8.1% 5.7% 9.0% 2.3% 5.6% 7.3% 3.9% 7.0% 7.5% 7.4%

Operating Margin 1.8% 2.5% 1.3% 1.6% 3.0% 0.9% 4.2% -2.9% 0.4% 2.8% -1.0% 1.8% 2.7% 3.1%

Profit Margin 0.2% 1.5% 1.2% 2.3% 1.6% 1.5% 4.2% -1.3% -0.6% -3.6% -7.0% 0.2% 0.8% 0.9%

Return on Assets 0.2% 1.4% 1.0% 1.8% 1.2% 1.1% 3.0% -0.8% -0.3% -2.0% -3.5% 0.2% 0.7% 0.8%

Return on Equity 0.7% 5.0% 3.8% 6.2% 4.0% 3.8% 10.8% -3.1% -1.4% -9.4% -20.0% 0.6% 2.7% 3.8%

Leverage & Coverage Ratios

Current Ratio 1.30 1.30 1.13 1.27 1.18 1.28 1.25 0.95 1.02 0.93 0.83

Quick Ratio 0.82 0.79 0.72 0.81 0.70 0.75 0.65 0.52 0.66 0.58 0.52

Interest Coverage Ratio (EBIT/I) 3.69 6.79 3.55 4.63 7.81 2.63 16.33 -9.34 1.41 8.36 -2.87

Tot Debt/Capital 0.33 0.30 0.34 0.24 0.25 0.25 0.23 0.26 0.27 0.26 0.32

Tot Debt/Equity 0.50 0.42 0.52 0.31 0.34 0.34 0.30 0.35 0.37 0.35 0.47

Others

Asset Turnover 0.95 0.90 0.86 0.77 0.75 0.74 0.73 0.63 0.58 0.56 0.50

Accounts Receivable Turnover 5.97 6.64 7.43 7.03 7.47 7.04 7.21 7.95 8.27 8.78 8.58

Accounts Payable Turnover 5.87 6.73 6.91 6.27 7.32 6.59 6.57 8.10 7.83 6.91 6.61

Inventory Turnover 6.48 7.67 7.83 7.71 8.02 7.37 6.95 6.77 7.63 8.16 7.26

Effective Tax Rate 111.8% 39.8% 36.2% 8.6% 58.9% 29.8% 35.9% 51.9% 207.5%

Company Analysis - Financials IV/IV

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 8: Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional

SONY CORP PANASONIC CORP SHARP CORP PIONEER CORP NINTENDO CO LTD WALT DISNEY CO LG ELECTRONICS EASTMAN KODAKTECHNICOLOR-

REGRFUNAI ELECTRIC CASIO COMPUTER ALPINE ELEC INC

03/2012 03/2012 03/2012 03/2012 03/2012 09/2012 12/2012 12/2011 12/2011 03/2012 03/2012 03/2012

1'832.00 783.00 619.00 434.00 13'120.00 55.95 94'300.00 0.61 2.77 1'984.58 833.00 1'160.00

16.03.2012 28.03.2012 29.03.2012 29.03.2012 22.03.2012 19.02.2013 15.03.2012 06.08.2012 20.02.2013 27.02.2012 18.01.2013 29.03.2012

772.00 376.00 142.00 153.00 8'060.00 40.88 55'800.00 0.14 1.29 883.00 436.00 597.00

15.11.2012 06.11.2012 12.10.2012 11.10.2012 25.07.2012 10.04.2012 25.07.2012 05.06.2012 24.04.2012 05.11.2012 04.06.2012 14.11.2012

28'336'400 38'447'000 22'984'000 8'238'600 690'500 641'806 1'190'845 24'408 2'071'082 227'900 1'554'300 349'800

1'355.00 685.00 331.00 201.00 8'740.00 55.59 76'300.00 0.21 2.71 1'213.00 715.00 864.00

-26.0% -12.5% -46.5% -53.7% -33.4% -0.7% -19.1% -65.8% -2.2% -38.9% -14.2% -25.5%

75.5% 82.2% 133.1% 31.4% 8.4% 36.0% 36.7% 51.8% 109.9% 37.4% 64.0% 44.7%

1'003.6 2'311.7 1'100.3 321.1 127.9 1'780.0 162.9 271.4 227.3 34.1 268.9 69.8

1'371'192.5 1'680'341.6 377'611.4 65'544.9 1'238'187.0 100'355.9 12'486'328.0 56.6 909.3 43'826.7 199'500.0 60'293.8

1'172'587.0 1'575'615.0 1'127'157.0 91'368.0 126.0 14'311.0 5'825'846.0 1'515.0 1'327.0 5'087.0 114'042.0 5'620.0

- - - - - - 85'930.0 - - - - -

481'230.0 47'780.0 19'226.0 4'924.0 81.0 2'199.0 - 2.0 4.0 974.0 249.0 743.0

1'575'489.0 611'469.0 195'113.0 45'953.0 958'322.0 3'387.0 1'464'211.0 861.0 405.0 72'646.0 122'419.0 44'209.0

1'871'240.5 2'700'320.6 1'373'974.4 137'271.9 280'072.1 116'950.9 16'379'373.2 366.6 1'903.3 - 204'001.0 33'059.8

LFY 6'493'212.0 7'846'216.0 2'455'850.0 436'753.0 647'652.0 42'278.0 25'427'205.2 6'022.0 3'450.0 246'147.0 301'660.0 202'905.0

LTM 6'543'144.0 7'479'178.0 2'245'431.0 447'601.0 632'908.0 42'840.0 25'420'805.0 4'813.0 3'537.0 194'556.0 295'974.0 211'797.0

CY+1 6'625'109.2 7'268'174.7 2'388'732.1 453'168.1 682'149.6 45'144.3 - - 3'577.3 197'451.1 313'871.0 217'814.3

CY+2 6'834'722.9 7'432'332.3 2'500'454.9 475'949.2 942'471.0 47'952.9 - - 3'452.5 225'296.4 325'954.4 229'014.3

LFY 0.2x 0.3x 0.5x 0.3x - 2.5x 0.6x 0.1x 0.4x - 0.6x 0.1x

LTM 0.2x 0.3x 0.5x 0.3x - 2.5x 0.6x 0.1x 0.4x - 0.6x 0.1x

CY+1 0.3x 0.4x 0.6x 0.3x 0.6x 2.5x - - 0.5x -0.1x 0.7x 0.1x

CY+2 0.3x 0.4x 0.6x 0.2x 0.4x 2.4x - - 0.5x 0.0x 0.6x 0.1x

LFY 252'319.0 381'837.0 210'873.0 37'082.0 (24'797.0) 10'850.0 458'280.0 (185.0) 438.0 7'008.0 18'342.0 12'389.0

LTM 264'935.0 419'093.0 (22'949.0) 33'238.0 4'234.0 10'959.0 909'662.0 (135.0) 585.0 3'131.0 22'154.0 9'919.0

CY+1 464'063.6 458'110.3 35'686.0 37'161.1 11'813.2 12'295.6 - - 504.8 1'432.0 28'829.0 8'950.0

CY+2 511'282.7 529'634.2 210'445.8 45'581.3 81'689.4 13'434.6 - - 535.5 5'154.0 33'573.9 12'175.0

LFY 5.7x 6.1x 5.6x 3.4x - 9.7x 33.0x -1.9x 3.2x - 9.1x 2.2x

LTM 5.4x 5.5x - 3.8x - 9.6x 16.6x - 2.4x - 7.6x 2.8x

CY+1 3.9x 6.2x 41.5x 3.2x 36.9x 9.2x - - 3.4x - 7.3x 2.5x

CY+2 3.4x 5.2x 6.7x 2.5x 4.8x 8.4x - - 3.0x - 6.1x 1.5x

LFY -453.16 -163.35 - 34.00 -337.80 3.08 -1'551.25 -2.72 -1.08 - 71.67 -

LTM -452.67 -571.48 -657.84 -16.62 -7.25 3.06 1'206.00 -2.60 -1.10 -135.52 22.34 44.59

CY+1 11.43 (330.98) (375.27) (15.67) 107.60 3.44 - - 0.16 (156.59) 39.69 20.06

CY+2 51.84 37.36 (1.77) 25.51 372.75 3.89 - - 0.37 34.79 51.44 57.73

LFY - - - - - 18.2x 63.3x - - - 32.0x 19.4x

LTM - - - - - 18.2x - - - - - -

CY+1 118.6x - - - 81.2x 16.1x - - 16.6x - 18.0x 43.1x

CY+2 26.1x 18.3x - 7.9x 23.4x 14.3x - - 7.3x 34.9x 13.9x 15.0x

1 Year (9.6%) (9.7%) (18.7%) (4.5%) (36.2%) 3.4% (9.5%) (16.0%) (3.5%) (16.8%) (11.7%) 0.8%

5 Year (4.7%) (2.7%) (6.8%) (8.3%) (19.0%) 1.8% 1.1% (16.0%) (7.6%) (9.0%) (12.8%) (1.8%)

1 Year (52.0%) (43.2%) (39.9%) (18.8%) - 12.8% - - (10.6%) (1.8%) (26.5%) (33.4%)

5 Year (11.8%) (13.3%) (11.8%) (7.1%) - 5.5% (18.1%) - (12.6%) (24.7%) (25.5%) (8.6%)

LTM 4.0% 5.6% (1.0%) 7.4% 0.7% 25.6% 3.5% (2.8%) 16.5% 1.6% 7.5% 4.7%

CY+1 7.0% 6.3% 1.5% 8.2% 1.7% 27.2% - - 14.1% 0.7% 9.2% 4.1%

CY+2 7.5% 7.1% 8.4% 9.6% 8.7% 28.0% - - 15.5% 2.3% 10.3% 5.3%

Total Debt / Equity % 57.8% 81.6% 180.1% 108.6% 0.0% 36.0% 56.0% - 878.8% 4.1% 76.5% 5.6% FALSE FALSE

Total Debt / Capital % 31.8% 44.3% 63.6% 50.6% 0.0% 25.4% 35.7% - 89.5% 3.9% 43.3% 5.2% FALSE FALSE

Total Debt / EBITDA 4.818x 3.726x - 2.750x - 1.592x 6.008x - 2.265x 1.597x 5.018x 0.480x FALSE FALSE

Net Debt / EBITDA 0.201x 2.600x - 1.798x - 1.299x 4.185x - 1.691x - 0.854x - FALSE FALSE

EBITDA / Int. Expense 10.768x 13.443x 24.390x 12.849x - 19.238x 2.102x -1.178x 2.844x 55.619x 18.305x 109.637x FALSE FALSE

S&P LT Credit Rating BBB BBB B+ *- NR NR A BBB- NR B - BBB - FALSE FALSE

S&P LT Credit Rating Date 25.09.2012 02.11.2012 05.11.2012 24.08.2012 09.01.2007 22.12.2009 14.10.2011 06.03.2012 23.08.2012 - 10.06.2010 - FALSE FALSE

Moody's LT Credit Rating Baa3 Baa3 WR WR - A2 Baa2 WR - - - - FALSE FALSE

Moody's LT Credit Rating Date 09.11.2012 20.11.2012 20.04.2012 29.07.2008 - 23.05.2007 21.01.2010 24.01.2012 - - - - FALSE FALSE

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Company Analysis - Peers Comparision

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |